Thinking strategically

Strategic planning is the key ingredient to small business success, according to research from the Small and Medium Enterprise Research Centre (SMERC) at Edith Cowan University in Western Australia. However, it's something most small business owners just don't do.

Why? Because many of us start small businesses because we either get to a stage where we need a work/lifestyle change, we want to be our own bosses and have a really good business idea, or we're forced into business for ourselves after being made redundant. And so we jump in to business, without really having an eye on a goal. (Check out the SMERC research at: www.business.ecu.edu.au/schools/man/smerc/research).

However, there's another group of small business owners who SMERC's Professor Beth Walker refers to as "operators in business to achieve financial goals". They're the ones who've gone in to business wanting to make a financial difference to their lives. They have their eye on the bottom line, and the money they want to make. As a result, they make up the majority of successful small business owners. They think strategically because they know it's what will bring them financial success.

The good news is that it's never too late to start thinking strategically about your business. Remember, it's not enough just to be in charge of the steering wheel. You have to know where you're going (otherwise how will you ever know if you've achieved anything?).

How do you start? Think strategically doesn't have to be convoluted. It's really just about taking the time to consider your big picture and how your business fits into it.

I give you many strategic thinking tips in my book, The Small Business Success Guide (you can buy a copy online, and listen to my first podcast, at http://www.booktopia.com.au/the-small-business-success-guide/prod9781742169590.html).

Here are a few things to ask yourself to get you going:
* Who are my customers?
* What products or services do they want to buy?
* What are my competitors offering?
* Where are my customers located?
* Why would/do they buy my products or services?
* How do I provide the products or services and how do I deliver on my customers' expectations?

The great thing about running your own show is that you have the power to make your small business as great as it can be. So start analysing what you do and why you do it, and get more strategic in your scope.

Here's to your success,

Margie