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Growing Your Business? January is Get Real Month

January 21st, 2015

It’s claimed as Hot Tea month, Hobby month, and even Divorce month. I think of January as Get Real month. It’s time for reviewing your business behaviors. What’s moving you forward? What’s holding you back? Here are three behaviors that top the list:

I’m Not Wired to Sit at a Desk: Some business owners will do anything to evade think time. They’re great at networking and generating ideas. When it comes to thinking through the implementation, they are equally adept at evasion tactics.

I Put Out Fires: I once worked for a boss who felt most productive when putting out fires. When his company was operating smoothly, he would create a crisis that he could step in and resolve. Constantly dealing with crises prevents you from thinking about your business.

I Have to Do It Myself: These business owners are overwhelmed with daily decisions and tasks that others should be doing. Every business owner must eventually face the operational consequences of growth: you can’t continue to make decisions or execute on every detail of your business.

If you recognize these behaviors in yourself, maybe it’s time to get real.

First, make and keep a recurring weekly appointment with yourself to think about what’s happening in your business and prioritize your activities. Figure out which day and time of day you feel most focused and open to stepping away from the daily details and claim that time as your own. Consider choosing a non-office location for your appointment if interruptions or distractions are an issue. Make certain that you’re not substituting office interruptions for distractions in another location.

During your appointment, keep your business goals, opportunities and issues visible. Reviewing a standard list of questions at each meeting can help you to focus.

Business Changes

What needs to change in my business?

Who or what resources do I have to make this change/who are my best change agents?

Whom do I know who can help with this?

Which of m y current activities need to change?

Opportunities and Issues

What can be done right now to help to resolve this issue/leverage this opportunity?

Who can take this action?

What is the most productive use of my time?

What were the top three things I did last week?

How do these things contribute to my business goals and opportunities?

Priorities and Productivity

What percentage of my time did I spend on those things?

What were the least important things I did in the last week?

How could I have deferred or delegated those things?

Then ask yourself the same questions for the coming week.

The most important appointment you can keep is the one you make with yourself. Get Real in January, and you’ll see results in 2015.

Got Goals? Five Ways to Stay on Track in 2015

January 5th, 2015

Several years ago, I visited a friend in London. On New Year’s Eve, we had dinner at a local bistro, and then did something I had never done: we sipped champagne and set goals for the coming year. Not resolutions, but career and business goals. It’s a tradition I continue to observe.

Setting goals is challenging enough – but the real work is keeping your goals from unravelling as the year unfolds. Here are a few tips for keeping your 2015 goals on track.

  1. Document your Goals

The often-cited “Harvard Goals Study” suggests that people with clear written goals achieve more and earn more than those who don’t. Putting your goals into a form that you can review and revise is key to staying on track. Not a writer? Consider developing a visual infographic or mood board to capture the intent of your goals. You can also use goal-setting software tools, such as the ones listed here.

  1. Set Interim Outcomes

Let’s say your business revenue was $5 million in 2014 and your goal is to increase revenue by 30% in 2015. What might that look like on a monthly or quarterly basis? For example, you might set a monthly revenue goal for the first quarter of 2015 that is less than a 30% increase. Chances are you’ll need the first quarter to put processes in place and manage your learning curve as you work towards your goals.

  1. Review Your Goals Weekly

Whether you’ve written your goals down, developed an infographic or loaded them into software, set a weekly appointment review them, assess the past week’s activities and define actions you can take during the coming week.  

  1. Take Daily Action

What can I do – right here, right now – that supports the goals I’ve set? Asking yourself this simple question on a daily basis is a powerful way to keep yourself on track. For example, re-engaging with a lapsed prospect instead of having lunch with a friend you see regularly might be a better use of your goal-focused time.

  1. Benchmark Opportunities to Your Goals

It’s called Bright Shiny Object Syndrome. You’ve set your goals, and then you get distracted by a new idea, or a shot-in-the-dark possibility. When an idea or opportunity surfaces, test it against your goals with the following questions:

  • Does this idea or opportunity bring me closer to achieving my goals?
  • How do I know this?
  • Is pursuing this idea/opportunity the best use of my time, compared to what I could be doing?
  • How will pursing this idea/opportunity affect current projects or initiatives that support my goals?

