Can you own a business without developing a small business strategy? Of course you can, but the real question is: Can you own a successful business without a small business development strategy? In this case, the answer would not be that simple. What does the phrase “successful business” mean to you? If your ultimate goal is to have your business make ends meet, don’t waste your time reading about strategy — just go back to work! But, if you care about growing your business and having your business support the lifestyle you deserve, then incorporating a small business strategy is a must.
Why is your business development strategy important?
What is it about your small business strategy that you can count on? A strategy is a high level approach on how to get from one place to another. Ever heard of a commander going to battle without a strategy? Let me simplify. In a military sense, you have a target to conquer. So, you align your resources and tools in a certain form, all the while reading the terrain, the conditions, and the movements of your enemy. Do you ever feel that running the business is like a battle? Why might that be? You want to be in control of conditions, resources, and results. Your first step would thus be to define your target, or as we say in the business world, set your goal. Just as there are many ways to conquer a target, there may be multiple business plans that could take you to your goal. Your strategy will determine a high level approach instructing you on how to use your resources to achieve the results you want.
Make sure you consider these three points as you design and implement your strategy. First, you have a responsibility to your business to be an owner, not just the chief cook and bottle washer. Second, you need to set a process in place that will allow you to review the big picture of how your business is working. Third, you want to be able to delegate to others, and not just count on your own talents. That means implementing a leadership development strategy.
Check out more small business strategy recommendations and tips at The Round Well Coaching and Business Development.