Many business managers and leaders are working long hours, and if they don’t, the intensity of their work is enough to send them to intensive care by the end of the week. These often result in their incapability to take a step back, to rewire their heads, into a more holistic, external view. A view which is important in devising a business strategy.
There are three things which can potentially limit business managers and leaders from creating good business strategies:
As mentioned briefly above, busy people don’t normally have the time to take a step back. Time is the main ingredient in creating good strategy, it is finite, hence it must be utilized to the max. Spending dedicated time for business strategy is the only way to create one. Outside consultants can help tremendously in developing strategic plans. However, CEOs, business owners, and business leaders alike are the real master strategists of their respective companies.
Working in the business, putting out fire on a daily basis, can affect vantage views. A good strategy must be developed taking into account external forces such as market, competitions, etc. When we are inside, our mind is filled with what’s happening inside the business. The customers who complain, the suppliers who send wrong goods, and so on. Filling our head with the proper information is important to create a good strategy. Take a step outside the business to get a better vantage view.
Business can be a nightmare to navigate through. Different parts, interconnecting, reacting, talking, affecting one another. From sales, marketing, administration, logistics, and so on. It just seems impossible to put everything together to develop a business strategy comprising all the complex components of a business. Maybe it is impossible. Creating a good strategy requires simplified version that human minds can comprehend. It is important though that the simplified version does not loose important parts of the business itself. Simplifying business complexity without loosing its essence – that’s what we need.
So there it is, some points which can limit the creation of business strategy.
Last but not least – what about small business? Do they need business strategy?
We believe small businesses need business strategy even more than the bigger corporations. The reason is simple: limited resources. Small businesses only have so much resources, every dollar counts. A good strategy will help to make sure that every little bit of resources is capitalized to the max.