Why strategy should be your New Year's Resolution

If you haven’t done so already, now is the time to switch from survival mode into strategy mode.

While 2020 has certainly gifted us more than its fair share of challenges, January 1 beckons and with an opportunity to do two things:

1. Pinpoint where you want your business to be 12 months from now? Five years from now? In 10 years?  
2. Put a strategy in place to get there.

Now’s not the time to flatline, idling in neutral after a difficult year. Now’s the time to think strategically, plotting a course of action to achieve a long-term aim.

Often driven by the Chief Financial Officer (CFO), business strategy typically encompasses all aspects of your business, from sales, marketing and production, to R&D, finance and HR.

How can you leverage your people, your IT, your services or products, and new markets?
What actions, thoughts, policies, ideas, resources and investment might be needed to help you achieve your goals?

How can your strategy help you work smarter, not harder?

Imagine, for example, you decide to invest in new technology to bring greater efficiencies. Those efficiencies free up more of your time. That’s not only more time to spend working on your business (as distinct from working in your business), it’s more time for that morning surf you know would be so good for your mental health and work-life balance.

In a nutshell, developing a strategy is having those conversations about today and tomorrow; talking about where you want to take your business, what needs to happen to get it there and how life might look along the way.

If this all sounds easier said than done or you forgot to add a CFO to your Christmas list, help is at hand.

Our Virtual CFO service is designed to act as an extension of your business.

You get all the expertise of a CFO even if you can’t afford to hire one.

Here are 10 benefits of our Virtual CFO service:

1. Independent point of view, helping you step back to see the bigger picture.
2. Insights into what your business is doing well and how it could do better.
3. Holistic view of your business, helping you connect the dots.
4. Powerful insights from other businesses.
5. Help prioritising, breaking strategy down into manageable steps.
6. Access to business growth tools.
7. Deadlines to hold everyone accountable.
8. Strategy and planning meetings.
9. Annual cashflow forecast and management reports.
10. Offered as part of our Platinum Business Bundle.

To find out how BON benefited from our Virtual CFO service, take a look at the testimonial on our website.