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The Importance of Defining Your Business Growth Strategy

October 27, 2013 at 6:06 pm

Business growth is often assumed simply to be increasing annual sales and the size of your business. But it is much more than that. It is not just the concept of getting bigger. Many businesses view growth differently and it is important that you define the type of growth you are looking for. The message is that when your mind turns to business growth, resist the natural urge to think in terms of business growth meaning ‘simply getting bigger’.

Business leaders need to have a clear view of what growth means to their individual businesses. Even if your business is thriving, chances are it’s not as successful or productive as you’d like it to be. You may desire to increase your client base, sales revenue, profitability and income. You may want to grow your marketing, selling and presentation skills for the future. You may want to add key pieces to your business infrastructure that you could not previously afford. Pieces such as particular workforce positions and employees or specialized equipment that can open up new opportunities in the future.

20130226215155_consultantCoachYour ability to persuade and influence others, your leadership capabilities and emotional intelligence are all factors in determining how you would like to grow. Growth can also be about meeting certain goals that have nothing to do with overall sales or size. What kind of work/life balance are you trying to achieve? Often a business’s efforts to grow are wasted. This can be because they are not directed at building competitiveness or are short-term in their perspective, and fail to capture the benefits of compounding by building on what has gone before. Now that may seem a strange thing to say, because surely growing a business is always good and simply means getting bigger and bigger and bigger but it is not just about bigger.

Determining how you would like to grow means defining the strategy that will help your business to go, from markets and products to channels and market intelligence. Growth is of vital importance to all businesses. But you need to determine what type of growth it is you are looking for? The idea of business growth actually comprises many different ideas and concepts that you should constantly keep in mind. Growth and your personal goals are intertwined whether you realize it. They are very much the same thing and need to be considered in that light. Because one will ultimately help define the other. More helpful tips available in this site startminnesotabusiness.com that will help your business grow.

What Is Business Growth Optimization?

October 27, 2013 at 6:02 pm

I think a good way to initially answer this question, is to draw an analogy to a perfectly timed automobile engine running on all cylinders, smoothly, fully optimizing its capability to produce maximum power. Similarly, the small business growth company that is fully optimizing its core business competencies, is structured to maximize competitive advantages and has a strategic business growth framework; running smoothly on all cylinders if it were, is attaining Business Growth Optimization. It is a journey that requires strategic planning, strategy implementation and execution, and vision.

The journey to Business Growth Optimization cannot be contrived, contrite or minimized in anyway. It requires an unrelenting passion and desire to accomplish strategic business goals and objectives that are focused directly on growth, and how to achieve it maximizing what it is you do best. The journey to achieving Business Growth Optimization requires an eight-step process based on Success Coach Recommends theory:

1. Take Action, Make the decision to proceed, move forward.
2. Assess your opportunity, assess your business situation.
3. Envision your field of strategic opportunity.
4. Plan your approach.
5. Execute your plan.
6. Attain.
7. Become an authentic leader.
8. Achieve Business Growth Optimization.

The first step requires conviction, determination and commitment to take action. Often this is the most difficult place to start for a small business enterprises firmly engaged in day-to-day business; when daily business activities take up all your time. But this is when you need to step back from working in your business, and make the decision to proceed, move forward and work on your business. Step two is essential in that you want to have a full assessment of your present business situation. Think of it in terms of what it is you do today. This will be followed by identifying in step three what it is you want to achieve. Step four involves producing the strategic solution to fill the gap between what you are presently doing, and what you want to achieve. This will be the basis for your business plan; which may require revision. If you do not have a business plan, this is when you develop it, to be followed by development of a strategic growth plan. Steps five and six are concerned with the implementation of your plan and its execution.

Step seven requires a little explanation, and it comes from my soon to be released book, “See the Green$: Achieving Your Entrepreneurial Dream”. Authentic Leadership is an internal strength to forge ahead in the face of obstacles, based on a strong moral compass; focused on a vision of a better place, living a balanced life, with personal integrity. Authentic leaders emerge from successfully passing through a “crucible of life” where personal mettle is tested. The definition of mettle is inner strength, courage, heart, or fortitude. Your mettle is what you are made of either by birth or acquired skills and experiences. Your mettle is what you rely on when you are most challenged. Authentic leadership pursues the right path to corporate profits and wealth accumulation through adamant social responsibility and principled behavior to effectively grow a business; authentic leadership is essential to doing what is right. The authentic leader provides the vision, motivation and conviction for successfully achieving Business Growth Optimization.

Step eight is the goal, the objective. This is the point at which the small business enterprise transcends mediocrity and becomes growth oriented and bound. My experience suggests that Business Growth Optimization occurs at the point where a company is fully maximizing its core competencies to increase market share and achieve business growth objectives as a result of ‘continuous wins’ which keeps them on their increasing returns growth curve, as opposed to reaching a point of diminishing returns and eventual stagnation, and possible collapse. When I say Business Growth Optimization, I am not referring to search engine optimization, mathematical optimization or any biological process; although invariably it does relate to the process of innovation, adaptation and to a point, assimilation typical to the fields of natural science.

