Business Help and Success Tips from John Spence
One of the top 100 Business Thought Leaders in America give you Business Success Help
I have been studying and teaching strategy for nearly 20 years and I thought I had a pretty good handle on it, but in the last year, I have changed my thinking around one of my most important ideas on strategy.
I hope you find this video helpful, I look forward to your comments and please share this with your network if you think they would find it valuable.
Thank you very much – John
In the video below I share a list of 14 key ideas for successfully leading an organization through difficult times. These ideas apply to companies in a high-growth mode, or in a market that is being disrupted by technology, new competitors, changing consumer preferences, financial challenges, and other major events. The runtime on the video is a little over 14 minutes, but it has some great ideas that I know you will find valuable.
When I work with large corporations and CEOs, I often challenge them to think about the trajectory of their company. Where do they want their organization to be in the future? Based on how things are going, where is it headed now? These are vital questions.
Here is an overview of a powerful business idea I use to help organizations create a detailed and compelling vision of the future they want to achieve for their company.
Check out the video or read through the content below.
I want to share a tool with you that I sometimes use when I’m working with CEOs and helping them create a foundation for their strategic plan, and it’s called “Visioning.”
I will challenge leaders to create what I would call a “painted picture” – a vivid, compelling, highly detailed picture of where the company will be in the coming years. Let’s just use 2025 for this one.
And there are two ways I ask them to approach it:
One way could be to write a story as if you’re a reporter from Inc., Fortune, Forbes, something like that, and you were there to write a story about your company in 2025, about all the things that it accomplished. Maybe you just made the Inc. 500, or Inc. 100, or Fortune 400, or whatever it might be, but they’re really impressed with your company and they want to come and write an article about all the cool things your company is doing.
And I want it in detail, just like it would be in the magazine.
And I challenge them: Read a couple of business magazines with overviews of companies, and that’s what I want you to write.
The other way, which happens to be my favorite way, is I ask them to write a story about what it would be like to be an employee in this company in 2025:
But I want them to sit down and really give some serious thought to where do you see your company 5 to 10 years from today, and I want it to be as if I was there.
Now, what does this do?
This creates a really broad story about what the owner, the CEO, the president, whoever it might be running the company, of what they really see the future look like for their organization.
Step 2, then, is to give that out to your senior management team and get some feedback. And oftentimes, there will be some difficult conversations.
And then once you get alignment on the senior management team that, yes, this is where we want the business to go, this is what we see in the future, then you can back up and do your vision statement.
A vision statement should be short, concise, to the point, focused, typically with some numbers in it, total revenues, position in the market, locations, number of employees, whatever numbers are important to you.
From that vision statement comes your strategy, because your strategy is built to get you to the vision you have of the future of the company.
You start it out with where we want to be in 2025, and you back up, year by year, all that way down to the current year, and say, ”All right, if this is where we want to be in seven years, where do we have to be next year, and the year after that, and the year after that?”
Then it’s pretty simple to create some major strategic objectives, 3 or 4, but no more than 5, for where we want to be this year, and then break that down into organizational action steps – tactics that go all the way down to the front line, and then it cascades all the way back up to the vision.
But for me, creating a Visioning exercise is a really good way to get people dedicated to where they want to take the company in the future.
And by the way, this works exactly the same for your life.
Sit down, and some people actually create a picture. They cut stuff out from magazines or take photos and say, ”This is what I want my life to look like in 2025. Here are some images that motivate me and get me excited.”
And then back up to today and say, ”What would I have to do today – what decisions would I have to make in my life today so that 7 years from now, I’m actually living that vivid vision of the future I want to create?”
I hope you found this helpful.
Last year I did a speaking tour of Australia and one of my session was a business excellence program for an organization called The Growth Faculty. A young lady named Kasey Patterson attend that workshop and recently sent me this question. I thought you might find a few ideas for your business in my response.
Hi John & Sheila
I attended the growth summit last year and saw John present. What an informative session. Thank you.
The reason for my email is that I have just watched your keys to success for 2018 video and have a questions in regards to competition and thinking outside your industry. We are a Financial Planning business and I have been thinking hard about competition outside our industry – ie banks, accountants, but that is where my mind stops. Who else would you consider our competition?
