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Unlock Your Business Growth: A Complete Guide to Planning

Posted by
Jackie Nagel, Synnovatia
planning

Planning is key to growing any business. It helps organizations set clear goals, identify the resources needed to achieve them, measure progress, and adapt quickly to unexpected challenges or opportunities in the marketplace.

But when a small business owner launches their enterprise, planning is often ad-hoc and focused primarily on surviving day-to-day. This is especially true for those bootstrapping as opposed to those with funding.

However, ad hoc planning only takes an organization so far before it collapses into chaos. Once an organization reaches “the messy middle,” planning requirements change. At this point, the entrepreneur needs to consider several types of planning that allow the business to stay one step ahead of the industry.

planning

Photo by Jason Goodman on Unsplash

Let’s dive into the different types of planning:

Strategic planning is the highest-level planning that occurs within an enterprise. It’s the process that involves analyzing the internal and external environments, identifying the critical areas of focus, determining long-term goals and objectives, and the strategies, resources, and actions required to achieve them. Strategic planning — and the accompanying skill of strategic thinking — is beneficial in identifying opportunities and threats in your external environment and aligning your internal resources and capabilities to exploit them. A well-planned and executed strategic plan helps build a sustainable competitive advantage and achieve long-term growth.

Business planning is a process that helps organizations define their short and medium-term goals and identify the resources required to achieve them. Unlike strategic planning, a high-level process, business planning focuses on specific operational areas such as marketing, sales, operations, and finance. It typically covers a one-to-three-year period and involves setting clear targets and milestones to measure progress. The duration of short and medium-term goals can be relative to the organization’s needs, including how rapidly the business is growing and the industry is changing or the impact of outside forces (think COVID or economic uncertainty).

Operational planning focuses on the day-to-day activities of your business. It involves defining specific actions required to achieve business objectives and allocating resources to execute them. Operational planning typically covers a shorter time frame than strategic or business planning, such as a month or a quarter. To develop your operational plan, identify the specific actions required to achieve your goals. You’ll also want to identify the resources needed to execute these actions, such as personnel, equipment, and technology. Next, allocate resources and set specific timelines and milestones to measure progress. And remember, automation can be your best friend in setting up repeatable processes to reduce workload and improve operational efficiency.

Financial planning is a critical process that helps you effectively manage your business’s financial resources. It involves forecasting future revenue and expenses, developing a budget, and monitoring actual performance against planned targets. Financial planning helps to manage cash flow, identify potential financial risks, and make informed decisions about resource investment and financing. To develop your financial plan, start by forecasting future revenue and expenses. Next, create a budget that allocates resources to different business areas, such as marketing, operations, and personnel. Also, develop a cash flow analysis that predicts future cash inflows and outflows. Finally, monitor actual performance against planned targets and adjust their financial plan as needed.

Contingency planning is a process that helps your business prepare for whatever unexpectedly is thrown your way. It includes identifying potential risks and developing plans to mitigate them. Events such as natural disasters, economic downturns, or supply chain disruptions can create a major upheaval in your business, often threatening closure. A contingency plan helps you reduce the impact of unforeseen events. Also, consider including a communication plan to ensure that employees, customers, and suppliers are informed of any disruptions and how the business plans to mitigate them.

Last but not least, succession planning ensures your business has a clear continuity plan and can maintain operations during periods of leadership change. Identify key leadership positions and provide mentorship, coaching, and shadowing opportunities as part of your succession plan. This will ensure a smooth transition when the time comes for a change in leadership.

Additionally, consider developing a contingency plan for unexpected leadership changes, such as sudden illness or death. This ensures your business can continue to operate without interruption in an emergency.

In conclusion, planning is crucial for the success of any business. It helps organizations set clear goals, identify the resources needed to achieve them, measure progress, and adapt quickly to unforeseen challenges or opportunities. By mastering different types of planning, you can set your business up for long-term success and secure your legacy for the future.

How Systems Thinking Boosts Your Business Growth

Posted by
Jackie Nagel, Synnovatia
business growth via systems thinking

As an entrepreneur in stage 2 of business growth—the messy middle—you likely need more time to grow your business. Yet sustained, scalable growth can be elusive. There are many moving parts to a successful business, and it can be difficult to see how they all fit together. Plus, wasteful tasks bog you down and don’t add any value to your bottom line.

