10 ways a strategy will accelerate business success
As a small business owner, have you ever written a business plan and then filed it away without looking at it again? Or perhaps you have never had a plan and have been winging it, seeing what happens and hoping for the best. If either of these scenarios applies to you, it's time to take action.
There is a reason why large successful businesses have strategic plans. It's because they help them grow successful businesses. Even if you don't want to build a large corporate organization, it doesn't mean that you shouldn't apply things that work from those businesses to your own small business. In this blog post, we will outline ten ways having a strategy will help you accelerate your small business success.
You’ll have clear direction
If you don’t know what you want to achieve long-term within your business how do you know where you should be focusing your precious time, energy and resources? Your strategy starts with your long-term goals and then you work backwards to create a plan to make them happen. It gives you a destination and direction of travel to aim for.
2. You’ll know where to spend your time and energy
As a business owner, you have a lot to juggle and it can be hard to know where you should be focusing to make the biggest impact. Knowing your direction means you can create a plan to get you there. Your plan enables you to know where you need to be focusing your time and effort, rather than trying to do ALL the things and see what sticks. And when you only focus your time and energy on the things that will get you to your destination, success will come faster.
3. You will feel more in control
When you have clarity about what you want to achieve and how you will do it, you will feel less overwhelmed and more in control. You will feel in control because you will know where you are now and what you need to do next. A lot of stress for a business owner comes from not knowing what they need to do - a strategic plan takes this uncertainty away and replaces it with greater control.
4. It gives you the chance to have a birdseye view of your business
When was the last time you stopped and worked ON your business? Creating a strategic plan means you will need to regularly take time out to review and update it (at a minimum every quarter) for it to help you grow. Not only will you get the opportunity to stop and breathe but you will have a chance to step back and reflect, correct your course, celebrate your successes and be the true leader of your business.
5. It helps you celebrate successes
Creating a strategy with goals means you can celebrate as you achieve them. You can put rewards in place for yourself and your team if you have one. So many business owners don’t celebrate the milestones and successes they achieve along their journey and having a strategy means you document them and have a time when you can pause and acknowledge how far you have come. Don’t underestimate how powerful and motivating it is to regularly celebrate your achievements, big and small.
6. Understand what is and isn’t working
Part of having a strategy is monitoring what is working and not working within your business and whether you are hitting your goals, doing this will help you accelerate your business growth. This can be done by regularly checking your numbers such as revenue, profit, sales, and marketing conversions. Keeping a check on these numbers highlights whether you need to change something that isn’t delivering as well as you would like, and also means you can double down on anything that is working well.
7. Make better decisions
Decision fatigue is real as a business owner! You have to make so many decisions every single day. When you have a strategy in place decision-making can be made easier because you have a roadmap to help guide you. If something you need to decide on will not help you achieve your purpose or goals and is not aligned with your mission or values, and does not fit in with your plan, it's a no. If it is aligned then it is a yes. I know that feels overly simplified but actually, it’s a really good framework to help you make better decisions.
8. Provides freedom and choice
Contrary to popular belief, having a plan does not restrict you, it helps you be more agile and provides greater opportunities and freedom within your business. A strategic plan moves you from being reactive to proactive which gives you more brain space, time and energy to really consider your options and better identify good opportunities. If you are not organised or in control of the business you will feel like you have your back against the wall, constantly fighting fires and not having any capacity to try new things and being forced into scenarios and decisions you don’t want because your hand is being forced. A strategic plan means you are in greater control to change direction, take your time to explore different choices and opportunities and ultimately have more freedom within your business.
9. Helps you better lead your team
A part of your leadership role is to give your team clear direction and align them to your purpose, mission and values. You want your team to be working with you, in the same direction to help you achieve the business goals and sharing your strategic plan with them enables this. If you are all working together and direct your collective energy, expertise and resource to the same goals you increase your chances of success and will hit your goals fast than if you are not focused on the same destination.
10. Build the business you want
Ultimately having a strategy puts you in the driving seat. You have the power to choose to build whatever business you want, run it however you want and let it work with your life in whatever way you want. If you leave things to chance you don’t give yourself that choice, you deserve more than that. Take the time to create your business strategy and intentionally build the business and life you want.
Having a strategic plan is crucial for a small business's success. It gives you clear direction, helps you focus your time and energy, enables you to feel in control and ultimately puts you in the driver's seat. So, now is the time to make the choice to create your business strategy and intentionally build the business and life you deserve.
If you're feeling overwhelmed and unsure of how to create a successful business strategy, don't worry. The Pocket Strategist can help. Our expert-led transformative Strategy Days are designed specifically for business founders who need space, strategy and support to build the business they want and achieve long-term success. Let us guide you on your journey towards achieving your goals and realising your full potential.
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