Over the last two months, Fahrenheit has shared the shock and awe, reset, and business pivot required by COVID-19 alongside over 100 current client engagements. Across our national client base, we...Read more »
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:
- Sales (46%)
- Marketing/advertising (41%)
- Customer service (36%)
To create a successful business strategy, the surveying company suggests you adopt these 5 approaches:
- Set actionable and clear business goals.
- Focus your efforts on the business areas that matter most.
- Find a mentor to help guide your business strategy.
- Draft a formal, documented business strategy.
- 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.