That’s where systems thinking comes in. Systems allow you to grow and scale your business.  Without systems, your business will quickly reach a ceiling and be unable to expand. 

And, as more and more enterprises seek ways to create sustained, scalable business growth, this type of thinking is gaining momentum. Why? Because systems thinking is the key to unlocking sustained, scalable business growth. 

business growth via systems thinking

Photo by Alvaro Reyes on Unsplash

What Is Systems Thinking?

Systems thinking is a way of looking at your business that sees interconnectedness and interdependence rather than independent and isolated parts. 

In a traditional linear system, each part is separate and independent from the others. It’s a siloed approach that creates inefficiencies and stagnation. Additionally, linear thinking and its subsequent siloed approach lead to departments or divisions competing with each other rather than collaborating. 

On the other hand, systems thinking is a way of looking at problems that consider the relationships between different parts of a system. It’s a holistic approach that considers how each element of a system affects the other elements. And when you employ systems thinking to solve problems, you can see the big picture and more easily identify potential areas of improvement. 

When done correctly, this leads to increased efficiency, opens capacity, and spurs growth. 

Why Use Systems Thinking for Business Growth? 

In today’s rapidly changing business landscape, it’s more important than ever to adapt quickly to new challenges. Systems thinking provides a framework for doing just that. By understanding how different parts of your business are interconnected, you can make changes that have a ripple effect throughout the organization. This allows you to be nimble and responsive to the ever-changing needs of the marketplace. 

There are many benefits to using systems thinking in your business. When this type of thinking is operating, you’ll be able to: 

  • See the big picture. When systems thinking is employed, you can see how all the different parts of your business fit together. With the big picture in mind, your decision-making improves.
  • Find inefficiencies. When systems thinking is used, you uncover inefficiencies in your business and correct them, which opens the capacity for more growth.
  • Create sustainable growth. With systems thinking, you can create sustained, scalable growth for your business, which is impossible with a traditional linear approach. 

How To Use Systems Thinking 

In its simplest form, there are four steps to using systems thinking in your business. First, define the problem you’re trying to solve. Second, identify the different parts of the system involved in the issue. Third, analyze how each part of the system affects the other parts. Finally, develop solutions that address the root cause of the problem, not just the symptoms. 

Using these steps, you’ll be able to see problems from multiple angles and develop creative solutions that will help your business grow sustainably. 

Systems thinking is about creating and using processes and procedures to automate your business operations. It eliminates the need for manual tasks, which are often time-consuming and inefficient. It also helps streamline your business processes, ensuring everyone is on the same page, services are delivered quickly and efficiently, and unnecessary duplication of work is eliminated. 

If you want your business to grow, start thinking like a systems thinker. Use data to understand cause and effect, look for feedback loops, anticipate what will happen next, create experiments, and be prepared to correct course when necessary. Encourage a culture of learning, keep an eye on the big picture, build resilience into your system, and be open to new ideas to embrace change as an opportunity for growth.

Systems thinking is a powerful tool that can unlock sustained, scalable business growth. It creates a ripple effect throughout the entire company and makes your business nimble and responsive in today’s rapidly changing business landscape. 

7 Questions to Ask When Crafting Your Growth Plan

Posted by
Jackie Nagel, Synnovatia
growth plan

Most businesses experience a plateau at some point in time — especially those in The Messy Middle. And, believe it or not, it’s somewhat predictable.   

Stalls in business growth generally occur around specific revenue markers such as $350K – $500K, then around $750K to $1M, and approximately $3-4M.  Why? That’s an excellent question and one that many entrepreneurs have battled to answer. 

Over two decades of business coaching and strategizing with the Stage II enterprise revealed common components contributing to a plateau. In most cases, it’s a combination of factors unique to the entrepreneur and the enterprise. 

There are some universal elements, however, impacting the majority of entrepreneurs who find themselves stuck in the messy middle. 

Let’s take mindset, for instance. Do you quickly become overwhelmed by the day-to-day stressors of running a business so much that you shut down strategically? Or do you feel pessimistic about future possibilities? 

