It's not enough to know what and where you're going, though that's critical; you must also know how to get where you want to go.
You need to have a Tactical Plan.
You can have all the vision in the world; you can have huge dreams and revolutionary ideas to make a tremendous impact on your industry but it you lack the follow-through to make it happen you’ll end up with lackluster results, half-implemented ideas and a lot of discouragement.
There’s a simple way to avoid this trap: Have a strategic plan with a clear set of tactics to make that a reality. A tactic based Strategic Plan begins here (from the wonderful book, Mastering the Rockefeller Habits by Verne Harshish):
The right people doing the right things right!
The key to aligning all these critical components lies in one exceptional tool: the one-page strategic plan (1PSP). There are four key questions an 1PSP helps address:
1. What are our core values and purpose?
2. What are our dreams?
3. What makes us different?
4. What do we need to be focusing on NOW?
It’s hard to explain how the 1PSP works until you see it with your own eyes, so I’d like to offer you a FREE 1PSP template, along with a no cost, no obligation 60-minute consultation with Forward One Business Coaching.
Next post: Hire the Right Crew
(Excerpted from my eBook 6 Keys to Rapid Business Growth. Click the title for a free copy.)
As I wrote in my last post, it’s not enough to know the Five Steps to Freedom.. You have to understand how to apply them to your business. There are five additional steps you need to take in order to make this happen:
1. Complete Your Strategic Plan: This is one of the most effective planning tools in existence. It allows you to identify your company's vision, values, key performance indicators, as well as long-term, short-term and immediate goals—and much, much more. If you want to guide your business through the five steps to freedom, you need this resource. The next chapter will address this in more depth.
2. Understand the Current Value of Your Business: In order to get to where you're going, you've got to know where you are. You need a professional assessment of the current value of your business to understand exactly what it will take to reach your objectives. I will be happy to direct you to the evaluators I recommend for their speed, professionalism and accuracy.
3. Hire a Business Coach to Help You Increase the Value of Your Business: A reputable business coach will help you make the changes you need to eliminate waste, improve your cash flow and increase the overall value of your business to prepare it for a successful sale.
4. Assemble Your Power Team: If you don't already have an accountant, financial adviser and attorney on your team, it's time to begin shopping around for them. They will prove vital expertise as you prepare your exit strategy.
5. Begin Developing Prospective Buyers: Start on the inside. Current staff members and executives are often prime prospects for buying your business. If there is no one internally, consider the services of a business transfer professional to help you find a qualified buyer.
Remember: this is NOT a pipe dream. I've seen business owners completely eliminate financial worry by applying the five steps to freedom and leaving their business in the hands of competent leaders. You can do it, too. Sign up for a free, no obligation 60-minute consultation with me Forward One Business Coaching and I can help you with a comprehensive overview.
Next post: Have a Tactical Plan
(Excerpted from my eBook 6 Keys to Rapid Business Growth. Click the title for a free copy.)
Renowned organizational consultant Stephen Covey says that all success starts in one place: Your mind. He calls it "beginning with the end in mind," having a clear vision of what you want before you begin, just like having a blueprint before you start building.
When I work with business owners who are struggling I find that 90 percent of them have neglected to do this very important visioning work. That's why it’s critical to know your exit strategy.
You have know where you're going if you ever hope to get there.
There’s a powerful framework for understanding the phases of business growth I call the Five Steps to Freedom. It provides a blueprint for building a true business asset—a company that progresses and produces profits even without your day-to-day involvement.
I detail the five steps in my free eBook 6 Keys to Rapid Business Growth. I will just mention them here:
Step 1. CREATION. This is when you're starting out as an unknown in the marketplace.
Step 2. DISORDER. This is when you begin the uphill battle of becoming cash flow positive.
Step 3. CONTROL. This is when you convert cash flow into profit by stabilizing and organizing your operations.
Step 4. PROSPERITY. This is when you solidify a position of dominance in your niche market by economizing and optimizing for efficiency.
