Inventing the Future

Objectives – Learning
How to simplify
– Manage the CRITICAL goals instead of the trivial many – Manage 3-5 things instead of managing 50-60

How to develop long term/intermediate term/short term plans

2

What is Strategic Thinking?
“Strategic thinking produces a vision, profile of what an organization wants to become, which then helps managers make vital choices”
Source: Michel Robert (1998), Strategy Pure & Simple II

3

What is Strategic Planning?
The Strategic Plan and the Vision are WHAT YOU want to look like, or the ORGANIZATION wants to look in the future (5, 10, or 20 years in the future) The Vision is the WHAT to look like, the mission statement is the HOW to get there The strategic plan is the LONG term plan for what you want to look like. The Business Plan is much shorter term and is more operational
4

Strategic Thinking is Like Picture Painting Picture or profile that will determine the direction, nature, & composition of the business It is important to continue Strategic Thinking in everyday business, not just when we do Strategic Planning It is the type of thinking that allows us to achieve success in anything we do
5

What is Strategic Thinking?
Most People Do Not Fail to Plan They Plan to Fail

6

How many do you see?

7

Keep an Open Mind

100% Input Prejudging Old Paradigms

10% value

8

Keep an Open Mind

100% Input Prejudging Old Paradigms Limiting Thoughts

100% Input

Creatively Seeing New Opportunities 10% value 100%+ value

9

How to Work
Measured Results Elated Customers Moments of Truth

Employees Operational Systems Management Systems

Strategic Plan
10

The Personal Side of the Formula

A * (S + K) + Goals = PBC = IRº V & B (f) C = 88%

P

------------------------------------------------------------------------------------------++++ 27% ------------------------------++++

73%

11

The Power of Personal Development
“The greatest discovery of our generation is that human beings, by changing the inner attitudes of their mind, can change the outer aspects of their lives”
William James, father of American Psychology

12

Is there a Problem with Leadership?
Excessive meetings Preponderance of consensus-driven decision making (i.e. a cover-yourbehind mentality) Lack of personal accountability Time consuming and/or meaningless performance evaluation Communication problems Difficulty terminating poor performers Misalignment/lack of coordinated effort Personality conflicts and/or power struggles Unacceptable results Time management problems Reactive rather than pro-active thinking Micro-management Can’t-do-attitudes Chronically sagging sales Unproductive teams and/or ineffective teamwork Duplication of effort High staff turnover Failure to achieve quality standards Fear of making decisions

13

the

Top Management People issues Middle Management Supervisions Technical issues

Individual Contributors

What Skills Am I Being Paid For?

14

It Start’s with a Choice of Vision
“vision without action is a daydream. Action without vision and planning is a nightmare” - Japanese proverb

15

Benefits--Balance
PERSONAL Financial People Skills Sales/ Influencing Skills ORGANIZATIONAL

Family Spiritual

Mental Physical

Time Productivity Management

Social

16

Three questions for today…
Where are you today? Where do you want to be tomorrow? How are you going to get there?

17

I agree to:
I take 100% responsibility for my own success, both personally & professionally I am committed to continuous daily growth & improvement I’m committed to learning what I need to do to be successful, both personally & professionally I’m committed to learning how to do what I need to do to be successful, both personally & professionally I’m committed to taking action on what I know & what I‘ve learned I’m committed to view anything that gets between my goals & me as an obstacle for which there is a path around. I’ll find that and ACT on it I recognize that viewing an obstacle as insurmountable, or by not trying, I’ve made a choice to give up. Giving up is failure and I will not do that Not acting or delaying action on a problem is a choice, a choice to choose failure. I choose to not take that path Nothing just happens to me. Being a victim is a choice I’m committed to doing whatever it takes to accomplish my goals without violating the law of the universe, God and mankind I agree to take charge of my life and my business
18

Reactive Planning Look to the Past

Inactive Planning Evaluate the Current Environment

PRESENT

PRESENT

RESULT: Recreate the Past Preactive Planning Look to the Future & Predict

RESULT: Maintain “Status Quo” Interactive Planning

Move Yourself Into the Future & Invent it

PRESENT

PRESENT

RESULT: Forecast the Future

RESULT: Create & Control Your Destiny
19

The Logical Future
The future is an extension of the past

Future Present Past

The “Willed” Future
The future is anything we will it to be Future Present Past
20

Strategic Thinking & Business Planning Process Vision
Strategic Plan Values Systems Internal Appraisal Structure Resources Strengths & Weaknesses Key Assumptions External Assessment Customer Segments Competitive Analysis Trend Analysis

