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Not Meeting Your Strategic Goals? You’re Not Alone

Study Finds Small Businesses Fall Short of Meeting Goals, Yet Express Confidence in Ability to Execute on Strategy

According to a study published by B2B ratings and reviews platform Clutch and reported by MarTech Series (Marketing Technology Insights online magazine), a majority of small businesses (95%) fall short of meeting their strategic goals, yet 77% of respondents say they “are somewhat or very confident in their ability to execute their strategy.”

The study also found that overall:

  • 65% of small businesses achieved at least half their goals in the past 12 months, and
  • more than one-quarter of small businesses didn’t do any formal planning in 2019.

Remarkably, just 15% of small business owners report fully documenting a strategy in the past year and 27% developed no strategy at all.

The article in MarTech Series reports that small businesses tend to create strategies in three areas:

  1. Sales (46%)
  2. Marketing/advertising (41%)
  3. Customer service (36%)

To create a successful business strategy, the surveying company suggests you adopt these 5 approaches:

  1. Set actionable and clear business goals.
  2. Focus your efforts on the business areas that matter most.
  3. Find a mentor to help guide your business strategy.
  4. Draft a formal, documented business strategy.
  5. Follow your business plan, but revise it regularly.

Business Strategy – COVID-19 Quick Tips for Turbulent Times

Earlier this year, just as the COVID-19 crisis began, we reported on an immediate business strategy to protect your business, one that focused on:

  • Realizing “Cash is King”
  • Knowing not to panic while not ignoring what’s going on around you
  • Over communication
  • Sizing up your resources, and
  • Finding ways to play some offense.

Now that things are beginning to settle, take a fresh look at where you want your business to head and how you are going to get there. Having a clear business strategy is important NOW, more than ever. Need assistance? Contact us, we’re ready to help.

 

*Source: “95% of Small Businesses Fall Short of Meeting Goals, yet 77% Are Confident in Their Ability to Execute” published May 19, 2020 on martechseries.com.

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