This week’s blog from Earl Bell, Island Crest Consulting
|A solid business plan dramatically increases the likelihood that your company continues on the path to becoming extremely valuable, sustainable and profitable. Having said that, not all business plans are created equal. Focus on the right things and you’ll develop a road map to success. Below are ten steps from my book, Winning in Baseball and Businessthat will get you started.Building Foundation:
- Define success by thinking big and being bold in defining desired business outcomes. If you think small, the risk is that you achieve your goal.
- Bring clarity to “why” your business is not a commodity. Do this and you will increase revenue and profit margin.
- Invest in building strong company culture and values. Do this and build a very important and valuable business asset.
Many entrepreneurs do not invest enough time or money building a strong foundation for their company!
- Assemble strong leaders, managers and teams. Strong culture provides the foundation; Investing in your team improves likelihood that you can successfully execute business strategy.
- Develop business strategy, tactical action plans and systems of accountability. Most “business plans” focus on this step MOSTLY, which is in my opinion is only the 5th step of a 10 step plan.
- Create organizational alignment. Nordstrom is an example of a company whose entire workforce understands with 100% clarity that their mission is to create a totally awesome customer experience.
- Invest in and protect your assets.
- Identify and effectively manage all five types of business risk.
- Systematize business process to reduce your stress and reliance on any one individual.
Turbo Charging Revenue and Profits:
- Get customers to become your advocates.