Finding the right talent — not an easy feat in today’s competitive market — is another significant stressor for most entrepreneurs that often contributes to a sticking point in revenue growth. 

One’s ability to delegate is another potential component. If you’ve identified the talent, are you comfortable entrusting tasks to others? How confident are you in your delegation skillset if you’ve functioned independently for any time? 

Your rate of business growth, and a potential stall, are also influenced by your strategy. Strategy, in turn, affects pricing, impacting cash flow and ultimately determining your ability to invest in profitable growth. (For more details, read Scaling Up: How a Few Companies make it…And Why the Rest Don’t by Verne Harnish.) 

One thing we know for sure — what got you here won’t get you there.

The Conundrum of the Missing Growth Plan

The growth plan is perhaps the most crucial component in moving beyond any stall. 

There is a prevalence of the glaring absence of a growth plan, so if your growth plan is unaccounted for, don’t waste time agonizing over it. 

Growth and strategic planning are often a part of a successful business’s rise to success. Why? We have time on our hands to do the things most successful companies do. 

As we grow, day-to-day operations quickly inundate and overwhelm us. For example, we get busy putting out fires. Plus, the number of hours we work leaves little time or energy for thinking clearly and strategically. 

Often, critical elements of business growth are placed on the back burner for a point when we hope to have more time. But, sadly, it never comes. 

Growth slows to a trickle until, finally, the business stalls. It plateaus. 

That usually gets our attention. But, although it might be too late for a quick turnaround, it remains highly probable to gradually regain a resurgence in growth. 

growth planning
Photo by Vadim Bogulov on Unsplash

The Top 7 Questions to Craft Your Growth Plan  

To address the commonly shared components contributing to a stall, as stated above, let’s consider how you may address each element. Although it’s not practical or professionally responsible to give you an exact blueprint for your business growth plan, given your unique enterprise, I can pose some questions for your thoughtful consideration as you design your plan. 

Are you ready? 

#1: What’s your exit strategy? When you’re ready to hand over the keys to the kingdom, what do you want to do with your business? Do you want to sell it or pass it on to a family member? Hand the keys to a long-term employee? (BTW, this happened to a client. He gifted his seven-figure business to a colleague. Nice boss!) 

#2: Based on your exit plan, what do you want your business revenue to be in 3-5 years? Don’t wait until you’re near the end of your business career to decide. Starting today with a clear vision adds significance to other decisions to achieve your vision.  

#3: What service(s) will you be offering? Again, when you’ve taken the long view, you may find that your current product or service offerings hamper your ability to hit your targets. 

#4: What products or services are most profitable? As you consider the products or services that will most likely support your growth trajectory, you also want to consider what products or services are most profitable for you to deliver.

#5: What client or customer is most profitable for you to serve?
 And, while you’re at, identify the clients or customers that are most enjoyable to work with for you and your team.

#6: What talent is required now that you precisely understand offerings and clients?  Will support talent be needed to achieve your growth numbers effortlessly? You will, after all, no longer be “doing it all” as you move things off your plate to that of others to free you up to focus on the strategy. 

#7: What costs are involved in your growth projections? First, consider the cost of your labor and operating expenses. A reasonable estimate of business expenses ensures your service is priced for profit and cash flow. 

It’s a lot to take in at one time, I know! Again the questions posed here are generally designed to trigger your creative thinking.  

As you begin drafting your growth plan, avoid adding too much detail to your long-term plan. Not only is it overwhelming, but, as we often learn, the business economy and marketplace change quickly. Focusing your attention on the next 12 – 18 months will allow you to regain control of your growth.

Uninterrupted time to think, draft, and design your growth plan is a luxury. However, if you effectively use the cracks of time (like during our Mastermind 350), you can create your entire plan one piece — one micromovement — at a time. 

Overcoming the 6 Most Common Hurdles Entrepreneurs Face When Growth Planning

Posted by
Jackie Nagel, Synnovatia
growth planning, entrepreneurs

Most entrepreneurs want to conduct proper growth planning for their businesses and even understand that doing so is essential to their success. Unfortunately, growth planning is continually interrupted and often falls through the cracks. This disruption is not caused by a lack of desire or a cavalier attitude to ‘wing it.’ So what is the problem? And how can it be solved?  

