Wednesday, November 25th, 2020

Does Your Business Have a Clear Strategy? (Part 1)

By Natasha Golinsky on Aug 18 2011 • Filed under Business

Successful entrepreneurs have a clear business strategy (Photo: John Evans)

Did you know that 77% of leaders have no concept of how to develop a clear business strategy? I read recently in the amazing book Dive Deep that entrepreneurs are primarily trained to improve the skills of customer service and marketing without investing any time in the skills of strategic thinking, strategic planning and then strategic action. The results: lack of direction, flat profits, and little to no influence on their target market.

After working with many clients who lacked a strategic plan, I identified that there are five parts to becoming more intentional in your company’s approach:

1. Sweet Spot

What is your business’ sweet spot? How do you want to differentiate your company from that of your competitor? Have you identified a niche market you desire to serve more than any other market? A great piece of advice I read from Seth Godin’s book Bootstrapper’s Bible is to not try to do the same thing as your competitor but to study what they do and then dramatically improve upon it thus separating yourself from your competition.

2. Simplify

What do you have going on that does not support you accomplishing your main goal? To have many projects simultaneously going on is a terrible business objective. Pick the project that will create the most desired results and then pour all your resources into becoming the best in your industry at that one specific thing. Do not multi-market yourself. People want to buy from the best so focus on becoming the “it” company for that one particular thing and scrap the rest.

3. Support team

Who is your key in-house support team that is a part of making business decisions? How often are you connecting to talk about the business strategy? Do you run a weekly staff meeting? Do you have a strategist on the team or are you all just guessing your way to success? Most leaders do not prioritize regular “huddles” with their core leaders and therefore week-to-week get nothing profitable accomplished.

4. Strengths

What are the strengths you’re bringing to the table? Are you actually working to those strengths or just putting out fires all day? Do you know what you should and should not be doing with your time as the leader? Are the people on your support team working to their strengths? Why or why not? Put the “aces in their places” and watch what happens.

5. Scheduling/setting boundaries

Why do so many leaders just “react” to their day without an intentional game plan? Do they think responding to whatever the most urgent thing is on their to-do list without putting any time into activities that will actually move their business ahead is a good plan? Let me put this to rest; it’s a disastrous course of action. You’re the leader – set some boundaries and take back control of your time. Ideas: office hours, personal assistant, decreasing your current commitments etc.

Ask yourself after each question: does this sound like me? If so, you probably lack strategy too. For how long do you want to spin your wheels working in your business but not making any progress? Like most leaders, you’re great at what you do but not at working a game plan. Stop the craziness. Start fresh. Get clear. Become intentional with your time. Move ahead. Feel excited again.


 


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