As part of a continuation of our How to Build a Better Business blog series, we’re covering the questions to ask when taking the fifth step in analyzing performance: redefining business goals. To remain successful, it’s vital that you regularly set time aside to ask the following key strategic questions:
- Where is the business now?
- Where is it going?
- How is it going to get there?
Often, systems integrators are able to work out where they want to go … but don’t draw up a roadmap of how to get there. If this happens, you’ll lack the direction needed to turn even carefully laid plans into reality.
At the end of a review process like this, therefore, it’s vital that work plans are prepared to put new ideas and a timetable into place. Regularly reviewing how the new plan is working and allowing for necessary adjustments is important, too. Today’s business environment is exceptionally dynamic, and it’s likely that you’ll need regular reviews, updates, and revisions to your business plan to maintain success.
At this stage in your business’ development, you may find that you need external skills to help you with the changes you have to make. You could consider:
- Employing skilled consultants in areas where you can’t afford to develop in-house skills.
- Appointing an experienced non-executive director who can provide a regular, impartial assessment of what you’re doing.
- Using a management consultant to help you identify how you can strengthen or change your management structure to grow the business.
Next up, we’ll be discussing how to use models for strategic analysis. Stay tuned!
This information was gathered from Info Entrepreneurs, a team of business information experts from the Board of Trade of Metropolitan Montreal, part of the Canada Business Network.
Image by: Stuart Miles