Why do small businesses need a strategy
Adam Payne • 9 March 2020
Why do Small Businesses Need a Strategy?
I get asked so many times "why do businesses need a Strategy?", especially smaller businesses. There's seems to be a view that the smaller the business the less strategy planning they have to do.
This does sound logical in one sense, but it's also one of the biggest misconceptions.
Running a small business is hard work, running any business is hard work, but for the smaller business you can fall into the trap of completing the day to day tasks feeling exceptionally busy, and then asking yourself why do I need a Strategy. The reality though can be very different, as you’re that deep working in the thick of it that you're not growing or moving forward.
Yes, success can happen for a business without having a strategy. However, if you're totally winging it, you'll be depending more on luck than on skill and smart work. When success happens by accident rather than design, it's harder to replicate in the future.
If you're a business owner, you know that growth is crucial to your success. And while there are many different ways to grow your business, one thing is clear: the majority of successes come from careful planning, leveraging what you're already doing, dissecting and analysing the strengths and weaknesses of your business, then tactically putting in place what needs to be done.
Developing your Business Strategy helps you to become more agile, giving you a high-level view that enables you think and shift laterally when possible threats or opportunities arise.
You may find that if your business is in a specialised industry, you are less likely to face competition from new entrants. However, this doesn't mean that you can ignore your competitors. If anything, it means you'll have to work even harder to ensure that your product stands out from the crowd and is clearly differentiated from those of your competitors.
The major benefits come from understanding and knowing where to increase your Return on Investment and Effort. Answering questions such as Who are my competitors? What markets do I engage in? Who are my ideal customers? Why do customers buy from me?
A Business Strategy is an essential, powerful tool for any sized business. It helps to visualise your goals, it helps you manage and control the execution of your action plans and has a laser like focus on the Growth, Profitability, Cash you want to achieve.
Imagine the impact you could have on your life, your family’s life and the life of the communities around you.
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