The importance of strategy

In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough.

The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate financial returns. Sometimes in the process, this short-term focus undermines longer term value and returns.

Here are our ‘must dos’:

Know what your position is.

A business health check is an analytical review of its operation with view to providing a broad overview of operating performance and identifying potential issues. Understanding your position will reveal your risks and capacity to develop.

Know what to look for.

Do you know what measures are going to give you the best insight into business performance?

In a volatile market, this information will give you what you need to make informed decisions at any one point in time.

Get comfortable making quick decisions.

If you know your position and have the data you need, be prepared to make quick decisions and take the first mover advantage. If you have the two elements above, you have your radar for identifying opportunities and mitigating risk.

Don’t bank on a single opportunity.

While one single opportunity might make all the difference, an over-reliance on one product, service, or methodology of delivering those products and services, exposes you to risk.

Understand your end game.

Your end game and your progress towards that end game impacts your structure, focus, and decision making.

Document your strategy.

Understand what you are aiming for, break that down into measurable objectives, and then into measurable outcomes and timeframes.

For any further assistance with effective business planning get in touch with our team.