Strategising For Success
Business strategy and planning – it’s often difficult to find the time to remove ourselves from the business and start planning for the future. In today’s world, where we’re connected 24/7, distractions and ‘urgent’ work often reclaim our thinking time. But a one-day strategy session will make you feel more in control and ensure you don’t miss out on valuable opportunities. As 2016 draws to an end, here are four review questions to focus on which will help the planning process.
Where did I spend energy that didn’t yield results?
Time is one of our most precious resources and as a business owner you most likely won’t have a lot of it, especially in the first few years. In 2016, did you spend time on activities that weren’t in line with your vision and goals? Did you spend time sorting out operational issues? Did you spend time in meetings that could have been handled by your sales team or at a networking event that wasn’t relevant to your business? Conversely, ask yourself what activities you did that had a significant impact and ensure they are included in your plan.
What products / services were easy to deliver and high-profit, and which were not?
Analyse your revenue streams and see which were lucrative and easy to deliver. How can you generate more of this type of business in 2017? Consider doing away with products / services that were time-consuming and low profit. In addition, you may also want to review what customers were asking for on a regular basis but your company didn’t offer that particular solution. It could signal a gap in the market and a potential new revenue stream for 2017.
Would you ‘rehire’ all of your current team members?
Review the appraisals from 2016 of every team member. Have they achieved their objectives? Have they improved their weaknesses and built on their strengths? It’s worth considering now what talent you will need to add or replace for 2017 and beyond in order to achieve your goals. If you have a great team in place, consider what you will need to do to retain them. Is it a pay increase, flexible working hours, or additional benefits?
Are all processes running smoothly and driving profit?
Staying ahead of the competition requires constant innovation. Customer service, quality of product, and ease of purchase all factor into generating loyalty from your customers. Which processes didn’t work in 2016 and how can they be improved? This is where customer feedback is invaluable and will really help you create the ultimate customer journey moving forward.
These questions are based on the coaching programme Gazelle’s Scale Up. The team at MHC are all certified Gazelle’s coaches and we help businesses grow and ‘scale up’. If you’re interested in to learn more, get in touch on email@example.com.