Canadian online CPA talks strategy in this webinar series on strategic management tools, which has been brought to you by Future Balance CPAs. Future Balance CPAs have a passion for all things small business and start-ups! Our desire is to help you plan, build and balance your business.
A summary of this webinar on strategic management tools:
Strategic management is the continual process of analyzing, deciding and acting.
1)Analyzing- this requires a big picture look at a variety of external and internal variables that affect your business. You must then be able to hone into the core issues. For example, lets say you were a record store owner in Canada just a few years ago. Through analysis and an honest assessment you may have concluded that the record industry as a whole is falling on tough times due to the digital revolution.
2)Deciding- is knowing how to deal with your assessment. This means that you must come up with a course of action that includes your business’ unique vision and mission as described in the first webinar, and any unique advantages your business has over competitors. Back to our record store example, you may diversify by leveraging existing suppliers to start selling other products like musical instruments or fan ware. Alternatively, if the business is solvent with strong cash flow at that given moment the business owner may decide to fund another venture and diversify risk.
3)Acting-this step is where the plan gets set in motion. Business owners often get cold feet at this stage. There are many business owners who have a good grasp of their quarterly or annual performance, and if there is a pattern of negative growth then most business owners will ask the right questions and identify the issues. So where do business owners go wrong? Either they don’t identify the right solutions or its easier to just sit back and hope the problem solves itself.
This strategic management assessment is not a one time occurrence. In order to maintain success, you as a business owner need to constantly be applying the above framework.
Try this exercise in your business. We trust that you will find the benefits of having a clear strategy immediately apparent.
Future Balance CPAs is a Canadian online CPA firm.
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