Taking an idea and turning it into a business case requires vision, goals and strategy to get there. The quality of the approach or lack thereof is the difference between wishing and executing to achieve results in business.
Working as a consultant to many businesses, I have regularly had conversations with entrepreneurs and senior managers that know what they want but are unsure of how to get there. Having an understanding of marketing fundamentals (especially digital) and a strategic roadmap to get there, helps companies to realize and exceed their goals. The more you practice using strategy and tactics to achieve goals, the faster your speed to achieve them.
Without a strategy or plan in place, businesses waste their time and resources by being reactive to the ever-changing climate, which will ultimately lead to decline and the inability to attract new customers, grow or expand.
Strategy Creates Efficiencies in How You Work
We have all heard the expression work smarter not harder. Usually, the one with the strongest work ethic wins above all else. That said, if you can complete a task in four hours rather than eight, then time should not be the unit of measurement when assessing the outcome or result of an endeavour. A strategy helps you develop speed and momentum in achieving goals. Leveraging your time, effort and resources with consistency gains results faster.
Strategy Improves Problem Solving and Decision Making Skills
The more you practice strategic thinking in business, the more refined your approaches to both challenges and opportunities. This is exceptionally true in entrepreneurship, marketing, sales and business planning. Figuring out the steps to take while anticipating different outcomes both good and bad can help you move through fear and resistance to get the results you seek. You get better at strategy by taking action and testing out different methods and ideas while staying aligned with the vision of the organization implementing the initiatives.
Taking a combination approach of taking massive action channelled in a few different tactics will distinguish which approach will get you the best results and should be pursued further with consistency. The more you create new plans and methods, the better you get at flexing your strategic muscles and coming up with more novel solutions to challenges in business.
Strategy Helps You Find New Verticals and Revenue Streams
Being conscious of your actions and making the appropriate plans to implement, helps line you up for success in whatever you wish to achieve strategically. Sometimes things won’t work according to plan and you need to be able to pivot and come up with fresh ideas and strategies when a roadblock occurs. For example, products, once launched in the market, regularly get modified to match the requests of customers that are only then willing to pay. Often in business, you find that the original path you set forth on needs to change directions based on the market conditions or the need to diversify. Having a vision and strategy that evaluates these risks, helps to prepare for these outcomes both good and bad. Older companies that refuse to innovate and adapt go extinct and become irrelevant if they do not evolve and need to plan.
Reflecting on past experiences of both success and failure makes you more conscious and aware of what worked and what didn’t in past efforts. The more you practice applying strategy in business the better you get at making decisions with confidence and trusting your capabilities. When building or growing a company, you need to rely on your creativity, resources, and capabilities to achieve your aspirations.
Working with a mentor, joining a masterminds group, hiring a coach or working with a consultant can help you to turn ideas into action plans and help you grow both yourself and your business.