This is the final video in our two month long video series for the Business Strategy Bootcamp. This video is on implementation. This is where everything comes together and you will finish off this video with your completed one-page strategic plan. Watch now!
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Let us think about what we have done so far.
- Video 1: Introduction. We talked about the one-page strategic plan and why it was important
- Video 2: Goal. We talked about how to set meaningful business goals
- Video 3: Define the company. We talked about the 5 W’s and how to define your business
- Video 4: VRIO Analysis. We used the VRIO analysis method to identify areas of competitive advantage
- Video 5: Unique. We wrote a strategy statement to describe your area of competitive advantage, which you can use as your 30 second elevator pitch
- Video 6: Revenue Streams. We analyzed different potential revenue streams and identified the one with the greatest potential
- Video 7: Value Proposition. We wrote our value proposition, and defined the dollars and cents behind our strategy.
- Video 8: Tactics. Tactics is the last step, and it is where we create our implementation plan
Tactics describes the action steps you take to implement a strategy. We have created a strategy, but now we need to implement that strategy. A strategy is like an idea. Anyone can have an idea, but the person who wins in business is the person who takes an idea and implements it.
I want you to understand how important implementation is. I have seen people put together business plans, and some of them I thought were horrible and were never going to make money. But some of those people, proved me wrong, and implemented their strategy, made it happen, and made a lot of money. All that matters is if you can make it happen. If you make it happen, you are a strategy genius. The whole point of a strategy is to make it happen.
The way you make it happen is very simple. You need to write down action steps that you can use to hold yourself accountable and track your progress towards your goals. What I have seen is that when you write goals down, they often come true.
I have a worksheet for this video. There is a link in the description box down below. You can click on the link and download a PDF file with the worksheet to fill out. The worksheet is a template for your one page strategic plan. You will need to pull out all the worksheets you have completed to this point, and you are simply filling in the final template.
The final section on the one-page strategic plan is the implementation plan. The implementation plan is very simple. After you have written and reviewed all the sections on your strategy, you need to come up with three action steps you can take in the next three months to make your strategy a reality. What are the top three things you need to do? All you need is three bullet points.
How this works is every quarter, you review this one page strategic plan. And hopefully by the end of the quarter you will have completed your three bullet points, and be able to write three new action steps for the next quarter. And every quarter you update your strategic plan.
I want you to do a simple test when you are choosing your three bullet points. Only write down action steps you are excited to perform. What I have found is that the areas you get the most excited about, are usually where you are creating the most value. If there is some important thing you need to get done that you hate, outsource that activity to someone else. Now of course, sometimes in business you have to do things you do not like. But do not build your strategy around activities you hate to do. Build your strategy around things that fill you with joy and passion, and you will be much better off.
That is it. You should now have a one-page strategic plan that is clear, concise and can provide direction in your business decisions. I think it is important to point out that there is no right or wrong answers here. This is your strategy for your business and your life. It should reflect the things you find important so that you get to the life of your dreams. What might work for one person, might be the wrong approach for somebody else. Ultimately, this one piece of paper is not important. What is most important is that you went through the process of thinking through your strategy. What this bootcamp is about was defining a step by step process that you can use to think through your strategy. If you did all the exercises of 30 minutes per week, that is four hours of pondering about your competitive advantage. That will give you the ability to speak about your business and what is meaningful to you. And it will help you to identify and capture opportunities as they present themselves. Thank you for going on this journey with me, and I wish you the best of luck in your business.
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Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.