When growing your business, it makes it a lot easier when you have a clear and distinct plan to achieve your goals. Understanding how to improve your growth trajectory can help with operations, productivity, and profitability.
Why develop a strategy for your business?
Having a clear direction for the company is important, period. When you know where you are going, then everyone can push in the same direction. Especially for small businesses with limited resources; time, money, people. Making sure the company is running as efficiently and effectively as possible requires focus and a followed plan. We know chasing squirrels take your eye off the target and cost additional resources to change direction. Developing your strategy is the key to success in business.
How to develop the strategy?
Strategy is the company’s plan to achieve consistent growth. It really is as simple as listing down the detailed goals you want to achieve and the exact steps that you need to take to achieve them. It is important to make sure that your smaller goals are driving your company towards its major overarching goal.
1. Create Your Vision:
Your vision statement defines the values and objectives of your company.
Create the ultimate vision for your company in the next say 3-5 years. Here’s mine: I want to be the desired business consultant for growth-minded professional service firms that also want to build a business that they can sell in the future.
2. Define Your Goals:
Create the smaller goals that you need to make the ultimate vision come true. Working backward helps. Determine 3-to-5 1-year goals as stepping stones. Then break those down to quarterly, monthly, weekly, and daily tasks that support the ultimate goal. Continue to ask yourself, does this move me closer to the ultimate goal? The answer must always be yes. If it does not, move it to a wish list for next year’s goals.
3. Build The Action Plan:
A plan is only a dream until you put action behind it. Take the steps necessary, using the tactics designed with the goals, to start making headway. Think of it as a to-do list and start checking them off. Get your team involved and assign roles. If it is just you, get an advisor or friend involved to help you get into momentum.
In business, it is one of two directions: either you are growing or you are dying. Competition is fierce and will run you over in a heartbeat. Keep your business strong by developing a strategy that keeps you growing at a consistent pace. You’ll see greater results and make business easier.
Marcia Riner is a business growth strategist & CEO of Trajectory Consulting. She helps professional service firm owners to optimize their business, drive growth, and be in a great position to sell it someday. Together, we create your roadmap to improve, scale, and maximize the value of your company.
She runs a Masterclass that teaches business owners how to scale their business so that they can sell it someday @www.Scale2Sell.biz
Want more great ideas, download Marcia’s newest eBook “Think Outside The Box – 10 Reasons To Get Your Business Sale-Ready Now” available on www.TrajectoryBiz.com