When you’re in the early stages of running a business it’s easy to overcomplicate everything. The need to generate revenue often supersedes the necessity of focusing on executing your overall business strategy. Here are three simple, but effective models to help bring focus to your business strategy. Stay the course and good things will come.
With this resource you’ll be able to:
1. Have a tried and true framework for creating and executing a sound business strategy.
2. Bring clarity and focus to your team.
3. Have a model for training new and existing team members on the purpose of your business.
The Golden Circle
Simon Sinek is no stranger to the business world. His most renowned book, Start with Why, often appears on lists of best business books of all time. While the main purpose of the book is to focus primarily on establishing a meaningful purpose for your business, one of the key outcomes is developing your “Golden Circle.” The Golden Circle helps define:
- Why your business exists, aka your Purpose.
- How you’re going to make your Purpose happen.
- What your business actually delivers.
Here is a video of Simon explaining the Golden Circle Concept.
Here is an example of the Golden Circle that helped us focus our strategy to create an 8 figure business.
Download a simple Powerpoint template make your own Golden Circle:
Powerpoint Golden Circle Template
The Hedgehog Concept
Perhaps even more popular than Start with Why, is Jim Collins’ well known book titled Good to Great, an overview of the key traits for successfully run large businesses. The Hedgehog Concept is one of a handful of key concepts Jim asserts as critical to a successful business. This concept helps to zero in on the business strategy from not only a purpose perspective, but also an economic perspective. Understanding your Economic Engine is critical to ensuring your business understands what it needs to do to fuel the journey towards your purpose.
Here is a link to an overview and explanation of the concept in more detail:
Total Competitiveness System
This concept was taught to me by my long time business coach, Rich Allen. He used this concept as a division president of Pella Corporation on his way to helping the company grow to over 1 billion dollars!
The Total Competitiveness System (TCS) concept is an effective way to encapsulate all of the key foundations of your business into one succinct visual.
Download a powerpoint template to create your own Total Competitiveness System:
Total Competitiveness System Powerpoint Template
Credit: Rich Allen, Tour de Profit Business Coaching
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