As a business owner, you will doubtless have particular markets that you sell your wares to. For instance, let’s say that you run a bicycle store. Your target market will be people that want to cycle for leisure and competition purposes.
You might have thought about targeting different audiences. Like people that want a bespoke bicycle, for example. Or those that want to buy recycled bicycles. You might have even thought about offering a vintage bicycle restoration service.
Of course, those new markets might sound lucrative, in theory. But how do you know that they will be in practice?
As someone that runs a business, you will be used to taking risks. Entering your existing marketplace was a risk you took when you first set up your enterprise. But if you want to branch out, it makes sense to leave your comfort zone to help grow your business. Here’s why:
You don’t want your competitors to grow quicker than you
If you’ve thought about branching out into a particular niche, chances are your competitors will have too. That’s why it is important to strike while the iron is hot, as it were. The last thing you want is to be known as a follower. You want to be known as a leader!
Competition can often be quite tough, depending on your market and location. The business world doesn’t wait around for people to make decisions. One of the crucial facts of running a successful company is being willing to adapt to changing market conditions.
You want to earn more money by innovating and pioneering
If you find that you will generate more revenue in a particular niche, it’s best to establish yourself in that niche first. Otherwise, you could find yourself competing with a plethora of established businesses. And we all know how tough that can be!
Take Issa Asad from Florida, for example. When he first started in business, he introduced the concept of takeaway food to gas stations. Now every gas station around the world is doing the same thing! He also pioneered the prepayment PIN concept for mobile phone purchases.
You want to expand into new areas
My mother always used to tell me never to “keep all my eggs in one basket.” That rings true in the business world. The only reason today’s successful firms thrive is because they offer a varied choice of products and services.
It’s no secret that, in some industries, pinning your hopes on one flagship product or service can soon lead to failure. Consumers love innovation and will always flock to buy the “next big thing.” It’s your job to come up with that next big thing!
You want to create simple solutions to common problems
We all buy stuff because we want solutions to our daily problems in life. If we’re hungry, we buy food. If our car’s low on gas, we buy petrol. And so on.
Sometimes there are strategies for solutions you’ve identified that make it easier for people to solve their problems. But if you just stick to what you do now, you’ll never have a chance to grab that opportunity!
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Leaders can sometimes get sidelined and stuck in a rut by focusing too much on tactics rather than strategies, and on what happened yesterday rather than what needs to happen tomorrow and the many tomorrows to come. Here are some questions to answer when you are thinking about Strategic Action. You might want to rate yourself on the questions including – how often and how well do you ask yourself and your people these questions?
Questions to Answer
1. Mission – the organization’s core work; reason/purpose for being
Why does this organization exist?
Whom does it serve?
What distinguishes it from other organizations?
What do you do that gives the organization meaning?
2. Vision – an inspiring, passionate, image of what the organization needs to and will become; a mental, even visual, model of the future; what success looks like
What kind of organization do you want to become?
What legacy do you want to leave?
How do you want to be perceived in the world? Be known for?
What does your ideal world look like?
What’s organizational culture do you want to create and how do you expect that culture will help you achieve your vision and strategic goals?
3. Values – the behaviors and actions that create the culture in the organization, the beliefs that drive decisions about people and work
What are the principles that guide your decision-making?
What can your stakeholders rely on in terms of the quality of programs/services/products delivered?
What do you stand for and how do you show that to each other?
When MVV are established and clear, you can begin to align people and work in significant and meaningful ways. Everything you do should align with your Mission, advance you toward your Vision, and be in harmony with your Values.
4. Strategies – These FEW BIG things will define how the organization will get where it wants to go. The overarching approach that will significantly advance the Vision and stay true to the Mission and Values.
5. Tactics – Those actions/activities/work, that when accomplished, will align with and advance the Strategies
What are the specific areas of work you want to address?
What do you want to have completed and by when in these various areas?
How will your goals advance your desired strategic outcomes?
6. Objectives – Fall within the Tactics. This is the work each person’s can identify with personally and can link to the organizational strategy, vision and mission
What specifically is the work that will advance the strategy and tactics?
Who are the right people to have this objective on their ‘plate?’
Who’s responsible for making it happen?
What are the deliverables, milestones, and time lines?
What resources (people, time, money, space, other) are required to make this happen and happen well?
What processes need to be in place (i.e. project management, change process, structure) to ensure a positive outcome?
Remember, it IS the leaders’ job to establish the mission and vision. Values should be developed with input and buy in from those who must live by them.
A vision is only a true vision when it has longevity, is not person dependent, and can stand the test of time.
