29 October 2013 category: strategy & business planning
Tags: business strategy
Successful businesses invariably have a good business strategy. They understand their market and they work out the best way in which they can serve this market profitably. When they do that, everything else falls into place, including marketing, sales and profit.
Conversely, businesses that have yet to tap into their full potential invariably have no viable business strategy. They merely “leap in at the deep end” without much thought and keep doing the same thing until they are forced to do otherwise.
The top five excuses for not having a business strategy are:
- “The devil is in the detail – there is no point in this longer term, big picture nonsense.”
- “I haven’t got time to sit there and work out a strategy.”
- “Things change too rapidly in our world – a strategy would be out of date as soon as it is printed.”
- “I don’t see how a strategy could help our business. We just need to get on with it.”
- “I would have a strategy if I thought it would help, but I don’t know how to create one.”
As you read these excuses you will probably find yourself thinking how weak they are, particularly if you bear in mind that preparing a strategy for a business is not a particularly difficult or time consuming thing to do.
It is worth remembering that of all the things you can do in business, strategy is unique because it is the ONLY thing that can have an impact on every part of your business.