How to Create a Strategy: A Case Study
How to Create a Strategy: A Case Study
Vision is where you start and is the most abstract. Once clarified it become the guiding light toward which all your activities will be directed. Your Mission is what you do in your business to carry out your Vision. Goals are specific measurables that define what will exist when you've realized your Vision. The Strategy step is the thinking through of how you will achieve those Goals.
Start by considering the resources you have and the direction you want to go. Evaluate various scenarios and steps and predict how they will turn out. An analogy that makes it easier to understand is the game of chess. Various moves are considered with predicted outcomes BEFORE the actions are taken.
Some examples of Strategy might be:
- identify and develop an untapped market (based on observed trends);
- provide staff training and coaching (to strengthen customer service)
- redefine our brand (to fit our updated target market)
Developing a clear Strategy is critical because you're going to base your Plan on your Strategy. As you know, it's the activities you carry out in your day-to-day operations that produce the results you see at the end of the month. It is likely that you will have more than one Strategy because you'll probably have several Goals.
There may be more than one Strategy for each Goal. An example might be to "create a contact database" and "hire a part-time assistant to manage your database". You're not actually at the Plan level until you determine the steps you're going to take to hire that assistant (seek employee referrals, network word of mouth).
Bill Sipes, CPA, is founder and CEO of a community-based Accounting Business, which provides Tax Management, Write-up, Financial Services, Financial Support Systems and Business Valuation. He sees opportunities to add even more services and products and has decided to take on the persona of a Financial Advisor. I'd like to share the story of how he recently developed his Strategy for this business because it clearly exemplifies the process.
When there was an economic downturn in his local community, Bill realized he needed a new Strategy that would "turn his clients into cheerleaders" and turn around his bottom line. He decided to find out where his business had been coming from in the recent past.
He found out he got most business from 3 sources: mailing to professionals, new business/product mailing, and new sales to existing clients.
He called together his staff to discuss his findings and to ask for their help in determining a new Strategy. Following the meeting he sent out a summary of "what he heard" and asked for their continued thoughts. The staff were acknowledged and given a role in the process.
Here's Bill's memo to staff.
"Thanks to all. I think this is the most important meeting we have ever had. This is what I heard.
1. We need to separate ourselves from the other CPA firms.
2. Several ways to do this were mentioned. Speed of service was one. Another was building relationships.
3. We are going to develop a system of building relationships with our clients. Jane is going to write a rough script to follow whenever we get with a client.....The Moment of Truth.
4. I am going to ask Annette to print a few banners that say.....The Moment of Truth.
5. Jeff is going to check with the software people about Telemagic and Act.
6. We are going to spend more time "showing our face" in the community and to our clients.
7. When with a client always ask......How are we doing?
Thanks again for a great meeting......which I am sure will lead to a great system that will turn our clients into cheerleaders."
Here's Bill's Strategy.
- Develop a plan to cross-sell existing clients.
- Continue to use Marketing Assistant to carry out marketing campaign to targeted list.
- Make Customer Service visits with our commissioned software salesman to cement relationships and try to cross-sell.
- Hire a commissioned insurance sales rep with a benefits background to sell Long Term Care Insurance as a new service (to cross-sell).
- Redefine our "brand". Develop our new image to support our updated profile.
He's building his redefined brand on "trusted relationships". The staff is very enthusiastic and willing to support each other's efforts. He also plans to have "Moment of Truth" banners made up to keep the staff focused on what's important.
Bill is utilizing a Strategy that's based on research into information about his own business and he has buy-in from his staff. He not only knows where he's going, he has a Strategy to get there.
How to Create a Strategy A Case Study - To learn more about this author, visit Marian Banker's Website.
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Clients often tell me they're not really clear about the concept of Strategy. It's a lot easier than you might think. Strategy is one of the steps in the planning process and cycle. The sequence in the business planning process is Vision, Mission, Goals, Strategy.
Vision is where you start and is the most abstract. Once clarified it become the guiding light toward which all your activities will be directed. Your Mission is what you do in your business to carry out your Vision. Goals are specific measurables that define what will exist when you've realized your Vision. The Strategy step is the thinking through of how you will achieve those Goals.
Start by considering the resources you have and the direction you want to go. Evaluate various scenarios and steps and predict how they will turn out. An analogy that makes it easier to understand is the game of chess. Various moves are considered with predicted outcomes BEFORE the actions are taken.
Some examples of Strategy might be:
- identify and develop an untapped market (based on observed trends);
- provide staff training and coaching (to strengthen customer service)
- redefine our brand (to fit our updated target market)
Developing a clear Strategy is critical because you're going to base your Plan on your Strategy. As you know, it's the activities you carry out in your day-to-day operations that produce the results you see at the end of the month. It is likely that you will have more than one Strategy because you'll probably have several Goals.
There may be more than one Strategy for each Goal. An example might be to "create a contact database" and "hire a part-time assistant to manage your database". You're not actually at the Plan level until you determine the steps you're going to take to hire that assistant (seek employee referrals, network word of mouth).
Bill Sipes, CPA, is founder and CEO of a community-based Accounting Business, which provides Tax Management, Write-up, Financial Services, Financial Support Systems and Business Valuation. He sees opportunities to add even more services and products and has decided to take on the persona of a Financial Advisor. I'd like to share the story of how he recently developed his Strategy for this business because it clearly exemplifies the process.
When there was an economic downturn in his local community, Bill realized he needed a new Strategy that would "turn his clients into cheerleaders" and turn around his bottom line. He decided to find out where his business had been coming from in the recent past.
He found out he got most business from 3 sources: mailing to professionals, new business/product mailing, and new sales to existing clients.
He called together his staff to discuss his findings and to ask for their help in determining a new Strategy. Following the meeting he sent out a summary of "what he heard" and asked for their continued thoughts. The staff were acknowledged and given a role in the process.
Here's Bill's memo to staff.
"Thanks to all. I think this is the most important meeting we have ever had. This is what I heard.
1. We need to separate ourselves from the other CPA firms.
2. Several ways to do this were mentioned. Speed of service was one. Another was building relationships.
3. We are going to develop a system of building relationships with our clients. Jane is going to write a rough script to follow whenever we get with a client.....The Moment of Truth.
4. I am going to ask Annette to print a few banners that say.....The Moment of Truth.
5. Jeff is going to check with the software people about Telemagic and Act.
6. We are going to spend more time "showing our face" in the community and to our clients.
7. When with a client always ask......How are we doing?
Thanks again for a great meeting......which I am sure will lead to a great system that will turn our clients into cheerleaders."
Here's Bill's Strategy.
- Develop a plan to cross-sell existing clients.
- Continue to use Marketing Assistant to carry out marketing campaign to targeted list.
- Make Customer Service visits with our commissioned software salesman to cement relationships and try to cross-sell.
- Hire a commissioned insurance sales rep with a benefits background to sell Long Term Care Insurance as a new service (to cross-sell).
- Redefine our "brand". Develop our new image to support our updated profile.
He's building his redefined brand on "trusted relationships". The staff is very enthusiastic and willing to support each other's efforts. He also plans to have "Moment of Truth" banners made up to keep the staff focused on what's important.
Bill is utilizing a Strategy that's based on research into information about his own business and he has buy-in from his staff. He not only knows where he's going, he has a Strategy to get there.
How to Create a Strategy A Case Study - To learn more about this author, visit Marian Banker's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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