Coaching for Action

Keep More of Your Revenue in Your Hands by Donna Stevenson

Unfortunately, there are no easy answers or quick solutions but with a dedicated focus and some basic planning and measurement tools, we can develop the right solution.

The attached 'Coaching For Action' model lays out the key components of a sound business framework that is easy to apply, if you do your homework.   Application of this framework will result in a good, solid understanding of your business, your marketplace, your competitors and your customers.  Once you have completed this research and confirmed where it is you want to take your business, you will be much better positioned to figure out which resources you need to continue to grow your business, where you need to invest, and what revenue you should target to realize your business dreams.

  1. Assessment: Until you are ready to implement your business plans or significant changes to your business plan, this is the most time consuming and most difficult part of the process.  Too many business people are caught up in the daily grind, taking action, without a definitive direction or plan.  In the majority of cases, they have not conducted the appropriate research and find they are working more and more hours but their lifestyle doesn't seem to be improving.  Take a good look at your current lifestyle.  Does it work for you?  Are you working the hours you want to work?  Is your business wearing you down?  Being able to visualize your preferred lifestyle will help you to focus more clearly on the direction your business needs to go.
  2. Strategy:  There must be clarity about where you want to take your business, what you want it to look like over the next few years.  Your strategy does not need to be complicated, but it should be clear.  Something as simple as "To grow my revenue each year by 10%" provides you with a general target against which you can set annual, quarterly and monthly targets.  Running a business is a journey with a destination.  The destination may change but the journey has to be planned.  Without a strategy, you won't improve or change your lifestyle.
  3. Action: Just taking action for action's sake will not get you very far.  Actions should be based in the targets set for the month, quarter and year.  Actions should be taken in consideration of associated costs, resources required and expended, time periods expected, and market segments to be exploited.
  4. Review:  Taking a measure of actions taken versus targets tells you what works and what doesn't work. Implementation may not yield desired results but, without detailed review of actions implemented to drive target achievement, you could continue to try the 'same old thing' rather than seek out creative solutions.  Without review, you also take the risk of not capturing the reasons for success.  When you experience success, figure out why and then create more actions to repeat this success.  

Think about setting actions that allow you to contribute to the broader community without being monetarily compensated.  Offer your expertise as a mentor or a coach for young entrepreneurs, be a speaker to school groups to help them prepare for the workforce of the future, conduct presentations to business groups or not for profit groups seeking expert help.  This contribution component should be part of your business plan.  It will enhance your network and your influence in the communities or market segments in which you market your products and services.

For more information on how to build, or enhance, your business plans and actions, see the attached templates.

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