Archive for the ‘business planning’ Category

Why Look in the Rearview Mirror?

October 18, 2016

bluetooth_rear_view_mirror_hands_free_car_kit

 

 

 

 

What’s the point of looking back? 

As CEO, what can you learn from looking back?  For Marketing Matters (FMM) starts year 10 this week. Given that milestone, I have been reviewing the past 9 years to update the business plan to grow and move forward. Part of that work has been ‘eating my own dog food’: updating and revising FMM’s marketing messaging and positioning.  It is from this place that I have been looking in the rearview mirror.

4 Key Takeaways from Looking in the Rearview Mirror:

  1. What a long, strange trip it’s been:  Revisiting the past 9 years by reading business plans, positioning, and reviewing clients has been fun! The path has taken many turns – some planned and some not. People I have met over the years, distant clients that helped launch FMM, and networking organizations that I was involved with. While time flies by, this is the longest ‘job’ now on my resume – wow!  So while it has not felt long, it has been strange! Some strange people along the way, but that is part of any journey! And with the strange moments being a blur in the rear view mirror it is actually comical to recall…and worthy to recall and learn from.
  2. The Cobbler’s Kids…I am a classic example of the Cobblers Kids not having shoes. So my takeaway is to not be so consumed with work that you don’t MAKE time to work on your own business strategically.  We are our clients’ outsourced marketing department. We develop and revise marketing messaging, design and build websites and keep all marketing materials current. Yet we (FMM) have gone years (yikes!) without updating our own website and our own marketing materials. Key takeaway – make it happen before year-end. I am now on a mission as this is embarrassing.
  3. Go Back. It is not wasted time. It really is enlightening to go back and review the journey. Where have clients come from? What networking efforts are bearing fruit? Make the time to go back and review your journey with an open, inquisitive mind.  There are key nuggets to affirm, to remember and to bring with you as you go forward. And if you are a Kenny Chesney fan like I am, listen to his song I Go Back as you take a stroll down memory lane and take notes.
  4. Celebrate. Celebrate progress. Celebrate accomplishments and how far you have come.  Whatever your milestone, take a step back and acknowledge the progress and the hard work that has taken you this far. It is not easy. However many years you have been doing it, feel good about how far you have come. Reflect on what you have built. As business owners we push ourselves and we work hard. A key takeaway for me is to pause and feel good about where FMM is now and how it started. I encourage you to do the same.

Looking in the rearview mirror has helped create a renewed sense of focus and energy!  Now I look forward to the road ahead and the journey to partner with more savvy CEOs of small and medium-sized growth-focused businesses.  I hope you too find benefit in taking a look in the rearview mirror for insight to help you move forward. And another final takeaway I have come to learn…enjoy the ride.

 

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CEOs of Small to Mid-Sized Businesses – Take a Page out of Belichick’s Playbook

September 22, 2016

Summer is over. Fall is officially here.  While at the end of August and into early September, I yearned for a ‘Little More Summertime” as Jason Aldean sings. But within a short time frame, it feels good to be back full throttle in the ‘regular routine’; the work groove is back!  The Wall Street Journal had a great recent article about how September is the Real New Year. While the article focuses on getting one’s act together personally, the essence of the article applies to us as business owners.  Now is the time to clean out clutter in our businesses, focus, prioritize and plan.  We are in a productive time period and those who act will be better served than those who stay in summer mode too long.

PlaybookSo what does that mean for your business? What resolutions should you be making and committing to?  

Learn from Patriot’s Coach Bill Belichick.  While a man of few words in a post-game press conference (nearly painful to listen to), but his words of wisdom after Game 1’s win with Jimmy G as his starting quarterback were words of wisdom for any CEO/President/Business Owner this time of year:

“That’s the way to come here and get the job done,” Belichick stated. “And I’m telling you, we won the game in the meeting room, on the practice field, and in the walk-throughs. It just didn’t happen today. It happened all through the week. That was a great job.”

Belichick’s Playbook Simply Converts to 3 Key Components:

1) Build a game plan.

2) Implement a game plan.

3) Execute a game plan.

We all know that Bill and his management team have a game plan.  They have a Plan A, B and C. Fortunately for us as Pats fans they do have a plan: when the star quarterback is suspended for 4 games, they have a Plan B. When Jimmy G goes down in the second quarter of last Sunday’s game against Miami, they have a Plan C. Lots of questions this week about a Plan D – do you think they have one? I would bet on it!

