Does your company have a business strategy? If it’s a startup then it’s critical to set your objectives at the beginning and as close to launch as possible. There are various reasons but here are some of the results of not taking that step:
1. No strategy
If you don’t create a written business strategy then your company might have a “plan” but it won’t be in writing. Why does this matter? If that’s the case then there’s the possibility of many problems. For example, your company won’t have a clear vision about where the company is going.
This can create a lot of problems. In particular there will be issues because it will be tougher to have goals and objectives. They might exist but without putting them in writing it can cause a lot of issues that can affect your company’s sales, profits, etc.
2. No goals
This is another potential problem if your company doesn’t have a business strategy. Goals are critical for any company. There aren’t too many companies that don’t have informal goals.
That’s not good enough. It’s important to put them in writing. That will give your workers, investors, partners, etc., the chance to see a written record about what the company hopes to achieve.
Again, this isn’t to say that a company can’t technically have goals. The key is to put them in writing. That in turn will make it easier to have something to aim for.
3. No objectives
Like goals, your company could have informal objectives but if they’re not included in the business strategy it will be more difficult to focus on them. This is somewhat related to goals, but is less about specific end results and more about what your company is generally trying to do.
This is an important aspect of any company. It helps to define why the company is in business to begin with. It’s not enough to say it’s just trying to make money, turn a profit, and so on.
A company should have clear objectives and it’s better when they’re in writing. This gives the company a document to review and it serves as blueprint for what the company hopes to do after launch.
4. No vision
Part of the business strategy is creating a vision for the company. In other words, how does it see itself in the future? This is another important component of any company. It’s important to have view of where it wants to be 1, 10, or 100 years from now.
Like other components in the strategic plan it’s possible for your company to have a vision about where it wants to be. That said, it’s better to put it in writing. This will serve as a guide for your company. It’s important for the company to think about the future and explain exactly where it wants to be at that time.
These are just some of the results of not setting business strategy objectives when your company is founded. Be a company with a plan!