Before discussing the factors to include in your growth plan, we need to understand and eliminate the roadblocks interfering with its development  — otherwise, all the compelling advice will go to waste.

growth planning

The 6 Common Hurdles to Growth Planning 

Some prevalent challenges to planning are predictable, especially as your business enters Stage II of operations. 

Common Hurdle #1: The Time Quandry 

You spend your days like other CEOs –  putting out fires. It’s a never-ending game of Whac-A-Mole. Given the volume of client projects and demands, it’s challenging to carve out additional time for plotting your future. As a result, the opportunity to think strategically about the outcome of your business is rare. 

Common Hurdle #2: The Inadequate Insight into Trends and Competition 

The inability to keep up with industry intelligence, trends, and competitors also relates to time. Insight into where your clients and competitors are heading is vital for strategic decisions. Unfortunately, finding time to garner these understandings is difficult. 

Common Hurdle #3: The Fatigue Factor 

Decision fatigue is real. The more decisions made in a day, regardless of size or consequence, the more we exhaust our ability to think clearly. 

Often stress and worry about the future of the business occupy our sleep. Sadly, restless sleep also makes it challenging to awake rested and rejuvenated, ready for the day ahead. 

Common Hurdle #4: The Misplaced Perspective 

The adage, “too close to the forest to see the trees,” aptly applies to business. Unfortunately, we’re often too close to our situation to think decidedly or objectively to see the possibilities. An objective business advisor who understands your business and best interests can be instrumental. 

Common Hurdle #5: The Disorganized Data 

Missing data often ties back to a lack of time. Digging into our data can also be challenging. There’s frequently much of it that it is difficult to know what string to pull that unravels the information to make it user-friendly. 

Yet, data removes emotion from decision-making. Subsequently, we make better-informed decisions to keep our business healthy and growing.

Common Hurdle #6:The Second Shift

Commitments don’t stop when you walk out of your office. Personal obligations are other barriers to the energy and clear thinking required for effective planning. In addition, caring for elderly parents or managing a busy household with kids in school and homework are often factors outside business hours that alter our capacity to plan. 

Attempting to carve out time is a brain drain, and the second shift is real. Unfortunately, you’re not alone in your time crunch challenge. 

The Solution? Micro Move Your Way Around the Obstacles.

It’s a bit of a pipe dream to expect any busy entrepreneur to carve out a large enough chunk of time to complete an entire 5-year growth plan in one sitting. You are, after all, not a corporation with hundreds of employees who can ensure the organization’s work continues while you’re off on a 3-day planning retreat. Plus, complete and exhaustive planning is not an activity we recommend for the already busy and overwhelmed entrepreneur. It’s time-consuming, draining, and quickly obsolete, given the pace of change in business today. 

However, we have found a highly effective solution for devising your road map. It is influential not only in creating your plan but also in executing your desired intention. 

Enter the mighty micro-movement!

Coined by a gifted entrepreneur, the micro-movement is a short stroke of activity. It’s one minor step in the right direction, one rung up the ladder. To repeat a well-known phrase, “it’s eating an elephant one bite at a time.” It’s baby steps toward your goal. 

How do you productively apply a micro-movement? First, you use the “cracks of time” currently existing in your day. 

“Cracks of time” are micro periods. For instance, it may be 15 minutes between meetings while you’re waiting on hold or when a project concludes on budget and ahead of schedule. 

One of our favorite “cracks of time” at Synnovatia is when a meeting reschedules at the last minute. So rather than fill our calendar with minor tasks, we use the opportunity to march one more micro movement closer to the finish line. 

You’ll be astonished at how quickly you’ll have sketched out your future by breaking down your growth planning into one question — one micromovement — at a time. 

In addition, the seemingly slower pace of development will help you gain perspective. When you stand back and look over your projections, you can decide, with greater certainty, if your blueprint will bring you the joy, fulfillment, and goals you want to achieve.

The mighty micro-movement. It’s how you get from where you are to where you want to go — and it’s a game changer for entrepreneurs. 

What Makes the Middle so Messy for Entrepreneurs

Posted by
Jackie Nagel, Synnovatia
entrepreneurs growth strategy

Ahh, you’ve arrived, but it hardly looks like the destination you thought it would be. Instead of smooth sailing and fewer hours as a reward for years of hard work and dedication, work hours extend beyond what is possible, and it feels like the business is being held together with duct tape and glue. Frankly, it’s a little chaotic and a lot stressful. 

