Of course we have a mission
No doubt you have a mission which is most likely about developing and growing a business to be the best in class, but do you have a formal documented business strategy? Do you have documented underpinning tactics of how you will implement that strategy?
Believe it not, in workshops we have conducted in three countries with over 700 SMEs in the past 12 months, we have come to the realisation that only about seven per cent of small businesses have a strategic plan. Without that you may be flying blind and simply bounding from one opportunity to the next ever searching for short term revenue and growth.
Is it innovation?
To many people innovation is a sound strategy but is thought of only in terms of making new and better products and services with the expectation that such new offerings will keep the business buoyant and growing.
Innovation is just one of the so called “verticals” that are possible and the art of innovation and in particular the new paradigm of “opportunity capture” are the means to access the many other verticals to achieve business growth, just some of which include:
- organic
- acquisition
- range extension
- new verticals
- new markets
- exports
- partnering
- agency
- franchise
- off-loading orphan technologies
- staff inclusion
- MBO
- basis research
- and many more.
It’s all very logical
This may all sound like management 101 but how many businesses really do develop a documented strategic approach with underpinning tactics and reports as to progress? Have you included others in developing your strategic plan and more importantly, has each member of the team embraced their role and deliverables that they have accepted and agreed?
Uncertain times
I think it would be fair to say we are living in uncertain times with businesses all facing margin squeeze, the BRITEX unknowns, the USA trying to reposition under Donald Trump and the Chinese market in transition. The time to be developing or revisiting your strategic plan is now, the alternative may be to wake up one morning and realise the world has changed and you didn’t change with it.
Roger La Salle, www.innovationtraining.com.au
