Sooo, there has been a bit of a hiatus from my writing. Who would have thought that running a business, including a merger, along with raising three kids under 7 would take up a lot of time???
At times I have felt like the little kids at swimming – kicking and paddling and doing everything possible to keep my head above water. You’ll be pleased to note that I think I am going to pull through.
So, how did I get back on deck, and how do I keep forging ahead? Firstly – play a long game and keep your eyes on the horizon. Business is a long game. Secondly – go like the clappers until you feel like you have no more to give. Thirdly (as I tell my kids) – NEVER give up.
One thing that our business has just done was take half a day to undertake a strategy planning session for the coming year. This was a wide-ranging discussion that was super helpful, and I feel so much better for it. What is now going to be vital is to put the plan into action and achieve some benefits of the action plan matters.
Going through a strategy and planning session is always better as a group session, and this can be difficult out there in small business where the boss is often the only person at “executive” level – the only bugger sitting in a very vacant “c-suite”. This is where your advisor can come in very handy. A planning session like the one we undertook for our own business can yield significant and lasting benefits, as long as there is follow up and action items are actioned.
As an SME owner, you must hold yourself accountable. Take out of your schedule to undertake some planning. To make sure that this is effective, the following are my recommendations:
- Have at least one other party involved to bounce ideas off (be it an outside advisor if that is the best option)
- Have an agenda of items to cover off on
- Set a time, and time limit, for the meeting
- Nominate a “Chairperson” for the meeting. This person should not only run the meeting, but should also act as the timekeeper to make sure that micro issues are not dwelt on in this session
- The Chairperson (if no one else) should take notes/minutes of the meeting to identify key points and subsequent action items
- Reduce the meeting notes/minutes to writing as soon as practicable after the meeting. This should:
- Set out the key points discussed
- Identify action points. Crucial to this are:
- Who is to perform the task?
- When is it to be performed by?
- To whom should the result be presented?
- Set a time to reconvene to review the action points and the results
- If the plan spans a year or more, which some of the points should, make sure there is time (scheduled 3 monthly at the most) to make sure that the plan is still on track
- NEVER be afraid to tweak a plan as required, this is vital, don’t be pig-headed – adjust as necessary
Basically, the above boils down to:
- Plan
- Implement
- Monitor
This is a clear roadmap to strategy implementation. This is a task easier said than done. An outside party involved to facilitate this can be a worthwhile investment. The other main area that these things fall down is in the follow through phase. Life, changing business conditions, staff changes, legislative changes can mean that it is easy to relegate the plan to the bottom draw. Don’t fall victim to this. Get someone to hold you accountable – pay for it if necessary. The benefit of a well set out plan and the effective implementation of said plan can make a difference to your business that could just change your life.
I’m TC, and that’s my Two Cents.