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If you want to create lasting business success through sustained financial high performance, then here is a high-level road map. If you do a good job with the 3 leading indicators of the right plan, the right people, and the right processes for continuous innovation, then you will do well with the lagging indicator of profit.
The Right Plan
Create a strategic plan that differentiates your business from your competition and that builds on your unique vision.
Keep your plan simple and executable. Avoid the SPOTS syndrome: Strategic Plan On Top Shelf. This occurs when strategic plans are overly complex and wordy and are not updated regularly during the year.
Communicate your strategic plans well and often, and make sure everyone in your business knows their role in achieving the strategy.
The Right People
Recruit 90% "A" Players (top 10% in their roles) for your business. In the business world, if a team of "A" Players competes against a team of "B" Players, the result is pretty predictable.
Create a Profile For Success for every new role you add to your business and use background checks, testing, and behavioral interviews to get the right "A" Player in the role.
Rehabilitate or remove "deadwood" teammates. You're not doing anyone a favor by keeping them in a job in which they're failing, and you're penalizing yourself and everyone else on your team by dragging down the financial performance of your business.
The Right Processes for Continuous Innovation
Create an ongoing strategic planning team and schedule regular updates. You will wind up in trouble if the world is changing more rapidly than your business.
Create an ongoing strategic planning team and schedule regular updates. You will wind up in trouble if the world is changing more rapidly than your business.
Continuously improve your business practices based on customer needs. If you're not meeting these needs, then someone else will.
The Right Profit
Be sure you're making one...
Copyright Terry "Doc" Dockery, Ph.D. All rights reserved.
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