Step 5. FREEDOM. This is when you reproduce yourself and develop a strong core of leaders who will continue to grow the business.
Of course, as valuable as the five steps are, it's not enough just to know them. You have to understand how to apply them to your business. There are five additional steps you need to take in order to make this happen:
Next post: Second Flight of Stairs
(Excerpted from my eBook 6 Keys to Rapid Business Growth. Click the title for a free copy and learn how to receive a 60-minute consultation at no charge.)
Are You Prepared To Succeed?
Put a check mark if you are:
___working longer hours but never getting ahead;
___worrying your competition is outperforming you;
___spending more time dealing with frustration than celebrating success;
___looking for new ways to reach your goals;
___focusing on staff issues instead of customer service;
___needing to add new customers;
If you checked three or more boxes you’re a typical business owner. I’ve been there myself and have had to navigate these rocks and rapids that can swamp businesses unprepared for the turbulent future. Dealing with them is a lot like whitewater rafting. Although inherently dangerous, it can also be exhilarating and transformational.
Free Keys to Rapid Growth
As a professional river outfitter I led trips at all water levels with every kind of paddler. Getting everyone safely where we intended to go was my main job. Over the years I learned how to pick my routes, use the current and get the crew to work effectively as a team. Later, I took those same skills into business, from one-man startups to running a large national distribution center.
There are proven, powerful ways to increase your cash-flow and profits with less stress and strain while allowing you to realize more of the dreams you have for your business, family and life. These insights aren't rocket science; they're simple. But don’t be tempted to write them off because they're too simple. They can make all the difference between businesses that grow year after year and those that struggle to keep the lights on.
You might be surprised to learn that the place to start is with the end in mind. The most important thing to know before you get into the river is how you will get out!
Next post: Know Your Exit Strategy.
(Excerpted from my eBook 6 Keys to Rapid Business Growth
Click the title for a free copy and learn how to receive a 60-minute consultation at no charge.)
I’ve been hooked on whitewater rafting since my dad took me down the Colorado River through the Grand Canyon when I was a teenager. After moving to Colorado it didn’t take long for me to discover the amazing rivers in the state. I bought some gear, read a book and went off to learn how to do this for myself!
On my first trip I encountered high water, cold and fog. As I came around a bend in the river I could hear the rapids and I was excited. The current swept me right down the center and over a big hole that flipped me. My gear went everywhere. I’d only been on the river 15 minutes and the trip was over! I spent the rest of the day driving up and down the river looking for the seat, paddle, boat and other gear.
The following week I got some pointers from my friend who was a 10-year veteran guide. “Oh that’s what the book meant” I found myself saying. As I learned more, I began doing trips with my family on easy water. I enrolled in a guide training course and was certified in Colorado. I went on to start and operate a whitewater rafting business on the Arkansas River for many years.
Speaking of business, I started my career as a warehouse clerk while earning a degree in outdoor leadership. After a couple of promotions my boss encouraged me to pursue business. I began reading everything I could about business and completed my MBA. For the next 30 years I learned how to lead and how to help other leaders as a boss, co-worker and consultant.
Getting into—and surviving in—business is a lot like getting into a river and staying afloat. I’ve done both and I’ve learned the hard way that things go much more safely and smoothly if you have an experienced guide or seasoned mentor. I’ve had the privilege of being a guide on the river and a mentor in the marketplace. In the next several posts I’ll share valuable lessons gleaned from both realms that can help you and your business not only stay afloat but arrive safely at your desired goals.
Next post: Are You Prepared To Succeed?
(Excerpted from my eBook 6 Keys to Rapid Business Growth. Click the title for a free copy or go here to schedule a 60-minute rapid results coaching session at no charge.)
Forward One Business Coaching
Dwight Grant is a seasoned businessman with over 30 years of leadership experience. He lives in CO where he enjoys whitewater rafting, mountain biking and spending time with family.