Written by: Jane Parmel, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
As a "chronic observer", I have watched many businesses over the last three decades, negate the importance of a plan. They almost treat the word "PLAN" like it is among the four-letter words we tend to avoid using as professionals. Having a plan should not be thought of as being restrictive; it should be looked at as a positive, foundational aspect of what is possible in the future – not something that is "locked in", but rather, a structure with opportunities to be fluid and creating a better path towards accomplishment with every review.
Here are seven specific strategies you should consider when starting a new business or making an existing business more efficient.
1. Primary Aim
Clarifying and promoting how you are different than all your competitors is one of the most strategies you can have when marketing your business. But you need to recognize what sets you apart from the rest. Is it attention to detail (i.e. a caterer hosting only one wedding at a time; Cell phone screen repair in under an hour; etc.)
Make it clear why anyone who is shopping for the products or services you are providing would be crazy to miss out on the opportunity to work with / buy from you.
2. Strategic Objectives
In the end, what do you want your final result to be? Defining what steps you need to have in place to make your customer's journey one with great benefit for them and ease of operations for you and your staff should be the focus. Expectations should be clearly defined for everyone on your staff, documented and provide for accountability as well.
In turn, what do you want the final result to be for your client? If return business is a focus, what steps are you taking to ensure the customer is comfortable and satisfied along the path of your sales strategy? Clear communication, defined outcomes and a way for clients to provide feedback are necessary to hone the effectiveness of your operations.
3. Organizational Strategy
Accountability is a major focus as the chain of command as to who reports this information to whom must be communicated to all members of staff, third party vendors and executives so you can reduce redundancies and wasted work time.
4. Management Strategy
How managers respond to requests, communicate with those employees they are responsible to oversee and how those managers will be held accountable for the production of the team, on the whole, should be primary when creating a hiring strategy for both the managerial positions and the rest of the team.
5. Systems Strategy
Who does what, when, where why, how and the costs involved must be stated and repeatable to have continuity of your service.
6. People Strategy
Don't try to force a square peg into a round hole! Hire with purpose – find talent with the skills, experience and training in the areas you are trying to fill. Too many companies waste valuable time training to repurpose an employee who has no interest, and therefore, no motivation to perform at a high level when they are forced into a position, they do not feel qualified for.
Company culture plays a big part in how motivated the team members are going to be. Happy employees, happy managers and vendors make for a happier workplace and, in the end, are most likely more productive on the whole. That makes for a more satisfied owner with a bottom line that makes one smile!
7. Marketing Strategy
Using all the strengths of your company – the primary aim or your unique selling position, what you are looking to accomplish, by whom and how the teams are managed and held accountable and how there is comfortable continuity, even a reliability customers can enjoy when they work with you.
Make sure all members of the team are on the same page – the company motto must be thoughtful, non-cliché, and heartfelt from the top, down. Rewards, incentives and a low-stress environment where people know what is expected of them, how to perform, and how they will be evaluated and rewarded are key to a smooth operation.
Efficient businesses can enjoy a more eager workforce, higher revenues, lower expenses and higher profits. With repeatable and accountable systems in place, a business owner can use the time that is freed up for promoting the business, creating strategic partnerships, or enjoying free time that had not been able to do in the past. Working on your business leads to more business and more success in the process.
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Jane Parmel, Executive Contributor Brainz Magazine
Jane Parmel is the founder of Cardinal Profit Strategies, and is a Business Efficiency & Profit Acceleration Specialist. She is a successful entrepreneur, holding certificates in Management Consulting and Entrepreneurship. She is a Goldman Sachs 10,000 Small Business Initiative Alum.
She provides resources for business owners on several podcasts; she speaks on Business Resilience, Efficiency & Success in Business and Connections. Jane writes for several Business magazines and blogs. Her story on resilience appears in the collaborative book “Voices of the 21st Century: Resilient Women Who Rise & Make a Difference”.
Jane wants to help business owners avoid the missteps that often mark a premature end for a business. Her mission is to make more businesses resilient and profitable.
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