Career Testing
Career Testing
Career Testing
ENTREPRENEURSHIP / MAY. 05, 2015
version 5, draft 5

Reasons for Strategizing the Future of Your Small Business

Every business that makes it through start-up phase eventually plateaus. Like the rise and fall of kingdoms and countries, businesses, too, go through various seasons or cycles, especially when their founders retire or pass away and that baton gets passed to the next generation. This is why even small businesses need multiple strategies.

See Also: How to Develop a Business Development Growth Strategy in 2015

Probing Questions To Consider When Creating Effective Strategies

Of course, creating an effective growth strategy should begin when your company is in the start-up phase. But then that strategy must be revisited from time to time to make sure that it’s still relevant to modern consumers in a constantly changing marketplace.

A good beginning strategy requires savvy leadership. And ideally, every company needs to have at least one leader who functions as your company’s strategist. This person frequently revisits probing questions that encompass the way the company operates and grows. Some of these questions would include deep matters such as:

  • Does this company truly matter?
  • To whom does it matter?
  • How would my customers be affected if my business no longer existed?
  • How quickly would my customers be impacted and for how long?

The answers to these types of probing questions will reveal whether or not you and your leadership team have taken the time to consider such important business-survival questions, and just how seriously you’ve truly been exploring them.

Many people who are in business leadership positions are highly intelligent and talented individuals. But, it is also true that if they’ve given such questions any deep consideration, they’re frequently unable to effectively communicate their strategic plan to the employees that they’re leading.

What Does a Thorough Strategy Look Like?

Most business leaders are energized by challenges and tend to view difficult circumstances as an opportunity that, if correctly focused, can bring growth. However, they also tend to view a strategy as more of a destination rather than a journey.

A viable strategy goes beyond an exciting vision. It includes a method that assigns value to your company’s products and/or services, and also includes an effective means of distributing the products/services to customers in the marketplace. In addition, a strong strategy will have a powerful purpose that helps define what specific types of products and services a company will choose to carry. The reason for this is that those chosen items work the most efficiently alongside of a company’s operations system, capabilities system, product and service fit.

While it’s true that not every entrepreneur is a “born strategist,” it is possible to become a strategist. This particular challenge includes the idea of protecting your company by influencing its course in the marketplace through decisions that are made. These decisions will help your company to remain rightly focused over the course of each work day and passing year. It will also provide a way to remain alert to market indicators that suggest that it’s time to adjust the company strategy to better fit what is happening both on Wall Street and in the minds of consumers.

Industry changes, market activity and progress, in general, are just a few of the items that will impact your company’s strategy and the products and services that you may want extend to your customers and investors. But it’s also the very area that your leadership team will begin to notice the value of having a strategist that is working on behalf of the future of the company.

See Also: 5 Tools to Pimp Your Social Media Content Strategy in 2015

Do you have a strategist in your company? Has it helped your company? Your thoughts and comments below please...

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