Business Doctors: Workshop on Business Growth Strategies
Explore the transformative workshop on business growth strategies by Business Doctors. Learn to work on your business effectively, setting clear goals, strategies, and action plans. Understand the importance of personal drivers, core values, and market knowledge for business success. Elevate your business planning and progress assessment with structured meetings and focused steps towards profitability and shareholder value.
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Presentation Transcript
BUSINESS DOCTORS BUSINESS GROWTH 121 WORKSHOP 2010
Spend LESS time working IN your business and MORE time working ON your business?
What is working ON your business? It means having a plan Not just a business plan but a real plan in other words .
Outline Meeting 1 Overview & Process Personal Goals Values, Purpose, Vision and STEP Meeting 2 Know your market Know your business So what? Meeting 3 Strategy & Action Plans Meeting 4 Review progress
Step 1: Understand why you want it Opportunity to achieve personal objectives e.g. personal ambition, exit strategy Taking YOU out of the value equation. Profit Growth shareholder value Become attractive to potential financial backers or buyers Seek out potential acquisitions
Your Business Be selfish What do want from your business? What do you want to do in your business? How do you want to spend your time? Write down your key personal drivers
Step 2: Define your Core Values Why you started your business How you run your business How you relate to your: Staff, Customers, Suppliers
Your Business Think about Why you started your business How you run your business How you relate to your Staff, Customers, Suppliers Start defining your Core Values
Step 3: Define your Core Purpose What business are we in Think customer need before product or service What are clients buying rather than what you have to sell Become flexible in how you fulfil this to stay competitive
Your Business Write down all your thoughts Pull together themes In a single sentence what you believe to be the core purpose of your business from your customer s perspective
Step 4: Create a Business Vision Where do you want your business to be in 3 5 years time. Set measurable objectives Make it stretching and achievable
Your Business Time to think long term about the future of your Business and write down and commit to your Visionary Goal SMART
Step 5: Future Proof your business Give yourself Advanced Hindsight Look at the big picture Social Technological Economic Political
Your Business Complete an outline STEP analysis relating to your Business and identify where there may be opportunities for growth
Step 6: Know your Market What market are we in - definition What is the opportunity? What s it worth? What s our current share? Who are our Most Valuable Customers? How and why do they buy? What is critical to our success?
Your Business Enter Data into the following tables Product and Service Mix Key Customers Competition Then think about the Market you are in and start writing down some of the key elements from the market audit and answering the key questions
Your Business What market are we in how do we define it? How big is the market? Is the market growing, constant or in decline? What s our current share of the cake how much do we need to succeed? Where are the opportunities for growth? Who are our Most Valuable Customers? How, why and when do they buy? What is our share of their spend? Do they buy across the full range of our products and services? Do they buy from our competitors? Why do they spend with our competitors? How much more could they spend with us? Can we sell to into different market segments? What is critical to our success in this market?
Step 7: Look in the mirror GIVE Analysis Where are we Where can we Where are we Where s our G r e a t I m p r o v e V u l n e r a b l e E d g e
Your Business Complete the GIVE analysis for your Business. See where your internal strengths may lead you towards identifying some external competitive advantages
Step 8: Address the So What Factor Do we have a . Sustainable Competitive Advantage ? Ask yourself the 4 Q s 1. What makes us DIFFERENT? 2. What makes us BETTER? 3. What do we want customers to THINK? 4. What do we want customers to DO?
Your Business Do we have a sustainable competitive advantage? Write down the key differentiators and what gives us our edge
Your Business What s The Strategy? By this point we should be confident that we have a clear strategy a simple definition of how we are going to apply our sustainable competitive advantage to the growth opportunities in the market most relevant to our capabilities. Write the key elements of your strategy.
Step 9: Create a Sales Plan Define your most valuable customer Map sales by product/service/revenue stream Establish Lead generation (marketing) Target Sales Activity Define conversion ratios Set achievable Sales Targets
Your Business Develop your Sales Action Plan
Step 10: Make your People Profitable Involve the rest of the company Share the challenges Get their input and ideas Use their input constructively Give them ownership of the strategy
Press the Reset Button Blank Sheet Approach STOP building the business around the people START building the people around the business Define Roles, set objectives, measure performance Make them Accountable!
Square Pegs in Square Holes!! The Four R s Retain Retrain Recruit Release
Your Business Develop your People Action Plan
Stay on Track Define KPI s Set targets Measure performance Evaluate Review
Checklist A Good Strategic Plan should be Feasible Measurable Time specific Flexible Inspiring living and breathing In writing
How can Business Doctors help? People Organisational Development People Performance Benchmarking Interim Support Sales Doctor, Finance Doctor, HR Doctor Access to Funding and Financial Support Friendly, practical down to earth support
And Finally. What if we don t do it? If you don t know where you are going any road will get you there Even if you are on the right track, you ll get run over if you stand still
ANY QUESTIONS?
Thats why we specialise in SMEs STRATEGY MADE EASY The 10 steps to growing your business profitably
