Direction is everything
Your business needs to be compared to a marathon not a sprint. Speed is NOT the key to success. Running fast in the wrong direction will lead to waste or demise!
Your pace will come when you understand where you are going, so here’s how to do you do that?
Have a goal. A big hairy audacious one (read how to set a BHAG).
Have a basic strategy that focuses your time and effort on your Goal.
Ensure you measure your progress regularly.
Why a goal is important
If you’re not sure how to set a Goal, read my post on how to set a business goal. If you have a goal, you should be staying focussed on it. If you find yourself changing the goal on a regular basis, your lack of focus can cause you to lose direction; this can lead to massive loss in time and money… your business lifelines, see below.
A strategy is a guide
So you have your goal, now you need to document the road to success. A strategic plan sets out how you are going to get there. Having a plan is one thing, but you have to follow it. You must have faith that you mapped everything out correctly, even when things seem to go awry.
The ‘ideal business journey’ shown in the graphic is not what you are going to get, nature doesn’t do straight lines. Sticking as close to the ideal journey is the aim of the game. Having a strategy in place will allow you to pull yourself back on track when things start to wobble, and they will.
Measure the distance
How far you have got, and how far you are away from the ideal path. A good strategic plan will have more than financial measurements; it will look at things like customer loyalty, employee morale, innovation or operational efficiency. The KPIs and measures of success you set out at the beginning are your waymarkers, visit them weekly, monthly and quarterly. Regular checks will stop you wandering too deep into the forest.
