Good afternoon Community! I'm stopping by to share an article I recently read posted on inc.com that talks about the most common mistakes leaders make when crafting a business strategy. If you're looking for what not to do when it comes to business strategy, this one's for you.
Lack of a clear framework
A good foundation is key to pretty much every aspect of life, and a business strategy is no different. The writer here mentions solid framework captures and connects strategy data and insights to key decisions and action plans. A good place to start is to answer the question of why your business exists and core values, then slowly branching out to ideal market and analyzing the competition.
No meeting rhythms
Often times leaders go in to business meetings looking at the broader picture; discussing actions that will take place quarters or maybe even years into the future. This can leave your (and yourself) feeling overwhelmed and with no sense of what to be doing right now. The idea is to hold smaller, more frequent meetings to discuss the goals being it annual, quarterly, monthly, or weekly, or a combination.
Too many priorities
As the writer states, you can't be everything to everyone. With that not everything you handle in your business is going to be a priority. Doing so can water down your business in the market, and erode away at your uniqueness that sets you apart.
Missing action plan
"Finally, a plan is worthless if you're not going to implement it in the business." Don't let your business plan be pushed to the side in the business of every day life. Be sure to have a clear roadmap pegged with achievable, milestones, and objectives to get you where you need to be.
If you've felt like your business plan isn't going... as planned, I hope these points help you see where adjustments may need to be made. How about you? What are some things you've learned to avoid when it comes to strategizing your business?
