Most business owners would agree that having a business strategy is important and necessary for every business to grow and compete effectively. strategic planning helps to increase operational efficiency, market share and profitability of your business. This is one of the most tangible benefits. In the long run, the exercise makes the business more sustainable as it has taken into account the potential opportunities, trends and threats that might affect it.
To help business owners get a better understanding about the importance of having a business strategy, we have listed a total of 5 key benefits.
Strategy is a big word often being exclusively used by experts, military commanders, consultants and academics. More often than not, people tend to avoid "strategic" discussions or end up being confused. Or perhaps they would just simply nod in agreement with the hope that their lack of knowledge and understanding will not be exposed.
As a business owner, there are a couple of the questions that you might like to find answers for:"What is the relevance of strategy? How could strategy be easily understood and applied to your business?"
"Culture eats strategy for breakfast" is a phrase originated by Peter Drucker and made famous by Mark Fields, President at Ford.
Corporate culture is one of the most important factor that contributes to business success, yet at the same time it is one of the most neglected aspect for most business owners. And often because it is not tangible and measurable.
It has been more than 4 years since I took the plunge.
In Oct 2013, after being in the Ministry of Transport (MOT) for more than 5 years, I made a bold decision to leave. For many, it was an absolutely incomprehensible choice. I was drawing a good pay, enjoying a stable job with an excellent environment and work-life balance.
As business owners, are there situations where you "feel" like there is a problem in your organisation but you cannot seem to pin-point what is the exact issue? Are you finding it difficult to articulate some of the challenges that your business may be facing?