Part II of II - I find many business owners confuse a strategy with a plan, and they are not the same. A plan focuses on action and tactical activities. A strategy focuses on vision, purpose, differentiation, advantage, goals, objectives and desired outcomes.It then includes the necessary plans to accomplish these outcomes.Too many businesses do not have the necessary strategy behind their plans. The end result is either a plan that never gets implemented, is marginally successful or totally...
In working with various entrepreneurial and small business clients, I have noticed a trend that beckoned to be explored further. Let's face it, business owners work hard in their businesses. So hard, in fact, that sometimes their vision can be clouded and their ability to make decisions can be stymied due to feeling attached to aspects of their businesses that are no longer serving them well. This "hanging on" tends to always boil down to an emotional attachment that derails strategic business...
Whether you are in a start-up mode or have been conducting business on your own for years, knowing where your business is headed is critical to your future well being as well as the livelihood of others who may be depending on the success of your venture. This is why strategy is so important in a business, starting with the long-term vision of your venture in order to make better decisions and to identify and pursue opportunities effectively. While some of what I write here will seem basic to a...
People are your greatest asset and you are dependent upon them in your business on many levels. Whether you have employees or subcontractors or are a services or products business, you cannot escape people. Your customers are people. Your employees and suppliers are people. The bottom line is a business cannot run effectively or survive without people. When you multiply yourself as the business owner times the people who work with you and for you times the people you serve, if managed and...
During down economic times, more reinvention occurs than new inventions as companies are forced to look inside their operations to determine what must change or evolve in order to continue to grow. Ask any business owner who sees the other side of any challenge and he or she will claim wholeheartedly that the shift they made was something they should have done sooner, but just needed that challenge to see its true opportunity. Business owners can also go awry when reinventing. Here are five...