What’s your Business Strategy for 2016?

What is your business strategy for 2016 - MSIBy Alec Blacklaw, McKinley Plowman & Associates, Perth.

Waiting for a Bus on a Sunday or is your Ferrari ready to roar?

Business strategy. You’ve got one right? And you and your fellow business partners are aligned on your business strategy and you have documented it too?

The good news is if you haven’t done this yet, it’s not too late. But you do need to move on this ASAP and please read on for a few tips for improved success. As you may have guessed Implementation is everything in this area. If you don’t know where you’re going how will you know if you’re there? Can you hear the kids in the back seat… are we there yet? Well your clients and team members are even less patient – they just don’t make as much noise. They tune out and look at other options without telling you.

Don’t assume 2016 will be the same as previous years. There are more “disruptors” or disruptions occurring now than ever before and probably some occurring in your specific industry or profession right now.

More than ever you need a business strategy plan to guide your desired outcomes or targets. If you don’t document this how will you know the score, stay interested in the “game” and take the required corrective action as the weeks and months roll on?

When you document your business strategy plan, break it down into factors that are critical for your success and present this as rolling 90-day action plans for your management and team. For optimum success, we strongly recommend that you communicate the big picture stuff, targeted results and your progressive achievement (good or bad) at a board and team level. You will appoint champions to drive your critical success factors and everyone needs to be committed and accountable for their part in the overall plan.

I’m not sure what level of confidence you hold for 2016, for the economy, your industry or the outlook for your business. What I do know is that the best businesses have created a strategic plan for success for 2016 and will leap onto opportunities that others let pass. Their Ferrari is out of the garage and all engines are purring. They are responding proactively to the “disruptors” and seek to maximise their market share, attract the best talent and build their business value. They are in both Investment and Production mode.

In the Strategic Planning Process there are some specifics you might want to consider including:

  • Critical analysis and demonstration of your Point of Difference.
  • How authentically you live and breathe your core values.
  • The emotional connection consistent with your brand experience.
  • The top 3 things that will make a difference to your implementation.
  • The 3 things you really must get right in order to succeed.
  • Focus and documentation on your critical success factors.
  • The 5 things that will make a difference to your bottom line profitability.
  • Analysis of the number of your customers including the story behind the wins and losses.
  • The number of leads you are generating.
  • The percentage of your leads that you convert to sales or clients.
  • Your average sale value and contribution by each product or service.
  • The number of times your customer deals with you & how easy it is to do business with you.
  • The plans you have in place to improve the efficiency and effectiveness of your processes.
  • What you are doing to create greater value for your client.

Our experience is that the companies that focus on developing clever, unique and solid process around the above items perform exceptionally well and certainly do much better than their competitors. And they attract better team members or have them stay on a lot longer. They build fans not just customers. They grow faster and more profitably, often moving into the top 5% in their segment.

Talk to us to see how your business strategy plan and your critical numbers stack up and more importantly, let’s see what we can do to improve your current position and target performance.

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