Contact Us

X
Department to Email:

Not Meeting Your Strategic Goals? You’re Not Alone

May 20, 2020 Advisory

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.

Recent Insights