Plan for 2013 - 4 Questions to Ask Yourself

As you consider your plans for 2013, ask yourself these 4 questions.

1. What frustrates you the most about your business?
2. What are you trying to accomplish this year?
3. What do you think you'd need to double your business this year?
4. What strategies have you tried to improve your business that worked and didn't work?

Share your thoughts with your Advisor or Business Coach for discussion on how she/he can help you.

I would love to hear some of your comments in the comment section below this blog. I will personally take the time to respond.

 

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Entrepreneurs - 15 Questions to Ask Yourself

Whether or not you are planning your start-up, launching a new product and/or focusing on what it will take to get your business to the next level, ask yourself these questions.

1. Clarify my goals ... where do I want to go?
2. What kind of enterprise do I want to build?
3. What risks & sacrifices does such an enterprise require?
4. Can I accept these risks and sacrifices?
5. Setting strategy ... how will I get there?
6. Is the strategy well defined?
7. Can the strategy generate sufficient profits and growth?
8. Is the strategy sustainable?
9. Are my growth goals too conservative or too aggressive?
10. Executing the strategy .... can I do it?
11. Do I have the right resources and relationships?
12. How strong is the organization?
13. Can I play the role required? 
14. What knowledge, experience and skills gaps exist amongst my team and I?
15. What advisors can I put in place for support? 

 
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Asking for Advice & Input - Maximizing The Results

To maximize the value you get when seeking advice from your business advisor and/or any member of your team, give consideration to these questions. Being prepared to discuss your answers to these questions will provide the background for you to get the insights you are seeking to move your agendas forward.

1. What are the 3 most important strategic objectives you would like to achieve for the planning horizon you are focusing on?
2. What are the 3 biggest road blocks .... internally and/or externally .... that are preventing you from meeting all of your objectives?
3. What tools, skills and concepts would you like to explore, so we can cope with the road blocks .... while trying to  achieve your strategic objectives?

 
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Things You Can Do to Grow Your Business

As you consider your alternatives for growing your business to the next level .... the following should be on your list:

• Find New Markets
• Grow New Niches in Your Current Market
• Expand Product Lines
• Provide More Total Solutions to Address Customer Pain Points
• Brand Your Company & People as Thought Leaders

As you focus on the above list, you will will need to consider

• New Product Development
• Strategic Alliances
• Acquisitions or Mergers

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Looking Ahead - Trends & Trigger Points

Identifying Opportunities & Threats - Stay out in front of your business by identifying the most favorable and unfavorable trends that will have the highest impact on your success. An easy framework of thinking to ensure you effectively manage a dynamic changing environment is as follows:

TRENDS: when you can connect two or more points to show a direction, you have a trend (ie: increased bookings of 4% to 6% for the past 3 months). 


TREND INDICATORS: what quantified factual data ($; units; ratios; costs; tons; margins; etc) can be tracked to monitor your trend (favorable or unfavorable). 


TRIGGER POINTS: what pre-determined level in the trend (favorable or unfavorable) will cause you to take action? Change your strategy? Review an existing policy? ....... what ACTION will you take to pursue an opportunity or prevent a threat? Who has the authority to act? How much $$$ is allocated to address?


This kind of "disciplined" thinking will help you stay on top of the opportunities and threats for your business as you navigate your company to its next level of growth. 


Strategic Planning systems do NOT have to be just for the larger companies. There are easy to implement ongoing methods for any size company that provide you the vision and clarity for taking the right actions to guide your business to greater profits and value.

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