Long Term Goals & Objectives

Business Plan Reviews Budgeting Sales Plan Programs Performance Indicators

Base Business Focus Mission Statement Customer base What to Achieve How Measured Critical Goal Categories Goals Statements

Continuous Feedback Customers Employees Suppliers Monthly Business Reviews Marketing Plan/Programs Business Plan

21

Chapter 1 Strategic Planning

Building a Successful Business
Some of the attributes that got you to this point in your success will continue to be assets in your role as a business leader Some will have to change

23

Building a Successful Business
If you got where you are with technical skills, you’ll find
– If you are to build a business you must now get others to do what you do – You will have to manage people and the business, not technical issues – This requires a different set of skills
24

Building a Successful Business
Does change imply that you were doing it wrong?
– Change indicates growth & progressiveness – Change, & new and better ways of doing things are stepping stones to future success – Change is difficult for many people & the ability to adapt to change is a prime factor in many business failures

Your roles will be different & will require that you assume different responsibilities And in some cases develop new skills
25

Your Roles
Each role will require different skills & focus Some will be comfortable Some will not

26

Your Roles
Speed is of the essence
– The faster you grow the faster your business will grow Evaluate
Create a Vision

Speed of your growth will be determined by your ability to plan

Progress & Continuously Improve

Strategic Planning Model

Develop a Strategic Plan

Define & Execute Implementation Throughout the Organization

Develop a Shorter-term Plan
27

The Steps to Success
Stage One – Vision Stage Two – Strategic planning Stage Three – Business Planning Stage Four – Implementing the plan Stage Five – Review & Continuous Improvement
28

Stage one – Visioning
“We’d better pay attention to the future, because that’s where we’re going to spend the rest of our lives” The foundation for success
– A clear picture of where WE ARE GOING (personally, professionally & our business) – And what we want to be (the RESULT)
29

Stage Two – Strategic planning
Strategic planning is the process of determining the future of the organization and what organizational resources will be needed to achieve organizational goals

30

Stage Three – Business Planning
Business Planning is the process
– That actualizes the strategic plan – Takes the long term plan into the shorter term mission statements

These are supported by goals and action plans to achieve the mission If you have other departments, each will have a mission and a business plan
31

Stage Four – Implementing the Plan
The real key to success of this process is ACTION! Vision alone does not ensure success Without action, the process is just a mental exercise that is meaningless Without measurement you can’t see progress Everything relies on execution
32

Stage Five – Review & Continuous Improvement
Success requires continued learning and improvement There is always something you can do to gain control over virtually any situation There is always something you can learn to become a little bit better There are always aspects of your business that change, or SHOULD change, because of growth or trends
33

How to Get Most from this Process
The process you are about to start on is the cornerstone to success in anything you do (personally, professionally, or for your business) Realize that it IS a PROCESS

34

How to Get the Most from this Process
Knowledge is not power, Applied knowledge is power

35

What Is Strategic Planning?
It is the process of
– Thinking about and – Envisioning the future to which you aspire

And the growth you will have to realize to achieve that future state

36

What Is Strategic Planning?
We will analyze your strengths, weakness, opportunities, & threats (SWOT analysis) Key assumptions
– Those factors which, based upon what you know, will happen or will continue to happen or effect our decisions

37

What Is Strategic Planning
A pro-active approach to building a business which allows you to create you future, not simply react to current business Define the future you want to create Establish values Set clear goals and specific time frames
– Determine the action steps to make the vision reality

38

What Is Strategic Planning
The key ingredient is thought & dreaming Gathering information, selecting that which is relevant to success Brainstorming the possible applications And exploiting opportunities that have been discovered

39

Building a Business
Building a business means
– Creating processes & developing your skills and/or other people who can effectively perform the business functions – It isn’t working harder, it’s working smarter – In the beginning both are required
Discussion?

