Strategy the Nuts and Bolts

A small business with a strong sense of identity, knows who it is and where it is headed.

Its strategy may be a simple matter of “nuts and bolts”, so simple it can be written on a serviette or the classic “back of a cigarette box”.

Yet without this basic strategic framework any small business is much like a rudderless boat in a storm. No
matter how sturdy the craft it has no direction and will end up wherever the wind and currents send it!

A good strategic plan will create synergies both internally and externally and this increased momentum and energy will provide positive direction attracting both customers and alliances, which are essential to sustainable success for small business owners.

Bring your team together, use data already available within your business and brainstorm “what if’s” around new, cost effective way to create awareness, interest, desire, trial and conversion in your product or service.

It doesn’t have to be complex. What makes a good customer for you? What problems do they have that your product/service could solve? Where can you find these people i.e. where do they “hang out”? How can you get your story across in a way that has them listening e.g. what benefits can you offer in order to solve their problem?

Having answered these questions you’ll be able to allocate tasks against an action plan, track progress, monitor the budget and measure the results.

Success is achieved when the plan is used to breathe life and purpose into the business activities undertaken and exceptional success is found when the plan is revisited regularly all through the year, tweaking and amending until your individual success recipe is found!

Use TheSmallBusinessStrategicToolbox.com to assist you in determining your unique selling potential, bottle your small business’s individual character and decant it liberally to outclass your rivals.

The ‘NO’ Strategy

THE ‘NO’ STRATEGY

We have all met someone in life whose default response to requests is a flat and unemotionally delivered no.

We often think of these people as having disagreeable personalities with little interest in voluntarily assisting other, be it individuals, communities or charity projects.

If you are a good team player who would normally co-operate and compromise, putting others needs before your own, this blog is for you.

We cannot, and must not, be all things to all people and certainly will not get ahead if other people’s agendas always come before our own.

‘No’ as a response can be used very effectively but you need to learn to be comfortable using it.

Whether you need to buy yourself time to think clearly, block or delay a negotiation process or simply enable yourself to focus on a task at hand, it really is a good ideal for all small business owners to learn to say ‘no’.

If a Yes does not meet your own predetermined criteria (i.e. it will serve an identified purpose for you professionally or personally) you should be comfortable saying No. Particularly when a Yes will not facilitate growth, increase your network, provide spin-off, fit your budget or enable you to achieve a goal.

The question that begs asking of small business owners then is ”Why do we still find ourselves horridly uncomfortable saying ‘no’, to the point of finding it embarrassing to do so?”

Could it be that many of us want to be accommodating and agreeable so that others like us better? Do we feel others needs are more important than our own? Do small business owners want to be so accommodating that our Yes’s often have negative impact on our businesses but we say Yes anyway just to feel needed?

Be aware that repeatedly saying Yes to satisfy others’ needs is often a lifetime habit that can diminish your soul or essence, the core from where your personal power resonates. There is strength in refusal.

When you say No you feel confident because you have clearly identified goals and have the strength to focus on them until they are achieved, not allowing yourself to be distracted by anyone who asks nicely.

For the recipient a ‘no’ can be a sign of rejection, which will make them feel bad and they may very well withdraw their alliance. However, remember that when this happens you must be alerted that the individual is clearly not understanding your big picture and needs to be gently tethered back in line with some guidance and gentle discussion. No can reveal areas of vulnerability which need attention. This in turn gives momentum to a highly productive process.

Saying No is critical to success and easy to do when you are working towards a formal Strategic Plan for your business. It’s so much better to say No when you have clear reasons. Instead of being seen as obstreperous you will be seen as focused, confident and driving towards success. And, after all, isn’t that how you would like to be perceived?

To find out more about a practical step-by-step Strategic Programme for small businesses visit TheSmallBusinessToolbox.com now!

Goals in Strategy

Goal setting is a necessary and critical aspect of any strategic plan and developing your strategic plan is a process that requires both introspection and vision. Setting goals is the bridge between dreams and reality and they must be tangible and realistic to avoid frustration and disappointment.

Simple goals are definitive and historically elicit a better success rate from the implementation team. Specific targets give staff a clear sense of purpose, eliminate confusion and minimise distractions. By including staff in the discussions and goal setting process you increase your success rate 10-fold and build a strong and committed team along the way.

Seek consensus on achievable expectations from the ground level and discuss different methods of committing to goals and implementing the action plans. Incentives, beyond any usual bonuses or commission structures are a great way to challenge comfort zones and stretch the boundaries. Aim to inspire your staff, not necessarily with monetary incentives but perhaps some time off or even just a simple and sincere thank you!

Allowing the goals, which are typically managerial decisions, to evolve through discussions with employees builds a sense of shared work, common goals and team rewards. In turn this builds a sense of accountability and responsibility, which your customers will reap the benefits of by way of improved service levels and you, of course, will see the impact on your profitability.

Good communication between staff and employer aligns the team to the corporate mission. Persistence is the key to living the Strategic Plan and later revelling in the rewards. For a simple step-by-step guide to Strategic Planning visit TheSmallBusinessStrategicToolbox.com today.

Initiating a Strategic Plan

We recently shared with you a mindset that may be useful when developing your strategic plan and on a more serious note we’d like you to consider why devoting time and energy to this exercise is one of the single most productive things you could do today to make a difference in your business.

Often strategy documents are drafted with enthusiasm but then as the year goes by rarely refer to it and then we get to the end of the year and the reality of what’s been implemented bears no resemblance to the original plan.

Strategizing well will allow valuable thought, reflection and creative thinking around how to provide your clients or customers with what they need most from you.

And, while strategy styles vary from business to business, aligning what you do to where you want the business to go, is the only way to achieve results.

Some strategies may be conservative while others can be as flamboyant, creative or off-beat as your industry will allow and your personality is comfortable with.

Challenge all comfort zones within your organisation and involve people at all levels, most especially those at the top. Management must be kept fluid and open to change so that those down the line can embrace the changes believing they are achievable.

Ultimately whether your strategy is academically good or bad is not the issue. The real issue is do you have a plan for your business at all!

To find out more about a practical step-by-step Strategy Programme for small businesses visit TheSmallBusinessToolbox.com now!

February Financial Year-End?

February is a fabulous month with signposts along the path reminding us to live better and love more. With summer now well and truly upon us we can all look to the sunshine and warm days to find optimism all around us. Isn’t it time to steal your share?

For many February also brings in a financial year end and this is a time for assessing achievements and planning targets and goals for the next fiscal.

As one financial year draws to a close the stepping stones need to be laid to lead your small business to the destination you want to be a year from now. Choose to adopt a positive mindset and chart your own course.

This is the key to developing a business strategy that will have you seizing opportunities with gusto and making 2010 your best year yet.

Yes, 2009 was a tough year for many and you may well feel scarred from the lack of activity in your industry or sector. However, with the blank canvas that is the year ahead it is important to review last year’s activities, failures and successes, acknowledge the lessons learnt and move forward towards a more successful new financial year.

Globally, economic shifts have left entrepreneurs spinning. Now more than ever the business strategy you commit to for your financial New Year must give cognizance to all the practical knowledge you have acquired, take traditional business guidelines into account and rock with chutzpah!

To develop a business strategy that will have you taking the profits off your competition and growing your own debtors book visit TheSmallBusinessToolbox.com now and find out about an easy, practical, step-by-step programme that will have you smiling all the way to month end.