strategy

The Power of Written Strategies [Video]

The Power of Written Strategies [Video]

In a video interview with the Entrepreneurs Organization (EO), Nick Leighton, bestselling author of Exactly Where You Want to Be explains why it is so important for business owners to physically write out their strategies and what can they benefit from sharing their goals with someone else… you will learn this in the following 90-second interview.

How Would it Feel if Sales Was Taken Care of For Your Company?

How Would it Feel if Sales Was Taken Care of For Your Company?

You may have the best product or service out there, but you need sales. The bottom line is that if you want to get larger than a few people, you most probably will need more sales than you can achieve yourself, so if you lack a high-performing sales team, chances are your business will suffer. As anyone who’s ever been in (or dealt with) sales knows, it takes a combination of locating a person with the right sales traits and skills, combined with the best approach to training and guidance, to get the desired result. Here are 4 tips on building a world-class sales team for your company…

Two Day Strategic Planning Summit - Sample Agenda

Two Day Strategic Planning Summit - Sample Agenda

Although every strategic planning session is different depending on the needs of each organization, most strategic planning agendas have a similar structure.

We share a sample strategic planning agenda that you can use and customize to your needs. We recommend including your team in the planning process as early as possible to increase company wide buy-in and implementation after the session. 

One Day Strategic Planning Meeting - Sample Agenda

One Day Strategic Planning Meeting - Sample Agenda

Are you hosting a strategic planning meeting and need a one-day sample agenda?

We've created this one-day strategic planning agenda to help with your planning needs, for those who don't have the time for a two-day session, or for those who may be reviewing their strategy on an ongoing basis…

6 Ways to Ensure Strategic Planning Success

6 Ways to Ensure Strategic Planning Success

A company’s strategic plan is only as effective as the process that goes into creating it. If the approach is too rigid, hierarchical or only serves as an empty exercise, it’s unlikely the business will in any way benefit from the process.

Here are suggestions on how best to mold the strategic planning process to get the most from your expenditure of time and resources…

Use Technology to Enhance Your Employee Communications Efforts

Use Technology to Enhance Your Employee Communications Efforts

If improving communications with your employees was on your 2018 list of resolutions, there are many ways to leverage digital technology to achieve this goal. Businesses that still rely on a “suggestion box” in the break room or some similarly out-of-date mechanism should consider adopting current technology to make employees feel more involved and part of the team...

5 Crucial Things a Peer Advisory Board Can Do for Your Business

5 Crucial Things a Peer Advisory Board Can Do for Your Business

As a business owner, you wear multiple hats. Because no one is equally good at everything, some of your hats are a little too big or a little too small – but you wear them anyway. Only people who have run a business can possibly identify with the pressure to be a Jack of all trades in this way.

To the business owner, a peer advisory board is a room full of people who know what it is to wear the hats. They’re the people who know what it takes to steer a business toward success, because they’ve done it – or are in the process of doing it – themselves.

By taking advantage of group knowledge and experience, you’ll be able to...

The 5-Step Strategic Planning Template for Your Businesses

Are you hoping to invest more time into growing your business instead of getting bogged down by day-to-day business challenges? Maybe you are thinking you would like more time away of the business in 2017? More sales? Better profitability? More efficiencies with your team?

The most important tool for refocusing your energies on your company’s core goals is your strategic plan. There is hard evidence from the Small Business Pulse Survey showing the real-world advantages of the strategic planning process.

I’m going to assume you love what you do – check out this video.

Here, we’re focusing on a strategic planning template that will help you to craft your own strategic business plan. TAB’s Strategic Business Leadership® (SBL) process provides an effective framework for transforming your personal vision of your company into a clear and concise road map that will help to guide your organization’s response to every new challenge and opportunity. The SBL strategic planning process is designed to help small- and medium-sized businesses develop practical strategic plans with attainable, measurable goals. Use your “big picture” focal points to meet today’s business challenges with SBL’s five-step strategic planning template:

  1. Align organizational vision with your personal vision.
  2. Turn a critical eye toward your business.
  3. Develop the plans needed to meet your goals.
  4. Carry out your plans.
  5. Continually evaluate and adjust your plans as business conditions change.

The Five-Step SBL Strategic Planning Template

  1. Vision. To develop a truly effective strategic plan, you’ll first need to take an honest look at what you want to get out of your business. Develop a written Personal Vision Statement, one that details what you’d like to see your business strive towards and how that connects with your goals for your personal life. This isn’t a statement you need to share with employees, investors or customers, so be honest with yourself: are you hoping to sell the business? Bring in new management? Turn the company over to your son or daughter? After you answer these questions, you can develop a Company Vision that will ensure your management team and employees understand your team’s common goal. I have a couple of videos to help you write your personal and business vision.
  2. Analysis. Next, you’ll need to detail the features of your company and the business challenges that loom on the horizon. One proven method for accomplishing this is the SWOT analysis for identifying strengths, weaknesses, opportunities and threats. Assess the things your company does best, and consider the areas where you fall short. Ask yourself about the characteristics that make your company unique, and describe the way your customers truly view your organization. Then identify emerging technologies or markets that might provide new opportunities going forward. Finally, make note of external factors that could cause trouble in the future, such as new regulations or competitors.
  3. Plan. You’ll need to detail critical success factors, goals, strategies and action plans as part of the SBL strategic planning template.
    • Critical Success Factors. Identify your organization’s most important large-scale objectives to help direct your efforts.
    • Goals. Set up concrete goals that can be achieved within one to three years. If your Critical Success Factor is expanding your product line, for example, you could set a goal of developing two new products within the next 18 months.
    • Strategies. Develop guidelines that will help you to meet your goals. In the above example, that might include allocating more resources to your R&D department to facilitate product development.
    • Action Plans. Produce a plan of action that meets SBL’s “S.M.A.R.T.” criteria: your plan must be Specific, Measurable, Actionable, assigned to a Responsible party, and fit within a set Timeline
  4. Take action. A plan won’t do you much good if you and your team let it sit idle. Focus on effective communication to make sure you meet your goals. Your whole organization needs to understand the direction you’re heading and the role they’ll play in making sure you reach your destination. You’ll also need to review and modify your plan as often as possible (preferably weekly), which will allow you to factor in new and unforeseen developments. Also, remember that growing your business will require your full participation. As the business owner, you’re ultimately responsible for ensuring that your company moves towards your objectives.
  5. Turn the Wheel. The last factor in the SBL strategic planning template is what we refer to as “Turning the Wheel.” You didn’t become a business leader because you wanted to stick with the status quo or let others guide your fate. Take ownership over your company’s progress. If things are veering off course, review your plan and revise it. If you need to change course to respond to the loss of a major client or because of difficulties acquiring capital, you’ll need to embrace your role as a leader. If you remember that your strategic plans will need to be dynamic and malleable, you’ll be better prepared to respond to the unexpected and to chart a new path forward.

The strategic planning process is an essential part of any company’s decision-making process. Regardless of your level of experience, and no matter how large or successful your organization is, TAB’s SBL strategic planning template can help you to excel when faced with tomorrow’s business challenges.

You’ve got a finite supply of business resources, and you’ll use them best when you move forward with purpose and conviction.

Start the strategic planning process today.

What would you consider the most important aspect of a cogent business strategy? Comment below to let us know what you’d need to include in your strategic plan.