Joe McCoy. Strategic Planning. 4 Tools to Grow & Strengthen Your Business. Joe McCoy, (479)
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1 Joe McCoy Strategic Planning 4 Tools to Grow & Strengthen Your Business Joe McCoy, Joe@BestProgress.com, (479)
2 Introductions Name Company Biggest Challenge 5 words or less 2 Joe McCoy, Joe@BestProgress.com, (479)
3 Course Logistics Take notes & ask questions Goals Get usable ideas about strategic implementation Learn some new tools & try them out this month Timeline 7:50 10: 30,Class Break at 9 a.m. 10:30, Presentation Complete AFTER CLASS 10:35, Company Specific Questions& Discussions 3 Joe McCoy, Joe@BestProgress.com, (479)
4 Course Strategic planning drives improvements Common strategic planning pitfalls Increase revenue, reduce cost, and reduce stress from uncertainty 4 tools to grow & strengthen your business Handouts 4 Joe McCoy, Joe@BestProgress.com, (479)
5 Strategic Planning Drives Improvements A plan drives actions that lead to growth Plan > Action > Growth. Revise & repeat. Removing doubt & uncertainty makes success believable Less fear = more action A lack of communication or limited change projects can prevent risking change A plan reduces the personal risk the boss OK d it! External risks & internal weaknesses are now known More confidence in trying something new 5 Joe McCoy, Joe@BestProgress.com, (479)
6 Strategic Planning Both Sides BUSINESS Side Company Vision Business Life Cycle Continuity & Succession Financial health HR planning FAMILY Side Family Vision Biological Life Cycle Wills & Life Insurance Financial health Career plans 6 6 Joe McCoy, Joe@BestProgress.com, (479)
7 Family + Business The family & business are interdependent Focus on business & ignore family Family problems impact business Focus on family & ignore business Business problems impact family Delicate balancing act A defined strategy helps 7 Joe McCoy, Joe@BestProgress.com, (479)
8 Common Strategic Planning Pitfalls One person defines strategy alone NOBODY defines strategy: 4-way Tug-O-War From I KNOW what needs to be done -no time. More knowledge >> less strategic work?? Work IN or Work ON the business? 8 Joe McCoy, Joe@BestProgress.com, (479)
9 MORE Planning Pitfalls Leader / CEO / President / Owner (surprise!) Everybody understands& agrees with my vision. Anyone I ask will gladly step in & keep it running. We have a strategy. Books & meetings aren t needed. Family Managers (future shock) Dad will get me ready when it s time I m sure everyone will work together in bad times Who needs roles, responsibilities, & strategy? We re family. Joe: Create a plan BEFORE chaos strikes. 9 Joe McCoy, Joe@BestProgress.com, (479)
10 Strategy + Action = Success Two approaches that strengthen a business Reduce Costs (limited) Increase Revenue (unlimited) Extra: Reduce stress really! 10 Joe McCoy, Joe@BestProgress.com, (479)
11 Reduce Costs Adjust advertising & marketing for performance Eliminate non-performing products & services Improve efficiency Automate office processes Use selective hiring & incoming training Improve loss prevention: defects, damage, theft 11 Joe McCoy, (479)
12 Increase Sales Revenue Increase your market share Improve advertising Improve communication Find new ways to drive business Move to new markets & customer groups Create new products & services Develop complements Expand to new regions Try new selling approaches Improve sales strategy Stop being reactive -order takers need to SEEK sales Follow-up on sales calls, be courteous, be helpful, build relationships Create a formal sales team -track sales & sales conversions Implement best practices across sales force Use online & integrated marketing techniques 12 Joe McCoy, Joe@BestProgress.com, (479)
13 Largest Opportunity Cost Reduction OR Sales Growth? What is the opportunityfor each? Does your time go to the best opportunity? 13 Joe McCoy, (479)
