When running a business, every day can present new opportunities as well as new threats. We can often become so focused on making sure that every daily tasks are complete, that the overall direction of the business takes a seat on the back burner. What can help all businesses stay focused and avoid becoming lost, is a strong thought out strategy. For many, this process is regarded as being essential for success. What many fail to realise is that the strategy formation stage takes a lot of research and time, in order to do it effectively.
The initial step is the predominant research stage, ensuring that you start by doing research of your internal business functions. Using a model like SWOT, can help you to highlight the strengths and weaknesses of your business, whilst the opportunities and threats begin to take the analysis out into the external factors. This can be further strengthened by using a PESTEL analysis to really explore each of the factors.
From this, you can begin to get a sense of how your business can look to tackle the issues, doing SWOT analysis' on your key competitors can also help you to understand how your business differs from current offerings within your industry. Following on from this you can form your business vision mission as well as your mission statement. The former helps you to solidify and communicate your values and purpose, whereas a mission statement is a stronger focus on purpose and helps to point your strategic direction.
After this, it's time to develop your objectives and corresponding tactics, before moving onto performance management. These stages require a lot of time to form, as well as time for trial and error after.
At Kirk Hills we have a long history in helping businesses through all of the stages required to form a strong business strategy.
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