Developing A Strategy - How do you reach your goals?
Due to travel commitments, there will be no blog post on July 25th, 2022. Thank you.
I receive many emails requesting I talk about different types of strategies. Strategies in life, as well as in business. Believe it or not, there is not much difference between the two. Let's look at the definition of a strategy.
"A strategy is a plan of action or policy designed to achieve a major or overall aim."
With that said, does it make sense that we have an overall goal in life and business, we also have an overall goal? Of course, it does. Goals do not have to be the same regardless of what you are trying to achieve. Also, the strategies to get you there do not have to be the same. However, the basics of developing a strategy are the same, regardless of the goal.
This also means you do not have to stick to one goal. You can have many goals. You can add, change, or forget about them as you please. Keep in mind that a GOAL is NOT a STRATEGY. The goal is your desire. The strategy is what it will take to achieve it. Some people may call it a plan, others a strategy. In reality, they are the same when used as nouns. As verbs, their meaning varies slightly. I am referring to them when used as a noun. You can say I am formulating a plan to open a business or a start to open a business.
The basics of forming a plan or strategy begins with knowing what you are trying to achieve. What is your goal or end goal? Many people are not successful for some of, or all of, the following reasons.
- They did not define their goal
- They failed to follow their strategy
- They did not set smaller goals along the way
- Failure to re-evaluate
Notice in the picture the coach is planning a strategy for a play. However, the important thing to note is that various other steps are taking place, which helps the overall strategy to succeed.
A strategy is a multifaceted and delicate equation. Meaning it has many moving parts. Pats that must fall into place at the proper time. Does a boxer step into the ring without training first? Jumping right into anything is a receipt for failure. The present state of our economy is a perfect example of that.
I stated earlier that your strategy for different goals would probably differ depending on the goals. However, to simplify it, there are three things you MUST consider.
How, When, and Where.
How - what is the best way to achieve your goals within your means?
When - when do you implement certain parts of your plan?
Where- where does each step of your strategy fall into place?
A simple example. Your goal is to save 100 dollars in four weeks. First, you answer how. That one is simple. You break down how much you need to save each week. That equals 25 dollars each week. When is also simple. When you get paid every week. Where is also simple. In the bank. If you follow that strategy in four weeks, you will have saved $100.00.
We all know that life is not that simple. It is far more complex. However, the basics do not change, regardless of the complexity of your goal.
This gets a bit tricky because there are more parts to your strategy. A strategy that will require some research. For example. When I opened my business, the first question I asked myself was, IS THERE A NEED? IF you already have two pizza restaurants on the same block, is there a need for a third?
Once you determine the need, is the exposure there? I paid to have a traffic count done. Meaning how many cars passed the location, I was looking at each day. That number I found changed almost daily, but not significantly enough for me to discard the location as a possibility. Easy so far, right? Here comes all the other parts. Can you afford it, or do you need to have the bank as a partner? If so, then you need a business plan to show the bank. A business plan is a layout showing the bank you will make the money that will enable you to pay back t