Road Testing Your Business Strategy - 3 Things To Consider

Developing, testing, and refining a successful business strategy is no easy feat...

For SMEs, there are several things to think about, beyond the usual competitive analysis and value propositions.

The process can be time-consuming and frustrating, but sticking to a few fundamentals will be worth the effort.

> 3 things to consider in your business strategy...

?WILL IT INCREASE COMPANY VALUE?

Making the business more valuable is a key responsibility of any shareholder. Business owners who work at the operational level in their business, often lose sight of this goal.

From an exit strategy point of view, focusing on what increases the business valuation is critical. Not just the obvious things, like a healthy balance sheet, but creating additional value through building non-tangible assets and establishing a business that can function without its owners.

? SCALE

It's not just a question of understanding the overall competitive landscape, but figuring out the best course of action to deliver success and achieve sufficient scale within the sector. But the answer is not always about making internal changes - and this is where M&A can play a role for SMEs.

? MEASUREMENT

Sounds obvious, but without clearly defined KPIs, it's impossible to measure the effectiveness of the strategy. Clear and simple metrics will not just help your business identify issues in the first place, but enable swift action, to resolve the issue and get results.

#SME #M&A #business #strategy