Most companies do not have a clear Vision and Mission, and if they do, it is not followed, it is not valued, it is not considered while taking business decisions. Most of their decisions are based on the short term needs or problems. These businesses may find success, but this is not a planned success, this may or may not be consistent, this success may be by luck, by chance. But you have to understand that business does not work on Luck or Chance. There should be a strategy, a workable action plan, there should be a purpose. Lets understand what are the points to be considered while you are working on your business strategy.
Important Points to be considered while formulating the SUCCESSFUL business strategy:
1. Business should have clear Vision; a clear mission and strategy navigate the business towards its purpose. Vision should be communicated and accepted by all the stakeholders and together they should be aligned with it.
2. Being ambitious is always important to run any business but make sure while creating the strategy we should not be over ambitious. Over ambition will drive us to unrealistic strategy which will lead us to failures, and failures will drive us to frustrations. We don’t want to drive the business towards frustration, but towards productive activities that bring in success.
3. Make sure you have SMART Goals – Specific, Measurable, Actionable, Realistic, and Time Bound and keep on reviewing the goals and implement same in your business.
4. Data helps you make better business decisions and nowadays, everything is based on data, every business has the data and we should use authentic data while analysing the data to come up with realistic strategies.
5. We should know the reason or purpose of our business existence and one should have good knowledge of its competitive advantage. This will help us to build a competitive strategy.
6. The identification of strengths and weaknesses may help an organisation to take measures to leverage the strengths and overcome the weaknesses. This will also help reinforce inclusiveness and more strength across the organisation.
7. However, risk in any kind of business can’t be completely avoided but formation and implementation of strategy makes you able to manage and mitigating the risk. Try to cover maximum aspects of risk with their solutions.
8. Top Management and Leaders should provide the required resources which is defined while preparing the strategy and also should review the actual vs expected results.
9. Of course, every one of us wants fast results, everyone wants to grow fast, but one should not lose patience which is a must for any business. Just keep analysing and reviewing your milestones, in spite of complaining for the result, understand the reason of not getting it and keep patience and keep working consistently on your strategy because consistency and patience will lead you to the successful strategy.
10. We should avoid frequent changes in the management or in the mission as it makes people discouraged. There should be confidence and positivity from the top management while driving the strategy.
11. However good the strategy, but the desired result depends only on whether the implementation of the strategy is possible. It is of no use to make a good strategy that is bad from the execution point of view as it will not produce the desired results.
12. Make sure your strategy does not only cover activities to be performed, but should also cover activities that are not to be performed.
TIP:The key to success is to not get distracted by the short term opportunistic goals that would hamper the company’s plans to achieve its purpose, but to continuously focus on achieving the long-term objectives of the company.