What to avoid when creating a business strategy
Creating a business strategy is meant to make your business to achieve the needed success. Minor adjustments are done to the strategies as time goes by while some businesses continue ‘business as usual’. Focusing on the priority list is needed to avoid some of the mistakes which will make you deviate from your business strategy.
Strategy case study
Back in 2012 the The Smart Accountants rebranded a part of its operation to take advantage of new opportunities in the UK cloud accounting market. This strategic decision led to the creation of a new website. To see the results click here.
The following are some of the strategy mistakes which need to be avoided:
- Avoiding the wrong mix: to avoid making the same mistakes which your business has been making, try as much as possible to distance yourself from people who made you make wrong strategic plans. Avoid dealing with people who show the following characteristic:
- Personality clashes- those who try to fully control your meeting
- Distorted feedback- you may lack candid feedback when people end up telling you want you like hearing
- Personal agendas- people who cannot see the big picture but come along with their personal agendas
Seeking external perspective from industry experts, other people in your business, strategic partners and your customers can offer a lot of assistance.
- Having a stale vision: always change your vision as time goes by and avoid being locked into a single one for survival. Your team should be challenged to think differently and bigger so as new possibilities to arise.
- Repetitive exercise: the strategy which your businesses implement is supposed to energize your manner of operation. It is likely to silence any complains which might have been existent. Always review your approach and try a fresh idea to stimulate ideas and best thinking. This does not necessarily mean abandoning a plan which has served you well for a lengthy time, you need to improve it.
- Misalignment: moving the business forward is the major aim of developing any strategy. Though that is the case, you need to be cautious to the market and customer needs. Understand the goals and needs of those you are serving so as to align your strategy towards meeting them. Do not assume you know everything.
By avoiding some of this mistakes when implementing your business strategy, you are likely to achieve the set business goals.