Growing Your Business
What is Valuable to You About Your Business?
A colleague, friend, or your Asser Incorporated coach asks you the question, “What’s valuable to you about your business?” It might be revenue, or your clients, or a means to more time with your family. You can get very clear on that critical question, and then grow your definition of value.
Strategy is a tool that business owners use to make their world more manageable. Strategy contains a core set of ideas about:
▪ How to define the business and success;
▪ The best techniques to analyze the business environment and your capabilities;
▪ Creating and developing choices;
▪ Identifying strategic options & scenarios; and
▪ Testing your options
At the heart of strategy is your ability to make the right choices. One way that strategy helps you make choices is by the process of eliminating alternatives. For example, your strategic decision to focus on a certain market segment precludes your entertaining other markets. Your strategy may change, but for this point in time your choice is made. Strategy is your clear plan of action around achieving the vision of the business.
Problems often reside with the business model. It is common that change does not happen when there is some success with the current model. Consequently, business owners often don’t question the relevance or sustainability of the business. Understanding that things must change occurs too late, and often too painfully.
Role Development and Accountability
As we describe in our Challenges, you live in an open system. An open systems theory approach to growing your business means working with some complexity. There are some key element for you to consider, such as the importance of role, authority, and the design of work systems and processes.
Designing your own role in the business is closely tied with the first two areas of focus above, i.e. Defining your value and strategy. Being absolutely crystal-clear on what you want to do in your own business then determines the “Right Next Role” in the business. All key role accountabilities must tie in with your overall goals for the business. This is essential for effective delegation and accountability. Uncertainty can cause change to stall.
For many, how you view your role and how your business views your role are often different (even if it’s your own business!). Role definition work creates clarity and purposefulness. This is abundantly clear if you are in career transition. Our coaching helps you through transitions, whether imposed or voluntary.
Strategy is your clear plan of action around achieving the vision of the business. The articulation of strategy is your business plan, which contains your operational strategies. Operational strategies describe how you will implement and execute what is required to achieve your objectives.
Your business plan does not have to be complicated, but it does need to address some key elements. You can also use the business plan format to work your way through career transition and to design your career path. Because remember, this is business coaching, which includes you as a business.
A useful way of thinking about marketing is “. . . . making promises through value proposition, enabling the fulfillment of individual expectations created by such promises.” (Journal of Marketing Theory). These are powerful words because it places the emphasis on our being able to communicate and then deliver on the promises we make. Marketing can include:
- Developing an Ideal Client strategy;
- Defining profitable service levels;
- Creating marketing and communication efforts that build your brand; and
- Engaging sales processes and service delivery that creates word-of-mouth marketing and evangelists.