Stragetic Planning for Family and Private Business

First of all it is beneficial to briefly summaries strategy and strategic planning.Strategy is the longterm direction of the business that:
achieves a competitive advantage for the business in its chosen market
positions the business in the market in relation to its competitors
defines the scope of the businesses functions, capabilities and capacity
matches the businesses resources and activities to the business environment
Strategic planning is the process (and thinking) that underpins the development and analysis of the options available to the business when choosing its strategy.For the purposes of this article the focus will be on the higher level strategic planning, or corporate planning, as this is where the company’s direction is set and what drives its operational performance that delivers shareholder value. In addition, it defines the company’s business model, the corporate culture and its reputation from a corporate, social responsibility perspective regardless of its size or structure.Broadly speaking there are only four types of corporate strategies being:
Growth or market penetration – Same products / services into same market
Market development – Same product / service into a new market
Product / service development – New product / service into the same market
Diversification – New product / service into a new market
Once we accept this then the planning process can be followed to develop a robust and valuable strategic plan for the business.We apply a rigorous structured process to strategic planning that incorporates a range of activities and analysis designed to achieve the clear direction for the business, its structure, its employees and all business activities.The first part of the process includes:
Core values of the owners – These are critical as they make up the philosophy and ethics of the business and the people
Goals of the individuals and for the business these are critical as it focuses everyone of the type of strategic direction of the business.
Core competencies of the business – These may be based on the technical expertise of the owners however it is best to think about what competencies the business will leverage to develop the business model it will adopt
Development of the businesses VISION and MISSION – These provide the focus for all future activities. A Mission statement should not be any more than two sentences of between 8 and 10 words otherwise they lack focus and are of little value to the business
Your VISION is an internal statement that drives its direction and performance
Your MISSION is a statement to internal and external stakeholders of how you conduct your business
The second part of the planning process is where the real power of strategic planning is developed as it consists of a series of analysis – Four in fact, which are all designed to provoke a breath and depth of thought that will have a major impact on the structure and operational performance of the business.Environmental analysis – this is the business environment you operate in and it includes six elements:
Industry analysis – this analyses the industry environment you are operating in and competing with and is based on Porter’s Five Forces:
Power of buyers (the buyers of your products / services)
Power of suppliers (those that supply your business)
Threat of new entrants into the market (is it easy for another like business to establish)
Threat of competitive rivalry – How competitive is the market and how do / will competitors react to your business
Threat of substitutes – What is substituting your product / service in the market
Resource analysis – this is the compartmentalization of your resources and is the critical link between the businesses mission / core values, structure and operational strategies / performance. It includes:
Physical – Your location and physical assets
Reputation – The reputation of your business at all levels
Organisational – Goes to the heart of the operational structures and includes what type of human resources is required for the business
Financial – The financial requirements for the business now and into the future
Information – This ranges from your operational information i.e. SOP, policies, T&C of Trade etc to IP that you want to protect / hold separate to the day to day operations of the business
Technical – The technology utilised within the business and the future technology requirements of the business be it systems or software or the use of media
The good old swot analysis – The strengths, weaknesses (or constraints), opportunities and threats (challenges). The swot analysis is infinitely more valuable to the process after the above three analysis have been completed because the business owner will have a greater understanding of their business and will be able to conduct this analysis with clarity and purpose.Phase three of the process is the development of the businesses strategies. This pulls together everything done to date and results setting a clear direction for the business. We have a three step process for the development of these higher level strategies, which includesMatrix for offensive and defensive strategies through the matching of:
Strengths and Opportunities – Offensive
Strengths and Challenges (threats) – Offensive
Opportunities and Constraints (weaknesses) – Defensive
Constraints (weaknesses) and Challenges (threats) – Defensive
Prioritising the strategies by filtering then through a specific framework to assess their:
Feasibility (do you have the capacity and capability to implement the strategy)
Suitability (does the strategy suit the current circumstances of the owners and business environment)
Acceptability (this is the risk / return assessment, which includes the possible reaction of stakeholders i.e. employees, your financier, suppliers, customers and competitors)
Strategic choice – Based on the above select the most appropriate direction for your business.While this process appears involved, complex and time consuming it can be tailored to suit the business. However it is important to have a clear focus on the end game, which is to be a strategically focussed business that has a clear direction and purpose that can be measured.

