Strategic Pitfalls Affecting Business Owners’ Long-term Sustainability
There are five primary strategic pitfalls business owners overlook or take for grant when looking to obtain long-term sustainability for their businesses. These are:
- Business Strategy isn’t aligned with their Company Mission, Strengths, Successful Processes
- Fail to create Standard Operating Procedures and Accountability Measures to Obtain Business Goals
- Organizational Structure and Roles & Responsibilities are not reevaluated for the new strategic objectives
- Hiring/Talent Needs
- Internal Succession of Talent
- Training employees on new objectives
- Ensuring your Business has Standard Operating Procedures (SOP’s)
- Fiscal Feasibility assessed before creating a strategic growth plans or actions
- Rather the strategic goals are just that objectives without proof of historical capability or capital to grow.
- Organizational Processes and Business Operations do not align with Industry Trends or Advancements & Consumer and Stakeholder Needs or Interests
For additional tips on the Strategic Pitfalls Affecting Business Owners’ Long-term Sustainability, watch Connections 4 Success’s vlog below.