How did you get here? Like most entrepreneurs, it was likely by default, not by plan, even though you had your sights set on a brighter destination from the beginning. One thing you’re sure of — it’s not what you thought it would be. 

Welcome to “The Messy Middle.” 

entrepreneurs growth strategy
Photo by Robert Bye on Unsplash

Defining The Messy Middle 

The Messy Middle is the time in your business between start-up and smooth sailing. It generally occurs at around $350K to $500K, then about $750K to $1M, and once again at approximately $3 to 4M.   

It’s often punctuated by stagnant or slowed growth, dwindling cash flow, a withering talent pool, and missed opportunities. 

The exhaustion experienced by you and your team from what was once temporarily extended work hours is now untenable. 

Not only is there no time to pause to think strategically to make clear, data-based decisions, but the cracks are widening, and critical pieces of the business are vanishing. 

At this point in your business, you realize that what got you here is no longer working. The strategies you use to build your business won’t get you to the next level. 

Surviving The Messy Middle 

Even though you’re drowning in seemingly unsolvable complications and problems, The Messy Middle is survivable. 

Start with a deep breath and realize, first and foremost, that you’re not alone. Even though it may not be reassuring given your current situation, every business enters this unavoidable phase of growth and development. Whether or not an organization passes through to the next level depends on the decisions and actions going forward.  

Muffling The Messy Middle 

You might think you could have avoided this — if you had only known. But unfortunately, the sad truth is that there is little information available about this stage of business growth and development for most entrepreneurs.

Frankly, I don’t understand the lack of knowledge in the business environment, which is why I’m starting the conversation. It’s one we need to have that is long overdue.

Most business journals focus on larger organizations, but only 6% of all business enterprises fit that profile. Even as a member of The Messy Middle, you make up 19%, with the remaining 75% comprised of stage one organizations.  

The Messy Middle is a natural part of the business growth and development continuum. But, sadly, a colossal information gap exists between startup, stage one business growth and development, YOU, and the corporate behemoths. Moreover, it’s vital for solving your enterprise’s problems.

Plus, most entrepreneurs who are members of this elite club known as The Messy Middle are either too busy or utterly exhausted, with little time to learn, study, and share their dilemmas. 

You want proven strategies to stop the stall, turn the momentum around, and get to the next level.

For further insight into The Messy Middle, read: What No One Tells An Entrepreneur About Breaking Through a Business Plateau.

Thriving in The Messy Middle

Interrupting and moving through a stall requires new knowledge and skill for entrepreneurs. You can no longer rely upon the know-how and expertise that got you to this point of business growth. This challenge is especially true during difficult economic times. 

Although your chosen strategy is business-dependent, there are several situations to address, such as: 

  • Insufficient access to resources needed to succeed, like money and talent
  • Missing growth plan
  • Limited cash
  • Inadequate deployment of resources such as staff, time, and money
  • Burnout and fatigue, yours and your team

Regardless of the underlying factor contributing to your plateau, you can elevate your business above the current chaos. It’s a balancing act to test the boundaries of what is possible, understand the limits of your business, and maximize its potential. 

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We’re here to help you make the most of your business. If you need advice on where to grow next or just a listening ear, we’re happy to chat.

The Ultimate Cheat Sheet for the Stages of Business Growth

Posted by
Jackie Nagel, Synnovatia
business growth

Life is hectic, especially when you run or manage a small business. Business growth is challenging. Of course, profitable, sustainable growth is your goal, but how do you get there with all the distractions thrown at you every day? You’re speeding down the highway at 90 miles per hour, windows down, music blasting, kids screaming. Sounds fun, right? Hardly!

business growth

But what about all that scenery you took the trip to see? It’s gone in a flash, just a blur in your rearview mirror. Likewise, running a business can sometimes feel hazy and vague without the proper strategic intention.

So how do you take the time to stop and smell the symbolic roses, all while continuing your day-to-day tasks? How about having time to do what you know you should do to grow and maintain your business? Simple!

Determine which of these four stages of business growth your company currently resides, then focus your efforts on the suitable business development activity. 

