5 Tips to Change Your Business Strategy

Your business strategy is part of your company’s long term plans. Needless to say that if you’re changing the direction of your company, you first have to analyze and evaluate your current situation to determine if a change is truly necessary. Changing your business strategy should be well planned and implemented slowly, step-by-step.

1. Set up your key performance indicators (KPIs) and use them to monitor and evaluate your business operational results like sales volumes, revenues, costs, etc. Performance management skills would help you manage the change of your business strategy.
2. Review your industry standards to know if there are changes that may affect your business strategy, and adjust if required.
3. Research your market and develop new innovative and competitive way of doing business, like online/internet marketing, social media marketing, etc.
4. Get more education and knowledge about business strategy and knowledge and its change management, business plan adoption and adaptation
5. Review and gauge your business results periodically, to assess the impact of your strategy in achieving set goals and objectives.

Remember: You don’t have to stick to a new strategy that isn’t working simply because it’s new and you’ve decided to commit to it. Searching for a better strategy that’s suited to your and your company is a continuous process.

Written By: Christiana Mbazigwe, Duric Business Solutions, Toronto, ON, CYBF Mentor