Stuck on the Runway

business planning Jan 15, 2018

Martin Riley - The Business Jet Engine®

What are Strategic Goals?
And why are they so hard to achieve?

Strategic goals are those that will have a significant impact on your business in the long-term. This might include creating a new offering, increasing your capacity or implementing new systems to make you more efficient.

The challenge is carving out time that is hard to find whilst you are busy running your business. Most people are working flat-out just keeping their business working in its current form. Finding time for strategic change requires focus, commitment, and often sacrifice. Normally something has to give from your day-to-day priorities.

Growth normally costs in one form or another before it delivers a return - and deciding how to manage that cost is key. This may mean you have to manage a reduction in profits in the short-term before your strategy pays off. Or you may consider raising finance if greater sums are required.

Finding this extra time is what defines those
who achieve the most in the long run

Using this precious time wisely is the next vital step. Start by identifying the right strategic goals, perfectly aligned with your business mission and objectives. Next, decide what will have to give and block time in your diary to ensure your strategic tasks get done. Growth nearly always costs you in the short term and the trick is to decide how you pay to get there.

What are the options?

Hiring a new member of staff can help to alleviate the pressures of the day-to-day running of your business, but there is a massive cost factor to consider here. 

Out-sourcing may be a way to temporarily increase your resource without all the commitments of developing a skill or capacity in-house.

Streamlining your current business model may mean other activities are given less attention. Reducing marketing activities, or staff training.

External finance can alleviate the burden of opening new premises, product development or increased stock demands - although comes with its own risks.

Better time management would benefit us all. But a real commitment to cutting out unnecessary tasks can seriously increase your productivity.

Delivering within budget. We always want to delight our customers, but some clients demand more than a fair deal. You need to put appropriate and professional boundaries in place if you’re guilty of this easy mistake.

It may be one or a combination of all of the above, but however you decide to pay for this extra time, make a plan and a timeframe of events and stick to it. Short-term cost for a long-term gain is great, but an ill-managed long-term cost could put you out of business.

When considering the future of your business - Do you know what you most need to change?

If not, take a look at our free business planning tools for simple guidance and direction.

Martin RileyThe Business Jet Engine®

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