Businesses mostly run on autopilot and problem areas are only resolved when they are critical, but by then it may be too late. Most business managers are too busy with day-to-day work to sit down and look at the business critically in terms of its context and the direction it is going. Brian Tracey’s Turbo Strategy provides a checklist of areas that all businesses should review regularly to ensure they are on the right path to success and profitability.
In the book, the author presents practical techniques that will help you strategize and, more importantly, make a profit quickly:
1. Answers have changed: most companies operate
as they do because they are “proven” strategies, not because they are efficient and profitable.
2. Flexibility is essential; from time to time, it is
important to take a step back and reassess the situation,
Then do something about it.
3. The Only True Measure: Two Basic Questions To Ask Yourself Every Day “What’s working?” and “What is not working?”
Perform a basic business analysis
Whenever you go for a full medical exam, doctors
and the nurses follow an established procedure. In the same way, there are basic business exam questions that you must continually ask and answer to determine the overall health of your organization. Remember the following:
For. The customer as the centerpiece.
B. Determine what you sell.
vs. Define your competitor.
D. Set clear goals.
Design your ideal future
Practice idealization. To do this, you must think about what your company would be like in five years if everything were perfect. So think in terms of possibilities. Are the goals you set in five years achievable?
Create a mission statement and determine your values
A mission statement is essential for an organization because it gives meaning and purpose to people in their daily activities and in their work. It inspires loyalty, commitment, and becomes a key factor in making business decisions, and when you are clear about it, you can easily review your mission statement and follow your guidelines.
Select the right people
The two key qualities in finding the best people are that they can be counted on to do the job right and get it done on time. Another quality is that they must be good team players.
Market more effectively
The four essential elements of marketing are: specialization, differentiation, segmentation and concentration. All the elements of marketing are important, but you must constantly evaluate what you are doing. Remember that the market is changing and changing rapidly! You may have to change one of your strategies or more than one at the same time.
Analyze your competition
You have to know your competition. You have to find out why customers buy from them, what values and benefits they get from buying from them. The biggest mistake you can make is putting your customers down. You have to study them and learn from them.
Three potential areas of superiority
1. Operational excellence
2. Lead the field
3. Be close to the customer
Change your marketing mix
1. Product: Define your product or service in terms of what it “does” for your customers.
2. Price: Be open to the possibility that you have incorrectly priced your products or services.
3. Promotion: encompasses everything you do in the marketing, advertising and sales process.
4. Place: this is the place where the sale of your product takes place.
Position your business for success
Social proof is an important influencing factor in determining
whether or not people buy your products or services. Your reputation is the value that people will pay for. Building trust for a brand requires personal experiences on the part of people with your products or services. It’s a lot like a personal reputation that takes a long time to build, but can be damaged or destroyed overnight with poor decisions.
Develop Strategic Business Units
The concept of a strategic business unit revolutionized multi-product or multi-service companies; Each of the products is grouped with similar products or services in different ways. The starting point of implementation is to have someone specifically responsible for the operations and results of the unit. To make this work, start by putting together a comprehensive business plan that includes sales revenue, costs, and profitability.
Sell more effectively The fact is that 80 percent of your
their vendors have not yet approached the markets. No one has told them about you. Your business is likely selling twice as much if you could figure out how to sell it to them.
Eliminate bottlenecks
There are two important steps you must take. First,
decide on your specific business goals; make them clear,
measurable and time-bound. The next step is to ask the
he asks: “why am I not already there?”
Redesign your business
To simplify and streamline your operations to be more efficient, faster and more effective and therefore more profitable, you must reduce the number of steps in each process. You have to simplify processes and make faster and better decisions.
Increase Your Profits Take a complete analysis of the profits of each product. You should also remember that labor has a real “opportunity” cost along with the use of other resources, especially in a multi-product or service business.
Focus on results
All that matters to your clients is the results. They don’t care much about your problems with your people, products, processes, or any other aspect of your business.
There are four questions that customers answer before purchasing the product or service. These are:
How much is it?
What do I get for the money?
How fast do I get the benefits it promises?
How sure can I be that I will get those benefits?
Seven steps to personal performance
Step 1: Set clear, specific, and written goals for each important area of your business. Make them measurable and time-bound.
Step 2: Make a list of activities before starting the day, put it on paper. The best time to do this is before you go to bed so the subconscious mind can work on your list while you sleep.
Step 3: Prioritize the list you made. Apply the 80/20 rule and select the top 20 percent of your tasks to work on.
Step 4: Practice creative procrastination. Since there are only 24 hours in a day, decide in advance which of those tasks of little value or importance you can eliminate.
Step 5: select the most important job and apply for the
discipline to achieve the former.
Step 6: Practice single handling with the most important task you have identified. Make up your mind to work on it until it is resolved.
Step 7: Develop a sense of urgency. The faster you move, the more work you do and the better you feel. This will create momentum.