| |
| |
|
Management Information |
|
|
|
Planning For Growth
Are you planning your business or are you planning your growth? If you are like many high-performing business people, you have an annual ritual to set your plans for the coming twelve months. Some people do it in December, others at weird, miscellaneous times of the year, but most -- me included -- tend to do it the beginning part of the New Year. It doesn't matter exactly when you do this, but it is important you do it sometime soon. It has been said all the way back to the time of the ancients: goals and written plans for their attainment are the surest way to speed up your accomplishments. So skipping this step is not an option! As you buckle down to this critical task, consider: are you planning for business as usual or are you planning for wonderful, extraordinary, growth? Many people feel kind of beaten down by the past three years of economic mis-performance and think a year in which profits don't retreat will be a good year. Others--most people--will plan to do something very much like they did in 2003; perhaps they will try to do it a bit better. They may look at the surplus resources they have available (if any) and try to figure out how they can eke out a little more performance, profit and revenue -- without taking any big risks or doing anything radical. And for the most part, it will be business as usual. Ho hum... Don't be either of these types... Plan to do something extraordinary! Plan to extend or expand or excel. And regardless of the economic forecast--which in the US is good, and in other places not so good--plan to create a breakthrough in your business. Sounds good... How? First, some fundamentals. Unless you have invented something never before seen in the world, there are only four components to having a profitable business:
Because while all of this may seem obvious and trivial, careful consideration of these seven simple statements will provide you some mighty powerful insights into how to have a breakthrough in your business. Second, your job is to turn these statements into the right questions. Questions like, "How can I sell more customer?" Or, "What services can I add to my product mix to increase the size of an average transaction?" Or even, "Am I selling to the right (large enough and rich enough) market?" Asking the right questions will fire off thought processes that can make you money--lots of it--provided you answer the questions and act on your answers. Say your business sells software to plumbing supply houses. You expect the pace of building to cool off a bit this year because of global interest rate increases, which will mean that your customers will have less money to upgrade their computer systems this year. "How to sell to more customers" might not be the right question this year. But asking "how can I sell more to my current customers" might lead to an idea to develop a coaching or consulting service that helps them increase their profits--by using your software--even in a down plumbing supply market. You could potentially sell this service to every single one of your customers! That would be some breakthrough. And asking, "how can I sell to my past customers" could yield an additional windfall as those guys will really need your help. Or perhaps you sell web-based information to stock market traders, and the market is heating up again. You know that more "players" will be entering the game, and you know most of them will lose their shirts (again) if they don't get some help fast. Asking "how can I cost-effectively sell to more customers quickly" might lead you to some powerful joint-venture strategies. And thinking about joint ventures could lead you the question '"how can I provide value to my competitors' products" which could open up a whole new market for you. Another breakthrough. Can you see how asking questions will help you plan for extraordinary growth? The right questions, answered in the proper order gives you what I call a Growth Strategy Roadmap. This process will direct your thinking to create breakthroughs on demand. Sound impossible? It's not... I have seen it work over and over. In fact, I've been helping people grow their businesses for years--by showing them how to ask these critical business-building questions. The third thing you must do, after you ask the right questions, is invent answers to those questions... and then you have to act on those answers. Of course, putting together an effective growth plan is a time consuming process, and there are lots of places for missteps that will lead to bad conclusions. But the benefits can be huge. © Paul Lemberg. All rights reserved
Paul Lemberg's clients call him "the unreasonable business coach" because he insists they pursue goals and take actions far outside their comfort zone to make more money than they previously thought possible. To get business coaching tips, tools and strategies like these, visit http://www.paullemberg.com/Business_Coaching.html.
