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The Power of a Good Strategy - Tips for Strategic Thinkers

The Power of a Good Strategy

Tips for Strategic Thinkers

If you’re thinking of branching out on your own or starting a new business from scratch, you’ll likely be able to find advice most anywhere. A lot of times, that advice will be based on others successes and failures. Hear it. Think about it. Build from it.

It’s no secret the first official step to starting your own tax practice (or any business for that matter) is to develop a business plan. And the best thing to remember when making plans for your future it to think things through and develop a strategy. Become a strategic thinker. Tax professionals are usually geared to look ahead and see that ‘what-ifs,’ so you’re already on your way.

As a business owner, especially an owner of a start-up company, you may find yourself wearing many hats. You’ll be an office manager, a data entry clerk, a maintenance worker, and at times, a food delivery guy on those long, late nights at the office. They call these growing pains. But as your business begins to grow, you will eventually trust others to do day-to-day operations and allow yourself the time to work on your business strategy. After all, a business plan isn’t done just because the welcome sign is turned on the front door. Your strategy will develop each and every day because you’re aim of success will be challenged by factors you can’t always control.

So, how do you become a strategic thinker? The kind of thinker that will help insure your company is never at risk? To be become a successful strategic thinker, you need to be able to think analytically, anticipate the future, resolve problems, learn to adapt, and interpret what’s happening. And how do you do that?

Think Analytically. Analytical thinkers question everything. Questioning most, if not all, decisions gains you a competitive advantage because if you take the time to research, you’ll be more equipped to make appropriate decisions. Challenge yourself and your employees, and never stop learning.

Anticipate. Always look ahead. Don’t become too comfortable in your environment. You don’t want your competitors to see you as vulnerable. Plan for the future, and always be aware of industry trends. Think outside the box, especially when it comes to your competition. Figure out what sets you aside and market that. If the industry is making BIG changes, be educated on those changes and network with other professionals so you’re in the know.

Resolve. When problems arise, get to the heart of the issue. The faster you know what caused the glitch, the quicker you can fix it. Always focus on your goals and remove all obstacles.

Learn. It is important to strive for excellence. Request feedback from your clients, others in the industry, and your employees – and encourage honest feedback. The success of your business will thrive on it. If you realize you’re off track, seek advice and redirect quickly. And if you see you’re doing well, celebrate your successes.

Interpret. Lack of information creates an environment open to quick decisions. When there’s a decision to be made, analyze information from several sources, question assumptions, and test several theories at the same time. Find trends from many data sources and figure out which actions will help you meet your goals.

Can you master these strategic behaviors? Yes. Keep your eyes open, seek advice, set expectations, and ALWAYS ask questions…after all it is your tax business, run it with a strategic mind!

 

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The Taxing Subjects staff is proud to cover the latest in tax-industry-related news, from tax law and IRS updates to technology and business strategies. If you have questions about an article or just want to reach out to the Taxing Subjects staff, email comments@taxingsubjects.com.

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