Strategy – you have heard the word bandied about in many business scenarios, including your own firm.
But what does strategy mean?
The dictionary definition states:
“a plan of action designed to achieve a long-term or overall aim”.
or
“the art of planning and directing overall military operations and movements in a war or battle”.
A well-outlined business strategy is essential for the success, sustainability, and survival of your firm.
Without a good strategy you will lack direction, purpose, efficiency and ultimately profitability and your team will lack engagement and motivation.
However, good strategy is not a shopping list of desirable goals and objectives – even if they are supported by smart sounding words.
And how can you be sure that the strategy you decide on for the future direction you want your firm to go in is absolutely the best strategy?
How can you know that the strategy you want to implement will work?
How can you know your strategy is good?
Simple answer – you can’t!
But that’s not to say that your time is wasted – far from it. The process of getting deep in your business; critically analysing opportunities and challenges; deciding where you want to be five years hence; deciding what you stand for (and what you don’t stand for!), is a wonderful discipline that brings clarity and focus to your decision-making.
Any good strategy starts with identifying, with the involvement of your team, your core purpose, your reason for being - the reason you started your firm in the first place.
Once you have this you can then identify the biggest and most important challenge your firm is facing. When you understand this challenge, you will make the right decisions, have the right focus and decide on the right actions to ensure the future prosperity of your firm.
In his podcast, Steve Price of BWP Inspire talks about the importance of building strategic health and getting clear on his purpose and values and although at the time of recording, this was still a work in progress for him, he knew the importance of defining the strategy of his firm and the difference it would make to the behavioural standards of his team.
It’s a great podcast with a business owner with an enormous desire to build a better firm, for himself, his clients and his team.