UWR 031 Strategy hopping

In today’s episode, I’m speaking about strategy hopping, so let’s dive in. Over the last year, I worked with a client who was addicted to strategy-hopping. They decided a strategy for their business. They decided times of launches, what they were going to promote when, what they would be selling. And then two months later, it completely changed. Okay, that’s not so much of an issue. Businesses pivot for very good reasons. So, we worked out a new financial plan. All good. But two months after that, it completely changed again. A completely different strategy again. And it went on and on like this. The result, not hitting anywhere near close to the revenue that they wanted to hit for the year.

And worse than that, since their people plan was not in support of their strategy, since that changed all the time, and their marketing plan couldn’t align with anything either, it meant they were spending way too much money in their business and their business was haemorrhaging cash. Because there was no clear strategy that was executed. Nothing to pin the direction of the business on, nothing for the team to focus on. No clear leadership at all from the business owner. As we speak, this business is failing fast because of the flip-flop strategy that is still happening. They still cannot have a clear direction and stick to it when it comes to their business’ strategy. Like I said, it is not a problem to change strategy if one of the things you’re employing is not working. If your current strategy is not aligned to your vision then 100% you should be changing that strategy.

If your business model is not working for you then it needs to be changed. If your people plan is not working for you then it should be changed. The issue comes to when you don’t just decide on a strategy and stick to it but you’re changing it every few months. And the business I was describing was not a startup either. They are a seven-figure business. This is not an issue related to newbies. This happens often with seasoned entrepreneurs. So, don’t think that you are immune to this if you are a seven or eight-figure business owner. I see strategy-hopping all the time happening at that level too. And it’s bringing businesses to their knees and it is such a terrible, terrible shame.

The thing that is lacking with strategy-hopping is follow-through, sticking to a plan you put in place and delivering on that plan. The strategy needs to be clearly communicated to your team. And then the matrix put in place so that implementation of that strategy happens, both by your team and by yourself. A clear strategy and follow-through is something I am incredibly passionate about. Because without it, our business is like a rudderless ship. And we cannot have a business in service of our vision or that fully supports us and our families if we do not have a clear strategy that everyone is aligned on and everyone is heading towards. Having no strategy is ultimately the road to failure. Please, please don’t let that be you. Get really clear and follow through. I hope that this episode has been useful for understanding a bit more about why you want to avoid strategy-hopping.

Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pockets.


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About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.