Time can be a very costly resource if used incorrectly. You know how it goes — the daily todo list gets bogged down by details, unexpected problems and time suckers that distract business from the bigger picture. Before the business owner realizes it, his eye has wandered away from more important activities that lead to profitability and growth.
Another challenge is the natural tendency for a person to spend time where he is most comfortable. With a long to-do list, who doesn’t want to check off the things they can do the best — and the quickest? But what if those things are not the most important to advancing business goals? For example, perhaps diving into succession planning really should come in front of reviewing a quarterly report.
Business owners can avoid issues and capture opportunities with a well-oiled strategic plan. While addressing a short-term need might help the business save a dollar today, spending time on
strategy and growth could help it earn threefold tomorrow. Most strategic plans address — either directly or indirectly — an organization’s profitability and financial well-being. They should help the business run better, more efficiently and more profitably. The important thing to remember is to not let the strategy live and die with the planning process or the plan itself. Implementation and constant accountability are what is going to keep the business owner’s eye toward the bigger picture and keep moving the needle.
Larry Fredette is VP of Treasury Management, Arizona, at Enterprise Bank & Trust.