WHAT IS WRONG WITH STRATEGY?
I think most business owners have heard they need a strategy, yet so few have it. I want to address the biggest misconceptions about strategy, so you can get over the hurdle and actually create and implement a strategy for your business.
But before I do, let me explain a bit of what a strategy is. A strategy is a written plan to achieve a defined goal. It details the actions that will be taken, the order in which they are taken and how much time is in between the actions.
You use a strategy to make sure that the actions that you take are all in accord with each other and all help in reaching your goal in a constructive manner.
By doing actions without a strategy behind it you risk wasting the time, effort and money you invested in that action. An example would be a client of me who made a one-time Facebook advertisement to re-sellers of his product. But there was no follow up, just this one ad. It was a waste of his time and money.
I think it is clear that a strategy is a necessary resource you need to achieve your goals as efficiently as possible. But what are some of the biggest misconceptions about strategy?
A STRATEGY IS FIXED
One of the misconceptions I hear a lot, is that people don’t want to get “fixed” in how to do things. They feel they lose flexibility when they have a strategy. This misconception also applies to goals, by the way. Now a strategy is not cast in stone, it isn’t fixed. In fact, it’s flexible, you need to work on it continuously. From the moment you implement a strategy you need to refine it if the results are not what you want.
The feedback you get from doing the first actions in the strategy will indicate if the strategy is going to work or not. If you get bad results, what do you do? Scrap the strategy and make a new one? No, you focus on the one action in the strategy that didn’t work. You change that action and again look at the results you get. With this approach you keep refining and improving your strategy instead of having all these loose actions.
MAKING A STRATEGY IS HARD
Another misconception is that making a strategy is hard. But it doesn’t have to be if you use the correct process for making the strategy.
Most people tend to start from the beginning and work their way towards their goal. I do it the opposite way. You make a strategy starting with the end goal in mind.
Suppose I want to sell 100.000 a year. I won’t first say, I will start calling people and make an offer. No, I first need to make a complete strategy. What would I need to have that 100.000 in sales? I need a product offering and enough of the right type of people to offer it to. Next questions are then: What do I need to offer? What price? How many sales? How many people do I need to sell it to?
The last step or action in my strategy would for example be: Sell 100 products worth 1000 a piece. Then the next questions would be, where do I find the right people? Or, what would they like to buy from me for 1000 euro? Using this methodology, by asking yourself questions you work yourself to the start, where you are now.
I would love to hear what other reasons you have for not having a strategy. Let me know in the below comments section.
And if you are stuck in making a strategy, send me a message here and we’ll see how I can help you.
See you around.