Is your startup not working?
You must be feeling on the cusp of giving up.
Well, you are not alone as 20% of new businesses fail within the first two years while 45% of startups shut down by the time they reach the fifth year. And more than 60% of new startups fail during the first ten years.
So if you feel that you may be part of those failed businesses, give yourself a break.
Not getting the expected growth is normal.
Even I experienced failure in some of my earlier ventures. Also, I have seen the downfall of many businesses equipped with great ideas and planning.
Sure, budgeting, resources, money, investments, and targets are essential for the success of your startup.
But they are not a guarantee of business success.
So you need to develop a strategic mindset.
Developing the Strategic Mindset Can Help!
Most readers out there must have imagined meetings at corporate boardrooms when they hear the word “strategy”. Right?
But having a strategic mindset is not all about meetings. It can be developed in one hour and implied over time.
Simply put, a strategic mindset is your time-specific business vision. For example, you set your goals for 2, 5, or even 10 years with relevant metrics. And you can factor in your routine decisions to speed up business impact and progress to achieve your long-term goals.
As your trusted startup consultant in Florida, I, Joshua Paul will guide you on the aspects of strategic mindset and how to develop it for your business.
Having a Practical Approach rather than Following Rhetoric Vision
How do you maximize the growth of your business over the next 5 years?
You must be thinking about launching new products, entering new markets, and increasing revenue. But that requires risk and gut instinct. And it may not be that rewarding.
Having a strategic mindset lets you grow and become more practical. You are not likely to reach your goals today but get a step closer to it instead. You will achieve it over time and on time.
Instead of trying to achieve all your goals overnight, focus on small steps.
For example, you might begin by offering new flavors of your existing baked goods to cater to different tastes within your current market. This approach can help you build a loyal customer base and increase your revenue over time, ensuring that you reach your desired level of success at a manageable pace.
STEP TO DEVELOP A STRATEGIC MINDSET RIGHT NOW!!!
Here I am going to share some easy steps that will help you achieve a strategic mindset. You need to spend only 10 minutes on each step as soon as you tackle it for the first time. The first steps should be taken together so that you can finish in a business week. Repeat the process within a month to get beyond urgency and bring strategy into your thinking.
STEP 1: What is Your Business Vision?
Write down this answer in 1-2 sentences in 10 minutes. Sound specific, but not detailed. For example, you want to become the “reliable real estate agent in the Tampa region”. However, the answer won’t include details like customer lists, revenue, product lines, and targets. Write about your target industry and scope. Share this note with your peers and others. Listen to their responses and ideas. Pick up the best piece of pieces of advice, instead of incorporating everyone’s suggestions.
You’ve got your vision statement.
STEP 2: What Business You Want to Do?
The following 10 minutes will be dedicated to delving into the specifics of your business category. Describe your business, and its operational model, and provide more detail than you did in your vision statement.
It will cover the important points given below…
- Target Audience
- Offerings and Solutions
- Market Reach
- Unique Selling Proposition
- Emphasis on Sustainable Growth and Ethical Practices
- Core Beliefs and Principles
- Technological Advancements
Again, share this statement around to fetch some valuable suggestions from your peers. Besides, start considering this statement daily. Does it go well with your target audience? Is it realistic?
Step 3: Set a Goal
Now write about a specific goal for a specific time frame like 1 year or 3 years. Think about what it takes to achieve it. Do you need market research? What personnel changes are required to meet it?
This will give you a real picture and initial ideas about making it happen. You can also ask for input.
STEP 4: How to Implement Those Goals:
The next 10 minutes will be spent on the ways to implement those goals.
Select one task to implement your goal: contact a trusted vendor to know if things are possible. Or you can set up a meeting with engineers to know their take on feasibility. They are likely to say “no” and ask a lot of questions. Don’t be disheartened.
For any questions that arise, begin by laying out the initial stages of their implementation.
For example, explain the concept and plant the seed in another’s mind.
STEP 5: Track Your Progress:
You’ve reached the stage where you are required to track your progress toward your goal. Market surveys and interviews can be effective tools for that. Tracking and evaluating these activities will show if you are moving forward, or halting somewhere.
Determine a measurable metric for the first step, gather data related to that metric, and evaluate whether you are meeting your set target.
If required, tailor your implementation to your metric. Make sure you do these things 10 minutes.
STEP 6: Reviewing
In the first 50 minutes, you’ve learned about a vision and mission, created a goal based on that statement, implied it, and tracked your action. But you are not done yet. The next 10 minutes will be spent reviewing what you’ve done. Are your vision and mission right?
As you craft strategic goals in support of these statements, have you identified potential enhancements to your vision and mission?
Are your goals feasible? Can you track progress?
So this is how you can create a strategic mindset to get the maximum output from your business.
Hope this blog will help you develop strategic thinking that can help grow your startup. This is Joshua Paul, signing off for now! Stay dedicated. Stay motivated!