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Start Thinking Strategically About Your Business
By Erica
Olsen Copyright © M3 Planning, Inc. 2005, All Rights Reserved
“You’ve got to think about the big
things while you’re doing the small things, so that all the
small things go in the right direction.” - Alvin Toffler
While we all know it is
important to plan for the future, very few businesses actually
do. Instead of citing the benefits of business planning and
strategic planning, which we’ve all heard, here is a list of
warning signs that indicate whether or not your business has a
clear focus and if you are ready to be strategic this year.
- If someone asked where your
business would be in 2007, you would have to think about it.
If you asked your partners or management team the same
question, you would get different answers. And you would not
know what you are doing in 2006 to make 2007 a reality.
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- Your company will not hit its
revenue goals this year. While there can be many reasons for the
shortfall, you are not sure how to grow the top line. Maybe it is
time to apply the 80/20 rule. Do you know what 20 percent of your
customers contribute the 80 percent of your revenue?
- There are inconsistencies in
your brochure, website, sales collateral, etc. You can’t
understand the content. More importantly, neither can anyone else.
You find you have to explain your business to a potential client.
You are telling different stories about how you provide value.
- You’re ignoring your
competition. You don’t know who your number one competitor is and
what they are doing, who their clients are, what products they
offer, their pricing, or key message points. When your customers
ask you to explain why your company is different, you don’t have a
good response.
- Everything on your “to do” list
is a priority. You don’t know where your time is best spent.
- Friends and colleagues can’t
refer you because they aren’t sure exactly what value your
business provides and to whom. They often ask, “What is it you do
again?”
- When you’re presented with a
business opportunity, you are unsure how to evaluate if it is
something your company should pursue. In fact, you normally pursue
all opportunities just in case you might miss the big one.
- You enjoy what you do, but you
are not passionate about your business. You’d quit everything and
follow that passion tomorrow if you could.
- Your business development
consists largely of attending networking events, but you spend
most of your time talking to people you know. And you rely solely
on word-of-mouth for new customers.
- You don’t know why your
customers buy from you. The majority continue to do business with
your company, but you’re not sure what keeps them coming back.
You’ve never really asked.
- You find your clients
contracting with other companies for services you provide. When
asked, they say they didn’t know you offered those services.
- When you ask your employees what
success looks like, they don’t have a consistent answer. And your
incentive plan does not synch up with performance expectations.
- You complain when your customers
call because you just don’t have time to talk to them. And you
notice your staff complaining too.
- You don’t do market research or
solicit customer feedback because you know your market. You’ve
been in the industry for years and you know customers’ need and
wants.
- You determine your pricing by
looking at your competitor’s prices and discounting slightly. All
your prices are based on your competitors’ offerings.
- You can’t articulate what your
company does best, but it is a good point of discussion at the
Christmas cocktail party.
- When asked why you are in
business, your only response is profit.
Sound familiar? Maybe it’s time to
get serious about your business and get focused. Having a strategic
plan and, therefore a succinct strategy, brings clarity and focus to
your organization. It ensures your time, resources, and actions are
not wasted. If every part of your organization is not pointed in the
same direction, you’ll end up going in circles – frustrating
yourself and your employees. Why not get strategic and make this
year your most successful year?
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Erica Olsen is VP of Marketing of
MyStrategicPlan, a web-based strategic planning system for small
businesses. MyStrategicPlan.com helps entrepreneurs build and
execute their business strategies through a cost-effective,
do-it-yourself solution. With our web-based process, companies can
build their strategic plans quickly and efficiently, leading to
increased organizational focus and business growth. http://www.mystrategicplan.com
She is also an instructor and a writer.
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