40

Building a Business

The value of business is not what it can do with you, but what it can do without you

41

Excuses for Not Planning
Frequently people don’t plan because they don’t know how to plan
– They lack the knowledge and the skills

Plenty of technical expertise – isn’t that enough? Some feel that planning is a choice
– Nice to do, but not necessary

If I work hard enough I’ll make it anyway
– Building a business isn’t about surviving – It’s about succeeding – Recognize the value, but don’t have the time
42

Excuses for Not Planning
I’ll do it when my company gets bigger
– The facts is, without planning, they will probably never succeed, much less get bigger

Too busy
– Many businesses are so “busy doing business” on a day to day basis (fire fighting) that they don’t have time to plan – The fact is that unless you make time to plan, you’ll waste time, money & energy and if the mistakes are too great, you will go out of business

Some don’t know where to begin, or what is realistic or what is important
43

Benefits of Planning
Helps to Prioritize your activities
– I’ve had clients working on the wrong things – After the strategic planning, I’ve had a client end up where he thought he was going before he started planning – Some activities seem important, but really aren’t – Focus activities on the important issues that NEED to be done to succeed – Critical goals versus the trivial many

Shows what responsibilities you may have It’s THE MOST IMPORTANT TOOL, you’ll have to build success (personally, professionally or in business) It is the path to SUCCESS NO MATTER WHAT YOU DO!
44

Your vision, Your Dreams
Your vision is your mental snapshot of where you see
– You personally – You professionally – Your business

It describes who you (or your company) is CAPABLE of becoming, & why you are unique and important It answers the question: “What do you want to become”
45

Why Should You Create a Vision?
Vision-driven leaders and their companies significantly outperform their competitors If you want to consistently outperform you must have a powerful, compelling vision

46

Why should you Create a Vision?
Focus

With urgency, there is focus With confidence, there is urgency With direction, there is confidence With vision, there is direction

47

Creating a Vision Statement
As soon as you begun visioning, you must crystallize your vision with a powerful vision statement (a description of the future as you want it) The foundation for your planning process, in fact, the foundation for your business is your vision of the future A vision gives meaning to an organization’s existence A powerful vision is vivid. You can see, hear, taste, feel and smell it It is easy to understand It sparks creative ideas It is not random dreaming, it is focused, a technique that has developed winners for decades
48

Rework Frequently
I’ve heard some consultants say
– “a strategic plan is cast in stone & won’t change.”

That should not be the case A strategic plan becomes something we can look at & once we can see it clearly (more clearly than we’ve ever been able to see our business before) then we see ways to make it better Once we start thinking about ways to achieve the vision, then it is on our mind in everything we do, so we are constantly finding new ideas to achieve our vision Once we have a vision, we frequently improve on it in the next few weeks, so don’t be afraid to change it However, we should be narrowing in on a singular purpose, and not losing focus
49

Can You see Where You Want to Go?

50

Chapter 2 A Passion for Succeeding
Values & Principles

Values
Add meaning to your vision to establish values

52

Values
How do we see our relationship with:
– Our Employees – Our Customers – Our Suppliers – Our Stockholders – The Community – All Others

53

Values
Achievement & excitement must be tempered, however, by values, lest people pursue goals without consideration for ethics or other people The foundation for business today is provided through values & value-based decisions & behaviors Business values define the beliefs, standards & acceptable behaviors Values ensure that we perform with integrity, honor, and consideration for what is the right thing to do
54

Values
Vision Provides direction

Values Determine Rightness of direction

Decision Making

The Core values of he organization lay the foundation and provide the framework for decisions
55

Values
They serve as a guide for all in the organization, who through their individual efforts, will collectively achieve the organizational goals As you determine your goals, consider what you
– Know to be “right” – As well as how you want to be known by others

56

Value Examples
To be regarded by our customers as easy to deal with and as a provider of high-quality, reliable products & services The customers must always be made to feel as though they are right Our employees are our most important asset, and we will strive to treat them with respect and fairness Our 1st concern is for our customer. Our 2nd concern is for our employees. Our 3rd concern is for our management. Our 4th concern is for our community. Our 5th concern is for our stockholders. Treat others as they want to be treated
57

Ensuring Your Success
Building a business is an opportunity to succeed, to become known Yet it has it’s problems, and sometimes failure The key is not in avoiding defeat, or to be lulled into complacency by victory Rather it is learning from both and continuing to strive, improve, and achieve even grater victories Fear of failure is one of the biggest reasons for failure
58

The Success Formula
Why do some seem to always succeed almost effortlessly, while others who seem to work hard, fail?

59

The Success Formula
Do those who succeed
– Have certain skills

Do those who fail
– Lack intelligence, or experience, or skills or capital?

