Now that you are thinking about becoming your own boss or have done so already, there are certain elements of business ownership that you should consider. Along with developing your start-up budget and creating your marketing materials, strategic planning, performance management and customer and market focus are other key elements of your business that will need your attention.
Many may think strategic planning is something done once a year, packaged in a nice binder and placed on the shelf until the next year. However, strategic planning is a blend of art and science. It is pivotal for you to understand how to apply your technical knowledge of your industry and blend it with innovative thoughts and ideas to create strategic actions, i.e., the “how” you are going to reach your clients, market new products, and increase your sales. Through this process, you will gain an understanding of how to leverage your strengths, maximize your opportunities, minimize your weaknesses, and posture against threats in order to achieve your vision for your business. Your ability to master working with a strategic mindset will arm you for better success in a world of increasing change and growing competition.
Key Performance Metrics