Startups and small businesses need to be agile to survive and scale in today's competitive market. A BizOps strategy will help you focus on your company's growth and optimize your resources to attain this goal.
Creating a BizOps strategy is not a walk in the park. It's tedious, extensive, and requires you to do a lot of research. This blog aims to give you the "big picture" of creating a BizOps strategy.
What Is BizOps?
BizOps is a shorthand term for "business operations." The concept refers to a decision-support system aiming to provide seamless coordination within different business functions inside a company.
The Importance of Planning for a Company
Creating a BizOps strategy can help the entire team remain focused on the bigger picture while achieving small incremental objectives to achieve the ultimate goal.
Furthermore, it helps business owners identify what's working and what aspects of their business need improvement.
Steps in Creating an Effective BizOps Strategy
Many business professionals create various strategies or methodologies to help optimize their operations. However, the general structure of these strategies is outlined here.
Although creating a BizOps strategy can be done independently, it's still more beneficial to plan and strategize with as many team members as possible. Below are various stages needed to stay focused on goals throughout the year.
Identify the "Ultimate" Goal
When creating a BizOps strategy, it's critical to understand what your team wants to achieve with your plan. This is critical because it will be the pivotal structure of your plan. Everything that will come after will depend on your "ultimate" vision or goal.
Once you and your team have established your team's vision, it's time to break down this goal into clusters of milestones. Think of your milestones as the company's mission. These are larger, more manageable goals that will lead your company to its primary purpose.
Create Realistic Objectives
By now, you need to break goals into smaller, more manageable, and more actionable objectives.
Objectives are more specific and time-bound than milestones. Members can achieve these actionable goals within a few months, and it's easier to measure results than milestones.
Create Steps to Achieve Objectives
Now you have specific, measurable, attainable, and realistic objectives. It's time to plan what particular steps you need to achieve these smaller goals.
For example, your team's objective is to close five copywriting clients monthly. Your action plan should include reaching out to leads daily, networking on social media consistently, and so on.
Put It All Together
After many rounds of planning, strategizing, and researching, you need to put your entire output together. This will become your team's business operations strategy. Your team needs to create a map branching out from your primary goal down to your objectives and your action plan.
Execute and Measure
Once your business operations strategy is reviewed and approved, you must delegate the action plan to the appropriate teams and members.
Once the plan is ongoing, you can start monitoring for results. There are two techniques for measuring outcomes: OKRs and KPIs.
KPIs or key performance indicators are usually represented with a value (e.g., reached 100 leads monthly). In contrast, OKRs or objectives and key results focus on the area of improvement (e.g., leveraging social media to attain more leads).
Creating a business operation strategy can take weeks or even months. But, this is necessary if you want to scale your business. A BizOps strategy developed by the entire team will ensure that everyone is involved and motivated to achieve the company's goal.