When you are creating a business strategy, the lack of success of too many promising entrepreneurs and coaches can be difficult to track. They’ve been dreaming about building a big, sustainable company for so long, and yet, all they do is a dream.
You know the people I am talking about. They attend conferences, purchase paid training, sign up for free webinars, and sometimes even collaborate with a coach or two. And yet they struggle to make any progress towards their dreams week by week, month by month, year by year.
Are they lazy now? Oh, no. Something worse is happening. They have no idea how to switch from a dream to a plan and are stuck. For a business strategy to work, you must put in play.
A Winning Long-Term Business Strategy
If you’ve ever been to a work interview and you’ve been asked, “Where do you want to be five years from now”, you might think it’s an odd query. But that could just be the most significant concern you might have as a company owner for your business strategy.
It is difficult to build a map to get there without knowing where you’re going in the long turn. You need to know what your destination is, so you can review your progress every day, every week, month, and year to make sure you are always heading in the right direction.
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Creating Milestones for a Winning Business Level Strategy
You should create a roadmap to get there once you know your ultimate goal and establish the intermediate targets that will help you remain on track. For example, if you want to be able to fly for 8 weeks per year in five years then before that can happen, you need to have a few pieces in place:
- Enough revenue to cover travel expenses
- Passive revenue to sustain your company if you are not working
- A team who can manage the company while you’re away
You can then work backward from your five-year objective with this list, and build achievements along the way. If you know you’re going to need to earn $150,000 a year to fund your travel plans, and you’re making $60,000 right now, then realistic milestones could look like this:
- Year 1: $70,000
- Year 2: $85,000
- Year 3: $105,000
- Year 4: $125,000
- Year 5: $150,000
With these targets in place, by setting monthly, weekly, and regular goals, it’s much simpler to find out exactly what you need to do to reach them.
Setting Strategic Business Plans for Growth
If you tell anyone that in five years, you need to go from $60,000 to $150,000, it’s a pretty difficult mission. After all, that’s an increase of $90,000 and most individuals will look at that and dismiss it as unlikely immediately
But immediately it doesn’t seem so over whelming if you break it down, as we have above , and then again into smaller measures.
Your income just needs to rise by $10,000 in the first year of the plan we have outlined here. That is less than a thousand dollars a month! That’s definitely easy enough to achieve!
This can be further broken down by the week: $1000 a month is just $250 a week. You’ve already hit the milestone if you offer only one more communication coaching kit or five more of a $50 training program.
That might mean sending one more email to your list, or spending an extra $20 a month on Facebook ads, or maybe reaching out to another JV partner
The point is, it is much easier to achieve this month’s smaller target than to worry about the five-year plan.
So what’s that big dream of yours?
How do you deconstruct it into measurable goals? Having a Business Strategy and plan in place will go a long way in making you dreams of a successful business owner a reality. If you can (and you certainly can) do this, then you can do anything in business and in life.
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