What is business strategy and why is it critical for your small business?
Every business of any size any where in the world will have limited resources – limited money, skills, staff, time. Yet every business has an unlimited number of options they could pursue in running their business. This is especially the case for small businesses. Small business owners have very limited time, usually limited cash, a small staff and often only the skills that they themselves bring to the business. Yet a small business has an endless number of options it could pursue to run its business. What products or services it sells? Where it sells them? Who it employs? Who it markets to and how it markets? What equipment it buys to run the business? And many more.
In the end WE HAVE TO MAKE CHOICES.
In simple terms there are two choices to make. What will my business do and secondly, and more importantly, what won’t my business do.
There is a great temptation in small business to take every opportunity presented to us. Sales and customers are hard to come by so why would we say no to an opportunity that could offer either or both of these. Why? Because you have to know when to say no!!
So how do you develop a strategy for your business that helps you say yes or no at the right times to make the best choices for your business?
It starts with being very clear on the answers to the following three questions.
- Why does my business exist? What is its purpose?
- What does my business stand for? What are its core values?
- Where do I want my business to be in the next 3-5 years? What are the goals for my business?
If you are very clear on the answers to these three questions they will guide you in you decisions.
Find out more with a free, no-obligation meeting
Meet with Bob or Judy Weir to discover how Pinpoint Business can help you to develop a business strategy that will have your small business flourishing. We offer a free, no-obligation meeting. Simply fill in the form below and we’ll be in touch. We look forward to helping you achieve the success you seek.