Strategy has always been the most powerful mantra to succeed in - war, governance, action or anything - and business strategies are no exception, for any successful entrepreneur in the vast province called business management.
What one is engaged in business, is immaterial,could be selling, manufacturing, offering services or any activity,but strategic planning is immensely important anddefinitely holds the key to success, with lesser efforts, time and of course expenses (money).
There seems to be only one difference between a successful entrepreneur and the not-so-successful one, with the former running or enjoying his/her business and the fruits of the business itself, using strategy on the whole, as an essential feature in formulating goals, setting objectives, monitoring and managing everything and everyone, successfully with less worry or effort.
Stepping into the threshold of successful business management is just a matter of being able to formulate and implement a well-knit strategic plan.
All that needs, is a concerted move consisting of very simple but effective steps, in areas, focused on planning both in the long and short terms.
Top in the list of such moves is the formulation of a strategic plan usually based on the vision statement of the company, - vision statements simply look beyond the current scene, with a no-holds barred approach, giving plenty of scope for visualizing a future that is both lofty and desirable for the business.
The next focuses on the practical, the translation of these lofty ideas into what is realistic, keeping the operating methodology as pragmatic as possible, in terms of easily identifiable goals superimposed on an year-wiseplan, using standard measurable parameters.
These yardsticks for measurement have to be specific, measurable, attainable, realistic and time-bound, or simply facilitating easy assessment.
What can or should be done and by whom in the first year, the second and the next is spelt out for clarity.
Equally important with the two basic steps as above, it is extremely important to enlist and synergize the coordinated efforts of all participants to make the well-conceived business strategy to work.
That necessarily includes all employees, and therefore needs to be shared with them, and will automatically ensuretheir unmitigated support.
Next in the order of importance, is to make these properly devised plans appear clearer to all, both planners and practitioners, by defining time-targets or benchmarks such that estimation of the progress is made feasible, in effect enabling on-course correction or to augment support.
A systematic assessment procedure usually timed along with annual or semi-annual events is the next key strategy to keep a successfully developed business plan on track, and enables detection of even minor deviations, and infusion of the necessary inputs to ensure fulfillment of the short-term goals leading to the long-term objective finally.
Last but not least, the most useful key to success is the periodic re-assessment on an annual basis of the previously drawn-up strategic plans, so that it will be possible to fine-tune them to suit the most practical and current scenario, but always keeping the long-terms perspective in mind.
These down-to-earth steps are so proven, and time-tested, over years, that by just following them can lead to creating ones image as a successful entrepreneur, and ultimately to success in the overall arena of business management.
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