Running a business regardless of the size is not for the faint of heart. Apart from passion and desire to do well. Especially amid this ever-changing market, you need to make decisions based on research and logical assumptions for a consistently successful business. This is where having a strategic plan comes to play.
A successful strategic plan provides the information and guidance the management team needs to run the company with greater efficiency and help the business reach its full potential. Strategic planning helps managers make decisions based on logical assumptions and a clearer view of the future.
As a business owner, one of the keys to achieving success is to build a team of leaders. This is not to say you outrightly employ leaders, rather, train people around you to lead your business like you would if you were absent. John C. Maxwell, (founder, The John Maxwell Company) once said: “If someone else has the potential to do a task at least 80% as well as I can, I train them and if someone else can do a task at least 80% as well as I can, I give it to them.”
Set specific, Measurable, Achievable, Realistic, Time conscious (SMART) goals and it will be easier to execute. Rather than tackling huge markets when you don’t have the finances for it, how about starting small, setting landmarks and growing from there. If you’re just starting off your fashion line, outselling Louis Vuitton by the end of the year might not be a SMART goal to set. Do you have the resources to produce twice LV, market and do you already have a worldwide market base who trust you?
A SMART goal can be to set a realistic number based on your resources. If you have the resources to conveniently produce 100 quality wears monthly, you can target 125 – 150 for the second month. Check out how you are selling out, and increase steadily from there. Over time, with consistency, you would be able to tackle huge markets not just nationally but internationally.
Study the competition. What do you do better than them? What emerging product can you leverage on? How can you do what you currently do better? Do you offer B2B services? How is that space evolving? What are your customers saying about you? Identify your Unique Selling Proposition and leverage it.
Don’t make any decision based on assumptions regardless of how logical it seems. If you’d dive into new products and services, first research about them. Understand emerging products or services on the horizon that could improve your company’s operations. Do your homework.
Are you taking advantage of all technology has to offer? Is there an app that could help you manage your time more efficiently or a service that lets you delegate ordinary tasks to free up more time for priority projects? You have more time to lead your team, think long term and broaden your horizon as it concerns your business
Tip for building successful startups and small businesses in 2022
Getting and retaining experienced, highly skilled talent can be a herculean task for small businesses especially with the ease of access to opportunities for talents.
Eden Cheng, co-founder of PeopleFinderFree advises small business owners to bring in specialised freelance workers to carry out their tasks without having to deal with the hiring and training costs that are often associated with recruiting full-time employees.
According to him, with the importance of being agile in today’s economic environment as well as the rise of remote work, skilled outsourced contractors will be the key to successful business growth moving forward.
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