The month of December is known for many things, most notably the Holidays, the official beginning of winter, and as a time for many celebrations and social gatherings. If you’re a business owner (and even if you’re not), you could probably categorize most of your December activities in the following two ways: (1) completing tasks and goals by year-end that have piled up from earlier months due to procrastination, and (2) creating that ever-increasing list of intentions to do or start things that can wait until after the first of the year but you always have and certainly do intend to do them and know you should do them but simply haven’t gotten around to them in spite of the fact that your life would be a whole lot easier, healthier, more efficient, more successful had you simply done it but procrastinated instead. (I’ll punctuate that sentence later, when I have more time.)
Business Strategy - 2010 Archive
All business owners and leaders need the time and space to work on business strategy. We firmly believe that a business is getting the exact results that it has been designed to get, which means if you want better results you must start with a better design. Below are a collection of business articles on business strategy from our weekly Business Owner Insights.
Due to the changing economic climate, many companies have experienced either no growth, or worse, a decline in revenues from previous years. There is nothing quite like a loss in revenues to prompt a company to take a hard look at their branding. Branding is the process of creating an identity in the marketplace, one that is a reflection of your company, not just what you want your company to be. Once your brand is identified and you build the marketing messages and sensory package that supports your brand - you need to ensure your company can live up to it. The experience you provide your customers must equal or surpass the expectations your brand creates.
Rebranding to position your business to new markets or to reposition your business in the same market can be a risky strategy. A dramatic rebranding may result in some loss of current customers. For example, if you currently attract upscale professionals approaching retirement and you change your brand to appeal to young value minded families, you may lose the appeal you have to your current customers.
It's March, 2010-Month Three. What!? Already!? The year has barely begun! Two-twelfths of the year is gone! Seventeen percent of the time you had to achieve your business results for 2010 has vanished, and the critical question is: How are you coming on your business goals for 2010?
Do you even remember what your goals are for this year, or has that slipped by with the time? Can you find where you wrote them down? If so - congratulations! If not - get with it! That is, unless you'd like to end this year without achieving a fraction of what you'd hoped for. Your 2010 business goals should drive the activity generated by your business. Once identified, they should be your guiding light for decision making and set the tempo for what takes place in your business throughout the year.
Setting an employee up for success is good leadership. Hammering on an employee who is not successful – that’s assault. In our work with hundreds of businesses each year one of the top complaints we hear from business owners is; you just can’t hire good people. As we inquire deeper about this statement we hear the gory details of seemingly uncaring employees who just can’t seem to get the job done – they don’t follow through, don’t listen, don’t care, don’t show up and don’t last long. We invariably find the very same business leaders who are convinced you just can’t hire good people, have not designed their business to ensure their employees are successful. More often than not, these very same leaders point the finger of blame at the employee, without recognizing that their business is not designed to ensure employee success.
It’s all so predictable. And curable. What’s missing most often in these businesses is clarity. Clarity of results. Clarity of action. Clarity of accountability.
As you engage in the annual ritual of reviewing the year that has passed and designing the year ahead, we at E-Myth Benchmark and the Benchmark Coaching Center encourage you to weave two words into your business strategies; consistent and persistent. Marketing experts understand and advocate that companies be both consistent in their marketing message and persistent in their advertising activities. They know by experience that inconsistent messages and scattered advertising initiatives will not yield the returns that consistent messaging and persistent advertising provide.