60

Formula

A * (S + K) + Goals = PBC = IRº V & B (f) C = 88%

P

------------------------------------------------------------------------------------------++++ 27% ------------------------------++++

73%

61

Those Who Succeed Have Common Traits
A few of the traits of successful people confidence/a belief they CAN succeed, attitude They learn from failures and are not discouraged by them They learn from successes and do not become complacent They set goals/targets, measure their progress toward them, & are constantly fine tuning the process to get better
– Learning from what is working – Learning from what is not working (or not working well) – Then readjust
62

Common Reasons Why Businesses Fail
 Lack of knowledge of the business they are in  Lack of vision and purpose by principals  Lack of financial planning and review  Overdependence on specific individuals in the business  Poor market segmentation and/or strategy  Failure to establish and/or communicate company goals  Competition/lack of market knowledge  Inadequate capitalization/under funded/poor cash flow  Absence of standardized quality program  Owners concentrating on technical, rather than strategic work at hand
63

Developing Success Attitudes
Your belief in yourself and your ability to achieve will influence your ability to deal with others A negative attitude about yourself and your worth, or about worth of others, will be like an anchor, pulling away from success

64

Key to Develop Strong Success Attitude
First
– Your attitudes have been developed, they can therefore be changed or developed to be more conducive to your success – That change or strengthening process can only begin with you

Second
– Any meaningful & lasting change must occur over a period of time & evolve from conscious, daily input of positive, growth-oriented ideas – Success attitudes result from repetitive, positive input over a period of time
65

Affirmation
The most common form of success attitude reinforcement Helps develop confident attitude toward success Can help overcome negative attitudes

66

Affirmation Qualities
Positive Statements in the first person & expressed in the present tense Within the realm of your capacity to believe (realistically high) Directly related to your goals & those qualities you seek to develop Yours, written by you, for you
67

Examples of affirmations
Write on a 3x5 cards. Keep them where you will see them constantly
“I boldly confront & conquer the challenges of succeeding!” “I gently lead others to wanting to do business with me!”

“I am the top salesperson!”

“I am a respected and successful businessperson!”

“making Cold calls is essential to my success. I can do it. Once I’ve started the pain will subside!”

68

Chapter 3 Developing a Competitive Edge Becoming a World Class Competitor
Becoming a World Class Competitor

Assessment
Evaluate current conditions
– Externally – Internally

How will these impact our success?

70

External Assessment
Economy Industry Market Segments & Opportunities Competitive Analysis Which issues do we have control over? Which issues do we not have control over? Trend Analysis
71

Customer segments

A portion of the market where there are similar customer needs!

72

Customer segments Examples
Individuals between the ages pf 35 & 40 People seeking prestige Professionals earning over $100,000/Year Businesses having over 300 employees located within a fifty mile radius Minority-owned businesses Homeowners (as opposed to renters)
73

Customer segments
Customer segments may vary from
– Industry specific to industry general – Specific income bracket to all income brackets – Geographically concentrated to geographically dispersed

74

Customer Segment
Entrepreneurs & small businesses that provide a service frequently have a very large and diverse market As compared to a manufacturer that produces a part that is used in one type of equipment

75

Customer Segment
If you are working with internal customers (internal to company), what do your customers look like?

76

Customer Segment
With a focus on customer segments & customer expectations We can see opportunities more clearly

77

Customer Segment
Vicks took a traditional cough medicine that made people sleepy Renamed it NyQuil And went after a new market

78

Competitive Analysis

Why do we want to look at the competition?

79

Competitive Analysis
How competitive is:
– The Product/Service – The Company

Who are the Competitors What are they doing?
– Right – Wrong

Are they growing or declining, and why?

80

Competitive Analysis
How do we compare to the competition? How do we differentiate our company form the competition? What sets us apart? What are our strengths & weaknesses and how do they compare to the competition? Why should the customer buy from us instead of the competition?
81

Trend Analysis
What changes are taking places:
– In our industry? – In our competitors? – In our customers’ industry? – In other areas of our world? – In our business? – In our product or service?

82

Trend Analysis
I see companies in the US that are complaining that they are at the mercy of the economy (victim of the economy, or victim of what else?)

83

Trend Analysis
But I work with companies every day that are doing extremely well. They are not held back by anything!

84

Trend Analysis
What is the difference between those that succeed (even in a down economy, down industry, etc.) and those that are victims of whatever is blowing in whatever direction?

85

Trend Analysis
What’s different today about the markets we serve?
– The markets served by
My customers? My competitors?

What will be different tomorrow? How can these changes influence the products or services I offer? What are the trends taking place in
– My customer’s business – My competitor’s business – the industry – Similar products – Are there other things we should be looking at?
86

Trend Analysis
Structure & Function Resources Strengths & Limitations

87

Trend Analysis

Vision Plan Implement

88

Trend Analysis THE LOGICAL FUTURE
The future is an extension of the past

Future Present Past

THE “WILLED” FUTURE
The future is anything we will it to be Future Present Past
89

Internal Analysis Organizational Structure
Are we easy to do business with?
– Eliminate all hassles?

