Strategic Planning

A Guide to Making Strategic Business Decisions

The dynamics of business strategy has evolved over the years. Today, businesses are shifting away from “one size fits all” solutions, and instead focusing on discovering the approach that works for them. A common mistake companies make today is to base their decisions entirely on data. Data is a useful tool, allowing you to gain an insight into different aspects of running a business. However, strategic planning for a business goes beyond just counting on the data they gather. Here is a brief guide to crafting the perfect business strategy.

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Plan for Business Growth

When your business grows quickly, things don’t “naturally fall into place” like you might hope or think.  Many businesses actually go out of business as a result of growing too fast and not having the infrastructure to support it.  The way to avoid some (and I do mean some) of the surprises that go along with business growth is to have modeling and a process that will help you see and address some of the obstacles.
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Value in Strategic Planning | Extraordinary Business

Strategic Planning
So you have had your business for a number of years and you are successful for all intents and purposes. You have an excellent product, you have an active client base that purchases from you regularly. You know how and where to get new clients and how to keep the ones that you have.  Your team is pretty stable; you have a low turnover rate.
Question is: what is next?
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Value in Strategic Planning | Extraordinary Business

So you have had your business for a number of years and you are successful for all intents and purposes. You have an excellent product, you have an active client base that purchases from you regularly. You know how and where to get new clients and how to keep the ones that you have.  Your team is pretty stable; you have a low turnover rate.

Question is: what is next?

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Missed Opportunities | Extraordinary Business

A business assessment is the basis for short-term change and strategic growthYoung stylish businessman

As a small business owner, you probably have about a million million-dollar ideas floating around in your head. Problem is that while there is no lack of ideas, determining where to invest your time and resources may be an issue. Oftentimes, it is a challenge of opportunity cost: if you invest in one area, you cannot invest somewhere else.
May investors have horror stories about missing opportunities that turned into great opportunities. This article talks about 11 investors who turned down opportunities that would have netted them HUGE returns.
If we only had a crystal ball!!
While these may not be the types of opportunities you would take advantage of, there may be every day opportunities that you and your company are missed out on, sometimes, simply as a result of not knowing. Many business owners get so wrapped up in fighting the daily fires of running the business that sometimes even the basic things get missed.
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Missed Opportunities | Extraordinary Business

A business assessment is the basis for short-term change and strategic growthYoung stylish businessman

As a small business owner, you probably have about a million million-dollar ideas floating around in your head. Problem is that while there is no lack of ideas, determining where to invest your time and resources may be an issue. Oftentimes, it is a challenge of opportunity cost: if you invest in one area, you cannot invest somewhere else.

May investors have horror stories about missing opportunities that turned into great opportunities. This article talks about 11 investors who turned down opportunities that would have netted them HUGE returns.

If we only had a crystal ball!!

While these may not be the types of opportunities you would take advantage of, there may be every day opportunities that you and your company are missed out on, sometimes, simply as a result of not knowing. Many business owners get so wrapped up in fighting the daily fires of running the business that sometimes even the basic things get missed.

 [···]

Read More

It All Starts With a Boom | Extraordinary Business

Observing trends and planning for change in your industry

Technology in the hands of businessmenWhen looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know?
Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future.
If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.
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It All Starts With a Boom

Observing trends and planning for change in your industry

When looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know?

Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future.

If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.

 [···]

Read More