Business growth strategies – future proofing your business Workshop by the Christine and Darrell Baker
The Thinking 1. 2. 3. 4. 5.
Where do you want to position yourself in the market? Who is going to use your services in the future? How do you build on your current uniqueness? How do you tap into an income stream that is consistent even during an economic downturn? How do you increase your market share and provide services that complement Optometry?
The Strategy 1. Put your strategy into action with the PESTEL decision making tool, as a new way of business planning 2. Look at Political, Economic, Social, Technological, Environmental and Legislative factors that may influence your growth or success 3. Note everything that you are currently facing, on a Global, National and Internal scale, and whether they are immediate or emerging. These are your “conditions”
Assess Your Appetite for Risk Against the Opportunity Consider a “Risk / Opportunity matrix” rather than the traditional SWOT analysis (Link to attached resource)
Map and Rank Your Conditions 1. Take your conditions from point 2.c. and map them onto the risk / opportunity matrix 2. Rank your conditions on a scale of 1-10 in terms of level of importance 3. Pick the top 3-5 from each quadrant and place them into 4 pillars a. Customers b. People c. Financial d. Process *ensure that you have something in all 4 pillars
Your Strategic Plan • •
Put all the above into a strategic plan Re-visit your strategic plan at a minimum annually (quarterly reviews may be necessary)