FD Group Pillars - Strategy
"Strategy is about the planning and direction of a business over the long term in order to achieve specific goals and desired outcomes"
It is a fact that most businesses do not plan: whether it be a budget for the coming financial year or developing a long term plan of action to achieve business goals.
Business owners who do plan are significantly more successful than those who don't. They work on their businesses rather than in them; they create greater wealth and have more choice available; they are more likely to be happy and retire earlier. Why would you not choose to plan?
Business strategy development comprises three distinct phases:
- Strategy Analysis - Requires an understanding of the factors affecting the business. It involves agreeing personal and business goals; identifying the strengths, weaknesses, opportunities and threats; understanding the market place for your products and how to differentiate these products from your competition.
- Strategy Choice - Identifies available strategy options and selects the option(s) that meet the expectations and objectives of key stakeholders, namely the shareholders or owners.
- Strategy Implementation - Once the strategy has been analysed and selected, the task is to translate it into action.
At The FD Group, we have developed a process of strategy development called The Strategic Winner. Our Finance Directors take the business owner through the three strategy phases identified above in a workshop format discussing the important decisions facing the business.
Some homework is required in advance to help plan but you will be surprised and amazed by the results. Instead of planning on a day-to-day basis, start planning 3 to 5 years out. You will know where you are heading, rather than taking each day as it comes and hoping everything will turn out right.
At the end of the process you will be given a strategy plan, a working document, which will detail your strategy, goals, actions, milestones, and critical business success factors.
"The nice thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry and depression"
Sir John Harvey-Jones
Get in Touch
If you want to strategic plan your road to success, then call our Finance Directors today on 0800 112 3375 or complete our website's contact form.
