It can be difficult to choose among the various potential strategies for your business. It’s easy to imagine that we need to do everything at once, or work on a complex business strategy involving 20 to 30 tactics. Many business owners overwhelm themselves with complex strategies, and expect themselves to achieve ten years’ worth of strategic effort over the next year.
They are unrealistic about the time they have, their capacities, or what their business needs most. If you are struggling to choose between many options and create a strategy for your business, here are some ideas for you to consider.
1. Keep it simple.
You don’t have to build an empire this year. Your business empire can be built over time. Start simple. Don’t be complicated. Focus your attention and efforts on one area. You can add to your plan or develop it later when you have had success with your first simple business strategy.
2. Be realistic.
Consider your real-time constraints, skill level, available energy, and priorities. What matters is consistent solid progress over time – not setting the world on fire and burning yourself down trying to get things done NOW.
3. If your business strategy has to be complex, take it one step at a time.
Separate tactics into short-term (six months to one year), medium-term (two years), and long-term (two years or more). Stay focused on the short term, except for remote activities where you have to start prep work first.
4. If you have several competing strategic ideas, consider these factors in your decision making.
Which strategy can increase business revenue the fastest, easiest, easiest, with the least hassle? Which strategy did you find the most fun? Which strategy involves your strengths? Do you feel a strong attraction for one business strategy over another? If you answer these questions and follow your own feelings, you will surely find the best working solution for your business.
5. What is your vision for your business?
Where exactly do you want it to end? What market do you want to capture? How big do you want to grow? What do you want to be known for? What evolutionary process do you envision for your business? By answering these questions, you clarify your vision and can choose a strategy that aligns with that vision.
6. Did you choose the right strategy for your current business to get the results you want?
How much certainty do you have about the potential success of your business strategy? Have you covered all the possibilities? Have you included all the required research time? What skills should you acquire? If so, how do you match up with skill acquisition? What can you do to feel 100% sure of success? Be honest with yourself about the answers to these questions and you will find that it is much easier to determine the right strategy for your business.
7. Is your timeline realistic, given your current commitments?
What timing adjustments should you make? Is this the right time for this strategy? Will there be a market for what you create? What are some ways time can influence your strategy? look at your timeline honestly and thoroughly. Retreat from an aggressive and timeless “crunch”. You have to live too!
As you strategize your new business, consider these seven ideas before you settle on a final plan. You owe your business.