Why do small business leaders feel so much pain when direct reports complain that they ‘Don’t know what the strategy is’ and that somehow the business is rudderless or that it will grind to a halt any time soon? Everyone, the complainants will tell you, is demotivated because in the absence of a strategy they don’t know what they are supposed to be doing. If you grow your business successfully over five years or more, you can reflect on the fact that you are a great strategist and a master tactician.
Every business needs a Strategic Plan. A Strategic Plan is a well thought-out road map for the next 2 – 3 years that defines business goals and objectives and how these goals will be achieved. A good business strategy sets priorities and defines direction for the organization. Thinking strategically allows you to outsmart the competition and recognize opportunities in the market place before anybody else.
“The best way to predict the future is to create it.” -Peter Drucker
Digital technology, which transformed the media industry, is now transforming the rest of the commercial world. Companies in all industries and regions are experimenting with – and benefiting from – digital transformation. Whether it is in the way individuals work and collaborate, the way business processes are executed within and across organizational boundaries, or in the way the company understands and services customers, digital technology provides a wealth of opportunity to those willing to change their businesses to take advantage of it.
The pressure points for change are increasing from many angles. Globalization is dictating efficient integration of businesses which can only be achieved through digital processes and collaborative tools. Employees and customers are starting to demand new ways of working. As competitors and new entrants make digitally-enabled practices a reality in an industry, other firms will need to follow.
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