Business strategy: four ways to better reach your goals

By Christina Bentley on January 30, 2020

The path to success

A strategy supports every part of your business and helps you achieve your business goals. It helps Lead Tech deliver results to our financial advice partners throughout the UK.

Our head of strategy, Andy Longhurst, is integral to this process. He helps our teams find the best ways to work together, deliver our partners’ required lead volumes and improve our service.

What is a business strategy?

A strategy is a long-term plan of how you will achieve your vision for your business.

Building a strategy takes time, but it’s a worthwhile investment for financial advisers and professionals.

It’s a powerful tool that works by revealing key insights into your business that can help you determine the most effective way to achieve your business goals.

In this blog, Andy shares his advice on why strategy is essential to the future success of your business.

1. It helps you concentrate on what you do best

A strategy helps you outline the milestones and targets you want your business to achieve. Most importantly, it helps you determine how you will achieve them.

Typically, strategies focus on three to five years into the future of a business. This means your annual review is a perfect opportunity to map your progress as you get closer to your destination.

2. It gives you a deeper understanding of your business

You’ll have a better grasp of where to focus your efforts when you understand what’s working. Strategies help you identify and strengthen the weaker areas that affect performance.

Strategies also give you powerful insight into the world outside your business. A deeper understanding ultimately helps you make smarter decisions for your business. This could mean spotting gaps in the market or improving your customer service.

3. It makes you bolder

Fear can derail even the most experienced advisers. It’s also the obstacle that prevents many businesses from realising their full potential.

A solid strategy is your best defence. When you’re armed with a clear plan, keen focus and measurable goals, you’ll find the strength and determination to reach for your targets.

If your business goals are the destination, then a strategy is the roadmap that will show you every milestone along the way.

4. It helps you map out the road to success

Once you’ve established your business goals, you should take the time to revaluate your business. Think about what’s working and what’s no longer required.

What can you continue doing to bring success to your business? Are there products and services that aren’t generating the results you’d hoped? This is the time to get rid of them.

These steps will help you better align your business with the direction you aim to take.

How to make your strategy work

Like any business venture, formulating a strategy takes time and patience. But if you stick with it, you’ll find valuable rewards.

Planning meetings are a good way to begin creating your wish list of objectives and determine which are viable. You can then work out what’s needed to reach them, what tasks should take priority and how long it will take to get there.

Developing your team

Now you should understand what’s needed to realise your business goals. The next step is ensuring your teams have the skills and resource to support your vision. Here are key questions to think about:

  • Does each team have the skills needed to achieve your goals?
  • Are the individual team’s goals aligned with the business’ goals?
  • Do you need to recruit extra staff to meet deadlines?

Best practice tips

Here are my best practice tips for creating an effective business strategy:

  • Create your vision – Determine your long-term aspirational business goals
  • Stay grounded – Analyse the marketplace to determine what’s achievable and realistic.
  • Look at the bigger picture – Knowing your market is just as vital as knowing your competition.
  • Form a clear action plan – Determine the specific steps needed to meet your goals. It’s crucial that everyone understands their role and agreed on deadlines.
  • Start moving forward – Success is about not standing still. Don’t be afraid to make changes to achieve your goals and drive your vision forward.
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