Have you heard these myths about business strategy? Myth #1: Strategic planning is only for big corporations with large budgets. Myth #2: Business strategy is a complex and time-consuming process. Myth #3: Implementing a strategic plan guarantees instant success. In this episode, our guest Kerry-Ann Powell will debunk these myths and share the truth about business strategy simplified for small business owners.
Your big strategic goal can be the driving force that motivates you and your team. Whether it's becoming a multinational company or serving a niche clientele, having that vision will ignite the fire within you. - Kerry-Ann Powell
In this episode, you will be able to:
Gain profound insights into the transformative power of strategic planning for your small business.
Impart effective planning tools and strategies that will set you up for success.
Shape clear-cut goals and objectives that dovetail with your strategic blueprint.
Master the quintessential skill of executing and tracking KPIs for efficient business operation.
Address common stumbling blocks in small businesses and channelize chaos into harmony.
In a world where strategic planning is often reserved for the big players, one woman defied the norm and found her purpose in helping small business owners unlock their true potential. Little did she know, her journey was about to take an unexpected turn that would leave her questioning everything she thought she knew. Stay tuned to uncover the surprising twist that would forever change the way she approached business strategy.
My special guest is Kerry-Ann Powell
Kerry-Ann Powell is all about driving strategic planning forward. With a varied career path starting as an attorney, working as a lobbyist, and evolving into a highly successful fundraiser, she then moved onto her true calling. Kerry-Ann's passion lies in helping entrepreneurs understand that strategy is not a seven-letter word to fear, rather a tool to wield. Her prowess in aiding small businesses carve out a strategic plan, and subsequently achieve growth, is striking and inspiring for all.
The resources mentioned in this episode are:
Visit the Hustle Less, Profit More podcast with Mickey Anderson to listen to the full episode on business strategy and scaling.
Check out Kerry-Ann Powell's organization, Trafalgar Strategies, for assistance with creating business strategies and scaling your small business.
Explore SWOT analysis and pestle analysis tools to help assess where your business is currently and identify potential hindrances or benefits to your growth.
Define your big strategic goal, or bhag, that aligns with your vision for your business in the next 10-15 years.
Identify your company's values and incorporate them into your strategic plan to guide decision-making and company culture.
Craft a pithy purpose statement that reminds you of the core mission of your business.
Develop one, two, and three-year goals that build towards your big strategic goal, ensuring alignment and focus.
Create four focus areas and objectives (FAOs) that support your one-year goals, such as achieving a million-dollar year, expanding into new markets, sourcing sustainable materials, or starting a charitable foundation.
Break down each FAO into specific actions, such as increasing sales or marketing efforts, assessing current vendors, scheduling interviews,
The key moments in this episode are:
00:00:00 - The Importance of Strategic Planning for Small Business Owners,
00:03:41 - The Consequences of Not Having a Strategic Plan,
00:07:21 - Building a Strategic Plan,
00:11:21 - Focus Areas and Objectives,
00:13:16 - The Importance of Clear Communication,
00:14:49 - Understanding KPIs and Measurements,
00:15:38 - Steps to Expand into Canada,
00:17:06 - Ownership and Accountability in Goal Setting,
00:17:57 - The Importance of Execution in Strategic Planning,
00:24:12 - Overcoming Vision Challenges,
00:28:40 - The Importance of Strategy in Long-Term Business Success,
00:30:17 - Committing to Your Vision,
00:34:15 - Balancing Multiple Business Ideas,
00:35:40 - Understanding the Difference Between Strategy and Tactics,
00:39:58 - Don't Get Married to Tactics,
00:43:35 - The Importance of Execution,
00:49:33 - Fostering Exceptional Execution,
00:52:47 - Using Fear and Leverage for Motivation,
00:55:22 - Recognizing Chaos in Business,
00:57:11 - Fixing the Symptoms of Chaos,
00:58:34 - Finding a Facilitator for Strategic Planning,
00:59:48 - Connecting on a Human Level,
01:00:13 - Passion for Small Business Scaling,
01:00:33 - The Value of Support in Strategic Planning,
01:01:01 - Conclusion and Gratitude,
As a small business owner, you not only have the ability, but the responsibility to be strategic and develop a strategic plan. It doesn't matter if you're small, you can make it happen. - Kerry-Ann Powell
Connect with me here:
https://www.facebook.com/hustlelessprofitmore
https://www.linkedin.com/in/heymickeyanderson/
https://www.youtube.com/@heymickeyanderson/
https://www.hustlelessprofitmore.com/
Snag Kerry-Ann's Free PDF The 8 True Culprits Causing Chaos in Your Business. The PDF details the 8 important underlying challenges that most SMEs are facing in their businesses and what they need to do to address them.
https://www.nobusinesschaos.com/?r_done=1
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