Strategy in business relates to two main concepts, namely growth and sustainability. If we aren’t considering these two aspects, there is little point in strategising when it comes to running a business.
Growth speaks to bringing value to your target market in such a way that you are able to bring more customers to your door, improving your offering so that your customer keeps coming back or widening or changing your target market.
Sustainability involves the improvement of your business in ways that are robust enough to withstand difficult times or even to continue to grow in these difficult times.
Growth and sustainability are not to be considered separately but instead are two elements of a cycle that, if correctly assessed, is virtuous.
In addition, there are business cycle complexities that have to be considered that require different thinking, especially in these technologically evolving times.
In formulating a strategy for your business there are a number of questions to ask yourself, including:
- Where is my business currently in the growth lifecycle?
- Can I easily articulate what my offering is to someone else?
- Can I easily articulate who my target market is?
- Do I know where I want my business to be in 5 years?
Not all challenges are obvious from the numbers or from a static business model. At The OMG we are constantly looking at ways to deal with these and other business related challenges using what we call Uncommon Sense.
With our Business Management product, we offer bespoke business management solutions for businesses at any stage of development.
Our team can help you in your business growth and sustainability quest.