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Is it Time to Rethink Your Strategy?

Posted by
Jackie Nagel, Synnovatia
strategy

Strategy. It’s a small word with a big impact on today’s business. Often misused. Sometimes abused. And, it usually leaves the Stage II — The Messy Middle — entrepreneur more overwhelmed than is needed when growing their enterprise. 

And, as with the other stages of development, what got you here won’t get you there, and the strategy used to launch our organizations becomes outdated as we grow.  it adds unnecessary complexity and complication to day-to-day operations.  

It reminds me of the Southwest Airlines (SWA) – Continental debacle from decades ago. 

strategy

The Failed Strategy for Market Competition Between Airlines

As the story goes, SWA selected “short distance, no frills, and fun” as the strategies they would eventually use to build and grow their business successfully. 

Continental Airlines (no longer in existence in its original format, by the way) chose “fine and fancy” as strategies. They, too, began as a point-to-point airline, ultimately expanding operations to include transcontinental flights. 

After some time, Continental decided to re-enter the point-to-point market dominated by SWA. Continental failed miserably. The strategy that brought them success in the transcontinental market was not a good fit for the short-distance market. The lesson here? Before entering into a new market, you want to ensure its fit with your current strategy to avoid unnecessary complications and failure.

The Hardest Job You’ll Do 

When you spend your days putting out fires, there is little room to contemplate what your business needs to break through a business plateau. Thinking and planning is the most arduous job for any entrepreneur. It becomes even more challenging when your strategy is less than optimal for business growth and profitability.

Yet, strategy is influencing your daily decision-making —  for better or worse — whether you realize it or not. 

It impacts your choices, such as whether you should take on that complex client project on the fringe of your core offerings. Or, do you enter into a particular industry or space if you want to grow or scale? Is it a fit for your current strategy? Can you compete successfully in this space? These are just some of the many vital questions that influence the strategy you select to succeed. 

Unfortunately, discovering the strategy that will take you to the next level is messy, unpredictable, and multi-faceted. 

The Complexity of an Effective Strategy 

Strategy requires more today. Creating value, identifying and monetizing opportunities, and addressing unexpressed client needs are only a few elements to consider when selecting a strategy with the highest growth and profit potential for your business. 

Who else poses a threat to your existence? How do you differ in reality and the eyes of your audience? Situations like these, and others, change as you and your business grow. As a result, your business may be a more significant threat to your competitors. Knowing that, do you have a plan to disrupt your competitor? (That’s a fun idea, isn’t it?)

And there are trade-offs! 

Once you find a strategy you can embrace and believe in, you’ll say “yes” to some clients, pricing, and services, which means saying “no” to others. Are you ready for that mental exercise? Saying “no” to services or clients that no longer fit with strategy can be challenging. 

The Remake of Your Strategy 

It was easy for SWA to develop its strategy, IMO. They were new and shiny. There was no history to overcome or bad habits to conquer. So, where does the seasoned entrepreneur begin to modify or adjust their strategy? 

Taking a page from Dr. Michael Porter, a well-known researcher and author in the field of Strategy, it’s likely that an established business already has many appealing elements unique to its core. 

You can identify these fundamentals from which to revive your strategy to accelerate growth and profit by asking a few questions, including

  • Which of your services are the most distinctive?
  • Which of your services are the most profitable? 
  • Which of your clients are most satisfied? 
  • Which clients or channels are the most profitable? 
  • Which activities within your value change are the most different and effective? 

And, I might add, which clients are most fulfilling with whom to work? After all, there’s much more to business satisfaction that extends beyond measuring growth. Plus, as we mature in our business experience and understanding, the days of being everything to everyone are no longer satisfying or profitable. We often get to the point where striving for the operational efficiency of serving everyone contributes to significant burnout. 

From Michael Porter’s exercise, you’re a short jump away from accessing what’s next to upgrade your strategy for what’s ahead. 

One of my favorite resources for clarifying strategy is Verne Harnish. He and his team have done an exceptional job of scouring the field of strategy and distilling the information to make it practical for the Stage II entrepreneur to apply. 

Verne and his team recommend asking yourself and your team the following questions.

