Double your profits & smile more! Getting your strategy right!
Everything starts with strategy. Developing a strategy with the business owner and staff is engaging and rewarding. At this stage the energy is high, and the dreams and ambitions are beginning to resonate with all key stakeholders. This process can take significant thought and process, nevertheless, it is an enjoyable activity. Without execution, however, it is all a waste of time. I have seen first-hand some brilliant strategies that are not executed and as such, are a waste of time and resources. A strategy must be well articulated. It needs to be broken down into clear, measurable, quantifiable components ready for execution. Many hours are required to plan and execute the strategy. As the saying goes, if nothing happens – nothing happens.
There is a model that I have used for years called the Business Excellence Framework. I have been fortunate to have been mentored by one of Australia's best strategists. He mentored and develop me in the Business Excellence Framework – for which I am ever grateful.
It is all good and well to become excited about having developed a strategy, getting staff engaged and developed, however, don't forget the financial indicators. You're not surprised given my background as an experienced Chartered Accountant. However, it is fascinating how many businesses forget to make money.
So, what is strategy? One component to strategy is core values. Core values are not those values on documents that sit in the top drawer of someone's desk that is referred to once in a blue moon. They are alive and dynamic values that drive organisational behaviour. Core values are critical to the businesses work environment, the way we do our work and how we interact with each other.
Developing a strategic business plan is the start of many business transformations. Understanding their purpose, and what they are in the business of, sets them up for refreshed vitality and success. It's also an important component in identifying the organisation culture and identifying opportunities for improvement. Culture is not about the core values that no one refers to but what happens within the business on a daily basis.
The greatest changes I see in business is when business owners take the time to work strategically with a qualified, experienced business mentor.
I love to roll up my sleeves and work with business owners in executing the strategy. It's good to sit around and develop core values, mission and vision statements. We develop well-articulated plans for the future, however, without execution, there will be no change. I have found working with business owners in executing their business plan to be paramount to their success.
Call me today to discuss how we can partner with you to get your strategy right.