Nearly all businesses today recognise the importance of having a clear corporate strategy. Such a strategy can make the difference between corporate success and failure. There are many ‘acorn to oak’ success stories of major corporations who, having developed a winning strategy, are achieving considerable success. We will work with you in formatting and seeing through your strategy.
There is ample literature on the necessity of a successful strategy and the results it can achieve. It is less clear what the best approach is to develop a successful strategy that accurately prioritises what is desirable for the business to achieve with what it is capable of achieving within a realistic timeframe.
For a strategy to be successful it needs to be much more than the shareholders’ vision for the business. It must be a clear way forward, a plan and a series of actions that the business can deliver. These should be measured in order to determine its success.
We have worked with many clients’ to develop, measure and challenge their strategy for success and we have seen, particularly in the case of owner-managed and family businesses, there are some key steps that successful businesses follow when developing and measuring their business strategy. It is these businesses that tend to have a more clearly defined and ultimately successful business strategy.
When developing and reviewing the business strategy, take a structured approach so the key team members of the business are sitting together in a hotel, away from the office, with their mobiles and laptops switched off to develop the strategy for the business, what next?
We have found that the most effective way to ensure that any time away from the business is as productive as possible it is important to take a structured approach as follows:
In summary, there are several key steps that successful owner managed businesses seem to take when it comes to the development of their business strategy. These steps as described above tend to lead to increased success in their chosen market places and thus improved financial performance.
Pre-year end planning is an important part of any successful business strategy to ensure that planning opportunities are not missed.
Working hard to make your business a success is any entrepreneurs ultimate goal, however once this is achieved, it is key to protect yourself and your business.
Financial planning is a key aspect in the success of any business. Cash is essential for a business to survive, many businesses fail within the first two years due to lack of cash. Our team of experts are able to call upon years of experience in the preparation of financial projections and business plans. Using our specialist software, skill and experience we can help you plan ahead and achieve your goals.
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