If you are working on something exciting that you really care about, you don’t have to be pushed. The vision pulls you. — Steve Jobs
The point of departure with this article is that you have already developed an empowering vision and crystal-clear mission statement for your business. With these strategic elements intact, we will focus on the current reality of the elements which all have a bearing on the realisation of the strategic goals of the business.
The financial state of my business
What is the gap between the current financial indicators (turnover, profit, and cost) and the financial growth targets of my business?
Target market
Do we have a clearly defined target market? Do we know how many of these clients we need on our books and what the sales value per client should be to realise our financial objectives?
Value proposition
Is our product and service offer meeting the needs and requirements of our target market?
Employees
Are our employees fully skilled and capable of servicing our clients?
Service delivery
Is there a culture of service excellence vested in the “DNA” of my business? Do I lead from the front? Do I have proof of this?
Competitors
Do I know enough about my competitors to counter their offerings in the marketplace?
IT
Is my IT infrastructure optimal to support the execution of my business strategy?
Networks
Are we using the access which our trusted and vested business networks can give us to potential clients?
Community
Are we giving back to the community which supports our business?
Note: This is in no means a complete list, but merely to jog the mind to get you on the right track
How to develop an action plan to close the gaps identified in the business elements listed above.
Evaluate each element listed and identify performance gaps and missed opportunities (put it in writing)
Prioritise the list (choose the “low-hanging fruit” and the elements most important to your business).
Set goals/targets per prioritised element.
Allocate resources to ensure delivery (people, time, funding).
Implement.
Evaluate progress.
Adjust focus where needed.
Keep monitoring until implemented.
Quantify the outcome and determine the contribution to overall targets and goals.
May these guidelines spur you into action and help you to move closer to your defined goals and targets, hence realising the vision and mission of your business.
Do you also need any of the following services?
Business advisory support/Accountability partner?
Business finance?
Banking facility audit?
Family business advisory services?
Help with the buying or selling of a business?
Speak to your SFP financial adviser who will introduce you to the designated subject matter expert on the SFP enterprise panel who would be able to address your specific business need or requirement.