As we step into 2024, the Small Business and Technology Development Center (SBTDC) presents an invigorating approach to business growth and success. We offer a structured path to not just envision success but to strategically plan and execute it.
The Keystone Goal: Your North Star
The cornerstone of this approach is establishing a “Keystone Goal.” This pivotal goal, focused on enhancing revenue, profits, valuation, or a blend of these elements, acts as a guiding star for your business journey through the year. It’s about setting a clear, measurable, and ambitious target that aligns with your business’s long-term vision.
Strategic Priorities: The Steps to Success
Once your Keystone Goal is in place, it’s time to identify 3 to 5 strategic priorities. These priorities are essential milestones that pave the way to achieving your Keystone Goal. Each of these should have clear, measurable outcomes, tracked meticulously through Key Performance Indicators (KPIs). Identifying the necessary resources for each priority is also a critical step in this phase.
Breaking It Down: The 90-Day Chunks and Weekly Scorecards
To make this journey manageable and efficient, we break down the annual success plan into 90-day chunks. This allows for more focused efforts and attainable short-term goals. Additionally, a weekly scorecard for employees will keep the team aligned and focused, ensuring that everyone is contributing effectively towards the common objectives.
The Power of Regular Reviews: Celebrating and Adjusting
Every 90 days, a quarterly review is essential to celebrate successes, address challenges, and refocus on the next quarter’s goals. This not only boosts morale but also ensures that the business stays on track. Weekly team huddles play a crucial role in this process, where the weekly scorecard is reviewed to ensure all KPIs are on target.
The Three-Phase Process: Discover, Develop, Deploy
We help clients through three phases:
- Discover: Gain a macro view of the industry with an industry insight report and a micro view of your business with a comprehensive business model review. This phase helps in identifying clear goals and objectives.
- Develop: Using insights from the Discover phase, clients craft an Annual Success Plan encompassing the Keystone Goal, strategic priorities, a 90-Day Focus, and a weekly scorecard.
- Deploy: This phase involves rallying the team to launch the Annual Success Plan, ensuring team buy-in. Monthly mastermind calls, quarterly reviews, and an annual celebration event are integral to this phase.
The Impact: Scale Faster, Gain Freedom
Clients who have engaged with this process report accelerated business scaling, greater operational freedom, enhanced team hiring, access to more capital, and a significant increase in business valuation.
In a competitive business landscape, having a structured, strategic approach to growth is indispensable. The SBTDC offers just that – a clear, effective path to elevate your business.
We encourage you to reach out to your business counselor to embark on this transformative journey. Let 2024 be the year your business reaches new heights of success!