  1. Core Business Development
  2. Expansion
  3. Professionally Managed Enterprise
  4. Organizational Maturity.

 Common characteristics, growing pains, and a primary focus define each stage of developing your enterprise. To know your specific goals, you first need to know and understand your business’s growth and development stage. Awareness of each step’s obstacles allows you to prepare better to overcome them – with the least amount of stress possible.

One of the most important things to remember about growing your small business is that your growth and development stage is not defined by how long you have been in business. Instead, revenue is a better definition of your developmental stage. Not accurately identifying your growth stage is one of the biggest mistakes when strategizing and planning for growth.

You risk focusing on the wrong activities by misdefining your business’s growth and development stage. As a result, you go around in circles rather than streamlining your activities to overcome the obstacles and leverage the opportunities you’re facing in your current stage.

The first two growth stages are when most business owners feel the highest amount of pressure and discouragement. They involve finding your niche, developing your products or services, getting your business up and running, learning to manage your resources, and creating functional operational systems. These steps set the tone for the rest of your business’s lifespan.

 

Business Coaching Through the Stages of Business Growth

Posted by
Jackie Nagel, Synnovatia
business growth

Picture this. You’re traveling down the road at breakneck speed. Music is blaring. Kids are hanging out the window. And, the scenery? Frankly, it’s all a blur.

The road has potholes, the engine’s knocking, and Bobbie is missing – all clear indicators that this trip is in trouble. Plus, if you’re honest, this terrain isn’t the least bit familiar.

You’re moving so quickly that there’s little time to ensure you’re moving in the right direction, let alone recalibrate your GPS to determine if the “you are here” is accurate.

Sounds familiar doesn’t it – with one exception. This isn’t a scene ripped out of National Lampoon’s Vacation; it’s your small business journey.

Where Did Things Go Wrong

Toddlers, teens, and tweens share common developmental characteristics that help the often-befuddled parent successfully maneuver the various pitfalls and perils of raising children.

So, too, business growth comes with its distinctive stages of development, complete with growing pains. Ahhhhh!

As a parent, you don’t want to coach or parent your kids beyond their developmental capabilities. The same philosophy applies to your business.

When you thought the diaper stage was over, you’re right back to sleepless nights and sh*tty jobs no one else wants to do. Plus, you want to ensure you’re not jumping over the stages that your business needs to mature to “adulthood.”

It’s enough to make the most stoic of us break down in tears – or at least a cold sweat.

business growth

What’s Your Stage?

It’s common to misidentify the stage your business inhabits. For example, some entrepreneurs categorize the period of growth and development on years in the industry rather than revenue. The miscalculation is a colossal mistake as growth initiatives and precious resources fail proper allocation.

In a nutshell, the most common phases are:

Stage One: Core Business Development

This period ranges from startup to approximately $500,000 in annual revenue for a service-based business. Stage one is the time to prove your business model, find your place in the sun, and build a strong foundation.

During this stage, business coaching focuses on client acquisition with an emphasis on creating predictability in marketing, sales, and planning. (We love predictability.)

Stage Two: Expansion

Whew! You’ve made it through the proving stage. Breathe a bit of sigh of relief, if for only a moment. Then, it’s time to engage the clutch, shift gears, and formalize your operational system.

If your business is in the service industry, this phase generally occurs between $350,000 – $1 million in annual revenue, give or take.

Are you feeling overcome with chaos and overwhelmed? Guess what? You’re not alone! You can thank the clash of resources between client acquisition/sales and operations for this anxiety-inducing moment.

The entrepreneurial spirit that carried your business thus far continues to fuel innovation.

With the addition of staff, you are no longer the “lone wolf.” Therefore, learning to delegate, communicate, lead and coach your team effectively is vitally important to free you up to focus on more of the strategic aspect of the business.

In addition to executing the critical operational structure needed to bring calm and consistency to the chaos of growth, coaching your business includes guiding you through the development of operational, strategic, and leadership skills required for the uphill climb.

Hang on! There is light at the end of the tunnel (and it’s not a train coming at you.)

Stage Three: Professionally Managed Enterprise

From approximately $5 – $40 million in annual revenue for a service-based business, business coaching focuses on strategic planning, development, and performance management. This emphasis allows you, as the owner, to keep your eye on profits as you expand your products and services.

