5 reasons why constantly working on your business strategy is important

5 reasons why constantly working on your business strategy is important

A lot of companies are still guided by daily worries, gut feeling of the entrepreneur or by questions asked by customers. Some companies have already heard of business strategy and organise a strategic management meeting once or twice a year. Usually, it is a comfy get-together somewhere away from the office, often guided by an expensive external consultant, during which the corporate mission and vision are formulated, the values are written down and goals are set. Afterwards, the results of these meeting is communicated to all employees who are supposed to familiarise themselves with that information. In many cases the guidelines are vague statements that won’t have an immediate impact on the company. But at least the management has appeased their conscience.

What we at Techtomar are pleading for, is that you constantly work and adapt your corporate strategy and doing this while involving all departments. When you are writing down your business model, you include your coworkers in the design and validation proces. Once that is done, you organise sprints to gather new insights and information, week after week, to nurture your model. Results are linked to clear KPI’s that are monitored through dashboards. On a regular basis, ideal is monthly and the minimum is quarterly, an abort meeting is organised. During this meeting the question must be wether (based on the results) we should keep the business running, alter our plans or pull the plug on the whole project. But the KPI’s themselves are also validated to see if they are indeed the correct ones.

In short, we plead to implement your business strategy into your business DNA.

But why are we so focussed on this principle? We’ll give you 5 reason to demonstrate the necessity of our approach.

  1. Strategy gives direction and confidence

It is particularly important for growing companies to create order out of chaos. New employees need to be deployed quickly and must have a clear insight into where the company is going to. But also coworkers who have been on board for some time, need to know that there is a clear goal, a story and a structure to reach this goal, but also what obstacles might arise on the way. By being open and clear about your business strategy, you will find that guiding your ship will be much easier and your team will be ready to put in that extra effort when waters get a little rough.

  1. Agile is crucial

For years everyone has been talking about it, but it is a fact that can not be denied: companies that aren’t agile, that are not able to quickly adapt to fast changing circumstances, won’t survive. If you want to build a sustainable company, it is absolutely mandatory to keep your eyes open, learn constantly, gather information and change your course. This is equally important on a strategic level. That managerial strategic meeting at the end of the year might prove to be too late.

  1. Coworkers feel involved

Coworkers want more than clear directions from the top, they want to be involved in getting that clarity. It goes without saying that involving your people is a good thing when you are gathering strategic information. Ask them to think about how the company should react to this information and let them have a say in the decision. The more you involve your coworkers, the more loyal they will be towards the company. And in these days of job-hopping and the war for talent, having loyal coworkers might be your strategic advantage.

  1. Know that you don’t know everything

In the old days, everyone expected the CEO to determine the direction and take all decisions. He or she was seen as an all-knowing enigma that would come up with the right answers. However, entrepreneurs are not God and they are not all knowing. They need to be surrounded by people that will each bring their piece of the puzzle. It is the responsibility of the corporate leader to make sure that all pieces fit together and that the image becomes clear.

  1. Being hard on yourself pays of

It is not always easy to admit to yourself that you have done something wrong, that you did not achieve the desired results or that you did not get their in the most efficient or correct way. Too often, people remain distracted by their belief they were right, keeping them from seeing the sometimes ugly truth. This causes a lot of resources to be wasted on projects that won’t deliver. It is very important to be hard on yourself, don’t be too stubborn and make decisions.

We are looking forward to hearing from you on how you organise your business strategy. Feel free to share your thoughts on our Facebook page.

If you want to know more on how Techtomar can help you to continuously work on your business strategy by implementing it in your business DNA, please feel free to contact us. Also, make sure to take a look at our consultancy or training page. You will find all the information you need to make your company into a lean & mean Profit Making Machine.

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