Research from The Alternative Board shows that the average business owner spends approximately 68% of their time working in the business—managing day-to-day operations and resolving issues—and only 32% working on the business, such as long-term planning and strategy.
For a business to grow sustainably, it’s essential to dedicate sufficient time to strategic thinking and regularly revisit your overarching business plan.
Key areas to review in your current business strategy:
- Test your financial assumptions and cashflow forecasts
Conduct scenario analysis to assess the potential impact of adverse conditions, such as increased input costs or wage pressures. Update your budgets accordingly, identify non-essential expenditure, and set clear targets for maintaining healthy cash reserves and working capital. - Reassess your customer value proposition
Confirm that your customer value proposition (CVP) continues to meet the evolving needs of your target market. Consider refining your product or service offering, developing premium options, or investing in deeper customer research and development initiatives. - Diversify your revenue streams
Explore opportunities to expand or adjust your product and service mix. Reducing reliance on a single source of income can enhance business resilience and lower overall financial risk. - Align people and resources with your growth objectives
Evaluate whether your current team structure supports strategic growth. Investing in targeted training and professional development can strengthen internal capability, while outsourcing specialised functions can help address skill gaps and capture emerging opportunities.
If it’s been some time since you last reviewed your business strategy, now is the ideal moment to act. Our team can assist you in reviewing, refining and implementing a comprehensive plan to drive long-term growth.
