Steering a whole company towards one goal is not an easy task. Having all employees directed and focussed is something the top managers have to ensure.
To know where you are heading towards, you need to set a strategic direction.
What is a strategic direction?
According to Wellers, a strategic direction is a plan that needs to be followed and implemented for a business to move forward to achieve its vision and fulfil its goals. Owners and the management of the organisation can communicate the significance of employees work and their contribution to achieving business goals.
Steps how to achieve focus within the company:
Setting a strategic direction
An entrepreneur is always a person who tries to turn his/her/their idea into a commercially viable business. This means creating a new or different product or service and releasing it to a particular market. It is a matter of innovating, testing and developing to better satisfy the needs and wants of customers. This is actually not a strategy but the establishment of the business. Once the concept of the business is starting to make money, it is time to move into the next phase in the business lifecycle. It is important to develop a plan for how sales will grow and how you can scale operations to meet the demands of customers of clients.
With growth, you can be able to protect your market share from your competitors and are more competitive. You need to know your strategic direction and that requires properly thought out action ideas, careful planning and a good amount of time. Developing a strategy is not something everyone in the company should get involved in. It has to be done either by the managing director, founder or from a small number of employees such as the executive team members. It can be democratically if people compromise and appease.
While developing a strategy there are three questions you should be asking.
- What is the vision and mission of your business? And why are you in business? What is your purpose?
- What level of growth and sales do you want to achieve in the next 5 or more years?
- Will you change, implement, and do something to achieve your desired growth?
The last question is important as it involved what you need to achieve your goal. The resource requirements will get more clear.
Hire the right people and get along with them
Employees are the backbone of every business. Without them, the company actions will be put to a halt. Therefore, taking on and managing the right people is vital for business success. Once you get it right, your employees will want to grow intrinsically. The reason t focus on employees is as your organisation develops you will become more reliant on them to:
- Manage customer relationships and drive sales
- Make sure that the core functions of the business run smoothly
- Have creative and innovative ideas to develop your organisation as well as your service or product offerings
Your employees are the ones making your strategy work and sometimes for a lifetime. Therefore, it is vital to bring the right people on boards to achieve your vision. It is also important to mention that you should retain your best staff and help them develop. Workshops, training and every course in your as well as in their interest is the way to go.
When you are hiring people, the right attitude, fit and aptitude are the stuff you should look closely into. If someone has the mindset you like and the personality traits that would be a great fit for your organisation don’t hesitate to hire them. Don’t forget, skills can be developed for most roles through training. This is also a reason why a couple of businesses hire people around cultural fit instead of education.
Build a business structure that works without you
Your aim should be to develop an executive team that can perform important tasks in a limited timeframe without you. The organisation should not depend on you fully. Instead, it should run without your absence at a normal pace as well.
For example, if you eventually decide to sell, a potential buyer will normally query how well the process works when you depart. Sadly, it is very likely that you will get the hiring side of things wrong and will have to learn lessons. This shows how important it is to have a strategic direction.
Always remember, to remind your team of your vision and how your business is developing towards it. Keeping your team motivated and inspired is the key. To achieve this constant communication with your employees is needed. Be there for them if they have any issues and show them how it is still possible to achieve the common goal. Challenges are a part of the progress too.
Monitor your cashflow
Keep your cash and money monitored. Know where you have expenses and where you can reduce costs. Having a grasp of your finances will help you develop long term strategies towards reducing costs and scaling your business.
In a nutshell
To be focused on one goal makes it essential to have staff that is motivated and inspired by the organisation as a whole. Even if the leader is not there, the business must carry on with what they are good at. To develop long term strategies it is important to invest and finance the right things. This needs you to be careful with the monetisation.
Liked this article? Why not read “Why branding your SaaS company is important”
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