Working smarter

HOT TIPS TO MEET STRATEGIC OBJECTIVES IN YOUR BUSINESS PLAN 

Maximise the success of your business with a robust strategy. 

To meet financial and operational objectives of your business plan, it’s good practice to establish an action plan that allows you to build on your business strategy.

Ultimately, your planning should help you achieve goals and address your business requirements. Whether it’s to drive marketing and sales, implement human resources practices, apply research and development or guide your day-to-day operations, here are our hot tips.

BUSINESS STRATEGY TIPS – YOUR PLANNING

  • To execute smarter business decisions apply the framework of strengths, weaknesses, opportunities and threats (SWOT). You can apply this whenever the need arises such as exploring new business opportunities, implementing new technology or addressing changes by your competitor.
  • Periodically look at your business plans from a different perspective. A change in outlook or your environment can introduce new avenues to explore.
  • Be agile. While having a strategy and achieving milestones are vital, you need to adapt and adjust when conditions force change, whether internal or external factors.
  • Envisage the big picture and focus your business planning with this key goal in mind. Think of innovative ways to achieve long term goals and the steps to take to get there.  Perhaps set yourself a series of mini-goals that lead to business milestones. 

BUSINESS STRATEGY TIPS – YOUR TEAMS

  • Empower your staff to actively learn about trends and what’s happening in the industry/sector or business environment so they can understand potential impacts to your business. 
  • Be bold and try a different approach. Encourage your team to explore fresh initiatives to promote business growth.
  • Strengthen team morale and motivation with offsite fun team building activities. It can help reaffirm aspirations and allow creativity to flourish.
  • Implement ways to keep communication channels open across the business. Be transparent and maintain the trust of your teams.
  • When communicating use clear and concise language. Where possible avoid buzzwords. Check the hall of shame words to avoid in the 2020 Buzzsaw Awards. 

SOUNDS LIKE A PLAN

Whatever business objectives you’re aiming to achieve, your action plan will help keep you on track. Be flexible – review and refresh along the way as necessary but always remain focussed on what you’re looking to accomplish.

Remember to empower your teams with knowledge and keep communication channels open – sure fire ways to keep them engaged for success.  

Jenny Dikranian

Content Writer, Business Australia

Jenny Dikranian is a content writer passionate about entrepreneurship and innovation in inspiring business success.

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