An update on New Year’s Eve in London: my friend wanted to launch a business in a warm climate near the ocean, and her goal that year was to relocate to a beachfront community. She now runs a successful real estate company in Florida.

Strategy: What the Greeks Knew

September 19th, 2014

The Greeks knew it. The Trojans learned the hard way. From its political and military origins thousands of years ago through the current business climate, strategy – how to develop it, execute it, out-position your competition with it, achieve results with it – is essential to business success. Results matter more than ever to business owners and company leaders, who expect more from the strategy development process than a plan in a binder.

Ask yourself or your team about strategy, and you’re likely to uncover long-held assumptions about the process. Here are two of them:

Assumption #1:  Strategic planning is a logical, intellectual exercise. True, the strategy development process is partly logic-driven, and it’s also very much colored by emotions. Strategic planning involves people – individuals and teams who have a stake in the outcomes. Some may initially see the process in terms of an evaluation of their performance, as a challenge to the ways they’ve become accustomed to working, or as a change that alters how their value to the company is perceived.

The variations on these perceptions are as numerous as the people who hold them. When emotion-based perceptions are not acknowledged, the collaborative benefits and outcomes of strategic planning suffer. Participants can become defensive and competitive. The process can be compromised by hidden agenda, or take on a tone of risk management. These unintended consequences are avoidable. Leaders that recognize and accept strategic planning as a non-linear, often emotional process can make a significant difference in the outcomes.

Assumption #2:  Classic strategic planning is the only valid approach. Classic strategic planning emerged in the 1950’s. Assessment and analytical tools such as SWOT (strengths, weaknesses, opportunities and threats) evolved during the 1960’s and 1970’s. The classic approach can be effective. It’s also one of many approaches. I sat down recently with a company president to discuss his company’s upcoming planning retreat.  When I suggested that the company could consider a range of options in addition to a classic approach, he visibly relaxed and commented, “I didn’t realize we could do this in other ways.” 

The optimal approach and tools for your company depend upon a range of factors – your current business situation and market position, the personalities involved and your expected outcomes from the process. Exploring a range of approaches to strategy development can be energizing, especially if you aren’t aware that you have options. You do.

Strategic planning is big thinking about the big picture. And it’s only part of the story. Developing and implementing strategy also takes continual refocusing on the intended outcomes. Refocusing doesn’t end with the retreat, the whiteboard diagrams and the carefully bound document. It’s an ongoing and constantly evolving process. As the Greeks knew.

Working Hard on The Smart Stuff

June 20th, 2014

Work smarter, not harder.

We’ve all heard the mantra. And when you read it or hear it after a long day, you may wonder if there’s a shortcut or workaround you’ve missed. Is there a cadre of smart people out there that manage to do in three hours what others need eight, or ten, or twelve hours to complete? Is there a silver bullet that they know about?

Working smart or working hard is more than simply working long hours. The smartest business professionals are those who take the time to figure out what their smart work is, and then work hard at the smart work. 

One of the best “smart workers” I’ve ever known was a former boss who had laser focus on his goals. All of Tom’s activity was centered on two things:  Producing results that grew the company, and building positive relationships with the people he interacted with while producing those results.

Tom taught me and everyone else in our business unit to ask ourselves questions. How will this activity produce results for the company? With whom do I need to collaborate or communicate? What effect will this activity have on our customers? My colleagues? Our partners and stakeholders?  Is this the best use of my time right now?

I worked hard during those years I spent in Tom’s business unit – and I’m grateful for all that hard work. I learned to work smarter because I learned to benchmark the value of my activity.

Smarter, harder. It’s not a question of being busy or working less. The return you get on your time is measured in results and relationships. It’s working hard on the smart stuff.

“Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you.”

– Carl Sandburg