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  • Hub You - Why Bother With Strategic Planning?

    Passion for Profits
    Business owners and managers are busier than ever. As their businesses grow and become more complex, they find that they don’t have the time to be all things to all people. In the early stages of a business, the owner or manager waits on customers, does the buying, collects past due accounts, supervises just about everyone on staff and may even stay late to stuff the monthly statements.At each stage of business growth, managers must muster the discipline to delegate more and personally perform fewer and fewer job functions to give them time to think and plan. This is not easy. After all, the business is their baby. They oftentimes gave birth to it and have nurtured it to this point, so trusting someone else to assume accountability for key jo
    orms you fill out, it's about the thought you put into it.

    Start by asking yourself these three questions. First, what percentage of your time is spent looking outside your small business, rather than at internal company issues? Second, of the time you spend looking outside your business, what percentage of that is spent looking at lea

    Know Thy Enemy
    When you are bidding for Government work there's a very good chance that you will be in the race with many of your competitors, so it is a good idea to find out more about who else is likely to be bidding for the same contract.Most bidders have a feeling about who else is bidding but they don’t spend much time doing their homework to really find out. This lack of investigation can work against them.Spending time investigating the major players in the race, their strengths and weaknesses in relation to the selection criteria will give you an added advantage.Determine how you compare with your major competitors (favourably and not so favourably) and write it down.If you find that your company stands out head and shoulders above
    Strategic planning the way most businesses do it is pretty mundane stuff. There are things to read, comparisons to make, forms to fill out, and numbers to put together. The first year they do it, it’s modestly intriguing. There are a few new revelations and they see some things differently. The second year, it's merely interesting. They've "been there, done that" and don't want to do it again. In the third year and beyond they can do it in their sleep; they just take last year's "plan," change a few dates and numbers, and that's it - they're done.

    Sound like a productive process that you want your small business to engage in - certainly not. If this is what your planning process looks like, scrap it or change it; it's simply not worth the effort that your business is putting into the process.

    There are four fundamental reasons why strategic planning is not just necessary, but essential - (1)it allows you to recognize the need for and manage change, (2) it compels you to focus on the long term, (3) it helps you find and keep a competitive advantage, and (4) it gives your team a basis for identifying with your business. In the end it doesn't matter how you do your strategic planning. There is a mind-numbing array of templates around (a couple of which are on the Business Advisor Online site) - just pick one and go with it. It's not about the forms you fill out, it's about the thought you put into it.

    Start by asking yourself these three questions. First, what percentage of your time is spent looking outside your small business, rather than at internal company issues? Second, of the time you spend looking outside your business, what percentage of that is spent looking at leas

    Freebie Sites And How They Work
    I’ll admit, I used to think that freebie sites were a total scam for companies to make you sign up for something while promising you something you’ll never get. That was until I received my first payment from a “freebie site”, which happened to be a smooth $250.A “freebie” implies that you’ll get something for free; and you will – but you need to do your part first. Typically, you get a freebie through three steps. First, you sign up at the site and complete one of their sponsored offers to go “green” and fulfill your personal requirements. “Greening” means the site recognizes that you have completed an offer through their site and they have been credited for you completing the offer. Then, you usually need a certain amount of “referrals,” which
    been there, done that" and don't want to do it again. In the third year and beyond they can do it in their sleep; they just take last year's "plan," change a few dates and numbers, and that's it - they're done.

    Sound like a productive process that you want your small business to engage in - certainly not. If this is what your planning process looks like, scrap it or change it; it's simply not worth the effort that your business is putting into the process.

    There are four fundamental reasons why strategic planning is not just necessary, but essential - (1)it allows you to recognize the need for and manage change, (2) it compels you to focus on the long term, (3) it helps you find and keep a competitive advantage, and (4) it gives your team a basis for identifying with your business. In the end it doesn't matter how you do your strategic planning. There is a mind-numbing array of templates around (a couple of which are on the Business Advisor Online site) - just pick one and go with it. It's not about the forms you fill out, it's about the thought you put into it.