  • What word(s) do you want to own in the minds of your audience? 
  • Who and where are your core customers?
  • What are you really selling them?
  • What are your three brand promises? And, what methods do you use to measure whether or not you’re keeping your promises?
  • What is your brand promise guarantee?
  • What is your one-phase strategy that will be key to making money?
  • What are your business’s 3-5 differentiating activities? 
  • What is the X-factor that gives you a competitive advantage? 
  • What is your profit per X, your most profitable service?
  • What is your BHAG for the next 10 – 25 years? 

The Doable Path to Upgrade Your Strategy

It’s a lot to take in. And it’s even more overwhelming to realize the impact of upgrading your strategy and are challenged with finding white space to consider such essential questions. 

Searching for an adaptive strategy is an ongoing, incremental process — especially in today’s quick-to-change marketplace, which is why one of my favorite implementation tools is the micromovement. Use your “cracks of time” to answer one weekly question. You’ll discover a more robust growth strategy in four (4) months or less. 

Unearthing and upgrading your strategy is often complex — particularly for a Stage II enterprise. However, it doesn’t need to be — nor do you want it to be. 

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. 

Strategic Thinking: Not A Small Business After-Hours Activity

Posted by
Jackie Nagel, Synnovatia
strategic thinking as a priority

Merely stating that you have to carve out time for strategic thinking doesn’t make it so. For many small business owners already overwhelmed by all they have to do, an activity has to be valuable if it’s to be added to an already bloated calendar. The results achieved, especially in a highly competitive and fast-changing business environment, make it a must!

strategic thinking for business Even when deemed vital for business success, many small business owners treat strategic thinking as an afterthought — an end-of-day activity when the hustle and bustle of the business day come to a close.

By that time, decision fatigue sets in, and, with no one to hold us accountable, it’s increasingly easy to put off this vital activity until another day.

Another day turns into next week, which turns into the following month. And, so it goes until a calamity stops us dead in our tracks. Sounds only too familiar, doesn’t it.

Hindsight is 20/20

Wouldn’t it be grand if a small business came with a crystal ball? It’s frustrating, stressful, and exhausting to work long hours only to discover at the end of a month, quarter, or year that targets have been grossly missed. Ack!

Sadly, by the time, it’s too late.

It’s easy to blame the economy when business isn’t growing as we would like, but that’s really only part of the problem. The other culprit is the failure to make time to think strategically.

Your Future Awaits

Generally used in game theory, such as chess, strategic thinking involves the application of unique business insights to help your small business grow. Simply stated, it’s the logical process of knowing where you are, where you want to go, and how you’ll get there.

Strategic thinking affords you the opportunity to use data to glean valuable insights. Rather than hope an intended strategy nets results; strategic thinking expands the likelihood of achieving your small business goals.

Strategic Thinking Prioritizes Your Success 

The ideal time to maximize the benefits of thinking strategically is the first thing each morning. Before the rush of the day’s activities pulls you off track, strategic thinking sets the pace and the direction for your day.

Although thinking strategically sounds like a complicated process, it’s simpler than you may realize.

Follow this eight-step-process to make strategic thinking a priority and realize how it fast-forwards your small business:

  1. Set aside the first 20 minutes of your day (before opening an email).
  2. Eliminate distractions.
  3. Focus your attention.
  4. Gather your strategic thinking tools, including your goals, metrics, results, and performance.
  5. Look for trends or patterns of performance.
  6. Dig deep enough to understand the root cause or opportunities available to your small business.
  7. Develop a plan of action for the day that aligns your actions with your business mission, vision, strategies, and goals.
  8. Implement as planned.

Strategic thinking is the most important daily activity for any small business owner. It ensures what happens during your day isn’t just busy work but that it moves your business to the next level.

Stop doing — and start thinking — strategic thinking, that is!

6 Simple Ways to Strengthen Your Strategic Thinking Muscles

Posted by
Jackie Nagel, Synnovatia
strategic thinking

Running a growing enterprise often provides little time for strategic thinking. In fact, according to The Persimmon Group and Center for Creative Leadership, only 4-7% of business leaders are considered strategic thinkers. If you’re one of the lucky ones, good for you!

