Founder & CEO of Advantagesa branding and marketing agency that connects profit to purpose through performance-focused marketing.
Regular review of your business strategy ensures that you’re never stagnant. Your plans are always relevant and effective, in alignment with the current priorities of your vision and your audience. Most importantly, an adaptable business plan enables you to live out your purpose when you align intention with action. You’ll nurture the ability to adapt to changing conditions to stay true to your purpose.
Be open to adjustments throughout the year, not just progress assessments once before the year begins. Midyear or even quarterly reviews show the progression of your goals and allow for necessary modifications.
Let’s talk about what a purpose-driven business strategy looks like and why you must be ready to review and adjust throughout the year.
Elements Of A Purpose-Driven Business Strategy
So, what’s a successful business strategy made of? There are many moving parts, and these may vary from business to business. But here are a few vital elements that I make sure are always present in my business strategy:
• Clear organizational goals and how they align with the business’s purpose and vision.
• Metrics and measures that are implemented to track and monitor progress.
• Clearly stated roles and responsibilities for teams and team members.
• Effective, streamlined processes and workflows.
• Where resources will be allocated and when.
• Timelines for business goals and priorities.
The key among these elements is purpose. Your business’s purpose must guide your business strategy. Only then will you attract customers who resonate with that purpose and establish a strong brand presence based on your values.
Once you have identified and infused your three keys into your business—your purpose, values and story—you’ll be able to create a more effective business plan each year.
Strategic Adjustments You May Need To Make
You may believe you have an unshakable strategy in place to start your year. And perhaps you do, but that doesn’t mean you shouldn’t revisit it throughout the year. You may have to make various strategic adjustments to keep your goals on track and your goals clear. Here are some examples of those modifications:
Review and Update KPIs to Measure Your Purpose
You already know that key performance indicators (KPIs) allow you to measure success. With facts and data, they show you how close you are to your goals. Remember that the purpose of KPIs isn’t for you to compete with others but to allow you to measure yourself against yourself—to answer the question, “How much more purposeful can we become?”
But you must also focus on the alternative KPIs: key purpose indicators. These metrics tell you how well you’re aligned with your purpose. You must visit your key performance indicators to ensure your three keys remain at the top of your priority list.
When you measure these alternative KPIs, you gain insight into how well your organization lives and breathes its purpose. Is it threaded into each business function? Is it communicated effectively? Key purpose indicators act as a guide for you to improve business performance. And they must be evaluated regularly, sometimes every quarter.
Adjust Goals to Keep Them SMART
Create SMART goals in your business strategy—those that are specific, measurable, achievable, relevant and time-bound. You then set yourself up to reach them. You will measure progress from the baseline you establish with SMART goals.
A good reason to review your strategy throughout the year is to adjust your goals to stay SMART. When you’ve lost sight of how these goals work to achieve your goals, it’s time to review and make changes as necessary.
Respond to Changes in the Market
You must revisit your business strategy when something big changes in the market, such as a shift in consumer sentiment. You need the flexibility to respond and pivot. You must recognize when your forecast is wrong and when you need to make an adjustment to get back on course.
Maybe you uncover a weakness in your initial plan or recognize a new target market that would enable you to reach your long-term goals. If you’re unwilling to take another look at your midyear strategy and fine-tune it, you’ll miss the perfect opportunity for improvement and growth.
Unlock a Purpose-Driven Strategy With Regular Reviews
A midyear strategy review allows your business to stay flexible. As leaders are tasked with more complex concerns every day and the economy remains uncertain, it’s more important than ever to stay adaptable.
Create a dedicated timeline for strategy reviews. Midyear is a critical time to assess and change if necessary, but you will also want to schedule time each quarter to ensure you’re on track to meet your goals. You may need to make ongoing strategic adjustments to ensure your business sticks to its purpose, which must guide any changes you make and the priorities you set.
Unlock your three keys—your purpose, values and story—and you’ll have a road map for any changes you need to make to your annual business strategy. When you nail down your purpose first, everything else follows. Your three keys give you a foundation to turn to when you’re faced with a hard decision. They are reminders of why your business started and what your vision is for the future.
Annual strategy alterations come about from changes to the industry, shifting customer sentiment, performance metrics and other unexpected shifts that you didn’t see coming. That’s why you need a plan in place for ongoing review—and you must not be afraid to pivot.
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