Small Business Online Accountants talk strategy in this webinar series on corporate strategy, 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 the webinar:
Many small and medium size businesses don’t have a formal strategy and just wing it as they go. This of course is a grave mistake, as strategy needs to remain the focal point at all times- indicating to management where the ship is headed and how to navigate the way. Without an explicit strategy, a ship may be sent way off course and only realize it once it is too late.
As a small or medium size business owner, take some time to ask yourself the following important questions- don’t be shy, grab a paper and a pen- once it’s written down you will already be more committed to your corporate strategy:
- What are the current goals of my business?
- What are my current values?
- What has been my strategy, whether formal or informal, to date?
- What opportunities or problems does our business face going-forward?
A stronger sense of corporate vision, mission and values should begin to emerge.
Vision- where do you hope your company will be in 2 years, 5 years and on-wards. Sales levels, product or industry position, etc. Think big but be practical.
Mission- slightly more challenging to conceive of when compared to a corporate vision. That being said, your mission will be the path to achieve your corporate vision. For example, if you want to be the highest grossing company in your industry your mission may be to increase your marketing budget. If you want to be seen as the luxury brand amongst your competitors you may need to seek out a greater quality product or improve your packaging and branding.
Values- are the underlying framework that will guide your vision and therefore your mission.
Try this exercise in your business. We trust that you will find the benefits of having a clear strategy immediately apparent. Having an articulate vision and mission should help guide your everyday decision making, whether big or small, because you have an objective lens in which to view any new criteria.
Future Balance CPAs are Small Business Online Accountants.
We are your business’ virtual in-house accounting department specializing in online accounting and bookkeeping apps. Did we mention we have fixed subscription pricing!