Kind Regards
Kasey
Kasey, it’s funny, I was just watching that video myself because someone else asked me a question about it. So as a financial planner/advisor you likely get paid a percentage of the amount of money you manage for someone, or at least that’s how it works here in the United States. But no matter what, here are a few things I might consider competition/replacements if I were a financial planner.
Anything expensive that someone buys would compete for them saving for their retirement. So vacation homes, private airplanes, boats, motorcycles, around the world vacations, buying a new home, sending their kids to an expensive school/university – at some level, all of these could be considered replacements for saving my money and allowing you as my financial planner to manage it.
Another competitor would be startup companies that are seeking angel funds. Instead of giving money to my financial planner, I invest it in a company in hopes that I will have a much larger return.
Here’s a big one, bitcoin!!!
You could probably throw gold in on that list too, as another type of currency.
You compete against collectibles: artwork, cars, rare coins, antiques, and other such items.
You compete against people who decide to do it for themselves and think they don’t need a financial planner. Or, they use someone in their family to help them invest.
You compete against ignorance and apathy; people who don’t know that they need a financial planner or who don’t care.
You compete against nonprofits and other charities that will seek major donations from your potential customers, again, reducing the amount of money they have to invest with you.
You compete with ill health. If someone gets sick and has to spend a lot of money on care.
You compete with death. If someone in their family dies and does not have adequate life insurance then your potential customer might spend a large chunk of their money taking care of the funeral costs and other financial obligations of the deceased person.
You compete with disasters. If there is a major fire/flood/earthquake that wipes out one of your customer’s businesses or homes and they do not have adequate insurance they will not have enough money to invest with you.
Okay, I’m starting to run out of ideas here, but those are a few off the top of my head. Give this some more thought and let me know if you come up with any more.
I hope you found this helpful – John
I followed up with this last idea…
Kasey, I forgot the most important competitor of all… You. You are constantly competing against other financial planners, but the number one financial planner that can do the most harm to you is you. If you lack discipline, if you are not working incredibly hard every day to keep your current clients exceedingly happy, if you’re not constantly studying and trying to get better, if you are not out networking and asking for referrals, if you are not trying to be among the best in your industry… you are your own worst competition.
Here is a link to the video Kasey mentioned if you’d like to watch it: Click Here
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This video is an overview of some of the most important ideas I’ve ever learned about creating and executing a winning strategy for your business.
If you found these ideas of value, I very much hope you will share the video with your network.
Thanks – John
In 23 years serving as a management advisor to companies of every size, all over the world, I have yet to encounter an organization that does not struggle with some form of “communication” challenges. Although this can impact companies from several different angles, there is one communication breakdown that has the most significant impact on the overall success of the business.
In most businesses, the executive team and senior managers are constantly talking about the vision and strategy, it’s part of their meetings, it’s what they lay awake at night thinking about, but typically if you go just one or two layers down in the organization nobody has a clue about the actual meaning of the vision and how they are supposed to implement the strategy. Remember this: without a clearly communicated vision there is no way to achieve alignment across the organization, act strategically, empower fast decision-making or create a high level of accountability.
The key point here is, to effectively communicate the organization’s vision and strategy you must talk about them all the time, using multiple communications channels, at all levels of the organization, delivering a consistent and focused message. I once had the CEO of a company ask me, “When do you know that you have communicated the vision enough?” I replied, “When you get to point that if you have to explain it one more time… you’ll vomit… that’s when the lowest person in your organization just heard the vision for the very first time.”
The answer is simple: communicate, communicate, communicate… and then communicate some more.
I meet plenty of brilliant people, who have developed amazing products and services and have unique and compelling strategies for how to win in the marketplace. Yet time and again I see those strategies fail because they are not effectively executed. Below is a article that was created by an amazing company out of New Zealand called Advisory Works. They are among the world’s leading experts in helping companies execute their plans, which is why I am extremely proud to announce that we have formed a partnership so that the team at Advisory Works can assist my clients who are struggling to implement the plans that I help them create.
I believe you’ll find some very powerful ideas in this PDF, things that you can apply right away to help you be more successful in taking the exciting ideas in your company and turning them into action in the marketplace.
Please feel free to share this article with anyone you want to and if you think you might need a little bit of help, don’t hesitate to contact the folks at Advisory Works, you will be extremely impressed.
The Four Cornerstones of Strategic Execution 06
