Why is strategy important?
Strategy and strategic thinking is a term often thrown around in business without understanding what it means. What is the difference between strategic growth vs growing?
By just growing you have many aspects to think about and look at including, accumulation of overhead, reduced quality of customer service and many companies will focus on the short term gains of the growth.
This, coupled with the way the growth is organised through the employment of management structure and not looking at analytical data for decision making means that although you will be seeing growth, how do you know you are growing in the right way, in the right direction or at the right speed?
We can identify all these challenges by using strategic growth.
Strategic growth is using previous data to drive our way forward in one of four key areas -
By looking at previous data you are able to identify the biggest areas for growth within your business and set out your growth strategy to expertly harness these areas.
However, what must also simultaneously happen is you must look internally within your business’ management and operational structure to identify any potential weaknesses that may become apparent within your growth.
Strategy growth helps us define our business in the long term by identifying what success actually looks like over the next, three, five, ten, twenty years or further by giving us a set road map to follow where we are able to set targets against what we achieve, identifying useful stopping points and potential setbacks along the way.
Business owners often discuss their business vision but not their strategy. Business b=vision is often the ‘We want to be the leaders in….’ but there is not considerable thought as to how they get there with the most visions becoming a second thought if and when sales dip or the business starts to suffer when time becomes the most under utilised commodity when more good can be done from taking a short amount of time and planning your next move most businesses will become panicked and shoot straight for the action.
However, when Bailey Dean is called into a business that is lacking direction one of the first things we look to do is create a strategic growth plan by sitting down with the lead members of the team and creating that long term goal.
By identifying the long term goals within the client's eyes we are able to identify the financial and strategic goals that will help the company achieve these. We will also be able to identify any risk factors that may be affecting the business and therefore of course correct these before they happen.
Creating a strategy is not complex however it does take time and it is also important that it is followed by being corrected and adjusted when the time comes.
If you are interested in how Bailey Dean can help support you through your strategy planning and implementation then get in touch using the button below.
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