The idea that all great businesses start with a great strategy and business plan is certainly nothing new, yet it’s amazing how many business owners still don’t take the time to create one.
This is a huge mistake – it is the business equivalent of starting an expedition without planning your destination, your objectives, or the equipment you will need on your journey.You can get more information on business transformation through hoba.tech/the-business-transformation-playbook/
If you are to be successful in business, it’s essential that you have a clear strategy.
There are many ways to describe a business strategy, including ‘big picture’; ‘overall plan’; ‘market positioning’; ‘niche’; and they all have an impact on the way that an organization can change and adapt to a changing market and economy. Consider this example of how this sort of business transformation works in the real world.
If you were running a business before the invention of the car, making quality horsewhips out of leather, then you would almost certainly go out of business if you continued to define your business as ‘horsewhips’ once everyone began abandoning their carriages.
However, if you defined your business as ‘leather travel accessories, the introduction of the car could easily become an opportunity to expand the business, perhaps by adding leather steering wheel covers or driving gloves to your range of products.