How to Get More out of Your Business
Being a business owner can be a lonely job. As the owner you bear the responsibility of getting things done, and sometimes it’s hard!
In the recent webinar, Creating Your Strategic Plan, we first discussed what is a strategic plan and unfortunately we spend too much time trying to work out what should be in the strategic plan that we never get anywhere.
Think about strategic planning like this:
- What is my CURRENT situation?
- What is my IDEAL situation?
- What is my PATH to achieving it?
What is your current situation?
When you analyze the current situation make sure you look at all aspects of your business – finance, organizational, personnel and so on. Also make sure you ask yourself “how did you get here?” Often there are behaviors that you will have to correct when you get to the third step of identifying the path you have to take. This inward looking process can be tough.
What is my ideal situation?
There are a few ways of visualizing the ideal state. Some start with various visioning questions, such as the magic wand question, or the what did you originally go into business for question. These can be difficult to answer as your ideal state may end being so far from the current state that the strategic plan becomes overwhelming.
To overcome this start small. What headache or frustration would you like resolved in 3 or 6 months time? For example, cash flow could be a head ache, so the ideal state in 3 months time might be to reduce receivables by 10-15 days. Remember keep your ideal state SMART.
Finally what is my path?
In creating your path think about the activities you need to do on a daily, weekly and monthly basis. Break the 3 month goal down into actionable steps. Before you know it, you’ll have realized the goal and will be moving onto the next one.
Some may say it’s too simplistic, but I disagree. Instead it encourages small steps that will build momentum. It identifies what specific actions you need to take each week to achieve your goal.
As you start on your path towards your ideal state, make sure you keep score – otherwise how will know how you’re doing. You may need someone else to report to and keep score for you. This accountability will help keep you focused. It will also help you bounce ideas off someone and get their feedback on your progress.
And be sure to stay flexible. Things will change and you will need to adapt your plan or your path. no problems, remain cool and react as you see fit.