Unfortunately, most entrepreneurs are consumed by day-to-day operations. So instead of settling into their favorite spot for deep thinking, most collapse at the end of a demanding day.

Although the struggle to find time for strategic thinking is a reality, it remains a vital business skill.

No Time for Thinking?

There are several underlying reasons for the inability to find time for strategic thinking.

For instance, your business model may not work as well as planned. Or perhaps your business model has become obsolete.

For some business owners, their service is underpriced. Sadly, underpricing can lead to over-commitment to meet your financial obligations.

Equally important is delegating to your team and trusting them to deliver.

Although each of these adds to the challenge of having time to master strategic thinking, all is not lost!

strengthen strategic thinking

Strengthen Your Strategic Muscles in the Cracks of Time

“Cracks of time” are found while waiting for a Zoom meeting to begin. Or when stuck in traffic or waiting in line at Starbucks. So rather than wrapping yourself around the angst of the wait, use this time to sharpen your thinking.

Here are a few ways to get started:

1. Reflect during “Wasted” Time (Daily): Wasted time is the moments not being spent productively. Examples include jumping from one task to another, being irritated by things you can’t control, or scrolling through social media to combat fatigue.

Instead, reflect on what you can do differently to avoid unproductive, costly time at the end of each day.

2. Consider Egocentrism (Daily): Personal bias and egocentrism keep us from seeing beyond self-favor.

While planning your day consider how your bias might be getting in the way of achieving your goals. Then, ask yourself, “what would a rational person with no emotional bias do in your situation?” Hmmm!

3. Solve a Problem (Daily): Make traffic work for you. Use your drive time for reflection and problem-solving. Focus on a problem with a solution rather than waste time (See #1) thinking about things beyond your control. And consider your options for action in the short-term and long-term.

4. Focus on Intellectual Standards (Weekly): The Universal Intellectual Standards defined by the Paul-Elder Critical Thinking Model (Paul and Elder, 2001) include:

  • Clarity
  • Precision
  • Accuracy
  • Relevance
  • Depth
  • Breadth
  • Logical
  • Significance
  • Fairness
  • Sufficiency

Each week, select a focus to improve one of these areas.

For instance, consider glitches, typos, missteps, and do-overs during accuracy week. In addition, ask questions related to your accuracy, such as, “Did I spell check?” or “Am I communicating instructions clearly for the reader?” 

Also, consider reading up on the subject to move you beyond your immediate understanding.

5. Select an Intellectual Trait to Internalize (Monthly): The Universal Intellectual Traits according to the Paul-Elder Critical Thinking Framework include:

  • Humility
  • Courage
  • Empathy
  • Autonomy
  • Integrity
  • Perseverance
  • Reason
  • Fair-Mindedness

Focus on strengthening one trait each month. For instance, during your courage month, consider how you might push beyond your comfort zone to accomplish a truly remarkable and inspiring feat.

6. Analyze Business Influences (Quarterly) Who—or what—inspires your actions? Look around you. Equally important, what traits do you admire in others? Then, carefully select who—and what—you emulate. After all, Oscar Wilde said, “imitation is the sincerest form of flattery.”

Become your unique brand of entrepreneur. As is the case of business branding, skills need continual refinement.

It’s a Wrap!

By utilizing the seemingly insignificant “cracks of time” in a different way, you can begin to invigorate your strategic thinking muscle. And you will be better equipped to address problems and recognize opportunities.

If you’re ready to strengthen your strategic thinking muscles, we’re here for you.

Let’s Chat About Your Business Needs 

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!

 

Use This Strategic Approach in Your Business to Uncover Moments of Truth

Posted by
Jackie Nagel, Synnovatia
business moments of truth

Before the introduction of business technology, the traditional marketing model remained unchanged. This reduced consumer choices.  Marketing opportunities to learn about competing products or services were limited.

business moments of truthBefore the digital revolution, we may have heard about a product from advertising on TV, radio, or newspaper. (Remember those?) However, to experience the product or service, we made our way to a brick-and-mortar establishment. It was only at that point that comparison shopping took place.

Today, the consumer’s purchasing journey is an entirely new game. With the onset of technology, and the inception of digital marketing, 81% of today’s consumers conduct research online before their final buying decision.

