“Thinking is the hardest work there is, which is probably the reason why so few engage in it.” -Henry Ford
Everything we do in life starts with an idea. The quality and amount of thought you put into this idea will determine the results you achieve with your actions. Strategy is the idea that will guide your actions to accomplish the long-term goals of your business. Defining your strategy is the best way to articulate what an organization is willing to do (and not willing to do) to achieve its objectives.
“Insanity: doing the same thing over and over again and expecting different results.” -Albert Einstein
Very few business owners spend enough time thinking about the future goals of their company. Often they keep busy repeating the same process they’ve been using for years without devoting time and effort to develop a strategy for growth.
A story I once heard comes to mind: A fly is trying to get through a glass window. It flies hard into the glass and bounces back. It comes back flying harder and hits the glass again. And it just keeps trying harder, thinking it will eventually get through. If the fly had only paused for a moment to think of a different solution, it would have discovered the open door on the other side of the room.
This is a system that’s destined to deliver failure, a typical example of the old adage that if you work hard with determination, you will be rewarded for your efforts.
The quality of strategy determines the success you achieve
Business strategy should be the core of your business. I often see business owners who are bogged down with day-to-day tasks of managing their business instead of focusing on leading their business in the right direction. Without a well-devised strategy, your business is operating by reacting to the circumstances of the market. This level of operation puts the future of your business and your people at risk. While catering to market conditions is important, spending most of your time doing this will take your focus away from long-term goals. Without a strategy to guide your operations, your business will haphazardly sail across the market, wasting valuable resources, attracting unnecessary risks, or, worse, demotivating your people.
The biggest loss I see that comes from a lack of strategy is “lost opportunities.” Remember the movie While You Were Sleeping? Well, in the case of most small business owners, it should be called While You Were Working. While business owners are busy dealing with the internal aspects of their business, they’re disconnected from the trends and changing realities of the market. They miss out on big-ticket opportunities and overlook emerging trends in their industry, leaving their organization lagging behind on innovation and growth.
Here is my list of the top five attributes of businesses with an effective business strategy:
- Their business strategy is clear and concise.
- All aspects of the business operations are guided by the strategy.
- The strategy accounts for lessons from previous wins and losses and emerging trends.
- The strategy is a key component of the company’s hiring and training policy.
- The business avoids getting distracted by shiny objects and losing focus on their strategy.
Working in your business and working on your business
As entrepreneurs ourselves, we understand the challenges that business owners and managers face. No one person can deliver all the skills necessary to make a business successful. Besides, most small businesses are working with stretched resources and can’t afford to hire all necessary talents. This is where shared services can be utilized to achieve exponential results with limited resources. Click here to schedule a consultation with Stravity’s experts and find our how we can help you work on your business while you work in your business.