Archive for the ‘Strategy planning’ Category
January 19th, 2012 | 
Author: Nearly all the major initiatives undertaken by corporate executives today are called “strategic”. With everything having high strategic importance, it is becoming increasingly difficult to distinguish between the many priorities and imperatives that are initiated in organizations. When everything is clearly strategic, often nothing strategic is clear. When everything is designated as a high priority, there are, in reality, no priorities at all.
However, when the overall strategic direction is clearly understood by everyone in your organization, the following benefits occur:
* organizational capabilities will be aligned to support the achievement of your strategy
* resources will be allocated to different business processes in priority order – according to the importance of that process and its contribution to competitive advantage
* your company or organization can excel in the market place or in its business/commercial sector.
The purpose of a strategy audit is to arm managers with the tools, information, and commitment to evaluate the degree of advantage and focus provided by their current strategies. An audit produces the data needed to determine whether a change in strategy is necessary and exactly what changes should be made.
Defining a Strategy Audit
A strategy audit involves assessing the actual direction of a business and comparing that course to the direction required to succeed in a changing environment. A company’s actual direction is the sum of what it does and does not do, how well the organization is internally aligned to support the strategy, and how viable the strategy is when compared to external market, competitor and financial realities. These two categories, the internal assessment and the external or environmental assessment, make up the major elements of a strategy audit.
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Growing business is a creative exercise. It does not require a degree or license. It requires basic childlike qualities like curiosity, inquisitiveness, imagination and enthusiasm backed with information, knowledge and skills.
Here are seven ways to grow your business that really work.
1. Grow your market.
Companies that want growth are always thinking about growing their market. They want to broaden their pond by playing on bigger fields like expanding their territories or finding new customer base. Increasing the market share is the name of the game.
2. Innovate your business
The leaders of growing companies realize that constantly innovating business is the key to a sustainable future. Innovation is not always about coming up with a new product or services. It also means how you can change the way you market your products. For example, when Domino’s Pizza wanted to innovate their business model, they became the first pizza company to create a ‘30 minute express door step pizza delivery’ model.
3. Identify your Unique Selling Proposition (USP) and become a brand.
If your business and the product and services you offer are not unique, you are just like everybody else. If you are not a brand, you are just a commodity. A brand will make the distinction in consumer’s mind.
4. Build leadership at all levels.
Make people at all levels accountable, responsible, disciplined and pro active. Bring organizational structure and alignment that function in unison to achieve the common goals.
5. Have a Vision of the future, knowledge of the past and awareness of the present.
Companies that have clear vision about the future of their business can invent their future while others who have no idea what future may bring may have to succumb to unseen circumstances.
6. Invest on your people.
Growth driven companies make their people competent through ’skill building’ training, workshops and expose them to other markets through seminars and expositions.
7. Become a customer centric organization
All business exists for customers. All business grows when more customers are brought in to serve. Most of the functions of any business are customer acquisition, retention and customer service. Growing companies make themselves more valuable by providing more value to their customers.
When it come to marketing, what you want is unimportant. It is what your customer wants is important.
Grow your company around your customers with a motivated work force willing to serve their customers 24/7 and expand your markets to the new heights through constant innovation.
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2 things will determine your income five years from now.
Most people who work and live paycheck to paycheck have one thing in common. If you were to take a survey of these earners versus those who sit at the top of the earning scale, you would find this trend: those who live paycheck to paycheck probably 
haven’t read a book on self improvement since they left school.
How do you take yourself to the next level financially? Simply start reading everyday. Read 20 minutes a day and your life will change. What do you read? You must read books that encourage you to set goals and work to achieve them. The list of inspirational books are too many to display here but I think you can find them. Just go to the local bookstore and go to the self improvement section. Take those 20 minutes of alone time and create the future you want. It can happen quickly if you create the habit.
Earlier, I mentioned that there were two things that will determine your financial future five years from now. The books you read is one and the other is tied into that in a subtle way.
The people you choose to associate with is the second half of the equation. I was once told that when you hang out with underachievers you do one thing only. That is increase their numbers by one. Your income will be the average of the 5 people you spend the most time with. Most of us need to change our association if we no longer want to live paycheck to paycheck. You are in business now; now is the time to make some changes. Here is how to do this.
Did you know that you could take a millionaire to lunch everyday? If you have 30 minutes for lunch each day, why not listen to a motivational speaker or someone who has achieved financial success. Success really does leave clues. Most people fail to pick them up because of their preoccupation with the now. Turn your car into a virtual university. Turn off the music and other distractions and focus on your goals. Two things will determine where you will go financially. Start reading and start spending time with winners and your life will change faster than you think. Take time out everyday to become a better businessperson by changing your associations.
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