Most entrepreneurs agree that the ability to consistently execute is a key factor in surviving the start-up phase & ultimately winning. That said you could not make a pig fly, no matter how much you stick with it. In other words, a crummy plan executed well still gets you crummy results. So start with a solid strategy. If you are going with a plan, your plan should work for you.
Management journals, books, blogs & articles are filled with countless approaches to strategic planning. The definitions for the various components of a strategic plan can be debated endlessly: a vision versus a mission, initiatives versus tactics and goal versus objectives. Whatever the terms you prefer, cut through the clutter by answering six simple questions about your business:
WHY DO WE EXIST?
Once you have the solid understanding in your mind of the reason why you even started at the first place. You know what strategy will let you achieve that motive.
WHERE ARE WE GOING?
You must have a dream for which you created a plan and then worked on the right strategy. Keeping that vision & mission in mind, one needs to work to progress.
HOW WILL WE CONDUCT OURSELVES?
While some may not agree, but it is always good to conduct business sticking to the moral codes and ethics to attract unnecessary risk to one’s business.
WHAT WILL WE DO?
Your business should revolve around what you believe in and what you are passionate about. Life cannot be just about solving problems, there have to be things that are inspiring & exciting that make you glad to be alive.
HOW WILL WE MEASURE OUR SUCCESS?
Success means different things to different people. It may be earning higher profits for some, increasing the market share for some, establishing higher brand recognition for others or achieving high product quality for someone else. So decide what success means to you.
WHAT IMPROVEMENTS OR CHANGES WE MUST MAKE?
Feedback is of utmost importance if you want to be there in the race for long. Take feedback to know where you lack currently in meeting the expectations of your customers due to which your product is not doing well currently. Improvise on the specifications from the feedback so collected & keep growing to deliver more value to your customers.
Answering these questions will get you started with a solid plan you can execute. So check if you are implementing these in your business strategy.