The secret is…
get a business strategy!
Don’t wait until it is convenient.
Don’t wait until the start of the year.
Don’t wait until you can afford to hire a consultant.
Do. It. Now.
I’ll be honest – I don’t know why this is a secret.
Are you one of the majority of businesses with no strategic plan? (You probably are.)
Do you know about business strategies? (You probably do, even if you aren’t entirely sure how to build one or even convinced they are worth doing.)
The truth is 90% of you don’t have one. That is despite the fact that the majority of my clients who I have worked with on building a business strategy all the way through have seen double-digit growth in just months.
Let that sink in.
What’s interesting is some businesses start a business strategy with one (or more) of three assumptions keeping them operating without one.
ASSUMPTION 1: I don’t have the time to do the whole strategy. It’s too much work, and I have a business to run here.
ASSUMPTION 2: I am not entirely sure what all I need to include in my strategy, or how to get the information, but I know where I’m headed basically. The details really aren’t all that important.
ASSUMPTION 3: I really need some guidance to create a strategy, but because I’m bootstrapping this business, I don’t have the money to invest. Once I get it going, I can afford to be strategic.
We all know that it's too easy to get caught up in the day-to-day operations and the never-ending to-do lists. If you're a business owner or executive, you know all too well the feeling of constantly being on the go, handling urgent matters, and juggling a million different tasks. The thought of taking a step back and dedicating time to create a business strategy might seem like a daunting prospect, or even a luxury you can't afford. But here's the hard truth: not having a business strategy is like sailing in uncharted waters without a map or a compass.
The Reluctant Pause
Let's be honest, pausing the daily grind to strategize can feel like trying to stop a runaway train with your bare hands. The demands of running a business can be relentless, and there's always something urgent vying for your attention. It's no wonder that many business owners find it challenging to make time for strategic planning. The operational whirlwind can be so consuming that you might even wonder, "Can I really afford to take a day to work on strategy?"
The Day That Changes Everything
Here's the good news: carving out a day for strategic planning can be one of the most valuable investments you make in your business. You can create a robust business strategy in just one day – it doesn't have to be a lengthy, drawn-out process. Instead, it can be a single, focused day, spent shaping your vision, identifying and prioritizing the right goals to move your business forward, and ensuring you have the resources, insights, plan and metrics in place to help you attain those goals. And, yes, you can afford it, and you can put real details in there, my friend.
Think of your business strategy as your roadmap to success. Just as a GPS helps you navigate unfamiliar terrain (at least as long as you have good satellite signa!), a well-crafted strategy guides your business through the challenges and opportunities that lie ahead (as long as you use it on an ongoing basis!). It provides clarity, focus, and a sense of purpose.
The Eye-Opening Reality About Your Business Strategy
Consider this startling fact: a recent study by IntelliBridge revealed that only 10 percent of organizations successfully implement and execute strategic planning. What's more, a staggering 50 percent of leadership teams dedicate little to no time to strategic planning. This means that a significant portion of businesses are sailing blindfolded through uncharted waters, risking drifting and missing opportunities.
The Alarming Failure Rate
Speaking of risks, let's talk about the failure rate of startups. According to one source, a staggering 90 percent of startups fail. Business owners have identified various reasons for these failures, including running out of money, being in the wrong market, a lack of research, bad partnerships, ineffective marketing, and not having expertise in the industry. The irony is that all of these issues can be identified and corrected through the implementation of a well-structured strategy. Waiting until you are “fully funded” is a dangerous proposition.
The Growth Accelerator
On the flip side, businesses with a well-defined strategy are better positioned for growth and sustainability. They have a roadmap that helps them make informed decisions, allocate resources efficiently, and seize market opportunities. According to a study by the Boston Consulting Group, companies that have a clear, well-communicated strategy experience 2.5 times higher growth rates than those that do not.
A business strategy not only accelerates growth but also enhances your ability to adapt to changing circumstances. It's not set in stone; it's a living document that can be adjusted and refined as needed. This adaptability is crucial in today's fast-paced, ever-evolving business environment.
Your Path to Success
So, here's the bottom line: taking the time to create and implement a business strategy is not a luxury; it's a necessity. It's your key to navigating the turbulent waters of entrepreneurship with confidence and purpose. It's your roadmap to success.
As a leader in your business, you owe it to yourself and your team to invest in your business's future. I understand that finding the time, real data and the money can be challenging, but I'm here to help. Starting in October, I'll be hosting exclusive Goals and Strategy VIP days. It's a unique opportunity to work with me one-on-one to craft a tailored strategy for your business in just one day.
If you're interested in empowering your team with the tools and knowledge to create and execute a winning strategy, then you may want to consider our Goals and Strategy Workshop. It's a collaborative experience that will equip your team with the skills to drive your business forward.
Don't let your business operate without clear direction. Contact me today to learn more about our VIP days and workshops, and let's start building your business strategy together. Your business's future deserves the investment.