Strategy - it's not just for corporates

Many SMEs run for the hills when they hear the word strategy.

That's hardly surprising. For many business owners it conjures up images of thick reports, five-year plans, consultants' presentations and long workshops that produce plenty of discussion but very little action.

Yet I've never met a successful business owner who didn't think strategically.

They may not use the word "strategy", but they know what they want to build. They know the kind of business they want to create, the customers they want to work with and the direction they want to take.

The problem isn't a lack of strategic thinking. The problem is finding the time to step back from the day-to-day noise and turning those thoughts into consistent action.

Every day brings another customer issue, supplier problem, staffing question or unexpected opportunity. Before long, you're spending almost all your time working in the business and very little time working on it.

That's why I don't believe most SMEs need a traditional strategic plan. What they need is a practical growth plan. One that's affordable, focused on the next few years rather than the next decade, created by the leadership team rather than written for them, and supported by a simple process that keeps it alive long after the workshop has finished.

Imagine setting off on a road trip. You need to know where you're going, choose the best route, make sure you have the right vehicle and enough fuel for the journey, and then get moving.

Along the way there will be roadworks, accidents and unexpected detours. The original route may no longer be the best one, but that doesn't mean you abandon the journey. You simply find a better way to reach the same destination.

Business is no different. Markets change. Customers change. Technology changes. Competitors change. Your route will almost certainly change too.

That's why I believe strategy shouldn't be about writing a document and hoping the world stands still long enough for it to succeed. It should be about giving your business a clear destination, a practical way of getting there, and the discipline to keep adapting the route as circumstances change.

After all, strategy isn't just for large organisations. Neither is sustainable growth.

Do you think the word "strategy" has become associated with large organisations? Or should every business, regardless of its size, have a practical way of deciding where it's going and how it's going to get there?