The good book says without a vision the people perish. Having a vision provides you with guidance on where you should place your focus and attention in order to achieve and unearth your life’s potential. Your Vision provides you with a check point to ensure that you are aligning the things you are doing with where you want to be. The same way we think of a vision for your personal life, it’s the same way you should aim to develop a vision for your business.
For this reason, Businesses across the world all have a Vision Statement (there are tools available to help you craft your Vision Statement). Once your client reads your vision statement, it should tell them what you are about and where you are heading. If you think about your Vision as a large parcel of land that you purchased that spans for miles, you know there is much you want to do with the land but you have not yet developed your plan. The purchasing of the land says this is your intention. It provides you with the necessary parameters, how far will you go, how wide or even how high. Your vision is your accountability stick, ensuring that you stay within the boundaries you have designed for your business. Can your Vision change? I think it can! People evolve and so do businesses as such, you might realize that the direction you were headed in no longer serves your life mission or maybe you have changed.
In everything you do, always ensure that you start with your vision first.
Do you need help in crafting a Vision for yourself or your business? Don’t hesitate to reach out to us and we will utilize proven techniques to help you to create your Vision Statement and more.
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Parenting is a full time job, as such, if you are planning to start your own business or you are already operating your own business/hustle, ensure you know why and plan accordingly.
Ensure there is clarity on the reason you are in Business
Answer the following questions;
Is it a hobby?
Am I doing this to send my child/children through school?
Will the earnings be going towards my retirement fund?
Do I see myself leaving my current 9-5 and doing this full time as my main income stream?
Know your passion
There are many ways to find out what you are passionate about. Start by thinking about;
Your talents
Your skills & expertise
Your likes
Your personality
Seek the help of a coach who can guide you to figuring it out 😉
Don’t just jump in! HAVE A PLAN!
I know, you have an idea, it’s novel, you see how you can make some or a lot of money and you want to get moving right away. I implore you, there will be a lot of time (and money too 😊) saved in the future if you stop now and take some time to plan.
Document the following;
What can my earnings be?
How will I reach my clients?
What systems do I need to have in place to serve my clients?
What skills do I need in order to deliver on my promise to my clients?
Also, being able to answer the questions below will help you to move forward with a clearer vision of your path.
Where do I want to be?
Where am I now?
How will I get there?
How will I know when I get there?
“A goal without a plan is just a wish” Unknown
Need help in developing a Strategic Plan for your business? Contact us for this and any other Business Consultancy needs at 876-345-1397 or visit our website at www.strategywithmichelle.com
At this time of the year, most businesses would have already completed their Strategic Plans for the year. No one would have imagined that we would have been at this point throwing our plans through the door and STARTING OVER. If you want to remain in business after COVID-19, it is important that you focus on some critical points which we will discuss in this article.
Understand the impact on your Employees (even if it’s only you)
Often times we neglect the most valuable asset of our businesses, which are the employees. YES! For some, the employees come last. Take some time to assess what you normally provide your employees with in terms of remuneration (salary & benefits) and evaluate the effect.
Determine the timeline you want to plan for and see how your employees will be impacted and inform them early. Most persons are already anxious because of the unknown, as such, if you are able to reduce the anxiety, this is another positive for your employees.
Understand the Impact on your Clients
I suggest that before doing this assessment you answer the question, “What one thing do I want my clients to say about me after COVID-19?”
Once the above question is answered, the decisions you make will allow you to always have your values in the forefront of your mind as you go through the assessment process.
Identify the product or service you offer. Know that your bi-products are also important. If you are the sole employee in your business, your clients might enjoy your counsel, trust, dependability, which they might be missing during this time. Confirm if your clients are impacted based on the sector they work in and for how long do you think they will be impacted.
For example:
If you provided lunch to schools and schools are closed what else can be done?
Can lunches be delivered to homes?
If not the cooked lunches, can it be seasoned meats?
Can you start a YouTube channel on preparing meals?
Can you send out recipes via WhatsApp?
Explore what you can still do to serve your clients even if it means free, seeing disposable income might be a challenge for persons now.
What will the financial impact be?
After you have done a detailed assessment of your value chain, this would have given you a clear understanding of how your business, including your employees, will factor in as you look back at your financial projections.
What financial projections did you make?
What income or expense line items were impacted?
What were the changes?
What do the new numbers look like?
Take a close look at those with major movements so that once the situation changes, then you can make adjustments where needed.
If you are a small business owner, you don’t have to make it overly complicated. Microsoft Excel has templates that can be used and allows for changes, gives you graphs and other features. USE THEM! Another thing you want to try is have different scenarios;
Best case
Modal case
Worst case
Ask yourself what will happen if any of the scenarios are realized as this will reduce the shock if it becomes a reality. PLAN! PLAN! PLAN!
Your projections will be fluid as no one can predict the next wave of events however, proper consideration should be given to your business as no one knows your business like you do.
Review your Strategy
Now is a time to look back at your full strategy but primarily your SWOT.
What are your strengths? Can they be enhanced?
What opportunities did you identify? Can you now take advantage of them?
Did any of them include going online or diversifying into other products or services?
Some other questions you need to ask yourself as you review your strategy;
How are you monitoring the results of the high impact areas you have identified?
Are you checking in on client impact?
Are you monitoring expenses closely?
Are any of the potential risk(s) to your business being realized?
We do Strategic Planning daily without even knowing it. Documenting your path helps you to keep focused. Now is not the time to be flustered. It’s time to be structured! If you have not done so START PLANNING NOW!
Need help in developing a Strategic Plan for your business? Contact us for this and any other Business Consultancy needs at 876-345-1397 or visit our website at www.strategywithmichelle.com