Stage Four: Organizational Maturity

When your organization soars about the $40 million annual revenue mark, culture and management are the primary focus of business coaching. Who knows! At this point, you may be looking to succession planning with the near retirement destination.

Shift Into the Right Gear for Business Growth

You haven’t lost your mind (although we all question our sanity on occasion.) In this fast-moving information age, it’s easy to get distracted by other activities outside the primary focus of the stage our business resides. This lack of focus pulls us off course and sends us careening into obstacles. It’s feeling like a human pinball that constructs a crisis of identity and drives us to grab at straws – any straws – to get us back on track.

If you’re looking for the super highway of predictable growth for your business, identify your business’s stage of development, shift gears, and align your daily activity with the correct focus.

Trust me. It’s a trip worth taking!

Use Strategic Thinking to Shape Your Small Business Growth

Posted by
Jackie Nagel, Synnovatia
strategic thinking for small business growth

What actions do smart entrepreneurs take when business growth stalls? Most double down and work harder or throw more money at the perceived problem — or both! Neither of these options is advisable — or desirable — without the application of some strategic thinking to your business growth.

A recent strategic coaching conversation with “Katherine” (not her real name for the sake of confidentiality) is a perfect example of how strategic thinking shapes business growth. Katherine had already invested a lion’s share of time and money into her growth initiative. As results failed to materialize, her initial frustration turned to irritation. Finally, in total exasperation, she decided to move forward with a project that would be an additional — and substantial — investment of resources in hopes that it would be “the thing” that fueled her small business growth.

What Strategic Thinking Does For Your Business

Before doing so, we decided to put strategic thinking to the test. We took a peek at her performance metrics to glean whatever insight was available.

For many small business entrepreneurs, looking at performance metrics is like partaking in a Rorschach test. We know it’s supposed to mean something but, honestly, it all looks like a bunch of undefined, incoherent inkblots.

strategic thinking for small business growth

 

Using our best investigative skills, we poked, prodded, and cajoled her performance metrics. We compared them to industry benchmarks. We aligned them with her goals for growth and her business growth strategies.

What we discovered — in a word — was hopeful!

Ultimately, our strategic thinking skills cracked her performance metrics wide open to reveal a set of actions Katherine could take immediately to beef up her business success — before heading out with a substantial investment.

Isn’t that exciting? Time will tell how Katherine’s actions will ultimately shape her business success. Until then, she won’t have to grow her business in the dark with fingers crossed hoping for success. She has actions that are strategic in nature to guide her.

If you’re willing to apply strategic thinking to positively shape your business growth and save time and treasure, count me in!

 

Should You Micro Niche Your Way to Business Growth?

Posted by
Jackie Nagel, Synnovatia
business growth

business growth

Business growth isn’t what it used to be. Gone are the days of being everything to everybody. Yet, despite that, some business leaders tout the benefits of being a generalist. 

I see advantages for both the generalist and the specialist. 

For instance, a generalist doesn’t necessarily develop the same blind spots as someone specializing in a specific industry. Being a generalist can be beneficial in the case of someone like me who consults and coaches small businesses. I can think outside the industry, which can bring a unique perspective not previously considered. On the other hand, marketing as a generalist has its drawbacks and can make it a bit more challenging to proliferate. 

Growing more quickly is where being a specialist can shine. With marketing and messaging confined to one industry, it becomes easier to gain traction. 

Even as a specialist, focusing on a niche is no longer enough to break into the world of big profits. Instead, in today’s marketplace, a business needs to specialize in a micro-niche to optimize success. 

Defining Micro Niche

Most people in the world of business know what a niche is. Sports cars, fitness, health—each of those is a niche. But if you ever crack open a laptop or scroll through your Facebook newsfeed, you can attest to how many professionals focus on those general industries.

Concentrating on a micro-niche can set you apart and make a significant impact. For example, instead of focusing your brand on general fitness, specialize in fitness for teen girls or women over 60. Those are micro-niches. 

