Here’s a dumb question – do you have infinite time and resources? Not being a Time Lord, I suspect your answer is ‘no’.
And because we don’t have an infinite amount of either of those things we have to make choices.
In business, that means we have to decide what it is we’re not going to do as much as what it is we are going to do.
We need to focus on key priorities.
In my last post I outlined the need to create a clearly defined strategic destination to aim your business at. A destination that will take your business to another level and that represents a major milestone on the road to reaching your vision.
Having identified and defined that destination you need to map out the route to take to reach that destination. In doing so you will find that there are a number of possible routes you could take, with route comprising a different strategic way of reaching your destination. You cannot of course take multiple routes and so you have to pick one – the one that has the highest chance of success based on your current situation.
This strategy will comprise clear strategic priorities that once set, you need stay focused on – remember your time and resources are finite. For example, a strategic priority for a high-tech product manufacturer may be to create huge customer loyalty by providing swift, quality customer support for their software products. A strategic priority for another may be to focus on one particular market sector, whilst another may choose to increase its sales force through distributor relationships and the targeting of several markets.
Depending on their current status companies may choose to focus on cost-effective efficiencies rather than growth. This would be more applicable to global corporations whose profits can be dramatically improved in this way and by charities and governments who should be using as much of the money they receive on the services they provide and not on bureaucracy.
Your strategic priorities define the focus thrust for your strategy – the areas that you intend to focus on in order to deliver value and create the desired outcomes. They help you stay focused on doing what’s necessary to meet your targets.
Once you have set your strategic destination and identified your key priorities it is vital that you stick to them and not get distracted by shiny, opportunistic objects that, if pursued, will most likely pull your business off course and away from the important strategic destination you have set.
Your strategic priorities will help you use the time and resources you have most effectively. It will keep you focused on what you need to do and help you ignore that which you shouldn’t do.
Setting your strategic destination and priorities will strengthen your business in many ways. It is part of 1 of 4 levels of strength that all businesses need for success. Download the eBook “How Strong Is Your Business?” to understand all 4 levels and establish them in your business.