Growing your Business Series – Part 2 Choosing the right strategy

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In Part 1 we covered using the right systems for your business, you can find that here. However, in part 2, we are going to cover the strategies you can use in your business to explode your growth and move forward with purpose and momentum.

So what is a strategy? Do you really have one? Let’s firstly understand by analysing what a strategy is before we move on to the specifics. A business strategy is a high-level plan for reaching your business objectives. They may be a combination of tasks that attract new customers, developing a new product or service or focusing on a new market. The strategy should be a high-level plan of what you want and how to get there.

We are often guilty in business in using these words, such as strategy, growth, new industries, etc. But when we do this, we aren’t really focusing on the strategy that works to grow your business. What we need to do is get clear about our aims and then figure out the right strategy that works for your business and allows it to effortlessly grow and thrive as it moves forward.

So how do we get clear? We need to understand what we want to achieve and boil this down into a “mission statement” a “why” or a lofty goal that everyone, every department can get behind and understand.

Let’s break down some actionable steps you can take to get this clarity

  1. Understand where you are, using facts and statistics. This will give you a clearer picture of the current status of your business, and most importantly, it can give you a clearer idea of what you may want to achieve
  2. Develop a clear and simple “mission statement”, a goal or aim that you and the whole company can believe in and achieve together
  3. Break your Mission Statement down into smaller actionable objectives, this is where the strategic plan really starts to take on a tangible shape and where most strategic plans tend to fail, mostly by ignoring the detail
  4. Buy in, I firmly believe a strategic plan can be enhanced and better executed by buy-in from your management team, get their input, their ideas, have forum focused with energy which should allow belief in the strategy, and involvement from everyone and every department. Getting this part right is a major step in getting things done properly, as quite often the strategy, mission statement and objectives are often poorly communicated and just come from the top without any form of discussion or buy in. Remember it is often the people who are doing the work who can often come up with smarter ideas, and these should be taken into consideration.
  5. Publish the strategic plan, and allow everyone to comment, be involved and collectively be responsible for its success. It is often by giving too much pressure or responsibility and pointing fingers when things start to go strategically wrong. By fostering the collective responsibility, your staff are more likely to come up with innovative solutions to issues that can and will arise, if there is a situation based on fear, then the chances of error increase. It is by collaboration and flexibility that things come to proper fruition.
  6. Lastly, picking up where point 5 left off, it is important to be flexible and adaptable in looking at how strategically you plan to get to your goals, and by being a team, collaboratively addressing and course correcting as you go, will make the process more successful, productive and ultimately more likely to succeed.

As with any strategic plan, it is imperative to have the right systems in place to get to your goals, it is equally important that you or your staff have the right skills to be able to execute on the strategy using the right systems, as if you or your staff are ill-equipped to execute, then your chances of failure increase greatly, in part 3, I will look at how you can assess, utilise and develop the skills required by you and your staff in order to reach the next level.

My name is Simon Barry, I am a coach and mentor to executives and business owners who want to grow - I use the exclusive 4S Methodology - Systems, Strategies, Skills & Scale - which give you the right path forward so you can drive your business growth with vigour and confidence.

If you would like to get in touch please email simon@simonbarry.tv or visit  https://doodle.com/simonbarry to book a free consultation.

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