What Should Be In A Strategy?

Every business needs a strategy, however simple however complex to ensure that it survives and grows. Lack of a coherent and understood strategy is a critical success factor and if designed and implemented badly leads directly to failure and closure of that business.

Put simply it is all about planning a successful future and identifying and testing out ways to deliver that goal.

Our long-term goals should specify what paths we will be taking to achieve what we set out to achieve; it must identify measurable goals and specify resources to be used along the way to achieve them.

Components of a Strategy

Setting out the long-term goals.

Deciding and planning appropriate courses of action.

The allocation of resources (Financial, Human, Physical and Intellectual / Intangible).

Why create a Strategy?

This allows us to create a ‘master plan’

It sets out a path of travel.

It identifies how we can get there.

It says how will we know if we have arrived?

What to analyse as a starting point?

Where we are now?

What resources have we got now and what resources will we need?

What does the strategic operating environment look like – is this a good time to be starting our venture?

What do our opportunities look like?

What is our ability to alter the both the features of the environment (i.e. can we exploit this?) and can we match the market demands (even if we might have to review our product or service specifications)?

ALL of the above require some real soul-searching in order to get this process right and being brutally honest. It is far better to be over-cautious than over-optimistic as a pleasant surprise with your successful new business is infinitely better than an unpleasant and rude awakening to the cold light of day.

For more details of our work contact us at http://www.davidsummertonconsulting.co.uk

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