Organizations need a FEW SIGNIFICANT and CLEAR, MEASUREABLE strategies to help advance the larger Vision.
About the Author
Leadership authority Roxana (Roxi) Hewertson is a no-nonsense business veteran revered for her nuts-and-bolts, tell-it-like-it-is approach and practical, out-of-the-box insights that help both emerging and expert managers, executives and owners boost quantifiable job performance in various mission critical facets of business. Through AskRoxi.com, Roxi — “the Dear Abby of Leadership” — imparts invaluable free advice to managers and leaders at all levels, from the bullpen to the boardroom, to help them solve problems, become more effective and realize a higher measure of business and career success.
How can you make the leadership leap gracefully? Well, learning and practicing effective leadership skills is a good place to begin. When you read Roxi’s book you’ll be well on your way! Click here to learn more.
Visioning is the process where good ideas become something more. It is a catalyst toward long-term evaluation, planning and implementation. It is a vantage point by which forward-thinking organizations ask: What will we look like in the future? What do we want to become? How will we evolve? Vision is a realistic picture of what is possible.
7 Steps Toward Strategic Vision
Analyze the company’s environment, resources and capabilities. Determine where the Big Picture existed before, if it did at all. Crystallize the core business in terms of viabilities to move successfully forward to some discernible point.
Clarify management values. Usually, management has not yet articulated their own individual values, let alone those of the organization. This process helps to define and develop value systems to create success.
Develop a mission statement. It is the last thing that you write, not an end in itself. In reality, the Mission Statement is rewritten several times, as the planning process ensues. The last draft of the statement will be an executive summary of collective ideas and works of the Visioning team.
Identify strategic objectives and goals. I ask clients to do so without using the words: ‘technology,’ ‘sales,’ and ‘solutions.’ Businesses fail to grow because they get stuck in buzz words and trite phrases that they hear from others. Technology is a tool, which feeds into tactics. Sales is a tactic, one of dozens of tactics which an organization must pursue. Tactics feed into objectives, which feed into goals, which feed into strategy, which feeds into Vision.
Generate select strategic options. There are many ways to succeed, and your game plan should have at least five viable options. When the Visioning program matures and gets to its second generation, you’ll find that winning formulas stem from a hybrid of the original strategic options. Creative thinking moves the company into the future, not rehashes of the earliest ideas.
Develop the vision statement. It will be action-oriented and speaks from the facts, as well as from the passion of company leaders. It will include a series of convictions why your organization will work smarter, be its best, stand for important things and be accountable.
Measure and review the progress. By benchmarking activities and accomplishments against planned objectives, then the company has a barometer of its previous phase and an indicator of its next phase.
7 Biggest Visioning Challenges
Settle the organization’s short-term problems. Otherwise, they will fester and grow. Many organizations fail because they deny the existence of problems, proceed to place blame elsewhere or hope against hope that things will miraculously get better. Unsolved problems turn into larger roadblocks to growth.
Never let the vision lapse. Keep the vision grounded in reality through benchmarked measurements. Keep the communication open, and the people will keep the enthusiasm alive. Renew the vision every five years with a formal process, thus including newer employees, the latest in business strategies and, thus, the advantage over emerging competitors.
Effective visions are lived in details, not in broad strokes. If the mission evolves from the process, then so do the goals and objectives reformulate by changing tactics. The smallest tactics and creative new ways of performing them tend to blossom into grand new visions.
Be sure that all sectors of the organization participate. The Big Picture cannot be top-down, nor can the embracing of corporate culture be only from the bottom-up. The Visioning committee should represent all strata of the firm.
Periodically, test and review the process. Understanding why the organization ticks, rather than just what it produces, makes the really big gains possible. Success is a track record of periodic reflections.
Never stop planning for the next phase. The review and benchmarking phases of one process constitute the pre-work and research for the next. From careful study (not whims or gut instincts) stem true strategic planning.
Change is inevitable and 90 percent positive. Individuals and organizations change at the rate of 71 percent per year. The secret is in benefiting from change, rather than becoming a victim of it.
Your company’s future relies on your people sharing this vision. Determine if your team understands your vision, if they can see the possibilities, if they know how they fit into the picture and if they are motivated toward action.
About the Author
Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.
Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.
Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.
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My boss wants a strategic plan next month. It’s a really short window and I don’t know where to start. Any ideas?
StrategyDriven Response: (by Roxi Hewertson, StrategyDriven Principal Contributor)
Just saying the words, “We need a strategic plan,” often elicits a groan and eye rolls. This is the response because most strategic plans come to nothing or almost nothing.
