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Why you need a Business Strategy – and how a Planning Day can help

Having a strategic plan for your business is great – it’s essential. It helps business owners to see what’s working, and what isn’t. From there, a plan can be developed to resolve and improve – so that the business runs better and goals can be achieved.

There are so many different things a business owner can try to do to improve their business.  However, without a clear business strategy, owners often get distracted. They sometimes waste time, money and resources (Shiny Object Syndrome!) doing things that don’t actually help them make progress.

This is why it is important to develop clear goals and the specific strategies to achieve them. Then there’s the implementation plan – to actually make it happen.

Your business goals should be based on comprehensive research. They should be focused on attracting customers, strengthening performance and resolving challenges.

Your business strategy enables you to 

  • make good, future-focussed decisions
  • avoid guessing and reactive decision making
  • control your business 
  • minimise risks 

It also ensures that the implications of any particular strategy on other parts of the business are clearly understood and taken into account. For example, to increase sales you may need time and money to develop and implement a marketing plan, more team members or more equipment.

At DFK Everalls, we can facilitate a strategic planning day with you and your senior team. We can help you identify the opportunities in your business, evaluate them and decide on the strategy going forward. 

We ensure you continue to move in the right direction – towards success!

 

How to establish a direction for your business strategy

Where is your business now, and where do you want to be? 

We start the business strategy process with your values and business purpose. We will help you identify your business’ 

  • strengths 
  • weaknesses
  • opportunities and 
  • threats.

Then we evaluate and prioritise these issues to develop specific goals for your business. 

These could come in the form of fixed targets – or they could be more general, like improving the quality of the product / service or the efficiency of your team. They may also be based around overcoming roadblocks that have been impeding growth in the past.

Our key role here is to make sure these goals are measurable and attainable – and consistent with your business values and purpose. 

 

Build a roadmap to success

Time to get out the whiteboard and markers!

We love a good brainstorm.  It’s a great way to map out everything we need to do to utilise your strengths, optimise performance, take advantage of opportunities, mitigate weaknesses and overcome challenges. 

We guide the development of your overarching strategy that will help you achieve a competitive advantage through an efficient and effective business.

The strategy develops objectives for the Five Pillars of a Healthy Business:

  1. Clients: determine who your ideal target market is – and what they need from your business as well as the marketing strategy to make sure they can find you!
  2. Products/services: design the products/services that will solve their problem and decide what distribution channels you will use.
  3. Team: they are your biggest asset because they are the face of your business, drivers of growth, client relationships, quality service levels.  We will help you develop a strategy that ensures they are engaged and driving your business.
  4. Systems & Processes: high performing businesses have internal systems to ensure consistent service standards for clients and a team commitment to maintaining these standards.
  5. Finances: a strategically healthy business has clear KPIs so it can measure its success.  We also ensure that your finances are structured the right way and that you have enough working capital and cash flow to ensure you can implement your strategies.

Once we know what needs to be done – we prioritise the issues and figure out what resources you need:

  • What is the time frame and how much time do you need to dedicate to implementing the plan?
  • Who is going to help you and be responsible for which issues – new or existing team members or do you need some external help like a marketing consultant?
  • How are you going to fund the things necessary to implement eg working capital or new equipment?

 

Making it happen!

We help you embed the implementation plan into your day to day operations to ensure it becomes part of your daily routine and you actually make it happen! 

But what is the point of setting a goal and implementing the strategies if you’re not measuring progress to confirm if you are on track or not?

This can be the tricky part. Some business owners get excited by the planning process, and walk away thinking the hard work is done. Doing business is complicated and not everything goes according to plan. So, it is important to develop and monitor KPIs to see what is working and what is not. You then need to tweak as necessary to ensure you stay on track. Regular monitoring and reviewing takes discipline!

This is why we don’t just hand over your business strategy and send you on your merry way. 

DFK Everalls can help. Not only with the development and implementation of your strategic plan, but also the monitoring and refining. 

We can make sure you are measuring the right things so that you can identify progress or problems as soon as possible – and tweak the strategy accordingly.  We can arrange follow up meetings with you to review the progress and ensure you stay on track. 

 

Need a business strategy? Work with us

Celebrating progress and success is our favourite part! It’s what we go to work for every day – to witness our clients’ growth in action and see them achieve their goals. 

We will be with you each step of the way – because we live to help build better businesses. 

If you want more information about our Strategic Planning Days. contact us and we can walk you through the process.

We would love to help your business grow!

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