Designing Your Own Business Strategy: The Fix This Next Approach
As a business leader, you find yourself in the unique position of being the one person who knows all the ins and outs of your business. You’re the one who’s been there from the beginning and are familiar with every single process, system, and goal your business has.
On the downside, being so close, not to mention emotionally tied, to your business may often distort your perception and make it hard for you to spot solutions or a bigger picture perspective to help you grow.
In other words, your own vision might be unknowingly hindering your path.
This is where an outside strategist comes in.
Working With A Business Coach Brings Accountability And A Fresh Perspective To Your Business
While it may be tempting to draw out all the business goals you can think of, a great place to start in goal setting and strategic planning is to sit down and evaluate everything that’s been going on in your business in the recent past, how strong the foundations are, and where you can spot growth opportunities.
A business coach is someone with vast experience and professional training that can help you evaluate your current state and bring fresh ideas and a new outlook to your business strategy and growth.
Your business coach is your ally in navigating the obstacles and turning them into opportunities as you face bigger projects and dream clients come your way.
5 ways to prioritize your business needs according to the Business Hierarchy of Needs (BHN).
If you’re familiar with Maslow’s Hierarchy of Needs, Fix This Next’s Business Hierarchy of Needs will be easy to wrap your head around.
The Business Hierarchy of Needs states that, in order to thrive and fulfill aspirational goals-such as its impact or the legacy you want it to leave-, your business first needs to be profitable and self-sustained, much like in Maslow’s Hierarchy.
You have to fill your own cup first.
The first step in strengthening your business is identifying your areas of growth. Depending on what stage you find yourself in, you’ll sometimes jump between the different levels, go back or skip ahead. It may seem like your path is anything but linear and, to be honest, that’s right! You’ll rarely find a straight path in business.
That said, it is important for you to understand what each level is about and when you may find yourself jumping back and forth. This knowledge will help you pivot and improve when needed.
Let’s take a look at each level on the Fix This Next’s Business Hierarchy of Needs:
Make sure your sales strategy is solid: The first thing you need to address within your business is the flow of money to keep it going. You need to sell your service or product well enough to guarantee a solid and steady income that can support the foundation for the next level of needs.Figure out a sales strategy to attract prospects and turn them into clients. Then, make sure you deliver your promise to them to gain a positive reputation, attract more prospects, and build strong, long-lasting business bonds. Developing your sales strategy may include your online presence, your marketing, engaging or networking with potential clients, and requesting feedback for continuous improvement.
Keep your debt in check: Once your sales are a smooth process, the next priority is profit. Keep in mind, just because you’re selling, doesn’t mean your profit is at an optimal level.Accumulating debt is a business practice you should avoid as much as possible. For example, part of the reason startups are so volatile is that they owe their literal livelihood to outside sources for maximum growth instead of relying on sales and tangible profit to expand.Your whole financial structure will be weak if you’re building a business on debt.
Optimize. Optimize. Optimize: Your company needs to run like a well-oiled machine -- everyone in your team should be in the best possible role according to their individual skills, talents, and experience to guarantee that they’re capable and empowered to solve any unexpected situation.Your established procedures should also allow you and your team to be fully functional in case any of you is unable to fulfill a key role.In short, optimizing your processes and working as efficiently as possible will help you and your business run like clockwork.
Be a guide for your clients and a motivator for your team: Your goal in your business should go beyond a financial transaction. Your business has the power to make an impact, not only within your industry or the world but most importantly, to each of your clients and employees. Regularly stop to ask yourself: Are my clients experiencing a real transformation in their lives by being involved with my business? Are my employees motivated and driven to accomplish your company’s common mission?
Reinvent and adapt: In order to guarantee that you’re building a business that will live on, you need to stay on track with the ever-evolving world. On every level, as your individual circumstances change, your context expands, and your industry shifts, as a business leader it’s your duty to update your strategies and align them with your vision for the future. Implement and learn the latest trends and encourage your employees to do the same. Stay up to date with what your clients want, evaluate the market, and expand your horizons.
Ready To Transform Your Business?
As a trained business coach and entrepreneur, I’m qualified to help you pivot or expand the areas of your business as needed at any given point. So you’re in a better spot to manage resources in different areas within your structure as priorities shift.
As a certified Fix This Next coach, I’ve learned the methodology and can help you implement the Business Hierarchy of Needs into your business structure, provide you with guidance and a fresh perspective, giving you the tools to successfully navigate challenges as you find them while keeping laser-focused on the logistical and financial pieces of your business that make the needle move.