In 2011, Google conducted a study ascertaining the number of sources of information consumed before making a purchase. At that time, an average of 10.4 sources was consumed from first viewing an ad to the product purchase. By 2015, that number had doubled to an average of 22 references. 

The information available digitally for today’s consumer is so complete that most consumers make their purchasing decision well before entering a store or clicking “add to cart.”

What does this mean for your business?

By taking charge of the moments of truth in your business, you can be among the 20+ pieces of information that consumers consume on their way to their purchasing decision.

Moments of Truth: Today’s Map for Business Marketing

Moments of truth can seem insignificant to a small business owner when they’re happening. Clients, however, have an entirely different reaction. For instance, if a potential client calls you and you don’t give them your full attention because of an office distraction, their impression may be that you are unfocused, unprofessional, and perhaps unworthy of their business. Situations like this can spell disaster for any business.

So, what’s a moment of truth?

A moment of truth is a sliver of time when clients or prospects interact with your business and decide whether or not to do business with you, share you with their network, or use your products/services again. 

Jan Carlzon, in his book, Moments of Truth, defines them as “anytime a customer comes into contact with any aspect of a business, however remote, [as] an opportunity to form an impression.”

Some of the everyday moments of truth include:

  • When a person hears someone else praise you or your work.
  • When a person likes your physical presentation, including your website, appearance, handshake, voice, or smile.
  • When a person is touched intellectually and emotionally by what you say.
  • When a person recognizes you as a model of whom or what they would like to become.
  • When a person experiences you are consistently excellent technically.
  • When a person knows you care.
  • When a person feels they and their information are safe with you.
  • When a person trusts your professional credentials.
  • When a person thinks they will be challenged and get what they need from you.
  • When a person pays your fee without any conversation.
  • When a person looks forward to small gifts and thoughtful messages from you.
  • When a person knows you will make it right for them if they have a complaint.
  • When a person knows your fee is slightly above the industry standard and feels you’re worth it.
  • When a person is sure that their success and well-being are your priority.
  • When a person knows you never stop growing professionally.
  • When you ask a person to tell you their expectations and frustrations about the service you provide.
  • When a person knows you have designed your business around what’s convenient for them.
  • When a person can reach you effortlessly.
  • When a person can count on you to treat them as a unique individual with unique needs.
  • When a person knows you will remember their kids’ names and send them a card on their birthday.

Strengthening the moments of truth in your business ensures your clients remain on the continuum of the nine steps to building trust. The outcome? A measurable increase in client acquisition, retention, and sales.

The Strategic Role in Mapping Your Moments of Truth 

One of the roles of a strategic small business coach is to ensure your business makes the right impression when interacting with clients and prospects. As an advocate for small business owners, a coach provides an objective evaluation that can make the difference between a client passing on your business for one of your competitors and landing that next big sale. 

However, you may ask yourself these common strategic questions to refine how you handle the moments of truth in your business. 

  • What are the various touchpoints of our business, such as your Web site, meeting at a networking event, sending an email, or leaving a voicemail message during which a potential client develops an impression?
  • What is the current impression our clients and prospects experience?
  • What is our intended impression? Where are the gaps?
  • What changes ensure each impression is the one we want our client to experience?
  • Who will make those changes?
  • When will those changes be made?
  • How will we measure the effectiveness of your changes?

Analyzing your moments of truth bring clarity to your business.  And, with the right strategies you can create impressions to turn the most skeptical prospect into your company’s most enthusiastic advocate.

Strategic Thinking Shapes the Business Strategy and Future of Your Business

Posted by
Jackie Nagel, Synnovatia
strategic thinking

A delicate balance exists between running your business on a day-to-day basis and strategizing for tomorrow. The good news is that small business entrepreneurs spend a generous amount of time thinking about their future. The bad news is that it’s done on the fly and on the run (or in-the-shower).

Is that the kind of quality strategic thinking that shapes the business strategy for business growth? Although there is an up-side to on-the-fly strategic thinking, there’s a greater down-side as your trade-off quality.

Several years ago, I enrolled in the MDE (Management Development for Entrepreneurs) program at UCLA Anderson School of Business. It was a course held on campus every Friday for six months. So naturally, we cringed at the idea of leaving our business “unattended” for 8 hours! Can you relate?