So Take The Playbook and Apply it to your business:

  1. Do you have a game plan? If not, you have to kick-off your Fall season right here. We have all heard it: Failing to plan is planning to fail.  Get a plan in place.  Not for the sake of having one, but for the sake of prioritizing, establishing clear alignment and defining resource (human and financial) allocation.  You needed it in place yesterday so make the time NOW to get this done. The plan should include:
    • Goals and priorities for the rest of 2016? You should have a company plan and then each major functional area should have its own plan to support their role in supporting the overall goals. (Think special teams, defense, offense or marketing plan, sales plan, manufacturing plan etc.)
    • Define biggest challenges.
    • Develop a plan to overcome these challenges or workaround them.
    • Define metrics and milestones to measure progress along the way.
  2. How is implementation going? If you already have a plan in place, start here.
    • Is it being effectively implemented? Test yourself – are you sure?
    • Compare your business to the Patriots: pre-season, meeting room preparation. practice fields and walk-throughs. Is your business skipping important steps in the preparation (think sales meetings, think conference/event planning, think product launches, factory shutdowns etc.)  The Patriots leave no stone unturned in their preparation. be thorough. Pay attention to details. Don’t assume the details are covered. Discuss them openly and have contingencies mapped out and practiced – literally.
    • Is your team ready? Are they in shape? Do they know their roles? Do you have talent gaps? Training issues? Injuries (think vacations/sick leave/unfilled positions)
  3. Executing the plan.  If #1 is in place, and #2 is solid, then focus your Fall Resolution on execution.
    • Get your key team together to watch the films (aka review results and performance); what is working? what needs to be tweaked? Where are the weaknesses?
    • Be sure to involve the key people in your organization. Define action plans with clear timeframes to implement and ways to measure the effects of any changes to the plan.
    • Rinse/repeat. Revise and review.

Fall is here.  Personally, many people are back at the gym, committed to losing weight, updating their resume, volunteering for charities, cleaning out closets etc. As a CEO/President/Business Owner, tap into the energy for the benefit of your business to position your company for a productive, focused Fall season (and beyond). There is a certain rejuvenating spirit of cooler temperatures here in New England to leverage. Harness your team and the key business advisors you rely on to grow your business. While a man of few words, Belichick is a master at wisely having a plan along with surrounding himself with experts in their respective areas. This approach can and should be leveraged by business owners to surround themselves with talent to build, implement and execute according to plan (even if sometimes it is Plan C vs. the desired Plan A) It has served the Patriots well and served us well as fans.  Go Pats!  Go Red Sox!  Go Small Business Owners – Fall is here – get your head in the game and plan to prosper!

What can your business learn from Rio?

August 4, 2016

RIO 2016 OlympicsI love the Olympics!  I clearly remember reading all there was to read in Sports Illustrated and in Newsweek when the mail would arrive! Yes, I am dating myself and my kids would be astonished to be reminded we did not have cell phones and internet to get live updates of athletes’ performances.  We sat in the ‘family room’ and watched TV as a family with no disturbances from everyone being on their own device.

With Opening Ceremonies tomorrow night, I can’t help but wonder what all of us can learn from all that is swirling around Rio 2016:  Zika, plumbing issues, contaminated water sources where athletes will be competing, corruption, a very pricey train that stops 8 miles short of Olympic Village…and the stories go on and on.  Perhaps there were such challenges in other Olympics as I was growing up, but this one in particular seems rampant with issues.  So what can we learn?

I would propose that Rio highlights the fundamental need for and importance of planning.  Both planning ahead and contingency planning.  Just like any major project in your company (or even a small project or initiative), one develops a plan. The plan includes critical milestones, dates that have to be met (e.g., opening ceremonies, arrival dates for athletes), resources (financial and human) that need to be available and trained to support the project.  Define the top-level goals of the initiative/project (insert the word Olympics) and then expand the plan by logical work streams (e.g., security, transportation, living quarters for athletes, venues, etc.)  Assign experienced owners to each work stream and develop formalized structures for meeting, coordinating, communicating etc.

Take security as one example.  Can anyone fathom leaving such a vital effort until Live Date minus ~45 days?  I was stunned to read the company hired to handle security (and now replaced) was only hired about a month ago!  They were supposed to hire about 3000 people and get them trained and they had achieved hiring about 500 and apparently the training was basically non-existent.  Yikes. So in addition to planning, once could also learn the importance of allocating the necessary time to properly train people on their roles; ensuring they have the tools and information they need to perform their roles.

