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Preparing Your 2017 Business Strategy

How to make 2017 a successful year for your business

16Nov

With 2016 coming to an end, it's time to roll up your sleeves and start preparing the business for the upcoming year. In 2017, disruption will continue to pose a threat to incumbents, so companies must ensure agility is incorporated into their strategy and across all corporate levels. Here are some of the most important strategies you will need to incorporate in order to enjoy a successful 2017.

Set Goals In 2016 To Faster Execute in 2017

It's critical to start planning your 2017 strategy now, because on January the 1st, it'll be too late. A good plan takes time to create, and in order to avoid unnecessary stress and last minute amendments, all actions must be planned in detail and product needs outlined in advance.

Once everyone is back to the office from their holiday breaks, it's important to prioritize goals and their completion - execute the most important ones first, and maintain the key metrics and performance indicators that you've set during strategic planning in 2016.

Planning in advance is the same as sowing seeds at the right time - too early or too late won't bring anything but disappointment, regardless of how bright the vision of the future is.

Incorporate Agility Across All Departments

Agility is vital as it allows businesses to continue growing whilst protecting their valuable assets from disruption. To integrate agility across all strategic efforts and to meet the demand of changes in corporate culture and the external environment, incumbents must recognize how you can learn from it.

Decision-making is among the most important qualities to learn, but it must be of the right type. From C-suite to entry level employees, all must develop fast reactions to the warning or opportunity signals.

Embrace global capability model to show your team that nothing is impossible. Start with outsourcing the budget for your team’s training needs, including the global curriculum which can open corporate minds to the realities of the globalized world, and help them to understand how to act in the environment of a continuous change.

Agile training across multiple departments can ease management processes as the team can grow familiar not only with the set targets, but they can also acquire a deep understanding of a company's vision, and learn how to better prioritize what's truly important for the business.

Let Employees Contribute To Strategic Planning

Even though it's the C-suite who sets the tone for a business strategy, employees are the ones who practically make the execution happen. So why not let them participate in strategic planning processes too?

If the top-down and bottom-up communication is in place, strategic planning is more likely to bring results. This creates transparency within the company, and all ideas are welcome and taken into consideration regardless of the job titles. Often, companies struggle to execute strategies because they lack the fresh vision of the industry and business operation. Thus, it's worth listening to what employees have to offer. Participation can be in forms of feedback surveys, focus groups, and face-to-face meetings.

Don't Focus On Growth Just For The Sake Of It

Every new year is the start of a new chapter, so it's important to look at it from a positive angle associated with opportunity, rather than treating it as another round of challenges. The same is true with growth, as the way a company focuses on growth determines the end result.

Avoid treating growth as the only way to survive as, although growth looks good on graphs, companies can get into trouble when they grow too fast. The inability to keep pace with the business expansion, product line, and management can cause serious complications and devalue the good meaning of growth. By making sure your 2017 strategy is in place in advance, if revenue and earnings skyrocket/nosedive, a company will be capable of handling the situation. 

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