Welcome back to those who read the prior article in this series, Your Business…Simplified. If you haven’t read it, please take a moment to do so by clicking on the link above. It’s only a few paragraphs and it explains how you can gain the time back to focus on improving your business and your life.
What is strategy? It’s a plan, but not just any plan. It’s your plan to maximize the strengths of your business to be more successful. So, you may want to start with a single question – a simple one with complicated answer. What is your business good at? If you need more background, try this great article on strategy.
Your answer should not be about your product. It should reveal what value you bring to your clients or customers. That begs a question – an important one. What do your clients or customers find valuable? You may need to ask them in survey or ask them when they visit you. The answer could surprise you – you just might be in a business you didn’t think you were in!
One of the first economists (I know… zzzzzz, but bear with me for a second) said: “The real cost of anything is the toil and trouble to get it.” So, there you have it – time really is money! You learned this if your outsourced your administrative work (please read my previous article). If what you sell saves your clients or customers time or money, then you need to keep providing that value even as the world changes. Therein lies the value of strategy. Strategy is not a static list of objectives; it lives and breathes and changes the way you do business to keep up with your customers.
Having a trusted advisor that routinely experiences other business, say a CPA, attorney, or other professional will help you define your strategy and, more importantly, help you see when your business needs to change to stay on strategy.
Please read the next article in this series on my website where we talk about what to do with this new plan you have!