No one said creating a business strategy is easy. The direction you take and the choices you make play a huge part in future profitability and, ultimately, your success.
Without a crystal ball, forming a strategy can be like trying to find the door in a large, pitch-black room; however, by using information correctly, business leaders can switch on the lights.
Information flows through every business – today more than ever. If you’re able to find the most insightful data, developing a successful business plan is quicker and easier, giving business leaders more confidence and conviction over the direction they are driving the business.
Here’s why true information management should be top of the agenda before a strategy is even considered.
Choosing your strategy
As you know, a strategy can take your company in polar opposite directions. You may have a mind to grow the business and take on more physical assets and employees with a merger, acquisition and recruitment drive. Perhaps you are even aiming for globalisation to reach a broader audience. Conversely, your business plan might be one of retrenchment to keep down overheads and focus on what you do best.
You may also be looking to gain a competitive advantage on your closest rivals, diversifying the products or services you sell, or altering your pricing strategy. Whatever your ultimate decision, how do you know that you’re making the right one? You may be surrounded by warning signs that your strategy is wrong, though unable to see them.
This is common in businesses that mishandle their information assets – one of only four a business can call upon, along with financial, physical and human resources. With digital and physical data spread around the business, and more of it flowing in all the time, managing it and separating the useful from the useless is an integral task – though not an easy one.
We aim to take the difficulty out of the whole process, to the benefit of your overall strategy.
What Experience Matters does
Experience Matters is a firm of experienced advisors and passionate practitioners dedicated to using their knowledge to help organisations of all kinds turn their information into assets that drive business value and success.
Our experts advise governments, commercial companies and not-for-profit organisations, assisting them in using a business’s existing information, data and knowledge resources in the best possible way. This generally involves creating effective information governance to stop the mismanagement of these crucial business assets.
With the right structure in place, a business can start realising real data value, starting with the key decisions leaders have to make. By accessing the useful data found inside and outside of the company, it’s easier to analyse the market and choose the best course of action.
With this data management structure established, a number of other benefits become possible, including:
- Increased staff productivity: Employees can find and use the right data quicker;
- Implementation of new technologies: Ensuring your hardware and software upgrades rely on effective information;
- Streamlined compliance: The right documents to prove compliance can be found quickly;
- Improved risk management: Much like how information can be used for strategic insight, it’s also easier to spot risks;
- Profitability: All of these benefits work to make business more cost-effective, while providing a better, smoother service to clients.
Ultimately, as well as helping to form the basis of a good business strategy, these advantages create the foundation for finding success in your chosen business plan.
What to do next
If you’re searching for the right information to develop the right business strategy, our team is available and ready to help. Contact us for a tailored plan on reaching your business goals.