3 Things To Consider When Roadtesting Your Business Strategy
Creating, testing, and refining a successful business strategy needn’t be a difficult task…
Beyond the usual competitive analysis and value propositions, SMEs must consider several factors.
The process can be time-consuming and frustrating, but adhering to a few basic principles will prove worthwhile.
> 3 things to think about in your business strategy…
❓ WILL IT INCREASE THE VALUE OF THE COMPANY?
Owners who work at the operational level of their business frequently lose sight of their responsibility to increase the value of their company. Focusing on what increases business valuation is critical, not least from an exit strategy standpoint. Not just the obvious stuff, such as a healthy balance sheet, but also adding value by developing non-tangible assets and establishing a business that can function without its owners.
❓ SCALE
Understanding the overall competitive landscape is important, but so is determining the best course of action to deliver success and sufficient scale within the sector. Making internal changes is not always the solution when it comes to meaningful growth — and this is where M&A can help.
❓ It may seem obvious, but without clearly defined KPIs, measuring the effectiveness of the overall strategy is impossible. Clear and simple metrics will not only help your company identify issues in the first place, but will also allow for quick action to resolve the issue and get the results you want…
