Category Archives for "Business Strategy"

How to Become Truly Rich

By George Black | Business Strategy

Knowing Where You're Headed

The Strategies to Actionsmasterclass participants are already experiencing great progress in just 4 weeks! (see my P.S.)

One of the key things we’ve worked on with the company leaders in the class is becoming clear on where their company is headed. 

This week, I’d like to share with you why I always start hereand why it is so important. 

It’s been my experience that when asked where their company is headed, most leaders will give a number like increasing sales or profit growth. 

The problem with that answer is that it’s a metric, not a direction. 

Without strategy, these kinds of metrics lead to tactical thinking.

As I’ve said before, most wars are won or lost at the strategic level, not the tactical level. And the same is true for any business.

To build a great company,leaders must transcend this tactical level of thinking. 

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Where Are You Headed?

By George Black | Business Strategy

That’s the question I’ve asked my new clients and prospects for over 25 years. Before you read any further... 
What’s your answer to that question?
Quick! What pops into your head? Jot it down.
Now don’t change it. At least not yet, ok?

The Results from Great Direction

What I discovered was that if I knew where a client was headed, then I could typically deliver great returns on their investment in my services as their outsourced, part-time Strategist and CFO (Chief Financial Officer).

Conversely, if I could never get a direction from them, then their returns were miniscule. Oh, I could always cover their investment in my services, that’s been something I’ve done with every client. But, they never saw the 10x, 20x, or even 100x returns that other clients experienced.

As I began to see these results, I realized:

Just how important great direction is to the success of any company. Without it you just live in the day to day grind.

But to reach where you’re headed, well that requires your best strategies.

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6 Answers to Developing a Successful Marketing Strategy

By George Black | Business Strategy

Develop a Successful Marketing Strategy

Many entrepreneurs have a great idea for a product or service. They are confident that they are offering something that’s new, innovative and desirable. However, they don’t always think about how they will make their potential customers aware of their services and this lack of visioncould have severe consequences. Developing a marketing strategy is easy with these six steps.

1.What: Define Your Product or Service

It’s imperative to come up with a short, simple answer for what your organization does. Sometimes this is as easy as naming your category or industry. A short statement such as: “We offer accounting services for doctors and dentists,” or “We manufacture reusable water bottles,” is all that’s required. This is the beginning of creating an easy way for customers to remember you.

2.Who: Identify Your Target Audience

Are you trying to reach college students or soccer moms? Maybe your customers are banking executives, accountants or office managers. It’s important to develop a narrow focus. By stating your intent to serve a specific portion of the population, you may feel that you are excluding many others. The reality is that a more targeted approach is an excellent way for you to direct your marketing strategy in a vital direction.

3.Why: Refine your Message

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Going Beyond a SWOT Analysis

By George Black | Business Strategy

SWOT Analysis is not a new tool. In fact, many entrepreneurs and organizations have used it for over 50 years. It is a framework through which a firm identifies its strengths, weaknesses, opportunities and threats.

Although SWOT may be the best known, there are number of other tools available that are similar, but different. Let’s take a quick look at a few of them:

The Hits and Misses of SWOT

SWOT is a simple analytical framework that looks into the potential of an organization given the available opportunities and threats.

In other words, it collects information via environmental analysis which separates internal strengths and weaknesses of an organization from the outward opportunities and threats.

~ Hits 

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The Value Ladder and What it Means for Your Business

By George Black | Business Strategy

Is your business leaving money on the table? What kind of options do your clients have when they want to make a purchase? If you haven’t created a value ladder for your business, then you’re probably not generating nearly as many sales as you could be.

How It Works 

Value ladders give your business structure and help you maximize profit by making different product or service options available at different payment tiers. The benefits of this are two-fold:

1. Clients have more options available, so they’re more likely to find an option that fits their needs.

2. As your clients grow, they can ascend up the ladder with your business instead of needing to find a new business that fits their needs

Essentially, your clients can find a free or very inexpensive option towards the bottom of the ladder. When they need more, they can move up to one of the more expensive options. Since they’ve already chosen your business in the past and benefited from it, it’s more likely that they will continue to choose your business to fulfill future needs.

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