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Five ways to be more strategic in your business

Five ways to be more strategic in your business

Years ago when I was eagerly working my way up the corporate ladder and doing everything I could to rack up the skills and knowledge required for my next big promotion, I remember thinking, I’ll know that I’ve made it, when I can add strategy to my CV.

At the same time, I wondered what this term, strategy, seemingly reserved for senior managers, actually meant. When I finally arrived at a place where I was responsible for creating strategy, I couldn’t help but laugh at the fact that it was nothing more mysterious than planning. Just as Ellie Pidot so eloquently stated:

 

“Strategy is a fancy word for coming up with a long-term plan and putting it into action.”

 

Despite this, it is incredibly important to note that not all plans are created equal and what I want to share with you in this post, are 5 ways to get more strategic in your business. Essentially, I want your planning to go beyond simply setting some goals and hoping for the best. 

American academic, Michael Porter (known for his theories on business strategy) said:

 

“Sound strategy starts with having the right goal.” 

Therefore, one could argue (as I’m about to), that being more strategic comes from taking actions to ensure that we have the right goals in place. The following are five ways to help you do just that. 

 

1. Start with the end in mind (create a vision)

In his highly acclaimed, 7 Habits of Highly Effective People, Steven Covey encourages us to always begin any endeavour or project with the end in mind. This may sound obvious on first reading, but so many of us fall into the trap of working on our businesses in the short-term and operating in a reactive way to events and circumstances as they happen, rather than being strategic and proactive. Let’s be honest, how often have your work efforts been derailed by your changing mood or an unplanned for event?

Covey argues that if you don’t make a conscious effort to visualize who you are and what you want in life, then you empower other people and circumstances to shape you and your life by default. It’s about connecting again with your own uniqueness and then defining the personal, moral, and ethical guidelines within which you can most happily express and fulfill yourself. Begin with the End in Mind means to begin each day, task, or project with a clear vision of your desired direction and destination, and then continue by flexing your proactive muscles to make things happen.” 

In order to be more strategic (and intentional) in our work, therefore, we must have a clear vision of where we want to get to in our business, be that in 1, 3 or 10 years. To ensure that your daily, weekly, monthly and annual goals are strategically designed to get you where you want to go, you’ll want to create a clear vision for your business, so that as you set goals and take actions in your business, you can continually ask yourself this question: Will this task or goal bring me closer to or take me further away from my vision? 

 

ACTION:  Create a clear 1-3 year vision for your business. To help you with this, I have produced a Creating Your Business Vision Workbook. Simply enter your name and email address at the bottom of this post to get immediate access. 

 

2. Deeply understand your why

Now that you have a clear vision of where you are trying to get to, you’re better able to start working backwards and setting goals that are more likely to get you there. The mistake that many people make, however, when setting goals is to start by trying to identify what they need to do or create.  When we start with the what, we risk missing a vital and strategic step. We make the mistake of failing to consider our deepest why.

The reason our why needs to be prioritised above the what is because when we focus on the what, we can easily find ourselves setting goals from a place of should. For example, I should make more videos because that’s what everyone says I should do. I should be posting on Social Media everyday because that’s what the advice out there tells us to do. I hate to break it to you but doing something simply because it’s what you think you should do is not a particularly strategic approach.

It’s also super important to know at a macro level why you are even in the business you’re in and then at the micro level, why you are choosing each and every task, goal and project in order to make that business a success. When we look first at with why, it gives much needed meaning to our goals.

Let me give you a non-business related example. A woman looks in the mirror and decides to set a goal to lose 10kgs, she desperately wants to lose weight, so it seems like the logical step. However, she consistently fails to achieve this goal. Why? Because she is overlooking her deepest why. At the core of her desire to lose weight is the belief that when she does, she’ll finally be lovable. Not only does weight have absolutely nothing to do with lovability, trying to lose weight to get love, is a bit like trying to cool down by blowing yourself with a hairdryer.

We do this all the time in business, set goals that have little to do with what we really want to achieve.

But that’s not all, focusing on your why also has an important impact on your sales. As Simon Sinek, author of Start With Why said:

“People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe” 

When you have clarity on why you are doing what you are doing, not only do you feel more inspired to take the actions outlined in your plan, you are more likely to set goals that have meaning for you and you are also more likely to inspire your audience and potential clients to buy from you!

