Making substantial changes to your company’s strategy has the potential to be the making of your business.
When market changes occur you have two choices; stay on course or change direction? A decision which can determine the livelihood of your business in the future.
With the business world moving and developing all the time, SMEs need to be flexible in order to grow and flourish in a changing market place. Taking the risk to change direction can be a positive move which can drive success and facilitate growth. Whilst putting restrictions on plans and activities can cause your business to become outdated. It may be that you are catering your business activities to a market that no longer exists…
Reviewing your business strategy is not a decision to be taken lightly and there are various factors that should be carefully considered first, including:
Put customers first
Your existing customers and those that you wish to attract in the future should be at the centre of everything you do. You need to make sure a change in strategy continues to cater to the needs of customers, as well as attracting new clients.
Know your finances
Of course, a strong financial position puts you in a better position when reviewing your strategy. You need to ensure you have the available finances to successfully carry out the planned changes. This may involve recruiting knowledge and experience from new employees or investing in new equipment. Being aware of your financial capabilities determines the extent your business can change its strategy.
Don’t discount small changes
It’s often tempting to assume that the biggest results are the result of more substantial changes in strategy, but this is not the case. Sometimes small changes can lead to big results, so it’s worth considering smaller (and often cheaper!) changes in strategy before thinking about implementing a completely new strategy.
It’s worth remembering that successful businesses are often born from pivoted business strategies. Sometimes changing strategy is the only option when the market place and target audience changes.
Walker Begley have extensive experience working with SMEs to make sure their business strategy continues to work for them.
Get in touch with a member of our team to discuss potential options for your business growth.