Is the way a customer places an order an easy process? How do we
– Respond, and – How quickly, – When a customer has a problem or needs us?

90

Internal Analysis Resources
A company is a collection of resources
– Land – Equipment – Capital – Products – Support – Demonstration – People

91

Internal Analysis Resources
Utilizing those resources effectively & productively is extremely important The goals you accomplish will be dependent on the action you take with the resources you have available or acquire

92

Internal Analysis Resources
Understanding our markets allows us to better understand what we will need to do to ensure that we can effectively
– Compete – Succeed – Keep the customer happy

93

Internal Analysis Strengths & Limitations
Identifying our
– Strengths
To capitalize on those strengths to be better than our competition To understand why we are good & feel good about it To be able to sell it/market it

– Weaknesses
To identify where we need to improve To improve to become better, more competitive
94

Developing a Base strategy
Commodity-driven focus Technology-driven focus Quality-driven focus Service-driven focus

95

Developing a Base Strategy
Commodity-driven Focus

Use when there is not much differentiation between our products & the competitor’s To differentiate you might choose either pricing or value to differentiate

Differentiation

Price Sensitivity

High differentiation = Low Sensitivity Porsche vs. Yugo We do not expect the price to be similar

Low differentiation = High Sensitivity Apples vs. Apples We will shop for lowest price

96

Developing a Base Strategy
Technology-driven Focus
Use when you have a technological advantage, or in a market where superior technology provides a competitive advantage Usually requires a massive investment in R&D, or an active involvement in partnering agreements with either emerging companies, or companies who have the technology but are not selling into your market or industry

97

Developing a Base Strategy
Quality-driven Focus

This assumes that your product or service is superior in quality to those of the competitors Requirements:
– You must have systems in place to create & maintain this leadership – Continuous improvements – Tightly monitoring development, production & execution – Identify quality indicators such as rework, warranty claims & complaints, and regularly measure them

With the right processes, systems & people
– This focus can put you in a position to always exceed your customers’ expectations in quality
98

Developing a Base Strategy Service-driven Focus
Use if in a position of being unable to differentiate your products or services in terms of price, technology or quality Focus on value-added benefits of doing business with you Possibly focus on service, delivery, follow-up, training, packaging, guarantees, convenience, saving time, or other value-added benefits important to the customer

99

Developing a Base Strategy Customer-driven Focus
Places a premium on going beyond meeting customer’s expectations Focuses on exceeding the customer’s expectations Important that everyone in company be trained & empowered to have that focus Internal communications & response time is important to achieving this
100

Selecting a Base Strategy
Describe Current Focus

Evaluate Current Focus

   

Customer Input Trends Competitor’s Strategies Employee Input

Identify Alternative Focus

New Focus

Accomplishment of Mission
101

Business Planning

Chapter 4 Effective Planning Techniques

Business Planning Process
Strategic Thinking & Business Planning Process Strategic Plan Vision Values Systems Internal Appraisal Structure Resources Strengths & Weaknesses Key Assumptions

External Assessment Customer Segments Competitive Analysis Trend Analysis

Long Term Goals & Objectives

Business Plan Reviews Budgeting Sales Plan Programs Performance Indicators

Base Business Focus Mission Statement Customer base What to Achieve How Measured Critical Goal Categories Goals Statements

Continuous Feedback Customers Employees Suppliers Monthly Business Reviews Marketing Plan/Programs Business Plan

103

Business Planning
The strategic planning process is essentially complete We have
– Developed a vision statement – Analyzed external & internal factors, and – Developed the strategy

We are ready to start the business planning
104

Business Planning
The steps that will help you turn your thoughts and strategies into:
– Goals – Plans, and – Actions steps

Which will turn your vision into reality
105

Business Planning
This step involves:
– Developing a mission statement – Identifying critical success factors – Setting goals – Creating a market plan – Developing a sales plan – Financial projections

106

Business Planning
The business plan differs from the strategic plan in that:
– The strategic plan focuses on the long-term future by helping you focus on and plan the present – The business plan will help you identify
What specific actions must be accomplished, Who will accomplish them, How they are going to be accomplished, & by when, So that the future you envision will become a reality

