Growing a Business

Looking to Build a Great Strategy? Ask Yourself These Questions

Your planning process should essentially be simple. Complicating it too much could lead to even more complicated problems.

Many entrepreneurs believe that it is their execution that matters the most. Under this belief they tend to ignore the fact that planning the right strategy is just as important.

For example, if you don’t plan well and come up with a bad strategy, executing that bad strategy spectacularly will not give you great results. Therefore, starting off by putting a lot of time and effort in your planning is important.

There are plenty of books and online guides that will teach you extensively about strategic planning. If you try reading each and following the steps you will end up confused and overwhelmed. As a result, the plan will be very complicated and quite difficult to execute. Work on coming up with a great plan but don’t overcomplicate things. Complications will only make matters worse for you. Instead of going through all that, here are a few simple questions that you should ask yourself while sketching out a plan. These questions are about your business. They will not just help you devise a plan, they will also help you understand yourself better.

  1. Why did you get started? What is the purpose of your existence?
  2. Where is your business headed?
  3. How are you going to conduct yourself?
  4. What are you going to do henceforth?
  5. What are the parameters against which you will measure your success?
  6. What modifications or innovations should you implement in order to improve your business and scale the growth?

When you are able to answer these questions, you will be able to come up with a great plan that will help you move forward. You can then execute it for the betterment of your business.

One thing to be very careful about here is not be carried away by just how simple these questions look or seem. When you start answering each, you will see just how thorough you need to be while answering each question. The more you ponder and the more precisely you answer, the better it will be. Try coming up with data to support your answers as well. That will help you even more.

Entrepreneurial Learning

In order to build a great strategy, you have to ace the planning process. You can do so only when you are sure about your business and what you are heading towards. Answer a few questions about your company in order to be able to plan well.

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