Friday, November 9, 2012

Do You Have A Strategic Business Or A Tactical, Reactive Business?

Do you have a strategic business or a tactical, reactive business?

A strategic business will outperform a tactical, reactive business in all metrics. Studies show 60% of the profits at Fortune 500 Companies come from strategic business practices, yet only 10% of small and medium-sized businesses are using strategic business practices.If you want to vault quickly above your business competitors, ask these strategic questions:

Do you have an overall Vision of what your business really does and where it is going? Are you doing something daily to move towards that Vision?

Do you have detailed daily plans for your long-term business goals? Do you follow them, or are you in a reaction mode to whatever the day throws at you?

Is your business focus on "problems" or "solutions"? That is a very profitable mind shift.

Do you look for Strategic Alliance opportunities to expand your distribution, product lines, service lines, marketing, intellectual capital, prospect generation, or create an entirely new business within your business?

Do you constantly look for well executed great ideas in other industries, and then ask yourself "how can I use this in my industry"? (This concept alone will place you high above your competition.)

What systems, procedures and policies are in place to maximize your business efficiency and profitable output?

Do your daily tactics (systems) support your strategic Vision and goals? Have you tested improvements to those daily tactics?

Do you educate your clients and prospects to show them why you are the logical first choice?

Do you have a UVP (Unique Value Proposition)? Is your UVP in all of your marketing material?

Have you identified your perfect client and where to find that perfect client?

Do you know the highest impact areas of your business? Do you know the numbers?

Remember the Pareto Principle: 20% of your efforts produce 80% of your results. Focus on that 20%.

Do you focus on improving one high impact area of your business each week?

Do you know where your industry is heading? Are you a leader in that industry growth?

Do you know what your business will look like 3 years from now? One year from now?

Could you identify the 3 most important action steps your business needs to complete each day to move you towards your business Vision?

Are you focused on growing your business? Organisms and businesses not growing are dying.

Do you have a business marketing system that stays in scheduled contact with your clients?

Do you have a system that asks for referrals?

Do you have a system to follow-up with clients and prospects quickly?

Do you have a system that sends press releases to the media for free marketing?

Do you have more than one way for clients and prospects to contact you?

Think through these questions, and then implement your answers. Others in your industry won't do this so you will win by default. Your bank account will definitely thank you.

Bill McNichols is the Strategic Entrepreneur who finds and maximizes the hidden profit centers that exist in most businesses. These hidden profit centers remain unseen to the business owner because that owner is too busy chasing the daily alligators thrown at them.

Contact Bill McNichols to find the hidden profit centers in your business. McNichols Associates Inc Since 1994

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