Strategic thinking is something that can be a concept that bypasses the small business operator. Too often the biggest strategy a small business has is completing the job in hand and winning the next sale.
Small businesses are in the unique position that they are flexible and adaptable enough to change at short notice, to move quickly and to become real market leaders.
Small business strategy is about differentiation driving success. It is about delivering what the big boys take too long to do.
Small Business Strategy
One of the most common challenges small business faces in developing a strategy is where to start, and getting the time to plan.
Our view is that 30 minutes once a week is enough to start to form a strategy. The essentials of this 30 minutes are –
- No phones
- No email
- Be un-contactable
- Don’t do it alone
In other words, move out of the daily operations, clear your mind and talk openly with a trusted advisor, preferably someone independent of your business but who will be straight and honest with you.
If you ever doubt the benefits of business strategy then consider these;
- In the 1970’s James Dyson created a vacuum cleaner that used a different method of creating the suction to pick up dirt. This did away with the need for dust bags and other consumables. As a result no manufacturer was interested due to the profit made from selling consumables. Dyson set up his own manufacturing facility in 1993 and is now worth over £1.7bn
- Ross Brawn was team principle of Honda F1 in 2008 when Honda announced they were quitting F1. Brawn had complete belief that the car he created had the capability to win the world championship. In March 2009 Brawn led a management buy out, went on to win the world championship the same year, then sold to Mercedes a year later for £110m
Now, none of us are James Dyson or Ross Brawn, but the theory still holds that by thinking about your business strategy you can create something different and successful.
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By Lime Consultancy