Facing the Storm

September 29th, 2009 | Posted by Barbara Eldridge in Management Strategies

Are you falling prey to the relentless focus on what is going “wrong” in the economy? You are bombarded daily with information, in the newspaper, on TV, over the internet, and from the people around you; some times it is positive – “there were robust job gains last month, or exports remain strong” and sometimes they are not – “housing starts have tanked, the economy is slowing”.

As you begin to look down the road you will have to choose what position you will take to plan your business. You might start by asking some tough questions. Do you recognize the need for change? One client is researching a new direction for his business, a whole new model, as his market is disappearing.

• Are you prepared to look reality in the face?
• Are you willing to change the way you do business – and change yourself?
• Will you turn the plan into action?
• Do you have the guts to take your business in new directions?

I would like to lay out a road map that will get you to view your business through a lens that eliminates the distortions of everyday business. Let me warn you, you may not like what you see. But if you are going to meet the year head on it is a necessary process. Let’s look at what a strategic plan could do for you.

1. Develop a statement of purpose. Why does your business exist?

Sometimes why we started the business is not the same as why we continue to work it. One of my long time clients over the years has added staff, and possibly her successor, so that now she can travel more. The business was started so she could support her family.

2. Conduct a SWOT analysis. This will help you evaluate your business’ internal strengths and weaknesses, along with the opportunities and threats you face in the market place. It will give you a basis for developing a plan.

3. Crystallize your thinking.  Determine what specific long range goals you want for your business. It is never enough to just want more money. They should cover all aspects of the business.

4. Create benchmarks, with specific results for meeting those goals. It is easier to make adjustments along the way without losing sight of the long range goals.

5. Brainstorm strategies for reaching each of the results. There is more than one way to achieve a result, ask others for ideas.

6. Develop a Plan of Action. Plan the progressive steps, along with who will do what when. Nothing ever happens without action, but there is a world of difference between mere action and constructive action.

7. Be confident in yourself and your own abilities. Be determined to follow through on your plan, because without determination the plan will deteriorate.

The 8th step is to track your progress. Write out your numbers (yes I said write), know your sales number, gross profit, cost of goods/time. It is a sure way of staying focused.

The Challenge: You have the ability to choose your experience.

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For more than twenty-five years Barbara Eldridge has been contributing to other people’s business success. Her experience in the corporate arena provided her the knowledge, insight and presence to help thousands of entrepreneurial men and women nurture their business ventures into thriving successes.

Barbara founded MindMasters, an organization for entrepreneurs to master the challenges they face in an ever-changing market place and is the Co-Director of MindMasters Entrepreneur Association.