Archive for February, 2012

February 17th, 2012  Posted at   Strategic Planning

One reason business owners fail to put a plan together for their business is that they have to write it. It’s a lot like goal setting. People want to set goals but hesitate in committing them to writing. Is it the fear of actually seeing it on paper, or something else? Most likely, it’s the reality that putting your plan or your goals in writing means those plans or goals are being set in concrete. You have to live up to them and they are now unchangeable.

Hogwash!

A plan for your business is meant to be a management tool for making the right decisions and avoiding the risks associated with a corporate venture. It is part of the fluid process of operating your company and should change as market or operating conditions change. If part of your plan was to expand your facilities and you’ve done that, obviously your plan needs to take that into account and be updated.

The same holds true for goals. If you have achieved all of your goals, you need to establish new ones. They may be associated with one you’ve completed, or they may encompass a whole new area of your life that has now entered your lifestyle choices. Goals, in essence, are destination markers to give you an indication along your life’s path whether you’ve arrived or still have a way to go.

One goal setter I know wanted to play golf in every one of the United States. He had to go out of his way on a few business trips to make it happen, but he accomplished his goal. His next goal might be to golf on every continent or in 15 foreign countries. I’m not sure what his new goals are, but odds are he’s well on his way to achieving them, whatever they are. (more…)

February 16th, 2012  Posted at   Strategic Planning

Every business owner should include both strategic and tactical planning as part of the business plan development efforts. Yet there are some important differences between the two. Here are the major differences between strategic and tactical planning:

Strategic planning
The essence of strategic planning is to focus on the long-term. Strategy involves taking into account the overall market conditions, as well as what conditions are likely to be like in four to five years from now. Strategic planning may also consider larger changes, such as industry regulation and proposed rules changes, as well as the probable decisions of those within complementary industries, such as suppliers, or alternative options for customers. Proper planning also identifies the underlying assumptions made as part of the business plan. If it is later found that these assumptions are not true, then the plan should be modified. The more likely an assumption is to be faulty, and the greater the impact, the more time which should be spent both developing alternatives in the plan, as well as considering other opportunities which may emerge. At its core, strategic planning answers the question: What business are we in?

Tactical planning
The essence of tactical planning is a focus on the short-term. Tactics involve accepting a basic strategy, and then finding a way to execute that strategy well, by changing short-term behaviors and goals, within the time frame of a year or less. While tactics are more subject to change based upon day-to-day events, and the consequent feedback received, they generally do not question the underlying assumptions as strategic planning does. Repeated tactical challenges can reveal gaps in understanding in the strategic planning, yet better tactics can generally not resolve these gaps alone. For this reason, if changing tactics does not get the business back on track quickly, then the problem may be a strategic one instead. At its core, tactical planning answers the question: How does our business operate, to achieve desired results? (more…)

February 3rd, 2012  Posted at   Networking

If you are tired of being an employee who earns a fixed monthly salary and is bound to work during office hours, you should know you have other options. If you are one of those people who would like to maximize their earning opportunities and have a flexible schedule in doing so, you might consider being an entrepreneur. It’s time to let your willingness and skills in business work for you and help you get what you are longing to have.

Many people are sometimes hesitant to involve themselves in networking events; they often associate networking with pyramiding. They think most of these people are taking advantage of other people making the scam seem like a business. But networking is not a scam. It is just a tool to be used to widen your horizons and meet a lot of people, get referrals and advertise your business without the cost of advertising.

There are ways to maximize networking and gain more opportunities. One way is to know more people. Staying acquainted with people you already know is not enough. You must exert efforts to get to know more people and learn about them to see if you might have potential business opportunities with them. Always keep in mind that being genuine will help you to build trusting relationships with people. If people trust you, it is more likely that they will share with you valuable information.

Always follow up to establish a relationship with your new contacts. Invite them for lunch or coffee talk so you can exchange networking tips with each other. Learn some basic human psychology. People help those they like, so to make them like you and show them that you are genuinely happy for their success.

Set a solid goal and stick to it. Your goal will help you to design your path towards success. This will help you choose the right people that you can ask for help. Make a goal that you truly believe in and something that holds your interests. Have a clear understanding of what you are doing and why you are doing it. Be articulate of what you want to happen so other people may understand what you are looking for and how they may be of help to you. (more…)