Every business leader serious about running a thriving business needs to give attention, focus and time to nurturing their strategic plan. At Focus HR, we believe strategy is important for business for 3 main reasons.
Strategy establishes direction
There are hundreds of ways for a business to expand, grow, evolve and overcome setbacks. However, when people and teams have different ideas on what these are, resources are pulled in all different directions, causing inefficiency, confusion and mistakes. Having a strategic plan alleviates this problem as it acts as a clear and concise roadmap for decisions to be made and provides confidence and autonomy to all team members to make them. Without this roadmap, decision-making is bottle-necked. Reliance sits with the business owner or senior leaders and growth is limited by the hours in the day. Having a clear, concise, one-page strategic plans enables people to have visibility of the vision, goals and values of the business.
Strategy creates focus
Within a strategic plan, the business’ goals are set out for the short, medium and long term. When everything feels like a priority, or when priorities are thrown out the window, a strategy will refocus a team on what the one key aim is for that quarter. If gives business owners the permission to say no when attention is getting side-tracked.
Strategy defines success
Without a business strategy, it can be difficult to know if you’re on the path to success because you won’t know what you are trying to achieve. A business strategy forces you to define, and revisit the definition of success on an annual basis. This helps you and your team to celebrate the wins when milestones are hit and helps you identify opportunities that will fast-track your path to success.