Friday, May 31, 2013

Start To Build Your Business Strategy Blueprint

Strategy noun: long-term plan or policy; art of war; art of moving troops, ships, aircraft, etc. into favourable positions (Oxford Dictionary) "The important decisions, the decisions that really matter, are strategic. They involve either finding out what the situation is, or changing it, either finding out what the resources are or what they should be. Among these are all decisions on business objectives and on the means to reach them." (Peter Drucker, "The Practice of Management") Strategy. A term used in the theory of games to describe the set of choices a player will make in each possible set of circumstances. (A Dictionary of Economics) How an organization interacts with the stakeholders in its business environment through its current and planned portfolio of products in large part defines its business strategy. (Robert J. Thomas, "New Product Development") From these varied definitions we see strategy as something that involves identifying where resources are and where they're needed, and the art of deploying those resources favourably; deciding on business objectives; and above all it is certainly about choices. My clients have all been able to grow their businesses and in the early years, a lot of this growth is tactical and not strategic. That is, most business owners work very hard in their businesses to drive growth, and they've been a key part of that growth. At some point though, every entrepreneur needs to stop and consider if that is how they wish to continue working and growing their business. When do business owners mostly start thinking about strategy? When they have to make more decisions about resources When they have to decide whether to pursue new opportunities When they need to make decisions about how big the company could be When growth in the business has reached a plateau When they're in trouble When they're overloaded When they're confused When they want to fast-track their progress When something significant changes their life Sometimes, it's when they have an 'Aha!' moment Challenging circumstances lead most business owners to think about strategy, and then strategy itself can be challenging! When you're ready to start developing you business strategy, you need to look at the process from several different aspects: Know what it takes to build a high-value business, and make sure you have one Know how to select a best-fit strategy, that's right for now Know which business model will optimise growth, suit your lifestyle & give you leverage