    Start by asking yourself these three questions. First, what percentage of your time is spent looking outside your small business, rather than at internal company issues? Second, of the time you spend looking outside your business, what percentage of that is spent looking at lea

    Discount Metal Detectors
    The importance of metal detectors is growing day by day, as they are employed for all purposes from leisure to work and safety. Metal detectors of various types and prices are available now. Usually, the price of a metal detector starts from $75.00. But, the prices of metal detectors with most sophisticated features and functions, such as Garrett Master Hunter CX plus and Garrett GTI 2500, range from $500 to $1000. Discount metal detectors are a great way to acquire these high-end, expensive metal detectors at cheap rates. A better option for hobby, prospecting and security, discount metal detectors usually depend on the price, category and type of metal detectors.Discount metal detectors always offer good value for your money, as they usually pro
    rocess looks like, scrap it or change it; it's simply not worth the effort that your business is putting into the process.

    There are four fundamental reasons why strategic planning is not just necessary, but essential - (1)it allows you to recognize the need for and manage change, (2) it compels you to focus on the long term, (3) it helps you find and keep a competitive advantage, and (4) it gives your team a basis for identifying with your business. In the end it doesn't matter how you do your strategic planning. There is a mind-numbing array of templates around (a couple of which are on the Business Advisor Online site) - just pick one and go with it. It's not about the forms you fill out, it's about the thought you put into it.

    Start by asking yourself these three questions. First, what percentage of your time is spent looking outside your small business, rather than at internal company issues? Second, of the time you spend looking outside your business, what percentage of that is spent looking at lea

    Job Interview
    Impress with your skillsEven though the number of job opportunities has increased rapidly in recent years, the competition is also increasing at a furious pace thanks to the globalization. Globalization, the technological advancements and especially the internet make it increasingly difficult to find your perfect job. That’s why winning the job interview is so important these days.Take the time to prepare yourself for your next job interview. Your qualifications and resume are merely a “ticket to play” in the job market. Next step – Job Interview Battle: you have to fight really hard to land your perfect job.Find the factors that differentiate you from the crowd and think through some of your best success stories. Normally, a certai
    ps you find and keep a competitive advantage, and (4) it gives your team a basis for identifying with your business. In the end it doesn't matter how you do your strategic planning. There is a mind-numbing array of templates around (a couple of which are on the Business Advisor Online site) - just pick one and go with it. It's not about the forms you fill out, it's about the thought you put into it.

    Start by asking yourself these three questions. First, what percentage of your time is spent looking outside your small business, rather than at internal company issues? Second, of the time you spend looking outside your business, what percentage of that is spent looking at lea

    Creative Ways to Finance a Business Purchase
    You’ve just walked out of a business owner’s office, who has grown an established, profitable business that he is willing to sell to you, for very favorable purchase terms, at a fair price, but you have no clue how you are going to raise the necessary capital required to complete the purchase. Sound familiar?Pursuing a viable company to purchase is a very competitive process. Money is often the most critical weapon a business buyer has to differentiate themselves from all the other business buyers who are also fortunate enough as you to have found the same great business acquisition candidate as you have. If you don’t have the funds to compete in the business acquisition market place, you will quickly become a consequential example of
    orms you fill out, it's about the thought you put into it.

    Start by asking yourself these three questions. First, what percentage of your time is spent looking outside your small business, rather than at internal company issues? Second, of the time you spend looking outside your business, what percentage of that is spent looking at least five years down the road? Third, of the time you spend looking at external issues that are five years off, what percentage of the time do you involve other key people in your small business? You will have to supply your own numbers, but assume for a moment that they are all 30%. That's probably higher than the numbers for most businesses, but if that's what they are, you spend 2.7% of your time looking at long term external issues with your team (30% x 30% = 9% x 30% = 2.7%).

    That's simply not enough time spent on identifying issues that can have a fundamental influence on your business. A business can't think through the implications of changing, until it first identifies the need for change. A well conceived and executed strategic planning process compels you to look far enough down the road to see how things could evolve and how that evolution could affect your business. It forces you to ask what new competition lies over the horizon and why you are and will remain a better choice for customers and prospects that the others that are out there. It helps you identify how your market and competition is likely to change in the future and whether your market will shrink, or grow. It helps you ask what your customer's customers need, or will need in the future so you can add value to what they do.

    I am a strong proponent of every business, la

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