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In my experience, attaining Business Growth Optimization is a three-tier process involving a strategic framework that focuses on growth, captures the most important core competencies and provides for the establishment of an organization structure that promotes growth. To achieve this for my clients, I promote a Business Growth Optimization archetype consisting of my propriety SOLE Framework, achieved through the establishment of our adaptation of the Hedge Hog Concept into the Hedge Hog Model and implementation of my Cultural Competitiveness Organization structure. This involves:

The SOLE Framework where SOLE spells out the framework:
[S]olve business issues and meet strategic objectives,
[O]ptimize growth by meeting customer needs,
[L]everage your principle business core competency, and
[E]stablish a competitive baseline to achieve success.

The Hedge Hog Model refers to what you can be the best in the world at; what you are most passionate about; and what drives your economic engine. These are developed within a three-circle format where the intersection of the three forms your Hedge Hog Model to be optimized.

The Cultural Competitiveness Organization is based on organizational shared values, direction, mission and belief that the primary focus of an organization is to first meet customer needs, followed by employee empowerment to meet those needs, community involvement, using common business sense approaches towards conservation, and then attention to stockholders interests to establish a strategic competitive advantage in your market segment.

In considering how these three strategic pieces or legs of the business growth optimization archetype fit together, we begin first with the SOLE Framework which lays out the foundation or platform if you will, for setting up your Hedge Hog Model incorporated into your Cultural Competitiveness Organization. The SOLE Framework provides the impetus for moving forward. It is the baseline for your strategic growth campaign that leads you to addressing the three critical questions for developing your Hedge Hog Model: what you can be the best in the world at; what you are most passionate about; and what drives your economic engine. The conduit you use to succeed in executing the SOLE Framework and achieving your Hedge Hog is the Cultural Competitiveness Organization which concentrates on meeting customer/client needs by empowering your employees to meet those needs. This is a highly integrated and efficient process, or system, that allows for back-in-forth line of communication on the progress of your growth in meeting strategic business objectives. It is a combination compass, barometer and gyroscope all necessary to keep you focused on your market horizons.

24-7 – That’s Why You Need a Strategic Plan For Business Growth!

October 27, 2013 at 5:55 pm

mntor21Are you caught up working 24-7 IN your growing business?

Can’t find the time to get it all done? Not enough hours in the day? No one can do the work right, except you?

Well, then maybe the time is right for you. You’re finally ready to implement a strategic plan for Business Growth.

Let’s review 24 reasons why your business needs a strategic plan for Business Growth.

24 Reasons Why You Need A Strategic Business Growth System

You have no future-oriented vision for your business. In other words, you don’t know where you would like your business to be in 1 year, in 5 years, or even in 10 years from now.

On the other hand, you have some vague notions of where you would like your business to be in the future. But you don’t have any concrete plans established to make your dreams a reality.

Another reason you need to develop a strategic plan for business growth is that you are not sure what it is specifically that YOU want to achieve for yourself personally from your business. A strategic plan for business growth specifically incorporates plans to help you achieve those personal goals you want from working in your business for the next 5 to 10 years. You can see more of these stuff at www.mentorconnect.net.

A strategic plan for business growth includes the balancing of your personal and business values. One should not outweigh the other. A strategic plan asks you to consider your personal values as you develop a plan to grow your business.

One primary reason for developing a strategic plan for business growth is your Cash Flow. Is it unpredictable? Why is that so? A strategic plan for business growth must address your business’ Cash Flow circumstances.

In addition, a strategic plan to grow your business will help you develop your business’ unique methods of generating Cash Flow.

Does your business have a specific “system” developed to generate Cash Flow? How about to manufacture more of it? Your strategic plan should encompass the design of such a Cash Flow “system”.

Any business can suffer from the unfortunate circumstance of having trouble paying bills on time. How can you solve this problem? The answer typically lies in having an organized approach to your business growth that keeps focus on your financial outlook. Your Cash Flow, your sales, your accounts receivables, and your own collections may be underlying reasons for your own financial woes. Your strategic plan should answer these questions and should arrive at workable solutions that you can implement to correct the problem of money, of Cash Flow.

If your business has failed to produce sustainable profits, likely you do not have a strategic plan in place. Your plan must set out actions to produce profits. But must also be focused on sustaining profits once they start to come.

One major reason for designing a strategic plan for your business is because your customer or client base is unstable, not growing, or even dwindling. You need a plan to identify your current customers and clients. And a plan to target your most valuable ones.

What if your customers or clients aren’t sure what it is you do? What steps are you taking to ensure that your customers and clients do know exactly what it is that you do? These steps must be “programmed” into your customer and client contact “system”.

If your customers or clients do not refer business to you, and neither do friends or colleagues, something is wrong. What? You’ve got to strategically analyze your business and come up with reasons for your lack of referrals. Then your plan must include remedies to the referral problem.