We were so caught up in the daily operation of our business. Yet, we also realized the need for dedicated time to think more deeply about our futures.

strategic thinkingImportance of Strategic Thinking On Business Strategy

Thinking about the future of your business in an organized manner is essential to growing your small business. Although it won’t allow you to predict the future, it empowers you to shape your future.

Dedicated time for strategic thinking challenges the status quo. It gets you out of the “business as usual” mindset and trains your brain to see things that are new and vital to the future of your business. And, when you’re better informed about your business, your decision-making produces a better business strategy and quality decisions.

Most of us recognize the importance of strategic thinking. The real question is — when! Given all we juggle in the course of a day, personally and professionally, it isn’t easy to imagine an uncommitted time.

Time to Think Strategically

As business owners, we need to make time to think strategically. We can’t just be operationally busy all the time. We need to escape the day-to-day business operations to achieve a strategic perspective.

How much time? That varies from entrepreneur to entrepreneur. Because of current commitments, it may be necessary to ease into it by blocking out 1% of your schedule for uninterrupted, quality strategic thinking. If you generally work 40 – 60 hours each week, this is only 40 – 60 minutes. Every two weeks, increase the percentage of your strategic thinking time until you can adjust your schedule to accommodate 10% of your time.

Now What?

If you’re not well-practiced in effectively using your artfully committed strategic thinking time, it may feel a bit odd at first. You might think it’s time to get caught up on that lengthy to-do list. But, trust me, it’s not!

During your strategic thinking time, explore the issues in your business. Look to see what’s happening around you, in your business, and your industry. What’s changing? How do you need to adapt to the changes? What opportunities exist? How can your business capitalize on them?

Depending on the time, you’ll find that your strategic thinking time takes on a strategy of its own. Tap into Unzip Your Success! 5 Types of Planning Every Small Business Needs for a more detailed outline of what to think about on a daily, weekly, monthly, or quarterly basis. 

Thinking about the future is not linear. However, as you take steps and regularly commit to a predetermined quality amount of time each week, you’ll notice the positive influence on the future of your business.

Strategic thinking helps you shape that future.

 

Plan the Work. Work the Plan. How to Create Time for Strategic Planning

Posted by
Jackie Nagel, Synnovatia
strategic planning

Strategic planning is an essential element of business development. It provides the much needed clarification to pace business growth. Not only does it keep you on track and on task, but it also help avoid detours and prevents unnecessary and costly derailments. The payoffs are huge yet few entrepreneurs seem to carve out the time to create their strategic plan — until it’s too late.

The Planning State of Mind

The biggest roadblock to strategic planning shared by many entrepreneurs is the lack of time available to actually think through and create the plan. However, before carving out the necessary time, strategic planning starts with the right mindset.

Here are a few of the faux pas we experience in our work with entrepreneurs:

  1. Many entrepreneurs feel their strategic plan needs to be completed in one sitting. Yikes! That’s a lot of mental overwhelm. Strategic planning, done right, does takes time.  Plus, you want the opportunity to step away from the plan to thoughtfully consider the various elements of the strategic plan. The future success of your business depends on it. It can take 20-25 hours for busy small business owners to complete their strategic plan. And, that’s okay!
  2. Another mental hurdle some business owners face is the notion that business needs to be on pause during the strategic planning process. Nothing is further from the truth. It’s important to continue to grow your business during the process. Insights gained along the planning path have a positive impact on business even before your strategic plan is complete.

Earl Nightingale said, “Don’t let the fear of the time it will take to accomplish something stand in the way of your doing it. The time will pass anyway; we might just as well put that passing time to the best possible use.”

