Successful business strategy 2020
“The secret of change is to focus all your energy, not on fighting the old but on building the new.”
ocrates, father of Western philosophy
Whenever you set off on a journey to a new place, you will consult a map for sure. Otherwise, you will get lost in an unknown location. Similar to this, stepping forward into the unknown is what companies do every day. So, they use a strategy or a roadmap, which is essential to ensure they don’t get lost in the business journey.
Whether you are in search of setting new business priorities, draw out plans for growth or plan your investment decisions, you will surely need a strategy. A good strategic plan also helps business leaders determine where to spend time, human capital, and money. As another thrilling year of learning, and growing, you need to welcome every opportunity comes through the door.
Here we are sharing a few key things for making your 2020 highly-successful.
“Success usually comes to those who are too busy to be looking for it.”
Henry David Thoreau
Key strategies to have a successful business strategy in 2020
- Analyse where you are
You can only get to know where you are heading to if you know where you stand right now. So, before starting looking ahead, you should consider the review the past performance, or the current situation of your business. You should look internally about your strengths and weaknesses. Look at each area of the company and analyse what worked well, what could have been better, and what opportunities lay ahead.
- Develop a vision
It is essential to set your successful business strategy in 2020 in the context of your overall vision. It is about describing the organisation’s purpose and values. Any goals or strategies you set for the next year will actively help you achieve your vision in the long business run.
- Set your annual goal
Apart from the purpose of an organisation, a mission statement also outlines the primary objectives of a company. It focuses on one to three short-term goals a company want to achieve in the upcoming year to meet a long-term vision.
- Brainstorm and prioritise your strategic initiatives
It is the next stage where we need to develop a set of high-level objectives for all areas of the business. Split the team into different groups and give each group a goal for the year. If you highlight the priorities and develop plans, you will surely meet the company’s mission for the year. If you successfully implement your strategic initiatives, you will undoubtedly achieve your annual goal.
- Determine who is accountable
Each group should agree who will be responsible for the implementation of each initiative. If you have the time, let them draw out the key milestones throughout the year that you need to hit to complete the initiative.
- Performance management
Once all the planning and hard work get done, you need to review all objectives and action plans continually. It will make sure you are still on the track to achieve that overall goal. As managing and monitoring, a whole strategy is a tedious task, many directors, managers and business leaders are looking for alternative methods to handle these strategies.
For developing, managing and reviewing a strategy, at first, you need to capture appropriate information and have a clear strategic vision. Then, you need to break down the information to large chunks after planning and prioritising wisely.
A new goal on your to-do list is a wonderful thing that can motivate you to achieve something new. It can help you take your small business to places you never thought possible. If you haven’t already done, take the time to lay out a strategic plan now. It will help keep your business on track and get you focused on the success nearby.
“There’s nothing wrong with staying small. You can do big things with a small team.”
Jason Fried, 37signals founder and co-author of Rework
