It’s no secret that we are living in a turbulent business landscape. Thankfully, there is a way to alleviate the common obstacles business owners face during times like these, and that’s through strategy.
Developing a solid, well-thought-out business strategy and plan of action can prevent the overwhelm that comes with running your own business, no matter what stage you’re in.
Strategy-building identifies the best possible course of action and the most efficient ways to achieve your desired results, using a combination of critical and creative thinking.
Before we go any further, let’s break down the differences between these two thought processes:
- A form of self-directive, problem-focused thinking
- Analytical and logical views
- A way of using historical data as a benchmark
- Skillful conceptualization
- “What if” thinking
- Innovative and clever ways to improve things
- Solution-focused thinking
- Focuses on opportunities and new possibilities
So, how do you create a winning strategic plan in turbulent times?
Consider these great strategy tips for entrepreneurs:
#1. Identify the Moving Targets
The moving targets may be existing or non-existing customers, new emerging markets, a change in how you need to operate your business, or a combination of the above.
Creative thinking will help you identify all of the moving targets, including those that you may not be considering. Critical thinking will help you identify the facts, what you already know and may have stop paying attention to.
Identify the key strategies that will help you use this information to generate new business. This way, your time and money is well spent.
#2. Make Small Shifts
Making small shifts is the best way to take your ideas for a walk and test some of those hunches you have floating in your head. You probably already know what you should be doing and where those shifts should take place.
- Consider diversifying and concentrating on 2-3 new options
- Explore new revenue streams
- Look for collaborations and partnering opportunities
- Start a pilot program or beta test a product
#3. Leverage Your Resources
Strategy-building will help clarify where and how to make the most of any additional funding or human resources you might have obtained.
Remember, it’s not about working longer hours, it’s about managing your time and energy effectively. Strategy makes all the difference, especially during turbulent times when every dollar spent and hour matters.
Don’t look too far ahead, or put all your eggs in one basket. After all, things change quickly in a crisis! But, having a strategy in place can help prevent stress and keep you focused and confident about every decision you make.