We know that making changes in our business can sometimes be a scary and risky idea. We need to carefully evaluate our business and the changes we want to make so that we don't put it at risk. Before we implement business strategies we need to understand how these strategies relate to sales, production, customer service and other parts of the business and implement business strategies in such a way that it doesn't affect your cost, sales and profits negatively.
You can use the following simple step by step method to implement your business strategies successfully without jeopardizing the business.
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8 Steps to Successfully Implement Your Business Strategies
1. Evaluate business current reality
This is a must for anyone in business. To examine your entire business from top to bottom, piece by piece. Once you figure out which parts are working, and which parts of your business aren't working, you can start fixing them or get rid of them entirely - so that they will stop wrecking your business and starts to perform amazingly. You need to look at the ‘whole picture’. By having a clear picture you will be ready to identify and eliminate obstacles that are holding you back and create a step-by-step plan of action to achieve all your goals.
Look for opportunities in the 6 Basic Key Success Drivers Of Any Business
2. Determine outcome and goals
This is the hardest part and that’s to make the decision to become responsible for your own future. As long as you know where you’re going, it’s easy to get there. Set some goals for your business to have clarity where you’re going and why are you doing what you’re doing. Evaluate options and strategies with the biggest profit potential and determine how big of an increase can you realistically see this year?
3. Decide on preferred solutions and actions
Increasing profitability requires a well-thought-out strategy based on calculation and the development of what-if scenarios. After all, a change in one factor is going to affect other factors. Use the Mini Business Sniper tool to help you evaluate different scenarios. The strategy you select should address the problem identified in the evaluation of your business. Test as many strategies as possible. You only have to be right a few times to make a big difference in your business.
4. Take action
Now that you know where you are and what to do, it is time to implement the strategies and actions you have selected to achieve where you want to go. Action creates results. This is the most important step, and the one where many owners fall. I've seen many business owners get past the first stage, only to fail to execute their plans. Remember that success is won or lost through execution.
5. Monitor and Evaluate results
How are you going to know if your actions are working? By measuring your results will allow you to make accurate decisions based on what’s currently happening in your business? Did your profit strategy work? Why or why not? If you find that the results are not to your liking, there is only one place to look. Your actions, that's it
6. Refine your strategy and Re-measure.
You are aiming for constant improvement. As you measure your results make adjustments as necessary. Taking action, measuring, reviewing and measuring again will go on as long as you’re interested in improving the profitability of your business. Use what you learn to refine your strategy for further growth.
7. Increase or discard
If something is not working, change it or discard it immediately. It’s about finding out what works best and what doesn’t, then making decisions based on that. Not every strategy you try will work and if you don’t know what is working and what’s not, you can’t make decisions.
8. Rinse and Repeat
When you find a strategy that works well, then fully implement the strategy as soon as possible and remember to continue monitoring and evaluating results
Thanks for reading and best of luck with implementing your strategies.
Talk soon
Hans