30 Sep The “S” word!! (business strategy)
The dreaded “S” word, that is right “Strategy”
How many businesses do you think have a well thought out business Strategy? A strategic objective that allows them to live the life of their dreams?
Business owners start out for many different reasons, for example, they want more freedom, they think they could run a business better than their boss, they have a passion they want to share with the world, they want more money, flexibility, and the list goes on. But often a business owner doesn’t actually take the time to sit down and work out what all this really means and what their business has to look like for them to achieve their specific personal goals.
For example, if one of your main goals to have a business is more flexibility, however you have a service-based business and you are the main service provider. Hence swapping your time for money, then it is going to be very challenging to have flexibility when you are the one that has to do all of the work, unless, you have a business strategy to build a business that works without you.
Or, if for example you want to be able to work wherever you like, but you have a shop front with a fixed bricks and mortar business and the business will only run effectively if you are there everyday as your systems and staff aren’t able to work with out you, then your goal of being able to work wherever you like will be very hard to achieve.
On the other hand, if you take the time to work out your personal life goals and then create your Business Strategy to help you achieve these life goals, your business strategy will enable you to build your business in such a way that you love what you do, rather than a business that controls you, and your life in such a way that you feel trapped and consumed.
So how do you start creating your business strategy, I hear you ask.
Ultimately you must first start with your Life Plan. How would you like the story of your life to go? A great way to get started on this is to get to know yourself, asking the following questions is a great place to start:
- How do I wish for my life to be?
- How do I wish for my life to be each and every day?
- What do I really want to be doing in 2-years’ time, 10-years’ time, 20-years’ time?
- How much money do I need to enable me to do the things I dream of doing?
All of these questions help feed into the type of life you want to live and this then can help you create your Business Strategy, a very clear statement of what your business has to ultimately be and do to enable you to fulfill your life plan.
Your business strategy is a guide for your business so that the time you invest in growing and developing your business rewards you with the life you want to live.
Dream big and create the life you want to live.
Hi, I’m Phoebe. I love business, especially the Numbers! As a sought-after qualified accountant, I come from a place of experience, with over 15 years of running my own accountancy firm, MGA Accountants, I scaled the business to double the size before successfully selling in 2015. Now I am focussing on what I love, helping female entrepreneurs create business success by understanding their business numbers so they can make smart, savvy business decisions to live the life of their dreams.