How Can Strategy Reduce Stress and Increase Profit?
If you’re just joining us for this episode about Strategy, you won’t want to miss the first two in my FAST Track Series. Go back to episode 45 to hear nuggets about building a strong foundation through Mission, Vision, and Value statements AND episode 46 about Accountability. That was a popular one and you won’t want to miss it.
Now, let’s dive in to today’s ONE BURNING QUESTION: How Can Strategy Reduce Stress and Increase Profit?
Have you ever had a great idea for a course, tiny offer, or freebie, get so excited about it, create the little genius and then proudly put it out into the world only to hear crickets?
It happens to everyone at some point in their career and I’m willing to bet, it’s because they didn’t start out with a strategic plan. Whether it’s a plan for one item or for an entire quarter’s worth of goals, a goal with out a plan, is just a wish.
The first time I sat down and planned out all my content for the month in one day, I was amazed at how else I was able to use my time differently.
Instead of scrambling week to week trying to think of episode topics or what the next shiny object was, I was able use my time for building potential client relationships, product development, and polishing the work in the back end of my business.
I’ve found that when I don’t set aside the time to be strategic in my business, I’m rushed to get out content, my overall life schedule is more hectic, and I feel like I’m battling a never ending list of tasks versus operating as a Strategic player of my own business.
Every quarter I sit down to plan and update the next two quarters, and twice a year, I look 12-18 months out. These are my favorite days of the year. I LOVE the study, research, data crunching, pattern and trend finds, outlines, mind maps and all the other nerdy things that require a stack of post it notes, white boards, colored markers and wall post its that goes into strategic planning. I absolutely geek out on it.
That’s why, if you don’t love it but know that you can’t keep working without a framework like this and goals to plan your work around, you should give me a call, because I can make this easy and less stressful for you.
I’ve recorded a few episodes about strategy, and what goes into a CEO Day, so I’ll put those episodes in the show notes so you have them all in one place, but let’s recap them for today’s episode.
Back in episode 45, I talked about building a solid foundation. When I work with you as a client, after getting to know you personally, I want to know your business’s history. How did you start, what where you before you landed on where you are now? What lessons did you learn, what mistakes did you consider huge and which ones barely made a blip on your radar?
Then we’re going to focus on those foundational elements: A lot of coaches start with Mission statements, but I like to start with Values. I believe whole heartedly that your values will drive what you are willing and not willing to do, so before we describe what you do, I want to understand your limits.
We walk through a few exercises to determine those values, and then create guiding principles that will guide your decisions from here on out.
Then we can hone in on your mission statement. Do you know what it is? If I don’t hear confidence and clarity, we’ve got work to do.
Next we focus on vision and if I hear things like, “I want to travel,” we’re going to dig a little deeper. I want you going big. Big-big. I want to get creative AND inspired right along with you.
Part of building our foundational work is also looking at Ideal Client, NON-ideal client, Boundaries and your financial resources.
These are the things that have to be in place before we can start your work on your strategy.
So even if you’ve been in business for a while and even if you’re doing well, these are essential elements if you want to grow, if you want to take some of the stress away, and if you want to not just increase your revenue, but increase your profits – what you put BACK into your wallet.
Setting Your Strategy
Now that your foundation is in concrete, we can build your strategy. This means we’re going to talk about your financial goals first and foremost. We’ll look at what it takes now and in the future to reach your vision.
Have you set good, better, and best financial goals? You have? Great, then we’ll evaluate how close you are to that “good” goal and what your expectations are to move toward the “better” goal.
Then part of the strategic planning is to understand exactly what takes you there.
Next, you’ll map out your product development cycle, look for inefficiencies in the work flows, customer experience or visibility of your product or service and outline a plan to take care of those.
Then you’ll refine pricing, capabilities, capacity, and more.
Once you’ve nailed that down, you’ll identify alllll the resources you’ll need to make it happen, including new skills you might need to learn, what budget you’ll need for this, and whether you’re better off hiring, outsourcing or doing it yourself.
Sound like a lot to do? IT IS, and if you go at it without a plan, you run the risk of biting off more than you can chew!
What I just described scares the crud out of some people. It’s way too much minutia, too many details, and so they shrug it off as ‘not their thing’ or ‘too constraining,’ and so they take off for the hills with their idea.
Now some succeed or even thrive in that and that’s awesome, but some dive in and find themselves backed into a corner very quickly consumed with overwhelm. That’s where I come in. I LOVE this stuff and want to help you. I can walk you through each step, coaching and consulting you along the way, reducing your stress and leading you toward those good, better, and best financial goals. Get started by visiting vimandvigor.biz
AND, don’t miss this freebie! Before I set out for a strategic planning day for Vim & Vigor, I always use this CEO Day Workbook.
I hope you’ve enjoyed the journey so far. Just one more week, along the F.A.S.T. Track.
Until then, I’m here for you!
Here are the links to three podcasts I recorded on building out your strategic plan: