PerspectiveOne of the most overlooked jobs of a successful manager or business operator is to regularly evaluate and correct your overall business strategy[1]. This important task can easily get lost among the various demands of managing a busy organisation. It can become an intractable feeling... "There is something more I should be doing." Managers and business owners can find it hard to make time for developing competitive business strategies[1], and can often be too close to stakeholders and daily management tasks to be sufficiently objective regarding business values. The failure of a new enterprise often stems from a lack of strategic management practices[2]. In fact, "Small businesses that engage in contemporary strategic management practices tend to outperform those that do not" (Beaver, 2007). Warning SignsIf your organisation is under threat from strategic management issues, then you are in good company. Many businesses, both large and small, have lapses in focus when it comes to overall strategic planning. Some businesses, especially ones that start out ahead of the curve, can get away with a failure to update their strategic plan for a long time. This is like driving down a long straight road with your hands off the steering wheel - so long as conditions remain the same you are likely to be safe in doing so for short periods of time. However, unexpected situations or errors in the initial plan can easily result in catastrophe. When the business environment changes or competitors develop new strategies, a nimble and aware operator can develop appropriate strategies. |
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