Savvy Strategies for the Year Ahead
The dawn of a new year is a great time to reflect on past successes and set out a strategy for the business year ahead. If you asked yourself “what’s the one thing I want my business to achieve this year?” what springs to mind?
Setting Meaningful Goals
Many business owners will respond in terms of increased revenue as this is the benchmark by which commercial success is all too often judged. Could a focus on turnover mean you’re missing a trick? Is sales revenue growth alone enough to survive and prosper in today’s challenging business environment?
Be creative and start the process with an open mind. Others goals could include the launch of a new product, engaging your staff, securing a particular contract or entering a new market. What’s important is to give full thought to what you want to achieve for your business’s future success.
Break the process down into 3 simple steps:
1. Do some commercial soul searching –
Where is your business today? Undertake an honest assessment to establish where you are now. Ask yourself some important questions:
- Are you profit levels acceptable? Could they be improved?
- How do you compare to your peers?
- How well resourced are you?
- Have you lost business? Why? Who to?
The more information you have, the clearer your vision will become.
2. Decide where you want to be by the end of the next year –
Bigger, better, brighter? Your vision should be encapsulated in a single, meaningful strategic goal that reflects the growth and development potential of your business in the context of the challenges and opportunities it faces.
3. And finally…how are you going to get there?
Time for the hard work! Work out what to you need to do and how you’re going to do it.
Cut through to the core issues by challenging your thinking with questions that when answered will guide you towards success. Here are just some of them:
- Who are your key customers?
- What are you best products or services?
- Why should your key customers buy from you instead of your competitor?
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Using a Business Mentor
Having an objective, independent sounding board can be invaluable in helping you see the wood for the trees – particularly when setting strategic goals and creating action plans. If you’re serious about taking your business forward and want to find out more about our Questions for Success please get in touch.
For an informal chat about support for your business, call us on 01625 329 319 or contact us to arrange for us to call you.
From our base in Macclesfield, we provide Business Advice, Mentoring, Coaching and Training to businesses across Cheshire,Derbyshire and the North West including Macclesfield, Wilmslow,Stockport, Buxton and Manchester.