A Simple Strategic Plan To Grow Your Profits
One of the greatest issues directors and business owners have to deal with is busyness. How many times do you hear the phrase “I am too busy”. The issue is always the same, you are too close to your own business to see the woods for the trees. From my experience this happens from small businesses to the corporate world.
Why? Because you are human.
How easy is it to look at someone else’s business and give constructive criticism.
It’s very easy isn’t it?
Because we are not emotionally attached to the business and we see things logically. Just like any relationship. It’s easy to see how your friends are messing up their relationships, but it’s difficult to see how you are messing up yours, even when you know something is wrong.
What can be done?
From my experience having worked with lots of companies the first step is to pull back and have a strategy day. A day where you can spend time with your team and make some effective plans, including business objectives and a plan of execution.
The first thing to do is decide what the end goal is. For example if it is to double profits without adding costs, the process could look something like this:
Plan – What three things do you need to do to achieve the objective?
Strategy – How are you going to achieve the three things?
Execute – Create projects with your team, agree deadlines, responsibilities and budgets.
After your strategy day, you will feel confident, have direction, clarity and your team will be energised to deliver it
Great leaders know what they want and they build teams to deliver it. People like to follow a leader who knows what he/she wants. They also like to know what they are supposed to do to help achieve the leaders vision and objectives.
The next step if you have not already achieved it is to get organized for growth.
The key to this is roles and responsibilities. A great test to see if you are organised is to write down a list of your team. Now against each one write down their job title and the three key things that they are responsible to deliver. (Key performance indicators)
Once you have done this, have a chat with each person and ask them what their job title is, this should be the same as yours otherwise you are in real trouble. Now ask them what their three key performance indicators are.
Are they the same? I hope so otherwise you are not on the same page.
In the UK we have funding at the moment called Growth Accelerator. This support will help you with the costs to bring in a facilitator to organise your strategy day and support you through the whole process.
If you are outside the UK, investigate what support your Government has for you.
Alternatively in the words of Nike ‘Just Do It’
The return on your investment in terms of time and money will be x 100.
I have carried out this exercise many times and every time it is a great success.
Everyone gets something from it. The leader gets a motivated team and objectives are delivered. The team becomes motivated and understands what they have to do to deliver their leaders objectives. A win-win all round.
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