Sticking to Your Strategy

Creating and sticking to a strategy can be challenging in a volatile market. Failing to do so often results in a short-term focus that prioritises quick financial returns at the expense of long-term value.

To ensure success in this environment, there are several “must dos” to follow:

1. Know your position by conducting a business health check. This analysis will provide an overview of your operating performance and identify potential issues, helping you understand your risks and capacity to develop.
2. Identify the measures that will provide the best insight into your business performance based on your position. This information will enable you to make informed decisions quickly in a volatile market.
3. Be prepared to make quick decisions and take the first mover advantage. If you know your position and have the necessary data, you have the tools to identify opportunities and mitigate risk.
4. Don’t rely on a single opportunity. COVID has demonstrated that circumstances can change and it’s crucial to be adaptable and open to new opportunities.
5. Understand your end game, whether it’s building a family empire, achieving fast growth and sale, or sustainable growth for a retirement plan or public listing. Your progress toward your goal impacts your structure, focus and decision-making.
6. Document your strategy by breaking down your objectives into measurable outcomes and timeframes. This approach will help you stay on track and make management meetings more effective. Remember, simply knowing your strategy in your head is not enough.

Make an appointment

To discuss your business plans and strategy contact PPT on (03) 5331 3711.

DISCLAIMER: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.