Strategy – you have probably heard this word bandied about in many business scenarios, including your own.
But what does strategy actually mean?
The dictionary defines strategy as:
“a plan of action designed to achieve a long-term or overall aim”
“the art of planning and directing overall military operations and movements in a war or battle”
Your accountancy firm, every firm, needs a good strategy.
A well-outlined, solid strategy is essential for the success, sustainability, health and survival of your firm.
Without a good strategy you will lack direction, purpose, vision, efficiency and, ultimately, profitability. You will be strategically unhealthy.
However, having a good strategy and being strategically healthy is not simply about possessing a shopping list of desirable goals and objectives – even if they are supported by smart-sounding words.
How can you be sure that the strategy you've chosen for the future direction of your firm is the best strategy? How can you know that the strategy you want to implement will work?
Good strategy starts with identifying the biggest and most important challenge or risk your firm is facing. When you understand this challenge, you will make the right choices, have the right focus and decide on the right actions to ensure your firm survives, even during the most turbulent of times.
Diagnosing the most significant challenge to your firm is the first step in implementing good strategy and improving your strategic health.
Click the button below to fill out a strategic health questionnaire to work out the challenges facing your firm. You can then apply this knowledge to make focused, strategic decisions and to undertake the right actions for your firm.