A strategic review to boost your business

In this article we continue to examine the subject of a strategic review. However, this week we go into more detail to examine and highlight both internal and external factors that need attention as part of a strategic review. Without these, a strategic review is incomplete.

The following structured approach to strategic review is suggested:

1. The approach must be an inclusive approach.

Remember that you, your employees and clients have a unique view of your business. If you need to obtain a correct, comprehensive and proper view of the performance of your business, you need to solicit feedback from all these stakeholders.

If you as the owner work alone in this process, you deprive yourself of critical feedback.

All stakeholders are looking at your business from different angles. You look at it from inside and your clients look at it from outside. You will definitely see different points of view.

This means you need to allow your employees to give honest opinions or views of your business. Never try to protect yourself. Remember, you are not your business and your business is not you. If you protect it, you are stopping it from self-correction and this will delay your growth and productivity.

2. Review of performance against targets.

The next important thing to ask is, did we meet all our targets? These include the following, but not limited to:

• profitability targets,

• training targets,

• new client targets,

• market growth or market share,

• new markets,

• new products,

• and many others.

You need to check how you ended the year against the set targets. If you fell short, you need to acknowledge it and not play cover up. If you accept where you are, then you can do something about it.

3. Examine the root causes of failure and or success.

Being honest during the stage above, will be critical to this stage.

At this stage, you are asking “why”? “Why did I fail?” This process requires honesty.

You may have many causes that are external factors, but they could also be internal. For example, you might just be a bad leader that is blocking innovation or you are slow to make decisions. You might lack the skilled personnel. You may lack the necessary technology that could help steer and elevate your business forward. Often at this stage, most entrepreneurs hide behind blaming tough and hard economic conditions while avoiding to deal with prevalent internal issues.

4. Agree on solutions and remedies or areas of improvement.

This stage is the turning point in this game. Once you know the root causes, then you can design solutions for your problems.

These may include providing new technology, training your staff, moving the location of your office, introducing new products and services, proper marketing of your business or proper performance management systems.

If your employees know that you do not have a system to measure performance, they might not work the way that they should.

Remember, we said this process must be an inclusive, honest and frank engagement where you obtain feedback from your staff and clients.

In order to help entrepreneurs of Tembisa to implement what we are learning via these articles, I have set up what I call the Joseph Achievers Mentoring (Jam) programme. The programme is based on Joseph in the Bible who rose to prominence despite his background.

I am encouraging all Tembisa residents to join. This programme is aimed at supporting all residents of Tembisa but it targets mainly entrepreneurs, young professionals, university students and high school learners.

It offers a range of support initiatives including career guidance, training and mentoring. Many have enrolled in the programme and receive business management training and mentoring.

I challenge you to enroll for Jam in order to propel your life or your business to new heights.

To register on Jam, send an email to dlalisa.rhi@gmail.com or call the numbers below.

To learn more about all our activities and support programmes, including Jam, visit us at RoyalHouse International Church, 532 Entshonalanga Section, Tembisa.

For more information contact Pastor WTM Dlalisa on 083 395 1165.