A winning strategy is key for business growth. It provides foresight for the future and identifies clear paths to get there, yet it is easy to allow the day-to-day running of a business to marginalise the importance of strategy.
Here we share a 5-step process to help you scope your strategy, starting with the question: Where do you want to be?
A key to developing a business that achieves sustainable and consistent profitability and growth is shaping a winning strategy. This will take advantage of opportunities in your market and leverage the capabilities of your company.
Many business owners are firefighting and dealing with the day-to-day issues of running the business and as a result, they do not develop a clear strategy or business plan for the company.
Rathbone Results has developed a 5-step process to help you set the strategic direction for your business:
1. Where do you want to be? Start where you want your business to be in the future, not where you are now. Determine your vision. Set the objectives for where you want your business to be in three years.
2. Where are you now? Identify the current strategies you are already pursuing and estimate what these strategies are likely to achieve in three years based on the current resource levels. Identify the gaps you need to fill through new strategies.
3. How will you realise your ambition? Determine the strategies needed to achieve your vision and objectives.
4. How will you make it happen? Develop your documented Action Plans showing what needs to be done, by whom when, and what additional resources are needed.
5. How will you know how you are doing? Put in place a regular review process to provide focus and accountability, ensuring that actions are being implemented and assess how they are working. Adapt the plan for any emerging opportunities that are worth pursuing.
It is often best to have a facilitated Strategic Planning process. Rathbone Results has such a process. We worked recently with one of our clients who have the ambition to grow from £750k to £3m sales within 3 years and to be delivering just under £500k net profit.
Action Point:
If you do not have a documented strategic plan, is this not the time to develop one for your company? If so, decide how you will do this and where you will get support from to facilitate this process.
If you would like help in developing a winning strategy for your company, drop us an email at info@rathboneresults.com or ring 020 8798 0175.
Jim Rathbone
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