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Simple Business Growth Strategy Development (Part 2) – What are the key Questions?

Use Questions to Define the Business Problem

The basic process for developing a business strategy (Part 1of this series) focuses us on finding that “integrated set of

actions” that will define our growth plan.  We steer clear of diving into business plan templates looking for salvation and focus on setting priorities for our strategic analysis.

Here in Part 2 of the series, we are going to dig into the first, and most important, action you can take when developing a business strategy.

I really push this part of the process very hard because it’s the most often overlooked, well clearly the least often mentioned, and yet most important step.

If you take this idea and use it, you’ll end up with a clear set of priorities to guide you as you develop your business strategy and, ultimately, a very clear plan to grow your business.  That’s our goal, right?  To grow our business.  And this first step, of just four core  steps, can launch your growth planning process.

Developing business strategy (for most of us that means figuring out how to grow our business) is really solving a problem.  So as the first step, we need to define the problem to solve.

You can make the problem more clear by identifying the questions that need to be answered about your business.

So, start any long-term strategy process with these questions, that you already know.  This activity will, first, focus any research that you do to build the strategy (e.g. if you sense a key customer problem, then that’s a good place to start your strategy analysis).  And, second, this original list of questions will be the measuring stick that you will use to compare your findings – you will be able to see if your research is answering your important questions.

3 Steps to Jump-Start Your Business Growth

Here are the 3 action steps to break out and jump start a business growth plan:

1.)  Create a system for capturing key business questions; a system that is easy and convenient

2.)  Identify as many key business questions that you think need answers; engage your staff, mentors, advisers to help.

3.)  Highlight 3-5 questions that you believe can have the most impact on the growth of the business

This is not an analysis.  No right or wrong answers here.  Simply, answer this question: “What do you think are important questions to answer for your business?”  You know your business the best; trust your gut.  Remember, you want “questions” not guesses about your situation.  Don’t try to draw conclusions yet.

Your Next Step

Here’s what to do RIGHT NOW to make sure that you jump start your business strategy (a.k.a. growth plan) – enter your email in the box immediately below and click “Sign-Up Now!”.  You’ll be given instant access to my Strategy Starter Cheat Sheet.  It’s a simple “idea starter” to get you writing down and identifying the key questions about your business.  Use the Cheat Sheet as a guide to getting on paper what you think are the important questions that need answers.

When you are finished with your list, don’t be overwhelmed, there’s always a lot to do and a lot on our minds.  We can come back to these questions later to confirm.  We’ll tackle next steps together, including researching answers to these to questions.

 

 

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