Category Archives: Strategy

Anything that has to do with strategic planning, vision development, forward thinking, risk management, and business planning.

Thinking About Alternate Revenue Streams for Your Small Business

There are lots of reasons why you’d want to develop more revenue streams for your small business. Diversification and because your customers are asking for more services and products is just the beginning.  But you don’t want to do everything, so choose your revenue streams is super important.

Things you need to consider in order more revenue streams: 1) Your core competencies 2) Adjacencies to those competencies 3) Your existing customers 4) New customers 5) Standard types of alternative revenue streams

How to decide what your core competency is? This is your bread & butter! Your competitive advantage, what you are known for! This is something that you should be better than everyone at. And it is probably the reason why you went into business.

Now you have to figure out what a logical adjacency might be. These are new revenue streams that are strategically aligned to your core competency and that steer what you offer in a defined direction. Some different ways to pivot when you do adjacencies is if they are a new product or service for your existing customers or if you are doing the same product or service for a new target market. Both are a natural step in growing your revenue streams strategically.

Strategies that are for developing revenue streams that focus on the existing customer include increasing the average sale from a customer, increasing the frequency that people use your business, offering something new that they also need, or developing more effective retention strategies. Keeping a customer is worth even more than finding a new one!

There are lots of different ideas of revenue streams to consider. New products, services, intellectual property, events, memberships, intermediaries, programs, residual income, the sharing economy, government contracts and grants, or even crowdfunding. You can do one or more of them, blend them, have fun! Watch the video to hear more about all of this.

Writing a Business Plan to Get What You Want!

If you fail to plan, you plan to fail – that’s why writing a solid business plan is the best first step you can take toward making your dream of owning a successful small business a reality.

In this recording of our “Writing a Business Plan to Get What You Want!” webinar you’ll learn about a Business Plan and its sections, including:

  1. The importance of deciding who the plan is for
  2. The Business Overview – Talking about The Opportunity and why what you offer is The Solution; defining the target market; describing the unique aspects of a business that give it a competitive advantage and how the business owner intends to keep that advantage
  3. Vision – Where the owner sees their company in 3 – 5 years, the ultimate goal for the business, and a description of the exit strategy
  4. What to include in the Marketing Research section – Industry trends, consumer trends, wider general trends (government, economic, technology) that may impact a product; a business’ main competitors and their potential impact.
  5. Sales Projections – How to calculate reasonable sales projections to include in a business plan
  6. Management Team – Why is the owner the best person to launch this business, given their support team and contacts?
  7. Marketing and Sales Strategy – The plan to get the word out about products given factors like prices, location, size of area to be covered, marketing budget, and projected sales
  8. Operations – Discussion of operational issues like processes and delivery; how processes will be tracked to ensure completion; who handles human resources issues like hiring, scheduling, etc., and how they will be handled. 
  9. Action Steps – The importance of showing the company’s goals for today, as well as its Short Term and Long Term goals.
  10. Financial Projections – Demonstration that the business is financially viable and sustainable over the long-term.
  11. Executive Summary – Written last, but first thing reader sees. Must entice reader to keep reading.

Have you noticed some changes at Small Business Solver recently?

We’ve done a relaunch, and we’re very happy with what we’ve added to the program:

We’re very excited about all these things, but in today’s post we want to draw your attention to our webinar series, which began on March 28, 2019. Small Business Solver co-founder and CEO Carla Langhorst did a presentation called “Make It Fly!” where she talked about how to evaluate whether your business idea is a good one, using Small Business Solver’s Make It Fly Idea Tester.

You’ll learn about:

  • How to test business ideas (and why we don’t)
  • Questions to ask to determine your idea’s viability as a business
  • Determining your breakeven numbers
  • More good questions to ask and things to think about

The webinars will run bi-weekly, each one covering a different topic. Please do sign up, attend, and let us know what you think of the webinars! We would love to hear your feedback.

Click this link to sign up for one or both webinars

See you soon!

