Procrastination Can Inhibit The Implementation Of An Excellent Strategy Because Of Fear
Procrastination can inhibit the implementation of an excellent strategy because of fear, fear of the unknown. Business owners have many reasons not to start, it could affect cash flow, we don't have the right staff, we don't have enough money.
What if we fail ...
Market research is used to ensure the results are the best which can be expected, by delivering what your customers are asking for they are more likely to buy it. The fear of failure of believing you are already on the right track and that "one day it will get better". I've heard this so many times I just cringe when anyone says it even in jest. When times are hard and the economy is against us this is the time to develop your strategy to test what works and what doesn't and to do more of what does work.
It's extremely important therefore to make sure what you are measuring is representative of actions needed to grow your business in a profitable, sustainable manner. Cash flow is important, marketing, lead generation, selling the goods or service, follow up and rectification when things go wrong, administration and accounts, as well as looking after your staff whether they be permanent, temporary or sub-contract. Everything counts, everyone counts as part of the overall whole to a good sustainable strategy.
How can you decide what to measure when you define your strategy, consider the following ;
Identifying customer needs
Demonstrating the benefits
Making an offer
Closing the sale
to follow the process and success when something significant is achieved. It's important to celebrate successes just as much as it is to address failure. One cautionary phrase to bear in mind is "paralysis by analysis", the measures and key performance indicators must be representative of the business process not a number because you can't measure it another way. The simplest measure is one which you can easily do every time it's completed and one which isn't a chore to do. Filling in a block on a graph which your manager can notice and commend you for is always good provided he or she does. Management are just as much part of the system as are the team on the shop floor doing the work.
Mistakes happen, sometimes a business strategy which seemed to be right at first needs to be scrapped, it simply didn't work as expected. Don't throw good money after bad move on and do it better next time. Learn from your mistakes use the measures and results you achieved to determine what went wrong and next time your new strategy will be so much better you will achieve the results you desire.
What actions do you need to undertake to capitalise on the opportunities you have uncovered in your research? Include your defined strategic objectives and the tactics you will use to achieve them. Consider what challenges you might face and the results you expect in order to be complete.
Tactical Planning stages include:
Understanding the strategic objectives.
Identifying the actions you will need to take to achieve the objectives, including who, what, when and considering the limitations of various resources.
We can take the pain out of strategic and tactical planning by providing advice, guidance and help throughout the process.