14 Reduce Stress Strategic planning works Reduce uncertainty with a plan Maslow Hierarchy of Needs 14 Joe McCoy, Joe@BestProgress.com, (479)
15 4 TOOLS for Today Strategic Tools 1. SWOT Analysis: Company analysis 2. Porter s 5 Forces: The competitive environment Tactical Tools 3. Unique Selling Proposition (USP): What your customers value most 4. SMART Objectives: How the family business reaches success 15 Joe McCoy, Joe@BestProgress.com, (479)
16 TOOL #1: SWOT Analysis Big benefit Howto implement Why it s first 16 Joe McCoy, Joe@BestProgress.com, (479)
17 SWOT Analysis Helps define your strategy & drive change. A SWOT analysis is a good tool to discover or select strategies. Take these actions for each SWOT element. Strengths should be expanded and marketed. Weaknesses should be strengthened or mitigated. Opportunities should be pursued aggressively. Threats should have risk management plans. 17 Joe McCoy, Joe@BestProgress.com, (479)
18 TOOL #2: Porter s 5 Forces The Competitive Environment Threat of New Entrants Supplier Power Industry Rivalry Buyer Power Substitute Products & Complements * 18 Joe McCoy, Joe@BestProgress.com, (479)
19 Porter s 5 Forces Helps determine risks. Helps identify needed changes in product & service offerings. Complements. Good or bad? Focus on Opportunities & Strengths to reduce forces. 19 Joe McCoy, Joe@BestProgress.com, (479)
20 TOOL #3: Unique Selling Proposition The USP tells customers why buy. Identify benefits that are valuable and obvious to your customers. Use your USP to drive sales & coordinate marketing plans. Quality, price, people too generic & overused 20 Joe McCoy, (479)
21 Great USPs "You get fresh, hot pizza delivered to your door in 30 minutes or less --or it's free. Domino's Pizza The nighttime, coughing, achy, sniffling, stuffy head, fever, so you can rest medicine Nyquil All USPs have a Benefit and a Guarantee Other examples? 21 Joe McCoy, Joe@BestProgress.com, (479)
22 TOOL #4: SMART Objectives Tactical help you implement change. Fill out the SMART form for major strategy actions. Post prominently. Update & adjust. Big Changes? Try John Kotter s Leading Change for a structured plan of attack 22 Joe McCoy, Joe@BestProgress.com, (479)
23 SMART Objectives Specific. Define it so all understand. Measurable. Know when it s accomplished. Attainable. Can it realistically be done? Relevant. Does it tieto vision of family or business? Time-based. No deadline, know failure. Know deadline, no failure. That s obvious. We don t need it. Have you TRIED IT? 23 Joe McCoy, Joe@BestProgress.com, (479)
24 Knowledge Should Drive ACTION Develop your strategic plans ON YOUR MARK Set your direction for success GET SET Define company & family strategy with the tools GO! Takeaction & adjust as changes occur Are you pedaling or steering? If you are not steering, where are you going? 24 Joe McCoy, (479)
25 What s Next? Implementation! Pick a tool & implement what you can Vision/Mission/Common Beliefs & Goals are valuable Use SMART Objectives to define actions No SPOTS (Strategic Plan On The Shelf) Seek Improvement, Not Perfection Time can be your biggest threat Problems or Tough Topics? Bring in outside help 25 Joe McCoy, Joe@BestProgress.com, (479)
26 Upcoming Courses Entrepreneurship& Business Growth MBA course at Webster University Grow a New Business Strengthen Your Existing Business Integrated Marketing Techniques: Online & Traditional Chambers of Commerce Combine internet marketing & traditional marketing Increase growth. Test offline/traditional techniques Defund non-performers & shift to high performers 26 Joe McCoy, Joe@BestProgress.com, (479)
27 Thank You What s Next 5 minute break Questions specific to your company Run through Tools if time available Close at noon Services Strategy Development Leadership Development Project Management Marketing Growth Lean Office Custom Training Meeting Coordination 27 Joe McCoy, Joe@BestProgress.com, (479)
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