It can be challenging to select among a variety of potential strategies for your business. It’s easy to imagine that we need to do them all at once, or work a complex business strategy that involves 20 to 30 tactics. Many business owners overwhelm themselves with complicated strategies, and expect themselves to accomplish ten years’ worth of strategic effort over the next year. They aren’t realistic about the time they have available, their capacity, or what their business needs most. If you’re struggling to choose among many options and create a strategy for your business, here are a few ideas for you consider.
1. Keep it simple.
You don’t have to build an empire this year. Your business empire can be built over time. Start simple. Don’t get complicated. Focus your attention and effort on a single area. You can add to it your plans or branch out later when you’ve had success with your first simple business strategy.
2. Be realistic.
Consider your real time constraints, skill level, energy available, and priorities. What matters is consistent solid progress over time – not setting the world on fire and burning yourself out trying to get everything done NOW.
3. If your business strategy must be complex, lay it out in phases.
Separate tactics out into short-term (six months to a year), mid-term (two years), and long-term (two years and more). Keep your focus on the short-term, except for those longer range activities where you must start prep work in advance.
4. If you have several competing strategic ideas, take these factors into consideration in your decision-making.
Which strategy can increase business revenue the fastest, simplest, easiest, with least disruption? Which strategy would you find most enjoyable? Which strategy engages your strengths? Do you feel a strong attraction for one business strategy over another? If you answer these questions and follow your own feelings, you will inevitable come up with the best working solution for your business.
5. What’s your vision for your business?
Where exactly do you want it to end up? What market do you want to capture? How large do you want to grow? What do you want to be known for? What evolutionary process do your imagine for your business? By answering these questions, you clarify your vision and can choose those strategies that align with that vision.
6. Are you selecting the right strategy for your business for now to get the results that you desire?
What degree of certainty do you have about the success potential of your business strategy? Have you covered all possibilities? Have you included all the research time necessary? What skills must you acquire? If so, how do you fit in the skill acquisition? What can you do to feel 100% certain of success? Be honest with yourself about the answers to these questions and you will find that it is much easier to ascertain the right strategy for your business.
7. Is your time-line realistic, given your current commitments?
What time adjustments must you make? Is it the right timing for this strategy? Will the market be there for what you’re creating? What are the ways that time can impact your strategy? take an honest and searching look at your time-line. Back off of any aggressive and needless time “crunches”. You have to live too!
When you’re working out a new business strategy, consider these seven ideas before you settle on a final plan. You owe it to your business.