– It can, and probably should, contain the phases or steps along the way

107

Business Planning
Your vision is a color picture of he future Your mission is the developing process

A vision expresses what you want to become Your mission statement will express how you’re going to get there

108

Business Planning Mission Statement
A statement what describes how the vision will be achieved during a specific time frame Provides Direction
– Boundaries of business – Where organization is going – Customer population – Direction for employees – What to be done
109

Business Planning Mission Statement
Has a shorter focus than the vision
– Usually 12 to 36 months & will change based on business conditions – The actual time is not important – What IS important is having a specific time frame & target date

The Mission Statement serves as the basis for developing goals & plans It should address customers, products, principal services, and qualities that make you and your business unique

110

Business Planning Mission Statement
Should meet the following criteria:
– Clear – Involving – Memorable – Aligned with company values – Directed at company vision – Linked to customers’ needs – Seen as a stretch – difficult, but not impossible – Measurable

111

Business Planning Mission Statement The successful companies
– Create the future they want – Proper planning prevents poor performance

Taking time now to define the aspects of our business & the growth we want to see will provide the luxury of time that you’ll need tomorrow to develop your excellence and future growth
112

Business Planning Excellence Every Time
Haste makes waste There will be times when you believe time is the most precious commodity
– In fact, often in trying to get more time, you hurry – When you hurry, you are more likely to make mistakes – Mistakes mean rework – Rework means more time (which you already don’t have) and additional cost, both of which result in lower profits and the possible loss of customers

Doing things right the first time eliminates the hidden costs of rework
113

Business Planning Excellence Every Time
Speed is an important factor in succeeding in today’s competitive environment, and taking the time to do things right the first time will ultimately take less time and be appreciated by your customers and clients Doing it now Strategic thinking and planning will help you develop the plans and strategies to manage your time, rather than having it mange you!

114

Business Planning Shortening Your Learning Curve
The various roles you play in your business and the various tasks you perform will require different skills and focus Some will be comfortable, some will not Some knowledge you already possess, and some you will have to acquire Speed is of the essence The faster you grow the faster your business will grow
115

Business Planning Shortening Your Learning Curve ASK is a valuable cornerstone to build your future Ask questions and listen carefully Seek opportunities to meet people and join clubs, associations, and organizations Knock on every door looking for opportunities
116

Business Planning Shortening Your Learning Curve Everyone has setbacks
– Expect them – Look forward to them – Use them to learn and jump to higher levels of success

117

Business Planning Shortening Your Learning Curve
Business Leaders who take the time to create a strategic plan find that they are able to create a level of motivation and commitment that fuel continuously higher levels of achievement They can overcome
– Procrastination – Inertia – Fear and – Bad economic conditions

Because they have a clear vision & strategy
118

Chapter 5 Execution Is Everything
Critical Goals Categories

Critical Goal Categories
What must happen, or What we must make happen for our mission to be achieved?

120

Critical Goal Categories
Most people and companies are trying to manage 50-60 things at once Psychologists tell us that we can only manage 5-6 things at a time So, what does that mean to us?

121

Critical Goal Categories
In most cases
– We end up managing only those things that literally surprise us or cause us the most pain – We are not managing the things that would achieve our strategic plan or our business plan

122

Critical Goal Categories
We must focus on the things that will achieve the long term vision, and the short term business plan The others are often just waste

123

Critical Goal Categories Examples
Customers Cash flow Best-of-breed product quality Quality suppliers Motivated, skilled workers Product packaging which meets the needs of selected segments Lowest delivered cost Sales representatives in a specific geographic area Warehousing or distribution in a specific geographic area Specific capabilities for selected market segments New market penetration
124

Business Planning Goals
Critical Goal Categories tend to be general, but they must be connected to business planning goals which are VERY specific

125

Business Planning Goals
Major goals are accomplished by achieving the smaller goals Specific, challenging goals lead to better performance than vague or easy goals the following are some examples of vague vs. specific goals

126

Business Planning Goals Examples
Hazy Goals Increase revenues Specific Goals $250,000 additional revenues within the next 12 months Successfully complete a sales training program by 9/15 Increase sales by 20% by June 1 Do 20 minutes of aerobic exercise daily Be able to lift 20 pounds more by June 1 Realize a 20% growth in revenues with a corresponding increase in profits by end of next quarter

Improve sales skills

Get in shape

Be a success

127

Business planning Goals
Goals should be S.M.A.R.T.
– Specific – Measurable – Attainable – Reachable (with a challenge) – Timebased
128

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Inventing the Future

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