With the end of financial year (EOFY) rapidly approaching, many firms will be considering how their business strategies have performed over the last year.

Now is also the time when companies are setting new goals to guide them through the next 12 months, as strategies are devised and targets are established.

Some companies will also be completely revising their business's direction, either in response to the last financial year or in order to better reflect the company's direction. Devising these new strategies will create opportunities for companies to streamline and refine their goals going forward.

If you want to streamline your strategy management so that you have greater control over the direction your company is taking, it might be worth investing in strategy management software. Investing in these products will give you the opportunity to keep track of your most important business initiatives in a highly visual manner, giving you up to date information on your company's progress.

Communication key for new strategy

While these changes are all very valuable, they also run the risk of adding confusion to your business. Introducing new strategies can be very effective, but it needs to be done in a concerted way to make sure that employees are aware of the changes going on within their company.

In fact, a recent study by PoliteMail Software and Ragan Communications found that many organisations are failing to make communication with employees a priority in company strategies. In fact, only 66 per cent of the communication professionals surveyed agreed that communicating with staff was a management priority.

Against this backdrop, it is more important than ever to make sure company changes are communicated effectively to staff at all levels. Finding a mechanism which allows staff to easily access important information about your company's direction can make a big difference to your long-term opportunities.

Getting your strategy right will make a big difference going forward and will allow your employees to understand how your company is moving ahead with projects over the next financial year.