Month: March 2018

Creating a Strategy

On a scale of one to ten, having a good business strategy should rate at ten

No matter what kind of business you have — whether you sell products or a service, as the saying goes, “if you fail to plan, then you plan to fail.”

Creating a strategy can mean the difference between you working 60 to 80 hours a week all year long — and then breaking even, or worse, losing money.

On the other hand, many successful entrepreneurs who have a strategy work fewer hours and make lots of money — and they usually attribute their success to having a strategic plan and following it.

So what is strategic business management? Very simply, it’s the process of defining the goals and objectives for your business, creating an action plan so you can reach them and then follow the plan.

How do you create a strategic plan for your business?

1. First, know what your vision for your company is. If there were no barriers, nothing stopping you from taking your company as far as you could — what would that look like?

2. Next, what are your company’s core operating values? What are its guiding principles? In other words, why are you in business and how do you do business?

3. Now create a 3 to 5-year plan. Your long-term plan is based on the broad objectives that will help you get from where you are now, to where you want to be.

4. Develop a plan for this year. These are the specific objectives you plan to accomplish this year that will lead you closer to your long-term goals. Remember to be “SMART” when setting your annual goals (Specific, Measurable, Attainable, Realistic, Time-oriented). Include a list of the barriers that are stopping you from getting where you want to go. You need to figure out what resources you’ve already got, and what resources you need to get you past those barriers. Then create an action plan that clearly lays out how you will achieve your goals. Involve key employees in this part of the planning process.

5. Create a set of milestones or benchmarks. This is very important so that you can measure your progress.

6. Share the plan with your employees, and anyone else who will be involved in the process. Your annual strategy is the roadmap that will make sure everyone ends up at the same destination — but to be effective, everyone needs the same map!

7. Put the plan into action. Now that you have the roadmap, it’s time to begin the journey.

8. Check your progress. Just like any trip, you need to check the map every now and then; to be sure you are still on the right road. If something is not working, the sooner you figure it out and make the necessary adjustments, the sooner you’ll be back on track.

9. Follow the same cycle next year. (Dream, Plan,  Do, Check, Act).

Creating a business strategy and following it will ensure that you enjoy the journey as much as getting to your final destination.

Recommended Reading

Good Strategy/Bad Strategy: The difference and why it matters

 

Lack of Self-Confidence Myths

Self-confidence plays an important part in business as it helps people to build their brand and business. People who have self-confidence believe in themselves and feel that they are capable of achieving what they want in life or dealing with any situation that they may have to face. They have an aura of self-confidence and self-assurance, which is apparent to others. People like to spend time with them; they feel comfortable and secure in their presence.

In contrast, there are many people who are reasonably talented, but who lack self-confidence. These people are victims of the several myths that surround self-confidence.

1. One of the foremost myths about self-confidence is that people are born with self-confidence. It is a quality that cannot be acquired. Nothing can be farther from the truth. Self-confidence, like other skills, can be built. All that you need is right guidance and a belief in yourself.

2. There are others who blame their low self-confidence for their lack of good looks and poor upbringing. They don’t realise that self-confidence has nothing to do with their looks. It is a reflection of one’s confidence. The only way they can overcome this myth is by learning to believe in themselves. In fact, talent and self-confidence are not inter-related.

There are scores of talented actors and actresses who do very well in their professions but whose personal lives are torn by lack of self-confidence. It may sound contradictory, but this is how life is.

Talent can be an important component of self-confidence, but it is certainly not a substitute for self-confidence. So, don’t worry about lack of talent. Harness the skills that you possess.

3. Another myth is that self-confidence is directly proportional to the recognition and praise that an individual gets in his or her life; the ones who are not so lucky wallow in self-pity. Once again, there is little doubt that recognition and praise make you feel good about yourself, and boost your self-confidence.

But you can’t simply depend on the praise lavished by others. You have to work hard to earn that praise, and you can do this only if you are self-confident. The same applies to those who are not successful. They, too, can earn praise if they work hard and win people’s respect.

Such people should look at children. Children believe in themselves, and this gives them the self-confidence to try to do things they have never done before, be it learning how to cycle or how to swim.

In fact, no child comes into the world knowing all the skills. But it does not take long to teach children most of the basic skills. Then, why should it be difficult for adults to learn new skills or brave new challenges?

4. Another myth is that only self-confident people can afford to take risks. This again is not true. In fact, self-confident people are more realistic about their capabilities. They know what they can do, and what they can’t do. More importantly, they know how to deal with failures.

In contrast, people who lack self-confidence are afraid of failure. This fear prevents them from taking on new tasks. They constantly pine for the approval of others, and when they don’t get it they end up losing their self-confidence.

What is apparent is the lack of understanding. People must realize that self-confidence is a state of mind. It is not dependent upon a person’s beauty or looks. It flows from a person’s self-belief, and this belief can be built.

All that a person needs to do is to debunk myths that self- confidence cannot be acquired or that self-confidence is a byproduct of exceptional knowledge, skills and luck. Once they do so, they will find it easier to acquire the same magnetic powers that self-confident people have.

Recommended Reading

Self-Confidence: The Remarkable Truth of Why a Small Change Can Make a Big Difference