Businesses mostly run on autopilot and problem areas are only addressed when they are already critical, but by then it may already be too late. Most business managers are too busy with day-to-day work to sit back and critically look at the business in terms of its context and the direction it’s headed. Brian Tracey’s Turbo Strategy provides a checklist of areas that all businesses should review regularly to ensure they stay on the right path to success and profitability.
In the book, the author presents practical techniques that will help you come up with strategies and, more importantly, make profits quickly:
1. The answers have changed: Most companies operate the
Somehow they do it because they are “proven” strategies, not because it is efficient and profitable.
2. Flexibility is essential – from time to time, it is
It is important to step back and reassess the situation,
Then do something about it.
3. The only true measure: two basic questions to ask yourself every day “What’s working?” and “What’s not working?”
Perform basic business analysis
Every time you have a complete medical exam, doctors
and the nurses follow a set procedure. By the same token, there are basic business exam questions you need to continually ask and answer to determine the overall health of your organization. Remember the following:
has. The client as the central piece.
b. Determine what you sell.
against Define your competitor.
d. Set clear goals.
Design your ideal future
Practice idealization. To do this, you must think about what your company would be like in five years if everything were perfect. Then think in terms of possibilities. Are the goals you set for yourself in five years achievable?
Create a mission statement and determine your values
A mission statement is essential to an organization because it gives people meaning and purpose in their daily activities and work. It inspires loyalty, commitment and becomes a key factor when making business decisions and when you are clear about it, you can easily review your mission statement and follow its guidelines.
Select the right people
The two key qualities in finding the best people are that they can be counted on to do the job well and to do it on time. Another quality is that they must be good team players.
Market more effectively
The four essential elements of marketing are: specialization, differentiation, segmentation, and concentration. All elements of marketing are important, but you must constantly evaluate what you are doing. Remember that the market is changing and changing fast! You may have to change one of your strategies or more than one at the same time.
Analyze your competition
You have to know your competition. You have to find out why customers buy from you, what values and benefits they get from buying from you. The biggest mistake you can make is underestimating your customers. You have to study them and learn from them.
Three Potential Areas of Superiority
1. Operational Excellence
2. Lead the field
3. Stay close to the customer
Change your marketing mix
1. Product – Define your product or service in terms of what it “does” for your customers.
2. Price – Be open to the possibility that you have mispriced your products or services.
3. Promotion – This encompasses everything you do in the marketing, advertising, and sales process.
4. Venue – This is the location where the sale of your product takes place.
Position your business for success
Social proof is a highly influential factor in determining
whether or not people buy your products or services. Your reputation is the value that people will pay for. Building brand trust requires people’s personal experiences with your products or services. It’s a lot like a personal reputation that takes a long time to build but can be damaged or destroyed overnight by poor decisions.
Develop Strategic Business Units
The concept of a strategic business unit revolutionized multi-product or multi-service businesses; each of the products is grouped with similar products or services in a different way. The starting point of the implementation is to have a specific person responsible for the operations and results of the unit. To make this work, start by putting together a comprehensive business plan that includes sales revenue, costs, and profitability.
Sell more effectively The fact is that 80 percent of your
their sellers have not yet approached the markets. No one has told them about you. Your business could probably be selling twice as much if you could figure out how to sell it to them.
Eliminate bottlenecks
There are two important steps you must follow. First,
decide on your specific business goals; make them clear
measurable and limited in time. The next step is to ask the
ask: “why am I not at that goal already?”
Reengineering of your company
To simplify and streamline your operations to be more efficient, faster and more effective and therefore more profitable, you have to reduce the number of steps in each process. It is necessary to simplify the processes and make better and faster decisions.
Increase your profits Perform a complete analysis of the profits of each product. You should also remember that labor has a real “opportunity” cost along with the use of other resources, especially in a multi-product or multi-service business.
Focus on results
The only thing that matters to your clients is the results. They don’t care much about your problems with their people, products, processes, or any other aspect of your business.
There are four questions that customers answer before buying the product or service. These are:
How much is it?
What do I get for the money?
How fast do I get the benefits you promise?
How sure can I be that I will get those benefits?
Seven steps to personal performance
Step 1 – Set clear, specific, written goals for each major area of your business. Make them measurable and limited in time.
Step 2: Make a list of activities before you start a day, put it on a piece of paper. The best time to do this is before you go to bed so that your subconscious mind can work on your list while you sleep.
Step 3 – Prioritize the list you made. Apply the 80/20 rule and select the top 20 percent of your tasks to work on.
Step 4: Practice creative procrastination. Since there are only 24 hours in a day, decide in advance which of those low-value or low-importance tasks you can eliminate.
Step 5: Select the most important job and have the
discipline to achieve the first.
Step 6: Practice single handling with the most important task you have identified. He decides to work on it until it is resolved.
Step 7: Develop a sense of urgency. The faster you move, the more work you’ll get done and the better you’ll feel. This will create momentum.