Recently, I was asked by our executive business coach to cast a 3-year vision plan for the company. It sounded like an easy task till I realized the deadline for this plan was coming up fast. There were so many questions and doubts in my mind on how to do this well. I started out by doing research on where “the experts” felt the direction of the next 3 years would be going. As I was reading it was clear that I needed to not follow the insights of others but really look at what was being successful for our company in the past and currently. I needed to trust my instincts and put together a 3-year plan I knew was realistic for the company I know. Here is what I did to get this 3-year plan put together.
Grow Your Net Income
Everyone talks about the total revenue number because it’s usually the largest. We get ranked in our industry by # of employees and annual revenue. Those are great numbers to build up, but I learned in the past nine years as President that the #1 number I need to focus on is the NET INCOME. This determines if your company is healthy and truly growing for the future. As a leader, I must ask myself, “Am I running the operations well enough to take care of my people, pay my bills and have enough left over to build for the future?” To protect your business, you must know your financials inside and out. In the past year I realized how important it is to have clear financials so you can lead your company well. If you don’t, you will be driving the ship without a compass or guiding instruments. How do you know if you are in shallow water? What happens when you can’t see what is ahead of you? How do you not allow a crash to happen? It’s so important you take time to study your financials with your certified public accountant and keep asking questions till its crystal clear to you. Your company will be successful when you can earn enough money to pay your bills and reinvest leftover money into your people, tools, and processes.
Grow Your Top Services
I started a phrase eleven years ago “All Roads Lead To Services!” because I knew this was our #1 focus for the next twenty-five of our business. It was a new focus that was going to build a stronger foundation for our future. Over the years we have offered many services but looking at the next three years required me to see what was important to our industry and what we did well as a solution provider. Taking time to analyze and rank your services will give your direction on how you can grow your business quickly. I’m thankful to have a wonderful and gifted employee who does all the analysis for us. He gives me clear insights to the opportunities won, how many clients use the service and how those services helped the business grow its’ net income. I was able to see a plan to focus on the top three areas that our clients look to us as top solution providers. It’s so important for every leader to know the top services the business offers so you can continue to build success from those offerings.
It was fun for me to dream big on how I would want to see the company be successful in the next three years outside of financials. I want the company to be recognized by others for our expertise. It’s wonderful that we believe in our offerings, but it really is special when others see it from outside of your team. Over the years I have enjoyed reading the top lists in all industries. My goals is to achieve the top list as a top solutions provider in three territory markets. I want to help others feel confident in our services. One of the best ways to build that confidence is by earning a top ranking in your industry. Use this recognition to build excitement in your team. Advertise the recognition to win new clients and top talent. Leave no doubt that you are a top solutions provider in your industry.
Take A Calculated Risk
I am not a huge risk taker. My wife and I joke that we are the only couple to go to Vegas and not gamble. That is not 100% true. When my wife was in the bathroom, I took a dollar and played a slot machine. Guess what happened? I won nothing. I do love playing Texas Hold Em on my iPhone because I am not playing with real money. In business, I like to take calculated risks not foolish ones. Over the years we have tried many things through marketing and events. It’s fun to try new and exciting approaches to win business opportunities but it was always within a budget. I needed to ask myself, “What big and calculated risk should I take to help the business grow in the next 3 years? What would help our future?” Think on how you could grow quickly vs. organically. This is not a quick decision but taking a calculated risk should be on a leader’s mind if you want to see calculated growth.
Rinse & Repeat
What has worked well for your business in the past, but you have shelved lately? I look back at our success over the years and see we have done great job with our events. We want our clients and prospects to experience fun while building trust with our team. Covid shelved a lot of events and its still slowly ramping up. To build our next 3 years, we need to get back to doing events with others. You cannot replace human connection with a video call. Its important the event brings awareness and knowledge about the company’s services. People want to work with people they can trust and that begins with how you communicate your services. Help identity the problem your clients are facing and provide a solution that will take that problem away. Making it easy for everyone to understand so the decision to use your services is the clear choice for them. Every person wants to feel valued and appreciated so show them the love. We plan on doing that with a lot of events over the next 3 years!
*JOIN US FOR A LIVE EVENT ON FEBRUARY 9TH*
Resilient Leadership: Leadership in Uncharted Territory
With guest speaker Tod Bolsinger!
Use discount code: MEMBER23 for 15% off registration