Changing the current strategy of a business may be the quickest way to transform the results of that business.
There needs to be a distinction drawn between ‘Strategy’ and ‘Tactics’. Tactics, whilst important in the day-to-day operation of the business, are largely reactive. Strategy, on the other hand, is largely proactive and allows for business planning, goal setting and goal-driven or solution-oriented growth.
Tactics are the steps which are best employed in order to most efficiently and effectively implement the chosen strategy.
Even if the business is being operated on a ‘tactical’ basis, the easiest way to develop a strategy is to determine what you are trying to achieve with all the tactics currently employed in the operation of the business. The answer to that question will give a preliminary insight into the future strategy of the business. This is essentially the vision of the business or, in goal-setting terms, the destination goal… where the business owners want to take the business.
“Strategy is probably the biggest overlooked fact in business life”
Strategy development is the same as goal setting. Just as goal setting is achieved more effectively and implemented more efficiently by determining a destination goal and then developing (backwards) a series of journey goals, so too a strategy can be developed. If you have never taken the time to determine the strategy for your business, follow these simple steps:
- Ask yourself what is the end purpose of you running your business. In other words, answer the question “Why are you in business?”
- Next, determine what the business will need to look like in three years’ time if the end goal is to be achieved.
- Finally, set out the steps you need to take in order to achieve that three-year goal. Look at what the business will need to look like in six months, one year and then two years, in order for your three-year goal to materialise.
There you have a strategy in three easy steps.
Remember, the strategy of the business animates the spirit of the business and everyone involved. On that basis it is always a great idea to involve your team in this process.