We just finished the annual business executive survey. This year we collected 284 responses from business executives – typical position President, VP, CEO and COO.
We analyzed all the responses with the idea to create a brief summary of top areas of focus for executives this year. We thought the greatest benefit we can get from the survey would be if we can develop a brief guide with logical steps to follow for anyone. What we can all learn and apply….
Top 4 areas for business executives
1. Start by establishing the current performance numbers of your business
First things first. Articulate a few target numbers for your business for the next 12 months (or no matter what period of time you select based on what makes sense for your business).
Out of the target number you come up with – ask yourself which will make up the large improvement in profits. The list of your target numbers will become the goal regarding growth you will accomplish in the future.
2. Pick solid opportunities with a potential to double your current profit
Identify clearly what your business must do.
Search for real business opportunities with the potential to build twice as much profit on their own (when this actual business is fully developed).
You have to develop a way of thinking that forces you as well as your team beyond simple incremental development to steps that truly will make the difference you want to see.
You need to structure what you need to do to make a real win for the business when it comes to expansion in profitability. Perhaps it will sound obvious, however stop now and think about if you and your team members are really clear about which outcomes from your current projects will make the difference.
Most people are usually amazingly vague on this. That has plenty of bad consequences – one of them is the temptation to be simply satisfied with discovering tiny incremental improvements instead of working to find the next big wins for your business.
As your new business needs to be more profitable than it is today, use a target multiplier for growth of your current profit.
3. Keep inventory of your next opportunities
Take advantage of simple but powerful idea tools like SCAMPER to quickly and effectively improve your current ideas and take them to the next level. Whether you work by yourself or with your team, in couple of minutes SCAMPER will help you improve your ideas.
It doesn’t matter of the format and structure or the way you keep your ideas. It is recommended that you simply keep inventory of your potential opportunities and business concept ideas.
Try to have a minimum of 3 big ideas for profitable business concepts at any time.
Here is the biggest thing…
As your business evolves with time your initial ideas will become polished and structured to match your current reality therefore they’ll improve, grow and mature with time.
Set up a routine to have opportunities review day monthly to go over your potential opportunities and check if some are ready for action or even incorporate 2 opportunities together into a new business concept.
Anybody that can access a complete inventory of doable opportunities will be not likely to run out of great ideas to make the next ambitious shift for growth.
You should keep good ideas to be able to review them to see how fresh ideas can easily fit in, to check if the timing is right to put into action old ones, or decide what to get rid of as your real strategic route gets much more outlined.
4. Strong focus
If the top choices and actions you choose to focus on in the future are not one of the primary 5 matters in your personal agenda during each and every meeting you go to and in most discussions you have, people will very quickly get the message that you simply don’t care much about them.
Alternatively, if you are persistent and continue along with actions which boost your dedication, quickly people will realize that you mean it. Communicate your goals and objectives to others and motivate them to fully grasp the direction where you are taking your business.
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- Start with you current performance numbers
- Focus on opportunities for big win – don’t just focus on incremental improvements
- Keep inventory of your next opportunities
- Focus on the few things that can bring you big wins