With Q3 having commenced, it is time for companies to start deliberating and formulating next year’s strategy. What exactly do you need to plan for? Strategy planning involves identifying new markets to enter and existing markets to penetrate keeping in mind your current fiscal performance, next year industry projects and feedback from customers. Of course, another important factor is your own ambition/aspiration which will play a heavy role in the setting of your target.

A word of caution to those setting targets  – our view is that for small and mid-sized companies, market conditions should not be a huge deterrent because the share of the pie is minuscule. Instead, companies need to see what changes are required in their selling, marketing and delivery to cater to the changed conditions. If we look at it from that perspective, then things appear quite differently and more possibilities will suggest itself.

We have worked with companies who have approached the market with both high aspirations and confidence as well as those who ar every diffident. The ones with high aspirations look at what needs to be done to plug gaps and prepare the organization to achieve their goals. On the other hand, the diffident ones while enamored with the prospect of reaching high targets require a lot of coaxing and convincing to make them believe that reaching the target is well within their grasp once they make changes.

So, in this context, a strategy revisit is important and now is a good time to start.

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