The assumption that a business strategy is set in stone is clearly unrealistic. Most of us know this. How often though do we really review the strategy? How often do we go over its original assumptions? Maybe you have looked at your strategy as a result of Covid-19. But would you have without the pandemic? our forward move, when would you realistically have looked at the strategy?
Is your strategy dead?
Or is it alive, colourful, self-explanatory, ready to be prodded and pocked? Will it engage with the people who will bring it about? Is it fuelled by data?
If it isn’t, start again.
Strategy as a talk-show host
Let your strategy breath. Let your strategy be the life-blood of your organisation, business – your charity.
Yes, a business strategy is a serious matter. Yet, for a moment, think of your strategy as a talk-show host. It needs to draw people in and communicate clearly. It should invite questions, participation. It needs to lead to a crescendo, a moment of celebration. That does not mean that the moment of celebration needs to be extraordinary or difficult to achieve. ‘Strategy’ does not require a certain level of difficulty. Rather, it leads to a goal, whether big or small.
5 indicators that your strategy needs an overhaul
The vision got lost
Can you and your team clearly state what your vision is? What is the supposed outcome of your strategy? In order to succeed, leaders must provide vision.
The goals are murky
What you are working on is not measured in any way. Your team is working hard, but not clear when they have achieved strategic goals. Valuable time and resources are wasted. Essentially, you are wasting precious income.
You are looking at your competitors with shrugged shoulders
When you watch several of your competitors and realise they are doing things very differently to you, and simply shrug your shoulders. Doing things differently to your competitors could very well be part of your strategy, but if you are no longer sure why you are different, your strategy has lost its value.
You and only you know your strategy
As a solo-preneur this is, of course, a valid approach, albeit you will want to consider confiding in a mentor or trusted friend in order to ‘test’ your strategy and get a second opinion. As a business leader with a team, keeping your strategy to yourself and not involving those around you will undoubtedly lead to a dead-end. A business strategy only comes to life when shared. If your strategy is not considered regularly within members of your team, it has become a personal strategy not a business strategy.
True vision inspires teams and allows them to participate and contribute to strategy development. Therefore, engaged employees demonstrate stronger loyalty than those who are treated as no more than a group of ‘taskers’.
No more than the next sale
Business strategies must go well beyond the next sale. If yours only focuses on the next customer, think again. Strong strategies must help shape brand value and customer loyalty. They must generate leads.
Strategy must excite and involve stakeholders. Most importantly, your own team must be allowed to live, measure and improve your strategy.
Strategy is key to your success, the continuity of your business and your income. Keep it alive. Create vision. Set clear and measurable goals. Stop ignoring your competition. Release the strategy into your team. Your strategy matters, because your customers matter.
We are here to help
Zeitgeist Communication specialises in strategy development. Whatever the stage of your business journey, we understand how to make your strategy come alive.
If your business strategy is lacking and needs more than a dust-off, contact us.
Why? Because the right strategy will not only help you save money but create the income you want.