Financial Strategy – The Fourth Pillar of Financial Success

financialstrategyToday we are going to talk about the last pillar – Financial Strategy which focuses on analytics, pricing and strategies to grow your business.  See most people think that you can just put up a shingle and poof business will come.  But it’s just not that simple.  So if you think that’s the way it’s going to work then you should just close up shop now.  Strategy is all about figuring out how you are going to reach your goals.  Not throwing a dart into the dark and hoping to hit the mark; actually sitting down and figuring out what steps needed to be taken, what marketing strategy needs to be in place.  For me this is the part of my business I enjoy the most – whether it’s for my company or my clients.  I get excited about coming up with a plan and seeing the results of it actually working.

When developing your strategy, you need to sit down and figure out the who, what , when, where, why and how.

  • Who within your company will take the lead on each strategy. Who is responsible to make sure that everything that is planned is actually completed. They are also responsible for the timeline and ensuring that everyone adheres to it and stays on track.
  • What strategies need to be in place for marketing and sales and what is needed to make those campaigns successful. This involves establishing the methods by which you will bring in leads. It is also about knowing what pricing strategies will generate the revenue needed to maintain the business and keep it afloat.
  • When your tasks need to be done – you know the timeline. And when you need to make course corrections. You need to run the analytics that will let you know if your strategy is working or if it needs to be tweaked or scraped all together.
  • Where these strategies fit into your business model in reference to growth and sustainability. This is about ensuring that the strategy you are designing is in line with your planned goals. Making sure it makes sense for the type of business you are running. Remember everything is not for everybody.
  • Why it is necessary to implement these strategies now and why it is important to you, as the company leader, to achieve them. You need to understand the importance and urgency of each strategy and prioritize them accordingly.
  • How each strategy affects the entire company and how it plays to your core beliefs. This is about ensuring that the strategy you are designing is in line with your company mission and vision.

 

Developing strategy is key to the growth and sustainability of your business. Without a strategy in place on how to grow your business to a more successful place, your business will remain the same.

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