Creativity, drive and ingenuity are nothing without direction!
The implementation of a business strategy has two main parts to it – having a strategy in the first place, and secondly, having the discipline to put it into effect. Sounds simple, because it is!
Please note the following examples are based around the growth of what we like to call ‘something for the next generation’. This is the build of a business that you will keep long term or maybe even one day hand over to your children/family.
“Creativity, drive and ingenuity are nothing without direction”
Stage 1 – Creation of a business strategy
When conceiving a strategy to action, you must first understand your company properly – and we mean every aspect of it! You must learn to not just focus on money, but remember your staff and your customers. After all, they are your team and your market, and without them, you have nothing!
Here are just a few things to remember:
Staff: development, personal goals and retention time
Location: better footfall, multiple offices to open market access and cost implications over value
New markets: accessing more people, similar buyers and diversifying the company’s services
New technologies: watching the competition, staying ahead of the market and re-investment
Product Development – improving quality, reducing inefficiencies and increasing margins
Most people would say, “But guys, that’s obvious…” Well, can you name three multi-million pound businesses that have gone under in the UK in the last 6 months? We can (but we won’t publicly for obvious reasons) and we’re sure you can too. What did they not do from the list above? Almost all of it!
Stage 2 – Implementation of a business strategy
How hard can it be to put the strategy into place? Surely the following won’t affect it? Staff being ill, directors being away, workload getting behind, workload going up, clients changing goalposts, technology breaking down, bills coming in, holidays being taken, shareholders putting on pressure, targets not being met, staff leaving, markets changing, website needing revising… the list goes on! These pressures will always be there.
You may be able to create, run and grow a business, but it is near impossible for you to stand on the outside looking in and put the pressure on yourself to effectively organise things, when you are just trying to deal with the everyday grind. There is a reason our role as consultants has value – when someone gets to be the top of their company and has no boss, who puts the pressure on them? Who takes them away from the chaos and who helps them straighten it all out?