How to Build Strategic Partnerships

Strategic partnerships are critical to any small business’ success. Regardless of whether you are a small business or a small non profit, building relationships is critical.

Find out the basics of if you need to build a partnership, how to figure out who is the best to partner with, when you are ready to form the partnership, and how to maintain a healthy partnership.

Walking through these stages and ensuring that you keep focused on the last part – maintaining the healthy partnership.

Contact The Expert

The Small Business Solver Team
www.smallbusinesssolver.com
info@smallbusinesssolver.com

Succession Planning for Small Business

Succession planning is all about planning your exit strategy and maximizing the value that the small business owner receives for their effort (which often amounts to years and decades of work).

It also protects the small business owner, family, and the business from any risk.

Learn the process and your options in 20 minutes!

Contact the Expert
Mike Hook
mike@intrepidlaw.ca

Business Clarity Questions for Small Business

The New Year is a great time to plan to ramp up your business.

Getting ready for 2015 involves getting your business ready with a solid foundation to move forward. Your foundation is based on answering these 7 critical questions.

In 20 minutes, walk through the business clarity questions and answer them for your business. Make your 2015 more impactful!

Contact the Expert

Charles McFarland
Email: cmcfarland@focalpointcoaching.com
Website: http://www.charlesmcfarland.ca
LinkedIn: https://www.linkedin.com/in/coachingbusinessandartsleaders
Twitter: https://twitter.com/charlesmcf

SBS Clarity 14 Jan 2015

Guaranteed Better Than The Rest

Differentiating your small business and continuing to improve your business are two key pieces of being better than the rest.

But how do you get this in motion? Where do you start?

In 15 minutes we walk through two key objectives;
1. Ensuring that you are making time to work on your business rather than in it
2. Outlining 5 key ways to differentiate your business and how to do this

Contact the Expert

Eloise Pasianotto
www.effectiveprofessionalconsulting.com

Revenue Generation

Increasing our small business revenue generation is something that most entrepreneurs are concerned with. In this video we learn why all entrepreneurs need to make it the top priority and we walk through the 4 main things that we need to focus on to help our revenue grow.
 
1. Number of leads
2. Improve conversion rates
3. Increase the price of the average sale
4. Increase the number of sales per period
 
Plus we walk through all of the tools we have at our fingertips to help improve these 4 areas. Watch it now!
 

 
Contact the Expert
 
Gary Brown
FocalPoint Coaching
gbrown@focalpointcoaching.com
 
 

How To Do A Quarterly Review?

How do we know if we are on track for our yearly goal? How can we ensure that our strategy is working?
 
Small business owners need to do a quarterly review!
 
Without a quarterly review we are falling into the trap of working in our business and not on it. All of our activities become tasks rather than things that will help our business grow.
 
This video walks through:
1. Why is a review so critical? What are the reasons why our quarterly review might be higher or lower than we expected? What are the reasons why we might have to tweak the rest of our annual plan?
2. Super quick overview of strategic planning
3. How to do a quarterly review. What to be analyzing and what to be considering for the future.
4. Best practices and the top things to avoid when executing a strategic plan.
 

 
Contact The Expert
 
The Small Business Solver Team
info@smallbusinesssolver.com
 
Additional Resources
 
Like the PowerPoint? how do to a quarterly review
Want a template to use for your quarterly review? Quarterly-Review-MODEL
 

Action Planning

Get Started. Keep Going! This is the life of the small business owner and entrepreneur in 2014 trying to get their business ramped up or growing.
 
The number one reason why a small business owner is successful in the short term is based on how much they are moving forward.  Every time that you say the words ‘I will’, are you?  Not that you necessarily have to be on time, but you need to do it if you said you would.  Being action oriented and getting things done is critical to success.
 
The Action Planning Process includes the following steps;
1. Goal Setting
2. Action Planning
3. Implementation
4. Measure the Results
5. Assess/Reassess
 

 
Contact Information
 
Gary Brown
gary.brown@fsainc.ca
 
Like the Slides? SBS-action planning webinar