MORE RESOURCES:
Management - Google News |
|
|
|
RELATED ARTICLES
A Rare Leadership Skill: Dealing With People Who Want Out By Offering Crowns For Convoy As a leader, you'll inevitably be faced with people wanting to leave your team or organization. Dealing with the challenge is critical for your leadership success. Blame Culture Blues - How the Language of Blame Manifests Organisational Underperformance If you have ever worked within a large organisation then you are sure to have heard the term 'we will not have a blame culture' at some point. However the sheer fact that this statement can be made is an indication that a blame culture already exists. Outsourcing Quiz: Cheap Vs. Good Someone can say, 'Why do you oppose this?' So I'd like to prevent such attacks and tell that this article is dedicated mainly to the issue if it's worth to look for the cheapest solution.Software and web development market is overwhelmed nowadays. Argue Your Way To Business Success "Jack" (not his real name) is a vice president of a publicly traded company. Recently, Jack's stress and anxiety levels have been high enough to impact both his working and his personal lives. How to Build Your Business and Still Take Time Off We all know people who are like human dynamos. They seem to make an art form of building their business and still enjoy quality time with friends and family. What Personal Assistants Really Want What would happen if the personal assistants in your organisation were away for a week? How would it affect the running of your business or department? How would it affect you?personally?If you are fortunate to have a personal assistant whom you heavily rely on to assist you, in most instances you would find yourself run ragged if they were absent for longer than a day.This week I spoke with two clients who were in the situation where their p. Diversity Training: The Worst Possible Reasons to Request Executive Funding You're on your organization's diversity committee. You have the best of intentions. To Outsource or Not to Outsource In these days of restricted head count and tight budgets, the question of whether to outsource or hire in-house staff is more critical than ever. The technical publications function, however vital, is undergoing more scrutiny and also facing greater challenges than ever before. Downsizing in Organisations - The Real Truth I've met and worked with many people in all sectors of the business world and found that the majority of managers and team leaders are spending too much of their time on basic administrative tasks. Tasks for which they have had no training in. Writing and Revising Your Life Story Change is not simple. Why do we repeat behavior that doesn't work? Those actions that lead to stifling debt, disappointing careers, or stuck relationships? Then do it harder, yet expect a different result? Why is it not obvious that trying to exit an old story by simply writing a "better ending" only recreates the same story, and ensures that we remain in it? That a thousand better endings to an old story don't create a new story? That the past cannot be changed and is a settled matter? That too often, we see ourselves as the victims of the stories that we author and the feelings we create?We actively construct what we think, feel, and experience. Making Your Workers Your Partners There is an inherent conflict between owners and managers of companies. The former want, for instance, to minimize costs - the latter to draw huge salaries as long as they are in power (who knows what will transpire tomorrow). 5 Creative Evolutionary Leadership Niche Strategies! I have a short story to share with you about an important skill many leaders need to develop, use and perfect.Life is a journey. Overcoming Perfectionism Perfectionism can get in the way of building or marketing a successful business. It can prevent us from moving ahead quickly or from taking advantage of business opportunities. Learn How To Get The Most From Your Team Being a leader isn't easy. Every one looks to you to make decisions, resolve disputes, and to carry all the responsibility. The DNA of Motivation It really is about motivation. After all, what impels someone to climb a mountain, or go to college, or save for a car, or learn a new language or anything of a thousand things? What is it that moves someone to action from a position of comfortable stasis? The answer is motivation. The Devil We Know "I'm in an abusive relationship," sighed Andrew. "My bookkeeper annoys the hell out of me but I just can't let him go. Collections Management How long does it take your customers, clients or patients to pay you for the products or services you have provided?Have you developed a consistent collection management program?Your answer to the above questions is a leading indicator as to how well you collection management is. Sending an invoice doesn't always result in payment. Change Management "It is not the strongest species that survives, nor the most intelligent, but the most responsive to change". -Charles DarwinThe world today is changing faster than ever before. Manage or Lead - Why the Difference Matters and What to Do About That Difference Many books have been written about managing people, and an equally large number have been written about leadership. Some use the words manage and lead interchangeably, and some talk about the differences between the words, building a distinction based on style or behaviors. Managing Yo-Yo Style Does being managed by others smack more of "Survivor" than Stephen Covey for you? Could there BE any more management styles out there-have you gotten to experience all of them yet? And what kind of manager are you-or should you try to be?If you're reading this, you're probably familiar with too many types of management and leadership styles-more flavors than months, for the most part. On the leadership, not so much.
|
| home | site map |
| © 2006 |
