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Answer Upon - New Year's Planning - Critical Success Factors
the second in a series taken from How to Evaluate and Profit from a Business OpportunityGoing into business for yourself is a big decision, one that requires careful thought and a great deal of planning. Whether you decide to buy a business, or start one from an idea or a patent, you need to know yourself. In order to make the business successful, it has to be one you will like working in and its requirements have to match your skills, and attitude.First, understand why you want to go in business for yourself. There are lots of reasons. Some people want to build an empire; others have an idea they passionately believe in. Some because they can't find a job and by owning their own business they will have income to take care of their needs. Still others want control over their lifestyle while many want to pass on something to their heirs.Knowing why
For each factor follow the three step analysis.
Step 1. What can you learn from last year's experience in each area?
What did you do right - what worked - what should you do more of? What did you do wrong - what didn't work - what should be stopped immediately?
Also, ask what is missing from this area. In other words, what could you add - or eliminate - whi
In the world of advertising specialty, shirts occupy a special place. This is so because not only do people wear shirts for various occasions, but also because they last longer than other merchandise.An advertising specialty shirt can be a tee shirt, or a golf shirt. It can have long or short sleeves and can be distributed at various company-supported events like road races, golf tournaments, bike rides, etc. The shirts can be embroidered or silk-screened with a company's logo, name, sponsors, etc., or it can be screen printed or digitally printed. Screen-printing, however is not used much, even though it is cheaper. The simple reason is that it does not last long and gets damaged easily (by a hot iron). Screen-printing does not look as good as the embroidered or digitally printed finish.The cost of specialty shirts printed or embroidered depends on many f
Whatever time of the year it is, you have probably set a working direction for the rest of the year, including clear-cut objectives. Your first-iteration plan to reach them should be in place. This now (whatever time it is - if you are thinking about it) seems like an ideal time to rethink the whole thing, doesn't it? In our sped-up 21st century world, plans are subject to change just as soon as - or perhaps even before - they are written.
If you haven't already done so, now is an excellent time to review your company's year-end results and plan for the coming year. If you've already created your annual plan, you may want to look at it in a new light.
A typical approach to planning suggests multiplying last year's quantitative results by an acceptable growth factor. Industry standards vary, often from 5% to 25%. Add to that number scheduled enhancements to your product line plus solutions to key problems you've been meaning to address, and that's your plan.
Those of you who've been following my articles know that I advocate a different approach to this process: Step 1) Learn whatever you can from last year's results - something many of us forget to do. For example, make 1998 the year you act on the knowledge that it takes six months to train your field reps, not the six weeks you used to allocate. Step 2) Set targets which will excite you and your team and get you out of bed every morning; Step 3) Figure out how to reach the targets in Step 2.
A well rounded strategy which will provide a platform for continuous growth should impact these critical factors:
- revenue and profit
- product development
- customer satisfaction
- quality
- intellectual capital
- productivity
- strategic relationships
- new customer growth
- employee retention.
For each factor follow the three step analysis.
Step 1. What can you learn from last year's experience in each area?
What did you do right - what worked - what should you do more of? What did you do wrong - what didn't work - what should be stopped immediately?
Also, ask what is missing from this area. In other words, what could you add - or eliminate - whic
Creating awareness for your healthcare facility, especially with little or no budget, can be a daunting task. New competitors, a lack of prior marketing, a poor reputation in the past and lack of funds are all reasons why your facility may be experiencing a decline in patients or a lack of growth.While a difficult task for any business, creating awareness for a healthcare facility can be especially daunting because there is so much competition out there. Here are a few inexpensive ways to let people know you're out there and what you stand for.1. Write articles or provide tips to local homeowners' associations.2. Provide educational information for small businesses in the community by contributing to your local chamber of commerce. Think workplace safety, workman's comp, etc.3. Publish articles or inexpensive advertorials in your local commun
If you haven't already done so, now is an excellent time to review your company's year-end results and plan for the coming year. If you've already created your annual plan, you may want to look at it in a new light.
A typical approach to planning suggests multiplying last year's quantitative results by an acceptable growth factor. Industry standards vary, often from 5% to 25%. Add to that number scheduled enhancements to your product line plus solutions to key problems you've been meaning to address, and that's your plan.
Those of you who've been following my articles know that I advocate a different approach to this process: Step 1) Learn whatever you can from last year's results - something many of us forget to do. For example, make 1998 the year you act on the knowledge that it takes six months to train your field reps, not the six weeks you used to allocate. Step 2) Set targets which will excite you and your team and get you out of bed every morning; Step 3) Figure out how to reach the targets in Step 2.
A well rounded strategy which will provide a platform for continuous growth should impact these critical factors:
- revenue and profit
- product development
- customer satisfaction
- quality
- intellectual capital
- productivity
- strategic relationships
- new customer growth
- employee retention.
For each factor follow the three step analysis.
Step 1. What can you learn from last year's experience in each area?
What did you do right - what worked - what should you do more of? What did you do wrong - what didn't work - what should be stopped immediately?
