Technology doesn’t follow a clear straight line today, it touches and changes everything. It improves and revolutionalizes business strategy exponentially, bringing about growth to all it touches. When applied in the business world, you get accelerating returns instead of linear advancement. As Greg Satell, a former SVP at Publicis Groupe and Co-CEO of KP Media notes, ‘accelerating returns is the new economy‘. Let’s take a closer look at four ways that technology can strengthen and elevate the new destination of your business through the coming year.
The first step towards making good decisions is simply to stop making bad ones. The same principle can be applied to developing business strategies. In order to stop following bad strategies, you must recognize the absence of good strategies. Richard Rumelt gives a great example of how to define a good strategy. He states that a good strategy has “coherence, coordinating actions, policies, and resources so as to accomplish an important end.” (Rumelt, 2011, p.11). Fortunately, business has provided countless examples of good and bad strategies that provide unofficial guidelines for the do’s and don’ts of strategy making. The following are examples of tools and methods that any company can use to identify, build, and sustain good strategy development.
The latest Bureau of Labor Statistics states that roughly 80% employees survive past their first year of operation. However, around half of all businesses no longer exist after five years. Only one-third make it past their tenth anniversary. One of the major causes for business failure is attributed to the lack of coherent business strategies.
For you, the small business owner, short-term projects can be excellent opportunities to grow the company while honing your team’s professional skills. However, they can also be nightmarish exercises in stress for you and your staff. Often, they are some combination of the two.
If this challenge was not daunting enough, as the owner of a growing company you will occasionally have to decide between listening to your staff members’ offers of advice in order to direct certain aspects of the project and asserting a more “top-down” approach in which you allocate responsibilities while offering your staff fewer options. Each approach is appropriate at certain times, and you need to know when to implement each.