Create Your Winning Business Strategy
I was inspired to do this vlog after a recent 12-month business strategy session for the new financial year with a client. It got me thinking about how naturally planning ahead can be for some and how others find it a real challenge.
Statistics from the small business association show that 50% of businesses fail in the first five years of starting up. One of the major contributors to this is a lack of proper business planning.
A plan is a must for peak performance in business but it is only part of the winning formula.
Would you agree that sitting down with the right person to write a business strategy is simple?
As Tim Fargo says: Good intentions might sound nice, but it is only the right actions that matter.
It does not take a rocket scientist to see why many businesses fail or just survive. Think of the business owner who spends 50% of the time developing themselves and 30% of time working on the business and only 20% of the time working in the business. Now compare that to the business owner who spends 100% of their time working in the business. Think of their differences if we look 5 years into the future running these different patterns.
Just like an elite athlete going to the Olympics or world championships needs a support team around them for success. It is the same for the ambitious business owner if they want to thrive by performing at peak.
I am sure you are one of those leaders who have a support team and take the important daily action steps driving the mission of the business towards the vision.
Let us dive a little deeper if you have not created your business strategy yet.
In his book ‘Flow’ Living at the peak of your abilities. Mihaly Csikszentmihalyi explains about being in the moment and living in flow. Where we never second guess self or think about getting it wrong, we are just in the process of being us and doing what we love.
Designing a business strategy that aligns to our own true values allows our daily activities to be in flow with who we are. Remember it is an accumulation of the micro’s that create the macro.
These four steps are just the start.
- Establish the 12-month objective
- Create a strategic plan
- Schedule in performance goals
- Implement process goals
Pretty simple hey… But we will still need more to be winners. Like these 3
- Be willing to step up to the new challenges ahead
- Cultivate new habits that will follow the plan in a healthy way
- Change the belief systems that stop us from progressing
Let me explain.
A plan without the courage to execute will severely damage your business dreams. I want you to really think about this and answer these three questions:
- For your business to increase its income by 25% – 50% or 100% in the next twelve months, where do you need to step up?
Examples: Maybe you need to be more consistent in the promotion of your services. It could be you need to lead better and delegate more.
- For your business to increase its income by 25% – 50% or 100% in the next twelve months, what habits must you change right now to start working the plan with integrity?
Examples: Maybe you need to put in place a rock-solid stress-management system to keep you on your game. Could it be to spend 80% of your time focusing on the horizon of where you are taking the business?
- This is the critical one: For your business to increase its income by 25% – 50% or 100% in the next twelve months, what limiting beliefs must you change about yourself right now to make the objectives a tangible reality?
Examples: Maybe you always compare the worst of you with the best of others. It could be you believe that making money is really hard and deep down you have conditioned yourself to play a small game.
No matter how great your business strategy is. If you cannot adapt to new behaviours and meet that plan head on. It has all been a waste of time putting the ink on paper.
Start mastering your psychology and you will master your life and business!
If you have any questions or would like some help in eliminating overwhelm in your life and increasing cash flow in your business CLICK HERE and Book Your Free Business Performance Meeting Now.
And most importantly stay healthy! Warmest Regards Jerome