5 reasons why your business strategy never works out

5 reasons why your business strategy never works out like you thought

Posted by Nicole Kow on Jan 23, 2017

So you've spent time and energy creating a killer business strategy that you're confident will get you to results you want. You've worked hard to communicate your vision to your team and everyone's on board

It's been three months and you're just not reaching your goals and getting the results you want. Why?

I've got 5 possible reasons.

1. Your goals aren't SMART

Having a strategy without a business goal you'd like to achieve is pointless. Strategies and goals go hand in hand. From here onwards, we'll assume that your business strategy was created to help you achieve your goals.

Are your goals Specific, Measurable, Achievable, Relevant and Time-bound?

  • Specific: Short, concise and clear. Do you know what you want to achieve?
  • Measurable: Can you attach a clear numerical measurement to these goals? How will you know when you've achieved them?
  • Achievable: Can you achieve this with the given resources you possess?
  • Relevant: Are your short-term goals relevant to your long-term ones? Do your long-term goals relate to your business and even personal aspirations?
  • Time-bound: Have you assigned clear deadlines to your goals? Have you given yourself a realistic amount of time to achieve your goals?

If your goals don't satisfy all these criteria, perhaps it's time to review them again.

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2. Your strategy isn't aligned to your goals

This might seem like an obvious statement and something that you would obviously avoid. But take a second look at your strategies again...

Does your strategy reflect your goals? Does it clearly highlight how you plan to achieve your goals? Does it bring you closer to your goals? 

Misalignment can happen when your goals aren't clear, or when you're trying to achieve an unrealistic and large goal. It can also happen when you're trying to accomplish too many goals at the same time.

 

3. Your strategy isn't focused

To remain competitive in a saturated market, you need to have a clearly defined strategy that is focused on achieving one goal at a time. Having a clear focus not only helps you prioritise what actions and tasks to tackle first, it also give your employees clear directions on what to do.

So, my question to you is this: Are you trying to kill too many birds with one stone? If the answer is yes, it's time to sit down and find your focus.

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4. You're not measuring the right metrics

When we talk about measuring the right metrics, I'm talking about tracking actions that lead to a paid booking on your website.

You will find the right metrics to track when you break down the customer's travel journey and identify relevant behaviours that contribute to your bookings. The customer's travel journey starts from dreaming moments to planning to booking and finally, to experiencing the trip.

You want to track the conversions from one moment to the next, and optimise your website to help you achieve the highest conversion rates.

Read more: 5 indicators of growth for tour and activity companies (and how you can track them)

 

5. You have a strategy but no plan of action

Having a map that shows you how to get to a place, but not driving a car to actually get there is a great example of how not to achieve your goals despite having a strategy in place.

Do you have an action plan in place? If not, here are some steps you could follow:

  • Break down your yearly goal into quarterly goals.
  • Break down your quarterly goals into monthly goals.
  • Break down monthly goals into weekly goals.
  • Translate weekly goals into daily tasks to you need to accomplish.
  • Remember to include data collection and performance reporting into your tasks.

Further reading:

Have you seen this happen in your own business? How did you overcome them? Let us know in the comments below!

 

Grow your business in the right direction with clear goals and strategies. Complete these Business Strategy Worksheets to map out your route to success.

Download your Business Strategy Guide today

 
Nicole Kow

Written by Nicole Kow

Having graduated from the UK, Nicole travelled around Europe before joining TrekkSoft's marketing team. She is now based in KL and regularly blogs about her travels at Next Train Out.

Topics: Business advice

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