Everybody is busy trying to tie loose ends before the year comes to an end. While some companies are busy trying to balance their books so as to end their financial years, other business executives are busy in meetings coming up with new strategies come 2012.
Everybody is busy trying to tie loose ends before the year comes to an end. While some companies are busy trying to balance their books so as to end their financial years, other business executives are busy in meetings coming up with new strategies come 2012.
In fact if you ask me, this is the right time to discuss new strategies for the coming year, to enable the company open their doors in the New Year ready to implement them. While nobody has a magic wand in their hands about positioning a company to be where they want to be; there are some methods that can push a company to be where they want to be in business for as long as the business owner is willing to adapt and exercise flexibility.
When it comes to adapting new strategies; first and foremost, one cannot take a step forward without having to look back at what has been taking place in the company. Making a realistic assessment of where your company is and where you want your company to be is very important in decision making for new strategies. Business practices have to be checked if they were in alignment with your company values, and whether the company has been living to those values. If the response is positive -work is being done; if not then somebody is sleeping on their job- time to take some action.
Secondly, the growth and projections of a company must be in alignment with the company’s vision and mission. All the employees senior and junior must perceive and understand the organisation’s commitment so that they can be guided to be focused in their work.
Feedback is another important aspect in business. This enables a company to review their strengths and weaknesses. Perform a competitive analysis, looking at traditional and upcoming competitors as well as possible disruptive threats. Develop several business scenarios that could be realized during the next two to five years. Focus should be on the economy, globalization, technology, workforce and financing.
On the new strategic plan some things ought to be followed; quarterly milestones can be followed to achieve the goals. These should focus on financials, operations, performance, employee engagement and customer retention. Also specific action plans should be put in place, like implementing accountability processes to strengthen your company’s weaknesses, bridging the gaps, manage and capitalizing on the risks.
Also one doesn’t have to reinvent the wheel, but commitment to improving your products and services goes a long way into reassuring your clients that you understand the market and move with the current trends. Target a few key areas where there was a decline, to change and improve in your services. The accomplishments should be followed and be celebrated, so as to motivate the employees. De-motivated staffs that are not appreciated, usually perform poorly in their duties, and this result to dwindling profits.
Nobody was born a master in doing business; even the most successful business owners will tell you that for them to be where they are today they had to take risks, adapt and be flexible. It takes lots of concentration in organising your operations and employees to follow new strategies at first, but when everything falls into place- you will sit back and enjoy the fruits of your labour as you go smiling all the way to the banks! Merry Christmas!