Here are a few more examples:

  • Tiny houses: micro-niche in the real estate industry
  • European travel: micro-niche in the travel industry (Or niche down further by honing in on travel to Germany.)
  • All-natural makeup: micro-niche in the skincare industry

Benefits of a Micro Niche for Business Growth

Micro-niching, and its many benefits, is exciting. But, unfortunately, it can also be a bit unnerving. 

One of the greatest fears for most small business owners when they consider streamlining services to a more specific area, is the loss of potential clients. Is that possible? Emphatically no! I’ve witnessed this in my coaching practice. The opposite is true. When my clients began the process of niching down, their revenue experienced a substantial jump. 

Take a look at the benefits that prove micro niches lead to business growth:

  • Low competition. Because of the highly specialized nature of the micro-niche, you have minimal competition. 
  • Ability to gain traction. Every business needs momentum to get started and continue growing. A micro-niche provides the traction required to progress quickly, so you’re not spinning your wheels.
  • Increased profitability. Due to low competition, you naturally experience greater profits because you have access to more clients who share your interests, desires, and passions. (Plus, think of how much fun your business would be if you worked in a highly specialized area that you love.)
  • Easier marketability. Marketing experts know that standing out in a crowd is the key to drawing attention to your brand and increasing sales. A micro-niche makes this possible and leads to an increase in business growth.

Finding Your Micro Niche

Okay, now you know the importance and benefits of micro-niches. Are you ready to make the switch? If so, how do you find your micro-niche?

Let’s say you’re a fitness expert. How do you stand out from the millions of other fitness experts in the market? Here are the first two questions to ask yourself on your journey toward micro-niche business growth.

  1. What is my greatest passion?
  2. With whom do I most enjoy working? (Read Buyer Persona: The Ultimate Tool for Small Business Success in a Crowded Market.)

Once you’ve answered those two questions, you’re well on your way to identifying your perfect niche fit.

What is the “tiny house” of your market? Give us a call when you’re ready to find out—and micro-niche your way to business growth and success. You’ll be up and growing in no time.

Business Growth Strategies to Snap You Out of Your Funk

Posted by
Jackie Nagel, Synnovatia

business growth strategiesNothing is worse than being in a funk! Entrepreneurs experiencing a “mood” know, only too well, the adverse effects the blues and the blahs have on business growth. Although you can tell yourself to snap out of it, nontraditional business growth strategies can turn your performance around.

There’s no denying the impact the brain has on business performance. A research study entitled Brain mechanisms for emotional influences on perception and attention: What is magic and what is not has this to say on the subject:

Converging data from neuroscience and psychology have accrued during the last decade to identify brain systems involved in emotion processing, selective attention, and their interaction, which together act to extract the emotional or motivational value of sensory events and respond appropriately. This system generates saliency signals that modulate perceptual, motor, as well as memory processes and thus, in turn, regulate behavior appropriately.

Translation? If you’re in a funk, regardless of the reason, your behavior — and your business performance — is soon to follow.

Business Growth Strategy: Gratitude

Our brains seek out negatives, thanks to our prehistoric relatives. Yikes! Uncovering the positive — especially when our brains perceive anything but — is when the real work starts.

In Shawn Achor’s book, The Happiness Advantage: The Seven Principles of Positive Psychology, he notes, “gratitude has proven to be a significant cause of positive outcomes.”

Daily Action: Write down three things for which you are grateful. 

Business Growth Strategy: Accomplishment

Indeed, the business growth strategy of accomplishment seems like common sense — until you realize how little time and effort we invest in taking inventory of our achievements.

My grandmother taught me the value of looking back and taking note of my accomplishments — especially when overwhelmed by the road ahead. It turns out she was right! Research conducted by the University of Chicago confirmed its importance.

Daily Action: Write down your accomplishments.

Business Growth Strategy: Opportunity

One of my incredibly bright clients helped me name this strategy during a discussion on tips for overcoming the drudgery associated with a lengthy, tedious, mind-numbing “to do” list.

Rather than catalog all that needs “doing,” how about flipping the tables by recording them as questions? Jot down “Can I complete my blog by 11:30 am?” rather than “Write my blog.”

Wording your “to do” in the form of a question inspires action and more successful outcomes.

Daily Action: “Question” your opportunities.

What do you think? Can these nontraditional business growth strategies lift you out of your funk? 

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Brooke Billingsley

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Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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