“Economists say that the great recession, the longest and deepest since World War II, ended 18 months ago and the US economy is growing again. Growth is relative. That doesn’t mean sit and wait for things to improve. Rather retool for the economy that exists today.” – Rosalind Resnick, Entrepreneur Magazine, December 2010

As you review your company’s strategic plan and forecast for 2011, what can you do to ensure that your company will meet those objectives and goals? Ms. Resnick’s comment is absolutely on target, you can sit around and react to your environment, or you can retool your business objectives and take a proactive approach to success for 2011.

There are a number of strategic areas that may be worth focusing more time and effort on in your business as you begin to think about retooling:

• First and foremost, revisit your strategic plan. It is appropriate to focus on the 3-5 year horizon because you need to identify what you want to grow into. However, it is critical to focus on what your business needs to accomplish in the next 12 months. What are the critical success factors that your business needs to focus on in order to accomplish your forecast? Do your employees know what the 12-month plan looks like and do they know what they need to contribute in order for the plan to be successful? If you cannot answer ‘yes’ to any of these three questions, you are not ready for 2011.
• Second, identify what is really working and set a plan in motion to maximize it. Capitalize on your strengths. What product or service is your top seller, and how do you get customers to buy more of it? How do you grow your customer base for that product or service? Knowing your core business strengths allows your organization to maximize on existing opportunities where your company is already excellent.
• Third, try new and different things. After you have identified the core products and/or services of your business, look for new, out-of-the-box opportunities. Outside and uncontrollable distractions often cause us to pull the reins in and focus on what we have always done. Use these changing times to your benefit. Challenge yourself and your employees to look at every process, product line, service, and customer for new opportunities. You will be surprised what your team may find and suggest. At first blush an idea might seem outrageous, but outrageous could mean the difference between status quo and a new level of success.

The last thought to consider is leveraging your uniqueness. The business marketplace is becoming a sea of similarity. Your brand should communicate the value you bring to your customer from the eyes of the customer. Your brand is not really about what you think you do. The brand you should be leveraging is what value your customers say you bring to the table. Find out what your customers really think and start spreading that unique message.

If you did not like the results you generated in 2010, you have two choices. You can continue on your current path and hope for different results, or you can set your goals, maximize your strengths, honestly look for new opportunities, and incessantly market your brand with a voice that is meaningful to your customer. Hope is never a successful strategy, but focused action is … what will make 2011 a successful year for your company?

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in helping businesses and individuals achieve high levels of excellence and success. Learn how at www.resourceassociatescorp.com or contact RAC directly at 800.799.6227.

Success in any business is a clear picture of where the business is going and even though there is technically no “end,” What will the end result look like? The propensity of most management teams right now is to focus on the present, to put out fires, and manage by crisis. With all of the changes in the business environment of the last 24 months, that propensity is understandable; however, crisis management doesn’t prepare your organization for future growth and opportunity. Planning your business’s future is no longer a discretionary decision. If you want to control the destiny of your business then you need to create it!

The preparation of a strategic plan is a multi-step process encompassing vision, mission, objectives, values, goals, and specific action steps. The process we use successfully with clients can be boiled down into these stages:

Stage 1. Visioning

A company’s vision is a statement of potential. A vision statement is a description of what your organization wants to become.

Stage 2. Strategic Thinking and Planning

The term strategic thinking can be defined as the process that determines the future direction of the organization. This process addresses all aspects of your business and its resources. Its foundation is a strategic thinking process and its conclusion is a logical and well thought out plan that when implemented will ensure the organization’s success.

Stage 3. Business Planning

Business planning is the process that actualizes the strategic plan. During the business planning process, your mission is crystallized into specific goal categories. These categories then become actionable through goals and actions steps. If there are multiple departments each will have a mission and business plan which is their contribution to the organization’s mission. The progressive achievement of the mission or all of the departmental missions will propel the entire organization toward the realization of its vision.

Stage 4. Implementing the Plan

The real key to the success of this process is action. Vision alone does not ensure success. Even the most comprehensive plan will not ensure success without action steps and measurement. Without action steps, time frames, and accountability the process is just a mental exercise that, while it may be stimulating is meaningless or a waste of time and energy.

Stage 5. Review and Continuous Improvement

Without measurement, it is difficult to see progress, and it is impossible to manage a business. Creating a dashboard for the communication of goals and objectives is critical for measurement. Everything relies on execution. Success requires continued learning and improvement. There is always something you can do to gain control over any situation. There is always something we can learn to become better!

Take a moment and be honest. Do you have an actionable strategic plan for your business? Do you know where you want to take your business one year from now, five years from now? Do you want to learn how to better manage the inevitable fires while focusing on growth opportunities? Make the commitment with your management team to develop a strategic plan now as your future results depend on it!

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in helping businesses achieve sustainable results through management consulting, strategic planning, leadership development, executive coaching, and youth leadership. For information on creating an actionable strategic plan visit www.resourceassociatescorp.com or contact RAC directly at 800.799.6227.