While having a business strategy is a good start to any business venture, organisations must be able to deliver on their intent and this is where many businesses go wrong. Developing a strategic plan takes discipline, foresight and a lot of honesty and regardless of how well you prepare you are bound to encounter challenges along the way. As business advisors we have witnessed business strategy failures and have composed a list of reasons why business plans fail. Avoid these traps and you will be closer to implementing a business plan that successfully achieves results.
Having unrealistic goals: Strategic plans must be focused and include a manageable number of goals and objectives. Oftentimes having fewer and more focused goals is better than having numerous bigger goals.
Poor execution of the strategy: One of the reasons why some strategies fail is not because they were wrong in the first place, but because of poor execution. Consistent monitoring is essential to ensure you are tracking progress and staying on track. Some employees require the support, guidance and encouragement of their managers to sail through.
Lack of communication: Communicating with your team and having everyone on the same page is essential. Remember it’s not possible to do everything on your own and having a cohesive team that understands their roles and how they can contribute to achieving your organisations strategy is key.
Not seeking expert advice: Many businesses make the mistake of believing they can get everything done on their own, and without the necessary experience and knowledge, their business strategies fail.
At VIS, our business growth strategists have extensive experience in implementing business strategies. We focus on a long-term, successful business growth strategy in order to achieve specific goals.
Whether you are looking for strategies for your next higher move, exploring new business opportunities, or refining the slack in your existing system, our on-demand business growth consultants will help you to see the expert way.
Ready to discuss your new business development strategy that establishes a competitive advantage over your rivals? Let’s talk!!