The Practical Six-Step Plan for Strategic Planning

Here are a few pointers to get you started on the right path:

  1. Find your most productive time. Don’t wait until you’re mentally drained and physically exhausted to work on your strategic plan. Find the time when you’re fresh, energized, and creative. The future of your business depends on it.
  2. Arrange 60-75 minute planning periods. Pierre Khawand, author of The Results Curve(TM): How to Manage Focused and Collaborate, discovered that the best results are achieved after 40 minutes of focused work following by 20 minutes of collaboration. This gives you the time to achieve results without creating a substantial dent in your workflow.
  3. Plan to plan weekly. Don’t let too much time pass between your strategic planning activities. You’ll feel like you’re starting from square one. Done weekly, however, ideas, concepts, and direction are still fresh in your mind.
  4. Plan away from your regular workspace. If you’re easily distracted or pulled by the needs of others, get away from your regular workspace. Your neighborhood coffee shop or library stops the interruptions blocking your strategic planning process.
  5. Break down the strategic planning process into bite-sized pieces. Don’t overwhelm yourself with the entire plan. In fact, when your plan is broken down into more manageable pieces, you’ll experience a sense of accomplishment at the end of each planning appointment. Consequently, you’ll move your plan forward more quickly.   John Bytheway wisely said, “Inch by inch, life’s a cinch. Yard by yard, life’s hard.” That’s certainly applicable to strategic planning.
  6. Commit to your plan. Entrepreneurs are notorious for minimizing the long-term wants of their business to attend to the short-term deeds. Think about it. Would you cancel an important meeting with a client? Of course not! Why, then, would you be so cavalier as to cancel any planning meetings with yourself? Be as committed to your planning process as you are to the needs of your clients.

Strategic planning isn’t easy. However, planning is a habit to hone to arrive at the destination you desire.

How to Use A Year End Assessment to Grow Your Business

Posted by
Jackie Nagel, Synnovatia

Ahhh, yes! It’s the time of the year we gather around the holiday table (aka Zoom) with the significant people in our lives…and plan for the year ahead. (Oh, how I wish that were so.)

Unfortunately, most business owners spend more time planning Thanksgiving dinner than they do planning for business growth. And, when resources are limited, planning is even more critical.

David vs. Goliath Planning

year end assessment There’s more than size that separates small businesses from large. The most noticeable difference is how each responds to pressure, stress, overwhelm, and uncertainty.

While corporations spend more time planning when things go sideways, small business owners spend their time putting out fires and dealing with day-to-day operations.

Granted, you have to weigh the importance of assessing, planning, and setting a direction for business growth versus being on the streets doing your thing. However, the real value of proper planning is the time saved by focused efforts and avoiding costly decisions.

A Year End Assessment is Not Rocket Science

A formalized strategic planning mechanism that is held annually is a nice idea. The truth is most of us small business owners aren’t likely to create — or engage — in such a formalized process. In fact, the failure of most small businesses to engage in any sort of structured planning is noted as one of the primary causes of the high failure rate. That’s just plain ugly — especially when it’s avoidable.

Regardless, we don’t need an MBA or special superpowers to accurately analyze and plan for the year ahead. We just need to schedule some time and take inventory of what’s truly going on in our business.

Planning means preparing for future success.

Business Growth Begins With an  Assessment

One of the most valuable tools to identify growth opportunities is the year-end business assessment. It gives you the critical feedback and insight you need for proper planning.

Objectivity accelerates your odds for a successful year ahead.

Don’t Let Business Consume You

It’s easy to get devoured by the day-to-day hustle of a small business. We become engrossed in catching up and keeping up. Before long, we’ve squandered priceless resources and exhausted opportunities — all because we’re too absorbed in business operations — and drained by it all.

Once you’ve completed your year-end assessment, make plans to…

  1. Run your business profitably by putting a halt to underpricing—and underearning.
  2. Take better care of yourself by locking in boundaries, especially related to time.
  3. Work each day with a clear intention culminating from clearly defined goals.
  4. Make better choices by escaping over-commitment.
  5. Target double-digit business growth by delegating and outsourcing.
  6. Maintain better work-life balance through the use of technology.

The Census Bureau counted 40,000 firms with $1 million in revenue for 2017. Granted, that was 2017. Needless to say, they are a bit sluggish when gathering data. However,  even if $1 million in revenue is not your goal, there’s tremendous benefit in setting a strategic direction for your business.

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Want a year end assessment to spark your motivation? Join our entrepreneurial cohort at Eureka (It’s still free to join.) and download Think Clearly. Act Boldly. Head in the Right Direction. 

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Brooke Billingsley

Vice President
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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