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Monday, October 15, 2012

Executing A Successful Small Business Strategy

Strategic planning is an absolute necessity as an an innovation tool. Long term strategies are key, as well as agility in changing times, markets and economies.

I often recommend the article, "Are you Prepared to Succeed in Business" by Douglas H. Rogers, Jr., Winfield Akeley, Robert Edelson Content at the Biz Info Library. Here is an extract:

"In today's competitive market, small businesses must deal with new competitors, ever changing markets, price sensitivity, and cash flow issues — flying by the seat of your pants just doesn't work anymore. Do you desire to lead your business to growth and expansion?

Rapidly changing technologies, instantaneous worldwide communications, and strong customer preferences require rethinking of how we manage a business. Technologies that lead to product life cycles of 18 to 36 months, and the necessity to focus on true customer desires affect most businesses either directly or indirectly. In order to meet dynamic changes in business conditions and customer needs, an organization must be agile and responsive to these changes.

The long-term success of a business is dependent on its long-term strategies. It has been said that a company can overcome inefficient use of internal resources if its basic strategy is brilliant, but not likely to get by with the wrong strategies even with excellent production and distribution capabilities.

Past success formulas might not work in the future. Therefore, a company must periodically reexamine its situation as objectively as possible and determine the best course of action for the future in order to meet its goals and objectives."

The article provides further details and case studies in strategic vision and planning by successful firms. It it can be downloaded at no charge from the second, vertical, Box Net "References" cube at the link below.

SmallToFeds

2 comments:

albert george said...
This comment has been removed by the author.
toom smith said...

Very useful information and strategy for executing a successful small business.... Keep sharing nice stuff.....
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