How To Earn Money Online As A Local Business Consultant

Even if you are just starting to think how you can earn money online, an Internet businesses, like yours, can quickly gain the skills to help businesses local to your home area. Why you should seriously consider this lucrative strategy for a new internet business may not be that clear at first. You may also wonder how to start. I will give you some answers in this article.If local businesses are getting business from the internet as part of an overall marketing strategy, why not make it your business to earn a share of that marketing budget? Think about why local search helps customers and how you can provide internet marketing services to businesses and start to earn money online for yourself.Something like 40% or more of searches on Google include some sort of local phrase. People are more likely to search for say “Birmingham Accountants” than just Accountants, if they are local to Birmingham. Customers are changing how they find things, and comparatively few internet marketers have taken advantage of this growing trend in local search. Now is an ideal time to make it your business to help businesses locally, before your competitors steal this opportunity.Now we have mobile websites and mobile apps. There are more than 3 times as many mobile devices out there as PCs, you can see why developing and selling a simple mobile website might be a smart move. People use internet access to get information and to find local businesses, as soon as they think about it. People no longer need to rummage through local papers and directories to find a product or service. They can easily find what they want and get more information about local business services, including a location map from any device that gets them online.Local search marketing has made a ridiculously huge impact to how customers behave, which is why local businesses need to include local search into their marketing strategy. Local businesses may not know how. Internet businesses do. You can claim a share of their marketing budget. That’s how you benefit. Google Maps, Pinterest and Video makes it easy for you to offer marketing services that will get local business ranking highly, but on a budget. Your internet business has the opportunity to offer internet marketing services using a system you can learn, that can be used in any local area (not just US or UK).
Provide the service your business customer wants, build a relationship, get repeat business and referrals. Join business associations in your area which provide an opportunity for promoting your services to people in business locally. Many people have discovered how to earn money online simply by explaining what they can do to other business people.Competition for keywords with a local word (like Birmingham) is far less, so it’s easier to offer a highly targeted service. If you want a domain starting with Accountants, you will be lucky to find available, although you might be able to buy it from the present registrant at his price (high). If the domain you want is say, Birmingham Accountants there will be less competition for that, more chance of it being found by local customers and of greater value to the local business. This is a quick way to get your local business customer’s website on the first page of Google (even after recent rule changes) so their clients can find them.Some local businesses are more likely to need your internet business services than others. Look for local businesses, ideally medium sized, with a modest marketing budget and who rely on repeat business. Help those proprietors get more leads, more prospects and better cash-flow into their businesses. You will then get paid for your internet marketing services.You do not need to be an expert at every aspect of internet business to earn money online. Spend just a little by outsourcing the work to the right people. Learn how to outsource internet services wisely. Spend just a couple of hundred on an optimised website and your local business customer will be more than happy to pay you much more. By using outsourcers and being the manager of your business, you free up more of your time, have more resources earning you money at the same time and increase your own internet cash flow.Internet marketing is not core business for most local businesses. Most prefer to stick with what they are good at (e.g. accountancy, repairing locks, selling handbags, building houses). They need someone to deliver affordable internet marketing services that will get more customers. Local businesses need your internet business. When you find the right internet business training and support you can quickly build a business providing valuable services to local business. There is no point in re-inventing the wheel. Just learn from someone who has made the mistakes and enjoyed the successes before you. You don’t need to duplicate that effort to have a highly profitable internet business and earn money online.

10 Ways to Dramatically Increase Your Business Profits

1. Create an awesome logo you can put on the internet for people to see. Branding your business with a logo will help others to identify your business when they see this logo. Reminding people of your business will eventually create a reputation and if your business is good your reputation will be too.2. Be sure the prices of your products or services are with in the competition range. If your prices are higher than the competition then potential customers will go to the cheaper source. Don’t hurt yourself by going to low just to get sales but keep them in range of profits for yourself and at the same time affordable for people to want to buy from you. To low of a price might also make potential customers think that you offer a cheap product as far as content or value, don’t go to low.3. Giving a good impression to your visitors the first time they visit your site may keep them coming back for more of your product or service. Don’t make a sales banner the first thing they see at the top of your home page. Keep things interesting and informative and the results will speak for themselves.4. Train yourself and if you have employees train them as well to be polite to all customers, in person, on the phone and online, being polite will build good customer relations and this will always make for good business and keep them coming back. If customers are upset or even shouting, a calm, well collected individual could easily turn the situation around and still make a sale or solve the problem at hand.5. Offer to buy space to advertise your site in e-books and various software products that are in the same lines of business as you are. When others buy a product that has your site info in it this could up the reputation of your business and create sales.6. Adjusting your product or service to attract other target audiences could help as well. You may need to redesign your site or some of your other advertising but the end results maybe just what you want and a bigger targeted audience means successful online business.7. Increase your marketing on the internet by creating free bonuses for other business products and services and include your ad or website info some where in the bonus. Put this info in a strategic place with in this bonus. The results may be surprising.8. Product features are important use them to support your benefits.9. Join online business forums or different business associations. You can acquire a membership at most of them for free and many will give you a logo or a graphic that you can post on your website.10. When marketing your products and or services market yourself as well. Market yourself as an expert but be sure that you do the research and know what you are talking about so the info you share is real and helpful.I hope these 10 steps to better profits will be helpful for you and help your business to expand to new horizons. Don’t use just one or 2 tools to help, use them all and use them often.I wish you the very best in all of your endeavors.