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Strategy Considerations For Technology SMEs

What do you need to consider if you're a technology SME developing their strategy? Let's find out...🤔

  • Lucidity
  • 3 min read

We see two types of Tech SME businesses on our travels. Businesses that make things happen and businesses that have things happen to them. Arguably the last 10 years have been about cloud, social and mobile. The next 10 years are AI, blockchain and IoT. So there's plenty of oportunities that things will happen to you if you're not on the front foot.

There’s a very clear divider for us – the businesses that make things happen have a strategy.

  • They have a vision
  • There are strategic objectives
  • There are some targets and timelines against these priorities
  • Who owns what is clear
  • The CEO knows what the strategy is, the managers know and the employees know. It’s been communicated
  • There is regular monitoring & follow up as to how things are progressing
  • Results get delivered
  • The team makes good things happen
  • People are happy 😃

On the flip side the businesses without a strategy ...

  • Aren’t really clear on where they are heading
  • We get more than one answer about the direction of the business which is even more troubling
  • There’s a lack of reason for being in existence – and wow doesn’t everyone feel it!
  • What’s important – strategic objectives – are not clear so scarce resources, time and energy are spent on things that are not important
  • Goals are missing or ambiguous so no one is really sure of progress and whether to celebrate or panic
  • Ownership and accountability were never made clear so no one is completely sure who needs to act
  • A CEO may talk about a growth strategy but ask a manager / employee and it’s a different story as no one has had an update for a while
  • Things may get looked at once a year
  • Results don’t happen...
  • ...bad things do!
  • It’s not much fun 😦

It really, really isn’t rocket science yet only 1 in 20 SMEs has anything like a strategy.

This is all so, so easily fixable. It really is.

So here’s a few practical things for technology SMEs, or any SME really, to consider to take the easy steps of getting your strategy together. It’s not hard nor laborious. At least not in our experience. And the feeling & results of getting some good practice in place are fantastic.

Ask yourself these questions and then act on what we think are the obvious actions:

  1. A stranger in a lift asks where your business will be in 3 years time. What’s your answer? The stranger turns to your colleague and asks them the same question. Is their answer the same as yours?

  2. When was the last time you or someone in your business examined what’s going on outside your business in a structured way? Did they consider politics, the economy? What about society in general? Technology? Changes in law? And we can’t ignore the environment.

  3. When you compare yourselves against the competition, what’s the killer difference between your businesses? You know, the one that means you always beat them.

  4. Do you know which of your products provide the most profit? Sure?

  5. Do you know which customer type provides you the least profit and most affect the happiness of your employees? (& not in a good way)

  6. What are the 5 most important things going on in your business in the next 12-24 months? Do finance, sales and service all agree on those?

  7. How will you know when you’ve nailed those 5 things?

  8. When was the last time you explained to every employee how close you are to getting those 5 things done?

  9. How happy were your customers in the last customer satisfaction survey that you did?

  10. When was the last time you hired an absolute star, because in the interview you laid out an incredibly exciting future for them?

Answering these few simple questions can help you rapidly get a sense of where you are against basic, strategic good practice.

Make things happen, don't have them happen to you!

Get in touch if you'd like more help.

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