A good business strategy provides a company with direction, giving them a roadmap to follow in order to get to their chosen destination. But what happens when there is unexpected traffic? What do you do if the road is blocked? This is where the regular review of your business strategy can really save the day.
As a startup business, Outsource Everything are constantly reviewing our business strategy. We have SWOT analysis of our SWOT analysis and are always trying to find ways that we can learn and improve. Whilst this is good practice for an early-stage startup, constantly changing direction can wreak havoc on established businesses.
So how do you find the right balance between constantly 'flip-flopping' and standing still, waiting to become the next blockbuster video?
I recently read a book called ‘The 1-Page Marketing Plan’ by Allan Dib, and in this book, the author talks about strategy vs. tactics.
Strategy is your big-picture planning and the tactics are the tools that you use to paint this picture. One does not work without the other, the strategy should be reviewed when presented with large risks or opportunities. The tactics, however, should be reviewed constantly, you should always be looking for new ways to help you win.
Summary
A company’s business strategy provides direction and a roadmap to follow. However, regular review and updates to the strategy are necessary to account for risks and opportunities. Constantly changing direction can be detrimental to an established business, so finding the right balance between review and stability is absolutely essential.
