Welcome to the July 2008 newsletter!

Well I can’t believe 6 months of this year has passed already. So much has happened for me and my client’s lives and businesses.

At 50% through the year and the beginning of a new financial year I thought it apt to write about strategy setting. And some reflection on the property market, and what all the market noise means.
Article of the Month: Strategizing Your Business, A Market-Dominating Primer

 
Every business needs to set goals. But what comes next? Learn to strategize your business to achieve your goals with less daily effort.
 
Dominating the market you’re in has less to do with the actual day-to-day operation of your business than you might think. In fact, dominating your market is largely about strategic planning. Forming a clear plan for the future is the key to achieving your business goals.
 
A mission statement is the foundation of any business. In many cases, customers never see this statement. It is a short document that lays out in very clear terms what the business is all about. A mission statement focuses internal attention on what sets your business apart from every other business in the market.
 
While a mission statement will get you started on strategizing your business, it’s not the whole picture. Determining a clear path to your overall goals and communicating the details of this path should follow.
 
Those who choose to strategize their business will no doubt learn the term GOSPA. It stands for goals, objectives, strategies, plans and actions. When developing a strategy for your business, it will become your mantra. Following the GOSPA path involves taking calculated steps toward an overall goal, starting with a mission statement.
 
  • Goals. Goals, of course, set out a statement of intent without naming specific parameters. Where do you want the business to go? What are you trying to achieve?
  • Objectives. The next part of your strategy involves setting objectives. Every project or venture should involve tangible objectives that team members strive for. Rather than “increase sales,” an objective is clear and definite, such as “increase sales by five percent before the end of the quarter.”
  • Strategies. Not surprisingly, developing actual strategies for reaching your goals is also a part of your overall business strategy. An objective-specific strategy should lay out exactly how you plan to reach that objective. The entire team should be involved in setting strategy. A brainstorming session with the team will give impressive collaborative results.
  • Plans. Plans take strategies one step further. You lay out specific steps to put in motion the strategies that will get you closer to your objectives. Everything starts falling into place during this step and the team understands what must be done to make the magic happen.
  • Actions. Finally, actions get the proverbial ball rolling. The team takes steps to carry out the plans and reach the objectives that were laid out.
 
Unfortunately, the best-laid plans will fail to get your business off the ground if your critical success factors are not in place. What are the vital elements that must be present before you can achieve your goals?

These can be anything from effective advertising to excellent customer service. In order to move forward and make a difference, your critical success factors should be a top priority.
 
Once your plan is in action and you are making progress toward your goals, keeping track of that progress becomes a priority. Use key performance indicators (KPI’s) to track how much closer you are to your goal today than you were yesterday.

Key performance indicators are tangible measurements of progress. How much have profits risen? How many new customers have been obtained? When your plans are progressing, key performance indicators become a main focus. Monitoring them constantly allows you to catch variations and steer your plan back on course.
 
This all seems overwhelming at first to many business owners. However, it can be made simpler by splitting up your strategies. Long-term strategies may affect the business indefinitely. Short-term strategies affect the business immediately.

Medium-term strategies fall anywhere in the middle of the two. Prioritise your strategies and your plans to make the process a little easier.
 
You will find that management and daily operations are easier when a clear strategy has been laid out for the entire business. Instead of running on daily instructions or objectives, the entire workforce will work toward the bigger picture.

You’ll then be free to focus on what you do best: growing your business to be the next big thing.
Thanks for reading... till next time.
 
Warmly,
 
Daniel Lock