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3 Critical Steps in Redefining Your Business for the Upswing

by Hal Levenson on Dec 12, 2012 6:09:34 AM

Our world and our businesses change rapidly. Many companies are discovering that reaching a plateau in their growth or falling into the dip of the change curve requires a new direction. Owners of these businesses must decide how to face the future. Many firms decide they must go beyond reengineering and take their companies in a completely new direction. If you are considering a new direction, there are three critical steps in redefining your business for the upswing in the change curve.

1) Have a Clear Vision of Where You Want To Go

If you don’t have a clear picture of the company you want to build, there’s no way you can build it.

Spend time figuring out the precise attributes of the business you would like to build. How much will your revenues be? What products and services will you offer customers? How many employees will you have? And, by what date will you achieve all this?

2) Have a Written Strategic Plan

Your vision is your dream. To attain the dream, you need a strategic plan that details how you will achieve it.

Among other things, it must document your product strategy, your marketing strategy, and your human resources strategy. Your plan should detail your long-term vision, but focus specifically on what you must accomplish in the next year.

3) Have Quarterly, Monthly, Weekly, and Daily Goals

If you were able to draw a line from where you are now to where you want your company to be, you would call that line a trajectory. Success is about getting on the right trajectory. That is, as long as what you accomplish today, this week, this month and this year moves you farther and farther along the line (versus going below the line or stagnating) then you will eventually reach your long-term goal.

To stay on the right trajectory, you must set quarterly, monthly, weekly, and daily goals. Each goal should be set with an understanding of the larger goal. For example, figure out what you need to accomplish this quarter in order to properly progress towards your annual goal. Then figure out what you need to accomplish this month to properly progress towards your quarterly goal. And so on.

By creating and achieving these smaller, periodic goals, you start to ride the trajectory to your ultimate vision.

If your company has reached a plateau or has slid off the plateau into a dip, you have several choices to define your future. You might build the future on new products or services in your current core business area. You might decide to close the business. Alternatively, you might decide to redefine the business. By attending to the three critical steps in redefining your business for the upswing in the change curve, you and your team can achieve the success you envision.

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