ACTION:  Grab your journal and take some time to journal on your deepest why, consider why you do what you do, consider your business goals and ask yourself why you’ve set each one and finally take a look at your website and check to see if you are communicating your deepest why effectively to your audience.

3. Identify how you want to feel

One of the first questions I like to ask myself when I sit down to work on my annual business plan is this: How do I want to feel in my business this year? Answering this question gives me important information about how I want to execute my business strategy for the forthcoming year. If for example, I want to feel ease, then I’m more likely to create a business plan that simplifies my work, rather than one that feels complicated or busy. If I want to feel connected in my business, then perhaps I’ll choose projects and actions that see me collaborating more.

Knowing how you want to feel gives you valuable information on what your goals and priorities might be. Identifying how you want to feel is something you can do as you start any new project, big or small. Once you know, you’ll be better able to choose a strategy to support those feelings.

ACTION:  Grab your journal and take some time to journal on how you want to feel in your business this year. Look at the different projects and goals you currently have and write down, under each, how you want to feel. Then revisit your plans and make sure they have been designed with those feelings in mind.

4. Set Strategic Priorities

Once you have clarity on your end goal, your why behind the goal and you’ve identified how you want to feel as you work towards that goal, you’re now ready to set some strategic priorities for your business.

In my annual business plan, I like to set 3 strategic priorities that will move me closer to my business vision and that will help me to decipher and prioritise my business goals. The strategic priorities I’ve identified in my business plan for 2018 are as follows:

1. Grow my audience (because I believe that will lead to more sales which will support my desire to feel more prosperous and will allow me to build a team, which is a key part of my vision as it will allow me to spend more time with my family)

2. Passive income (because I want to have a business model that allows me to make money even when I’m away from my business, whether that’s going to the gym, travelling or having fun with my family).

3. Collaboration (because I want to feel more supported this year in my business and to feel more ease and connection and less like I’m doing everything on my own.)

I got to these strategic priorities by reviewing my business vision (which you can read here), tuning into my deepest why, and asking myself (and journalling on) how I want to feel in my business in 2018.

Once you have your strategic priorities, then and only then, can you think about what goals you’d like to set under each of them. Don’t be surprised to have goals come up that don’t fit under your strategic priorities, that’s the point. Strategic priorities help you decide what not to do as much as what to do, as Porter also said:

“The essence of strategy is choosing what not to do.” 

 

ACTION:  If you haven’t already, take some time now to set 3 strategic priorities for your business in 2018. Make sure that they relate not only to your longer term business vision but that they also align with how you want to feel in your business in 2018.

 

5. Review your plan regularly.

Creating a plan and attempting to stick to it is not enough to tick the strategic box around here. For a start, if you’ve ever created a business plan, you’ll know just how difficult it can be (ahem impossible) to follow it. Life inevitably gets in the way and as President Eisenhower so poignantly put it:

“I have always found that plans are useless, but planning is indispensable.”

 

I know first hand how easy it can be to write a detailed and strategic plan, only to abandon it with a month, because the reality of what is happening in the day-to-day and what’s contained inside your beautifully written plan don’t match. 

For me the key to effective planning is in your ability to review and adjust your plan accordingly. Your business plan should be a living breathing document that gets referred to and updated on a regular basis. Don’t abandon your planning efforts because you get off track, simply review and adjust to get back on track. 

ACTION:  Consider joining  my next Business Review and Planning Workshop, to register you’ll need to purchase a copy of my (very affordable) Annual Business Planner + Blueprint, following which you will recieve all of the details on how to register for the workshops. 

GET YOUR FREE BUSINESS VISION WORKBOOK HERE

Free Download

Fill in your details below to download my Creating Your Business Vision Workbook (normally only available to members of the Female Business Academy).

Use this to craft your very own business vision and start putting plans in place that will see you reach it.

All of the points that I’ve covered in this post have also been incorporated into the Annual Business Planner + Blueprint. To find out more and to get access to this fully editable 54 page Business Planner along with access to online workshops designed to support your planning process throughout the year, simply click the image below.