When I meet with CEOs to discuss their marketing needs, I ask them if they plan. Do they have a strategic plan? Do they value a plan? Recently a prospective client stopped in his tracks as he paced the boardroom we were meeting in. “Why did you ask me that question?”, he asked me.  I smiled and explained that I ask it to evaluate the fit for us working together.  I value planning.  A key part of our value proposition is planning and accountability to delivering on the plan.  I have worked with clients who value the entrepreneurial spirit and insist that plans are not necessary; they insist they need to be nimble (inferring a plan is confining and restrictive) and they end up valuing activity over progress, ineffectively leading across the organization as there lacks alignment and focus. Plans bring people in an organization together. It provides focus and discipline and sets priorities.  He nodded and said – “Of course we plan. We have a business plan and I would see no other way to run our business”. Great – sounds like a good fit.

I would not go to this Olympics if someone offered me the experience for free. It is a shame that there appear to be so many aspects of the experience that present real risks and that for whatever reason have been poorly planned and/or executed.  As you watch the athletes compete, as you cheer on Team USA, reflect on the strength of your company’s plan.  When was the last time your business plan was reviewed? Do you have a marketing plan that aligns and supports the sales plan? What about training and employee development? For many companies the next quarter is the planning phase for 2017. Let’s hope and pray that all athletes and visitors to Rio 2016 are safe and sound. But for our businesses, remember that hope is not a strategy. Don’t leave your company’s future to chance.

 

 

 

Failing to plan is…

November 25, 2014

You know the quote:  Failing to plan is planning to fail. Benjamin Franklin.

So how is 2015 planning progressing for your business?  And, specifically, how is the marketing plan coming?

Plan Word Shows Guidance Or Business Planning

 

Next Monday is December 1st!

So here are some recommendations to help you get started on documenting the strategy for 2015, defining the business goals and then developing the marketing plan to get you on the right path for a great 2015.

Note this will be tougher if you have NEVER had a marketing plan.  If you had a marketing plan in place for 2014, then leverage that as your starting point.

 

Below are 8 steps to get started on a useful plan:

1. Define and document your strategic objectives.  What are the top 1-3 things you MUST accomplish next year? (Not tactics.  Strategic objectives.)

2. Identify the resources needed to achieve these objectives.  (people, money, processes, partners, new clients).  Keeping at a high level, what is it going to take to get you where you want to be?

3. How will success be measured?  If possible, identify intermediate metrics for success along the way and then ultimate success metrics. (revenue, # new clients, margin, # of new square footage operational in the new facility, etc.)

note:  with key business goals defined, then the marketing plan can start taking shape…

4. Define the fundamental focus of the marketing effort.  In other words, is the focus increasing awareness, generating leads and acquiring new clients?  Perhaps retaining existing clients and acquiring new clients to support your growth strategy?  Are you introducing a new product line that marketing will be critical in announcing and bringing to market?  Clearly define the priority and the marketing strategy  that will support the above business objectives.

5. The marketing plan needs to be developed within a budget.  Any increase from this year?  Know what range you are working with to avoid the frustrations of building a masterpiece only to learn your masterpiece has to be re-done to fit the approved budget.  Document the assumptions and as details are developed, code each.  Suggested coding would be critical (critical strategically), important (fundamental work that needs to happen) and nice to have (not essential, but would be beneficial).  With this coding, if budget money becomes available during the year, you know where the money will be funneled vs. late nights preparing for a board meeting figuring out how to build your compelling story of why marketing should get a slice of the pie!

6. With a defined marketing strategy and a budget, phase the marketing plan.  We start with defining the marketing priorities by quarter – then breaking that down into months.  This keeps you aligned with the overall business objectives and enables you and your team to not lose the forest through the trees.  Stay strategic.

7. Revisit the marketing foundation.  As part of the marketing plan, there are ongoing foundational elements that require ongoing marketing work.  The Dream list is never done.  What capabilities or services lack the support of compelling client solution briefs and testimonials?  Make sure your plan does not lose focus on efforts to strengthen the marketing foundation in the new year.  Weave this work into the marketing plan.

8. Summarize the marketing plan on one page.  If the executive summary is clear and solid, the detailed plan will be that much better.  Just like an elevator pitch can be the most challenging part of messaging work given its brevity, the same is true for a one page summary.  It forces us to clearly and concisely present the plan that is then detailed across many pages.

It’s getting late in November.  If your fiscal year is a calendar year, you need to get going to be set up for success come January 2.  If you are running a business without a business plan and without a marketing plan, maybe it’s time to think about your New Year’s Resolution now.  After all, as Peter Drucker says:  “What gets measured, gets managed.”

A solid plan is a great way to get ready for 2015.  No time like the present to get started.