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Every new business is advised to create a business plan with a core set of goals that they want to meet. A core strategy is then built around these goals, and this is then followed to some extent by the business in question. However, should you stick to your core strategy through thick and thin, or is it ever a good idea to change the strategy you have in place? Here, Justin Cobb take a look at this and provide some advice.
“It can be a daunting task to craft a business plan”, explained Justin Cobb. “However, it is something that we advise all of our clients to do. That said, we do believe that whilst you should have an end goal that gives you something to aim for, the way that you reach that goal can be quite flexible. If what you initially aimed to do isn’t working, then there is no harm in having a rethink and seeing if perhaps a different strategy would work better”.
Chris Zook, the author of Unstoppable, has a similar point of view to Justin Cobb. In fact, his book examines the best times to revise your core strategy in order to make positive changes. Based on the statistical findings of several studies, Zook found that there are a few instances in which a core strategy may have no option but to be altered. These include new technologies causing a direct threat to the company, a company losing its uniqueness in the industry, and growth figures that have plateaued.
“It’s vital to understand your core business” explained Justin Cobb. “By having an in depth knowledge of how your business is running, what your data and analytics mean, and what is happening in the industry, you can see how well your business is performing and whether you are getting any closer to the goals that you have set for yourself. If a marketing strategy isn’t bringing in the results you had hoped, take a look at what you can do to see an improvement. If your sales figures have plummeted, see if you can work out why and then create a strategy to improve them.”
Whilst it’s vital to have a strategy in place, businesses should never be afraid of making changes to see better results in the long run.