In the last article, we discussed situations that may result in a failure to move the company forward. Even if the business is currently thriving, if you lose sight of the long-term, it may end up causing more harm in the future. Burning through resources will not lead to successful company and a lost leader will not lead to a successful team.
The solution to this problem: small business management. First, let us quickly define small business management as the organization and direction of the different activities that occur within a company. The two aspects of small business management include: strategy and implementation. This article will focus on strategy- what it means and how to develop a successful one for your company. The next article will focus more on implementation.
What is strategy? Strategy is the big picture that your company has developed and is striving towards. As the leader of your company and as such, you want to create an effective strategy and also be able to see it through. A strong leader is able to take action and implement the plans.
The steps to developing a strong strategy are as follows:
1) Allocating time to focus on the strategy
2) Outlining the problems you are facing.
3) Writing down what you’d like to accomplish within a set timeframe
4) Identifying all the resources- and their strengths- that you have available to you
5) Partnering with a small business consulting firm and a business coach
Each of these steps is crucial to understanding the gaps between where you want to be and where you currently are. Without a strong strategy and management, your business may run out of steam, even if it looks like it is currently doing well. What you want, overall, is to be able to drive this company forward and see it grow. And thus, your strategy must honestly address all your strengths and weaknesses- and the plan above is a great way to start thinking about them.
So why do you need a business coach? To put it simply, if you could have solved the problem yourself, you already would have. A business coach is a great investment because s/he can help you become a great leader. S/he can help you see through a strategy that truly fits your company by identifying real causes that may have been holding you back. With the help of the right coach, the first four steps can result in drastic changes for your company and develop your potential as the leader and manager.
For more in-depth information about each of the steps listed above, visit our blog and the article, From Business Strategy to Implementation with Executive Coaching.