Also, ask what is missing from this area. In other words, what could you add - or eliminate - whi
Image you are an executive seeking a new position and you could create a PowerPoint presentation about yourself and your accomplishments. Imagine further that you could voice narrated to this presentation using your own voice. You could add the appropriate level of emphasis and articulate your thoughts in a refined manner.If you could do this then you would be playing to your strengths. Executives need to be able to use their presentation skills all the time. They must present to communicate. They must present to convince. They must present to the board or to their employees. Their voice is a well polished tool and their ability to use it is a strength that has been well developed. Their ability to communicate is a matter of pride.Today, an executive is expected to know how to use the powerful communication tools now available. Also, if an executive could
Those of you who've been following my articles know that I advocate a different approach to this process: Step 1) Learn whatever you can from last year's results - something many of us forget to do. For example, make 1998 the year you act on the knowledge that it takes six months to train your field reps, not the six weeks you used to allocate. Step 2) Set targets which will excite you and your team and get you out of bed every morning; Step 3) Figure out how to reach the targets in Step 2.
A well rounded strategy which will provide a platform for continuous growth should impact these critical factors:
- revenue and profit
- product development
- customer satisfaction
- quality
- intellectual capital
- productivity
- strategic relationships
- new customer growth
- employee retention.
For each factor follow the three step analysis.
Step 1. What can you learn from last year's experience in each area?
What did you do right - what worked - what should you do more of? What did you do wrong - what didn't work - what should be stopped immediately?
Also, ask what is missing from this area. In other words, what could you add - or eliminate - whi
There is no disagreement that effective branding through ‘use of a name, term, symbol or design, or a combination of these’ (Quester et al, 2001) can create brand awareness and recognition in the quickest manner. Companies use different kinds of ‘Brand Name’, that is, a word, letter or a group of words such as AOL, Intel Pentium III etc to project their companies. Sometimes such words, symbols or marks are legally registered and copy righted to a single company known as trademarks ( for product oriented companies) and service marks ( for service offering companies) (Perreault & McCarthy, 2000).However in any form, branding can be used to create brand familiarity among consumers in terms of brand recognition and brand preference (Papers4you.com, 2006). The advantage of using branding effectively is both for consumers as well as marketers. For instance it becomes e
A well rounded strategy which will provide a platform for continuous growth should impact these critical factors:
- revenue and profit
- product development
- customer satisfaction
- quality
- intellectual capital
- productivity
- strategic relationships
- new customer growth
- employee retention.
For each factor follow the three step analysis.
Step 1. What can you learn from last year's experience in each area?
What did you do right - what worked - what should you do more of? What did you do wrong - what didn't work - what should be stopped immediately?
Also, ask what is missing from this area. In other words, what could you add - or eliminate - whi
How does the world see you? It may not be the way you see yourself. Either way, it's time you find out!Recently I typed my own name into a series of search engines to see how well known I was. Surprise, surprise! I learned in England I am a soccer star with adoring fan clubs and celebrity status, in New Zealand I'm a playwright, author and editor. Stateside I am either a Gastroenterologist in Kalispell, Montana or a gospel singer with 4 CDs to my name in Ohio. Who knew!My point? We need to know how our customers regard us. Is there market clarity or market confusion? Are customers as clear about who we are and what we can do for them as we are? If not, it's our responsibility to send a clear and consistent message about who we are and what's special about us.Be the Best At What You Do BestIn our quest for customers there's a tendency t
For each factor follow the three step analysis.
Step 1. What can you learn from last year's experience in each area?
What did you do right - what worked - what should you do more of? What did you do wrong - what didn't work - what should be stopped immediately?
Also, ask what is missing from this area. In other words, what could you add - or eliminate - which will make a big difference in your organization's effectiveness. Random examples of what might be missing: an organizational knowledge manager, periodic competitive analysis, a report of market share, an employee training plan.
Step 2. What results are you committed to produce in each area?
Remember, these results should be bold and dynamic. They should inspire everyone responsible for making them happen to do whatever it takes to get the job done. These targets or measures work best when they are objective and quantifiable. They must be achievable, however difficult that might be. Some examples of bold results: a 50 percent increase in sales; top of the list in prospect mind-share; 100 percent customer repurchases; three new products shipped by June; customer problems resolved in half the current time, a career path in place for each employee, zero turnover.
Step 3. How are you going to achieve these goals?
Your implementation plan has a number of components:
Who is accountable for each factor? Which executive? Which managers? What department? Some factors map directly onto a functional department, like revenue to marketing/sales. Those are the easy ones. Less obvious are factors like intellectual capital or customer satisfaction - they don't fall under one clear domain. Nevertheless, one person has to pick up the ball. Along with their teams, whoever accepts accountability for specific the targets and goals will answer the remaining questions.
What strategies and tactics have a good chance to produce the results? Remember, if you've set bold objectives, you probably do not yet know how to reach them. That's what makes them bold in the first place. You are inventing the answers, making them up.
The approach to some targets will be simple, others more complex. While there are no guarantees of success, each target should have an identifiable path with a good probability of getting your company to where you
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