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Saturday, February 04, 2023

Have you set goals for your business? Have you a strategy in place to achieve those goals?

Does everyone else in the business have goals?

Do they match yours?

Do you review and adjust your budgets throughout the year?

A strategy is not just a plan. It's the long term goal of the business. It evolves and is dynamic, reacting as conditions change and takes into account internal and external influences.

It's the big picture. It requires imagination and vision.

It provides a framework to help a business deal with uncertainty, tight resources and market insecurity and allows management and staff to work towards shared goals to deliver the company's overall purpose and values.

If everyone in the business shares the same goals and values then everyone is pulling in the same direction. It is known as goal congruence.
The agreed strategy needs to be monitored and its success or lack of, evaluated. Goals may need to be adjusted in response to external changes or poor performance.

All the major plc's have a strategy and openly display it as their mission statement. Coca Cola has divided its into a mission statement, a vision statement and a values statement. Some goals are altruistic but others are quite basic and capable of being adopted by any business.
This is what drives the company and its entire staff.

Can you and your business tackle this challenge and set aside a regular time to think about strategic issues?

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