There are many definitions of strategy:
Whichever definition strikes a chord with you, they all emphasise that strategy is about the long term:
As the owner of a small business, it is inevitable that you will get involved in all aspects of the business, particularly at start up.
It is important to distinguish between operational and strategic thinking. Operational thinking relates to those tasks or activities that characterise the day-to-day working of the company. This could be anything from making practical, stylish staircases (David), producing some delicious and unique sandwich relish (Gwyneth), drafting a marketing email (Dafydd), designing a language course (Gwenllian), or monitoring the purity of the water obtained from the farm well (Euan). The more efficiently these are completed the better it is, as the costs will be kept to a minimum and output of the company will be enhanced.
Strategic thinking looks at the business more holistically. It connects all the activities and considers how they relate to each other in achieving the overall objectives of the company. Strategic thinking questions how the tasks can be aligned, combined or performed differently to deliver something better. For a not-for-profit organisation ‘the fit’ between these aspects also needs to account for the ethos or wider goals of the organisation. Find more information about creating an ethical organisation.
Many small business owners are guilty of ‘working in the business not working on it’. It is easy to become so engrossed with meeting operational day-to-day requirements that there is no time left for any strategic, longer term thinking.
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