Your strategy is a key part of your business – it’s the guiding hand on the tiller ensuring that the decisions you take are not governed by a short term estimation of utility and value, but by values that you and your customers hold to be important, and the building of a brand that’s attractive to your market.
A business run without a strategy in mind lacks that unifying force, each of the dozens of decisions taken every day adding up to an arbitrary mess of a brand that it’s hard for customers to understand and not tempting as something they’d be lastingly loyal too even if it’s the best place for an individual purchase.
All the same, that doesn’t mean that once you’ve set a strategy, your troubles are over. Strategies are, by their nature, medium to long term, as opposed to tactics, which are short term measures deployed for specific challenges and opportunities, and goals, the pursuit of which may cover the whole long term future of your business. And it’s well worth keeping those strategies under review precisely because they work in the longer term. If you don’t review them, then you’ll be locked to a programme for your business that doesn’t deliver the results you need, whether because market conditions have changed or because your own life means you want different things from the business you own.
If you’re interested in reviewing your strategy but don’t know where to begin, the consulting boutiques London houses increasingly offer services that fit even small businesses in any industry.
One way a business strategy can fail to perform for you is if your life circumstances have changed and your strategy is still assuming attitudes, priority and basic availability that you no longer have. Whether it’s meeting a partner, starting a family, illness or injury or simply time passing, you may find that your strategy was written by what amounts to a different person.
Review your strategy in line with your own life to ensure it reflects your priorities. You’re the owner and founder, so it absolutely should!
Like any business policy you shouldn’t wait to review your strategy until you can see it’s not working. An annual review that checks in to make sure your strategy is getting the results you expect in the current market is a great idea to make sure you stay ahead.