What Do I Include In A Business Strategy?

If you are at the point of developing your business strategy and would like a checklist of inclusions then this blog is for you.

You first need to articulate clearly what your business idea is and why it should be successful.

Finances are the next area to consider in full and ask yourself the following questions:

• What do you expect your turnover to be in the first, second and third years? 
• After costs what is your profitability? 
• What are your funding investor, lender requirements? 

Profitability is key. So many businesses go to the wall despite high sales due to cost management issues.

Key personnel is the next consideration so ask yourself the following questions as well:

• Who has the requisite qualifications and experience in the market and what is their financial status?
• If the business is already operating what is the history of the business and its ownership?

However, the following is a full list of checklist of inclusions for developing your business strategy:

• Customer (and potential customer) numbers, profile and mix and expected growth in use of services, products
• Customer perceptions, needs, preferences, buying patterns, and trends (by sub-sector if necessary)
• Products and services, mix, values and trends including unique selling point and ideas for new services and products
• Demographic issues and trends - especially if dependent on consumer markets
• Future regulatory and legal effects
• Prices and values, and customer perceptions in these areas
• Distribution and routes to market
• Competitor activities, strengths, weaknesses, products, services, prices and sales methods
• Intangible assets and protection - for example, copyrights and trademarks

In terms of a physical layout and structure on paper and on-screen your business strategy should have and be organised into the following sections:

• Title, version number, author, date, company/organization if applicable, details of circulation and confidentiality
• Contents page - sections with page numbers, plus a list of appendices, allowing the reader to find what they need and navigate the document easily and to refer others to particular items and page numbers when reviewing or querying your strategy
• Introduction and purpose of the plan with terms of reference
• Executive summary page - no more than a page long - what the business is, market and potential and financial returns on investment
• The Business Strategy - split into clear sections
• Appendices - detailed reference material, examples, statistics, spreadsheets, for reference and not central to the main presentation of your plan.

In summary your business strategy is a document which spells out how you will achieve your vision and mission (see earlier blogs for an explanation of these).

Meanwhile, other documents to develop include the following:

• Values and ways of working - including business ethics and responsibilities wider than the business itself such as sustainability
• SMART (Specific, Measurable, Achievable, Realistic and Time Framed) Business Objectives
• Operational and Programme Plans.

Let us know how you get on or if you would like to work with a business coach in developing your business strategy please get in touch via our website West of England Coaching and Counselling.

Small- To Medium-Sized Business Growth

Are you the CEO or MD of a small- to medium-sized business with ambitions to grow your business?

I have been working with your peer group to help them to create high-performing organisations with the structure appropriate for the whole team to drive the business forward in a dynamic way.

How am I doing this?

We start by working out a programme which involves the whole senior management team with the aim that all senior stakeholders are actively engaged in creating a high-performing organisation.

The following are the key areas for you to focus on and begin to develop in order to start building your high-performing organisation and position it for growth:

1. A vision which all your staff can remember and relate to
2. A set of values which blend what is important to your customers and employees
3. A business strategy which delivers your vision and values
4. A clear and objective performance and talent management infrastructure
5. Ways of working that are simple and yet deliver results, such as, a common language for giving and receiving feedback

Your investment of time and money in focusing on these 5 core areas will deliver business growth.

On previous blogs I have covered vision, values and feedback and on future blogs I will cover how to develop a robust business strategy and a clear and objective performance management infrastructure so watch this space.

If this blog has developed your thinking at all please leave a comment or if there are other topics that you would like a blog on.

To work with us please visit the business coaching section of our website at West of England Coaching and Counselling.

Are You Living To Your Values?

Do you think there is some disparity between how you are living your life and your values?

I met with a senior manager in a firm this week who was so busy at work that he had not ever taken time to consider this question, let alone answer it.

If you are so busy that you haven't even considered this question, the chances are that what you are doing has started to control you rather than the other way around.

Fine if you are happy.

However, if you are unwell or have started to question 'Who am I doing this for?' then it could be time to ask if you are living your life according to your values.

The starting point is: 'What are your values?'

Your values are: 'What is important to you?'

Examples include health, family, freedom, learning and results.

I would encourage you to focus on your top 5 or so for now.

The next step is to assess your current life against these values by asking yourself the following questions:

• What do I do each day to care for my health so that I am well enough to enjoy my life?
• What amount of time do I dedicate to being with my family and how does this benefit us?
• What am I doing to create freedom in my life?
• What/who/where am I learning from right now?
• What results am I achieving that I am proud of?

Chances are that there will be areas where there is a lack of congruence between what you are doing and what you value.

These areas are signposts for areas that you may well want to change.

The next step is generating a plan to align your values with your life.

For example, if your top value is health what can you do today, this week, this month and this year to improve your health.

If your next top value is freedom what can you do to create more freedom in your life? You will of course need to define what freedom means to you.

For example, if you want financial freedom from an employed job, you will want to think about what your self-employed job could be and draw up a rigorous business plan to ensure you are able to support yourself and any dependents.

You may need a plan to pay off debts before you embark on a journey into the world of self-employment.

It also might be a good idea to include a plan in your business case to go from full-time to part-time in your employed role whilst you start to build up a business of your own.

If you have found this blog to be thought- and action-provoking please leave a comment.

Alternatively, if you need any help or support in this or any other area of your life right now please get in touch through our website West of England Coaching and Counselling.co.uk

Business Networking Tips - Need To Network But Avoiding It?

Are you in a role where you would benefit from networking but usually find yourself avoiding it?

If so read on as I hope I can provide you with some good tips for successful networking.

A lot of your confidence - and even enjoyment - in relation to networking develops from having a good networking strategy which gets you results.

Start by developing a one-minute pitch and have it ready to tell people about your services in a concise and interesting way.

Always start with a hook, something compelling which people will listen and which describes how your services are of benefit to them. For example, 'I help you to change your behaviours so that you consistently enjoy your work and personal life'.

Start to think about where your target markets can be found - for example, meetings and events for people working in the key areas where your services are required - and add these events to your business plan.

Always take your business cards to events and swap them with people in your target market and make sure you follow every lead up.

If someone expresses an interest in you, ask if you can contact them in the next week to talk a bit more and always deliver on your promises. Make a note in your diary to phone if you have said that you will.

One of the most important protocols when networking is to always establish rapport before you talk business because building a good relationship is a key precursor to good business management.

Another more subtle tactic is to make sure that you thank the people who hosted the meeting or event and  shared their contacts with you because this will help you to be remembered which has got to be a good thing.

There are also some behaviours to consciously avoid when you are networking so instead try the following:

• Ask questions rather than espousing - dominating the conversation is not popular.
• Ask questions which establish what the client needs whereas assuming that you already know everything about their business by telling them so is not helpful at all.
• Waiting for people to approach you is not going to work so be proactive so take a deep breath and chat to as many people as possible.

Please leave a message once you are networking to let me know how you are getting on and if this blog has helped you in any way.

Alternatively, if you'd like further help on this or another issue networking issue please get in touch via our website at West of England Coaching and Counselling.