It’s been a tough year for everyone. I’m guessing your team is leaner than it was only 12 months ago and each person is balancing a lot on their plate. As a result, the timing is even more critical for you to make tough choices about which things your company should focus on – and which things it should not.
Recently, I came across a great list of questions that can help you choose from among competing potential strategies.
1.Where are we now and where do we want to be in, say, 3 years? (consider 1 year if that is easier for you) Start at where you want to be and work your way backwards. If your long-term goal is to grow market share by 10% then list out the strategies that will get you there. How am I going to build my client list? How am I going to increase the size of my customers’ basket of goods?
2.Do I have solid research indicating there is demand for my direction? Do your due diligence. Is there more market share to grab? Have any of my competitors gone under? Is there a growing need for my product/service? Get testimonials from consumers or subscribe to market research report.
3.Do our main strategies leverage our core competencies? Determine what you have that your competitors wish they could steal from you. Leverage those strengths and ensure they are the basis for your strategies.
4.Are my strategies aligned with my company’s values? If one of your values is incredible customer experience then put the strategy most likely to deliver this at the top of the list. Perhaps now is the time to implement that CRM program to manage your information and amaze customers.
5.Can we realistically establish these strategies in the expected time frame? Don’t let your excitement blind you from the real world. Be rationale on how long it will take you to execute your strategies. Remember you have to get your team on board and gain momentum. Change is not easy.
This is simply a guideline to help you prioritize your ideas and opportunities. If you think it would be helpful, read your list of strategies to yourself everyday. By keeping them top-of-mind you’re more likely to stay focused.