I wish I had a dollar for every ‘Strategic Plan’ or ‘5 Year Plan,’ sitting on a dusty shelf in this country. Every one of those musty shelf-dwelling ‘Strategic Plans’ cost those leaders and their organizations a great deal of human effort and lost productivity. In fact, strategic planning has gotten such a bad name many people only do ‘it’ because someone tells them they have to.
And yet, everyone likes to have a clear sense of direction, a plan, and an end goal that they believe can and will be accomplished. That’s why we need to create a smart plan of action. I call it Strategic Action because it’s about doing, not just thinking about doing.
A plan is the precursor to the action to be sure. It can even be fun to plan. When done well, planning should engage people and generate fantastic ideas — and still it’s only half the loaf. So how do we get where we need to go?
I have walked many clients through this process and it works every time. It’s simple, makes common sense, and can be shaped to engage any and all stakeholders. This is a summary, but it will give you a good idea.
5 Steps to Strategic Action
Step One: The Mission, Vision, and Values of the organization must be clear, shared, communicated, and understood by everyone on the staff and with appropriate others (Board members, key stakeholders, etc.). Revisiting the Mission, Vision, and Values statements is essential to the process even if they are just being validated. If necessary, create new ones so a solid foundation is in place first.
Step Two: Test the Vision. For a vision to be effective over time, it must be inspiring, clear, credible, and create a strong commitment in everyone guided by it. Always test your vision to see if it meets those criteria well enough to be the overarching, driving force that a great vision needs to be.
Step Three: Identify those significant few (2-3) big strategies on which you will focus for the shorter term (1-3 years for instance) that are aligned with your mission, in harmony with your values, and most effectively advance your vision. In this step you may need to conduct a SWOT analysis and an Environmental Scan look at both the internal and external factors you should be considering. By engaging your stakeholders, you give them a voice in influencing the strategies that will ultimately chosen by you and your leadership team.
Step Four: Action plan the strategies! Once the strategies are established, ownership and accountability for each strategy must be determined and action plans must be put into place with deliverables and time lines. Good communication across the organization is an essential part of this step.
Step Five: Action plan the tactics! Determine what specific actions will ensure the 2-3 big strategies are accomplished on time, on budget, and with high quality. This work is led internally by those accountable for the execution of the strategies — individually and on teams. Pay attention to both the head and heart of this process, making sure the tactical goals are balanced with the impact on people.
If doing this well requires more time than suggested, try to bargain for more and explain why. When you follow all five of these steps you will have a ‘strategic action plan’ which should satisfy any boss!
About the Author
Leadership authority Roxana (Roxi) Hewertson is a no-nonsense business veteran revered for her nuts-and-bolts, tell-it-like-it-is approach and practical, out-of-the-box insights that help both emerging and expert managers, executives and owners boost quantifiable job performance in various mission critical facets of business. Through AskRoxi.com, Roxi — “the Dear Abby of Leadership” — imparts invaluable free advice to managers and leaders at all levels, from the bullpen to the boardroom, to help them solve problems, become more effective and realize a higher measure of business and career success.
The StrategyDriven website was created to provide members of our community with insights to the actions that help create the shared vision, focus, and commitment needed to improve organizational alignment and accountability for the achievement of superior results. We look forward to answering your strategic planning and tactical business execution questions. Please email your questions to [email protected].
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Business marries the community that it settles with. The community has to be given a reason to care for the business. Business owes its well-being and livelihood to its communities.
I recently stopped for lunch at a franchise restaurant. Nobody was at the register. A crew member told me to wait, then later took my order. She started selling donations to some cause, which I declined. When the regular cashier returned, I saw her peddling donation sales. People were blindly making donations, without understanding what they supported. The sales of those promotional pieces caused the line to grow out of the restaurant door. People were just buying the promotion in order to get through the line.
I support cause related marketing and have advised many corporations on setting up such programs. However, peddling sales to some ‘foundation’ that is named after your product and which supports only one cause is not appropriate. The store was littered with stickers. The process of selling the stickers made the waiting line longer. As a result, the iced tea had run out, and nobody checked it.
I went to their website, where franchise chains allege they want customer comments. I stated, “Having a foundation to support the community across the board is great. Who is to say that a sales promotion tied directly to your products is right? I say it is not, and I’m an expert on cause-related marketing. You people need to revise your service lines. Peddling the sales of stickers in a tackily littered store is inappropriate. I’m gravely concerned about this practice of badgering customers in support of some phantom charity; how this store does it is not right.”
The franchise owner later called. He talked all over me in a defensive manner. His voice was high-pressure, probably the result of sales training classes. Rather than addressing my concerns, he rifled over them and questioned my ability to assess community relations. I asked if he had ever heard of Thousand Points of Light. He said no. I explained what it was and that I was an adviser to the President of the United States in fostering the program. Still, he questioned my interest in community relations.
