POSITIONING YOUR BUSINESS IN 2020
Owning your own business is a dream of many people. However, starting a business and positioning the business to thrive are two different things altogether. It is on record that 8 out of 10 entrepreneurs who start a business fail within the first 18 months.
Business! We all know the word; we come face to face with its patterns on each passing day. The influence of Business has tailored and shaped the human quest for survival into one simple phrase, ‘’ we all need money ‘’. This is why every entrepreneur has their eyes set on success. Many of these entrepreneurs, however, fail to position their business to thrive because they fail to plan
On the 9th of January, 2020, the World Economic Outlook posted an update:
‘’ The global growth is projected to rise from an estimated 3.1% in 2019 to 3.3%, 3.34% in 2020 and 2021 respectively ‘’According to the quote, 2020 is expected to experience a growth rate of 0.4%.
However sluggish it might appear, you will agree that scant growth is better than no growth at all. If you are in the business world, you need to know that 2020 is not a year to be taken lightly. You will certainly need to be strategic about your business for you to be a part of the scant growth projected for the year. How else could you achieve this if not through an accurate and clinical business positioning?
Positioning your business simply refers to how you want your business and products to perform in the market. Hence, the goal is to intentionally optimize all areas of your business for growth. We have developed a vital roadmap framework to enable you to scale up this year.
Conduct a Business Audit
In this part of this article, I will focus on helping you to understand how to audit your business. The business audit clearly gives you a snapshot of your business. Also, metrics are powerful tools to know the stand of your company in the diverse areas of its operation. So, your evaluation must cover the crucial areas that make the successful running of your business. They include; Business Model, Marketing, Finance, Systems & People.
- You need to audit your business using the following metrics: Business Model, Marketing, Finance, Systems & People
- Conduct a SWOT & PESTLE Analysis: you need to take time to reflect on your organization’s current state by conducting a SWOT exercise is a primary foundational element in building a strategic plan.
- SWOT: Strength – Weakness – Opportunities – Threat
- PESTLE: Political – Economic – Security – Technology – Legal – Environment
- Assess your Strategic Direction
- Mission: why do you exist? Your mission statement should explain your organization’s core purpose & reason for being. A great mission answers the question, “Why do we come to work each day?” It subsequently captures the impact it has on the people, customers, or organizations you serve.
- Vision: where are you going? Your vision statement expresses the future state of what you want to achieve. It also articulates a vision of success you are aiming for. Consequently, all goals, objectives, initiatives, and actions are pointing to this direction.
- Values: how will we behave? Your values statement clarifies what you believe in and the behaviors you expect to see as a result.
You can get a free business audit by clicking HERE
Develop your Strategic Roadmap
“Planning is a continous effort to achieve a controlled result in an uncontrolled environment”
With a clear understanding of where you are today and where you’d like to be in the future. Your Strategic Goals and Initiatives certainly define the roadmap for your organization to achieve its vision. Therefore, the roadmap will follow four balanced scorecard perspectives. They are enumerated below; Financial, Customers & Markets, Operational Excellence, and People & Learning.
Financial Growth & Results
The whole essence of business is to make a profit. Any business that is not making money is an expensive hobby. So, if you want to increase her revenue growth must be specific with the growth metrics.
Customer Growth & Impact
The continuous existence of your business is based on the level of patronage you receive from your customers. Hence, you need to think in the direction of partnering with non-competing, complementary businesses which can open up new customers for you at no cost
Every member of your team must be able to see the flow of value to the customers clearly. They must also attest to the continuous improvement in the processes, products or services to better serve customers. Likewise, for the company to grow they must continue to improve in all areas.
Above all, you must take time to build your team and create room for possible growth and personal development. In other words, staff training should be paramount for organizational growth.
Execute your Strategic Roadmap
Executing your strategic roadmap is even more important than having one because your business growth will be stalled if you fail to religiously execute this roadmap. Moreover, It is important to always put into cognizance that in positioning your business for growth, the outlook of your business is as good as your business itself.
“Your plan might be VISIBLE but it will not be FEASIBLE without Strategic Planning.”
Get the complete ebook on Positioning Your Business To Thrive in 2020
Let’s help you Position Your Business to Thrive
We understand that it might be too cumbersome and boring to do this on your own. Thus we have created a 2-days Strategic Planning Retreat which you can book either as private or group sessions. Call Augustina on 08053102768 to book now!!!
You can read up on; consulting is more than advice to really understand why you need our consultants to help you in developing your strategic roadmap.