Better business strategy in the new financial year
With the new financial year upon us, one of the most common questions asked is “how do I build better strategy for the year ahead?”
With this in mind, below is a collection of 6 key tips that any business can implement to make better decisions and better explore the opportunities ahead in the coming year.
- Question all aspects of your business and industry: don’t simply be reactive in business, but be proactive instead. Get out there and actively seek feedback, look for issues and improvements, and understand the broader economics of your industry;
- Build a strong and cohesive team to allow you to work on the business instead of in it. Surround yourself with people who have the skills and competency to successfully run the business without your constant input. This will allow you to step out and focus on the strategy and growth;
- Establish strong systems and guidelines that allow for your team to operate autonomously. Have you invested in building processes, systems and quality checks for every step of your business?
- Create an environment of continual review and innovation. Again, make sure you are constantly questioning your business, its opportunities, and exploring any industry changes or disruptions to understand where the next great opportunity may be;
- Empower, trust and reward your team. In addition to giving your team the tools to do the job, provide the incentives to build the business like it is their own. And remember, money isn’t always the primary driver for many people;
- Surround yourself with highly trusted and skilled groups of external experts to guide and implement your strategies. These include professional service providers, mentors, advisory boards and other key layers of support.