“We’re a franchise,” he admitted. “This was dictated to us by corporate. I’m sorry that you feel that way because we do so much good. You’re invited to attend when we present the donation.” I replied, “No, I’m not going to be a prop in your photo opportunity, for you to sell product.” I reminded him that it was customer donations that enabled the attention, not a corporate initiative for which they were taking the credit.
He was not listening. He was simply rationalizing a corporate marketing initiative. So too was the corporate person who later called to argue with me for daring to state my opinions. Sadly, people like that don’t care or even get that re-thinking their strategy is an option.
There are many wonderful ways where companies support the community:
Give percentages of sales to approved charities.
Offer certificates for product when people make legitimate donations.
Coupon book activities with schools.
Allow non-profit groups to present on their premises.
Advocate community causes in their advertising.
Sponsor noteworthy community events.
Recognize that executive time spent in the community is good for business.
No company can cure community problems by itself. Each company has a business stake for doing its part. To prioritize which spheres or causes to serve, business should list and examine all of the community’s problems. Relate business responses to real and perceived wants/needs of the community. Set priorities. There can never be a restraint upon creativity.
My advice to companies as they create charity tie-in, cause-related marketing and community relations activities includes:
Don’t say that you want customer input unless you are prepared to hear it.
Franchisers should not sell sure-fire promotions to build sales as part of the worth of the franchise.
Community support is not a one-cause (vested interest) matter.
If you seek customer comment, do not talk over the customer.
Do not keep rationalizing flawed strategies to your customers.
Realize that customers’ opinions matter and that they have more buying choices than just your store.
If you purport to have a foundation, it cannot or should not be named directly for your product.
Do not run your “foundation” out of a corporate marketing department.
Every community relations program has five steps:
Learn what each community thinks about the company and, therefore, what information needs to be communicated to each public. Conduct focus groups. Maintain community files. Organize an ongoing feedback system.
Plan how to best reach each public… which avenues will be the most expedient. Professional strategic planning counsel performs an independent audit and guides the company through the process. Get as many ideas from qualified sources as possible.
Develop systems to execute the program, communicating at every step to publics. All employees should have access to the plan, with a mechanism that allows them to contribute. If others understand what the company is doing, they will be part of it.
Evaluate how well each program and its messages were received. Continue fact-finding efforts, which will yield more good ideas for future projects. Document the findings. When planning, reach for feasible evaluation yardsticks.
Interpret the results to management in terms that are easy to understand and support. Provide management with information that justifies their confidence.
Companies should support off-duty involvement of employees in pro-bono capacities but not take unfair credit. Volunteers are essential to community relations. Companies must show tangible evidence of supporting the community. Create a formal volunteer guild, and allow employees the latitude and creativity to contribute to the common good. Celebrate and reward their efforts.
Community relations is action-oriented and should include one or more of these forms:
Creating something necessary that did not exist before.
Eliminating something that poses a problem.
Developing the means for self-determination.
Including citizens who are in need.
Sharing professional and technical expertise.
Tutoring, counseling and training.
Promotion of the community to outside constituencies.
Moving others toward action.
Publicity and promotions should support community relations and not be the substitute or smokescreen for the process. Recognition is as desirable for the community as for the business. Good news shows progress and encourages others to participate.
The well-rounded community relations program embodies all elements: accessibility of company officials to citizens, participation by the company in business and civic activities, public service promotions, special events, plant communications materials and open houses, grassroots constituency building and good citizenry.
Never stop evaluating. Facts, values, circumstances and community composition are forever changing. The same community relations posture will not last forever. Use research and follow-up techniques to reassess the position, assure continuity and move in a forward motion.
No business can operate without affecting or being affected by its communities. Business must behave like a guest in its communities… never failing to show or return courtesies. Community acceptance for one project does not mean than the job of community relations has completed. Community relations is not ‘insurance’ that can be bought overnight. It is tied to the bottom line and must be treated accordingly…with resources and expertise to do it effectively. It is a bond of trust that, if violated, will haunt the business. If steadily built, the trust can be exponentially parlayed into successful long-term business relationships.
About the Author
Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.
Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.
Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.
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Leadership authority Roxana (Roxi) Hewertson is a no-nonsense business veteran revered for her nuts-and-bolts, tell-it-like-it-is approach and practical, out-of-the-box insights that help both emerging and expert managers, executives and owners boost quantifiable job performance in various mission critical facets of business. Through 
to learn more.
Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.
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