The most successful strategic plan is called:
All the feedback and metrics you use are useless unless you look to adjust and utilise them to help your business thrive. A great place to start is to conduct your own business audit. Just by simply asking yourself basic questions, such as: where are you making money? How good is your message? Do people agree that you're solving a high value problem or need, and do you understand your business model going into the future?
When you get stuck ask yourself: How can I give more value? Or How can I help people more?
If your metrics and audit isnt as positive as you would have liked, you need to loook to 'pivot'. To look at perhaps changing your methods or product. Remember: Be stubborn in your goals, but flexible in your methods. NEVER change your vision, but always be willing to change your strategy or product.
A pivot is a large change, like "Gee, we need to change our pricing is from freemium to subscription." That's a substantive change in your selling strategy. Not the goal, just the strategy to achieving that goals. The key idea here is a pivoting allows you totake on-board feedback and get out and make changes, quickly and consistently.
Check out the video module for detail onto how to conduct your own business audit, and how to pivot or adjust your business if needed in order to meet your goal.
Buisness Feedback - Video Module
You may have heard the saying 'What measures moves' and it is important to have goals and metrics to track your business and how it is going. That is how you know what to adjust and change to make your business more successful. It is critical.
There are many many metrics to measure, and you do not to measure them all. It's about figuring out what matters to you and your business, and focusing on those areas. While the finance numbers of: how much are you making? are important, you also need to determine what are the key areas and drivers that matter for your business?:
What was the product cost? What was the market size? What share could you take? What is the competition? What are they charging?
How much money are you spending per month? Often called burn rate. Not only how are you burning per month, but when we just calculate that out, when will you run out of money?
These are key metrics. This is a lot more important than what is revenue in year 4, because you're just guessing about that. But these are numbers you're going to be living with every day.
You need to get these metrics that matter known, searched, understood, and don't worry, they will change, but the whole game of the business model canvas and the customer development process was for you to find them out firsthand and to experience them, not to have them happen to you.
We will talk about these metrics, what ones are proven to be useful etc, and how you can measure them in the video module below.
A good launch strategy can help almost any business online or offline. And it's always critical to know the launch isnt always about the money or sales, sometimes to connection and engagement with people is the most valauble outcome from a good business launch.
A good business launch is like a Hollywood movie: you hear about far before it even happens. So it is critical to use your marketing techniques (on social media etc) to generate some hype around your business. Yes it seems a little counter-intuitive at times 'Why get people interested if i can't convert them to customers yet?' but like we said earlier: If you build it they might come... but not unless you have let them know what you’ve built and how to get there.
The important thing for long-term successful business is customer engagement and connection. You want to get them interested, engage them with the vision, and if you do this well your product launch could be a raging succeess.
Download our 20 step product launch check-list, and also watch the video module for more detail in creating an effective launch.
Product Launch - Video Module
Measure - Video Module
Perhaps the biggest defining element in a successful business is: action. You need to do it. Do it even if you are afraid, even if you aren't entirely ready. As Wayne Gretzky said 'You miss 100% of the opportunities you don't take'.
With a start-up the key thing is to start. With the right approach and tools, the risk is minimal, and it is important to get feedback, learn, adapt and build your business bigger and better. See, a start-up is a temporary organization designed to search for a repeatable and scalable business model. The key word is: temporary. The goal of a start-up is not to be a start-up. The goal is to move from a start-up into a company. You can’t, nor do you want to be, a start-up forever. But is is exactly that, the temporary place that you start with the aims of growing into a sustainable business/company once you have things all figured out.
In this module we will talk about what you need to DO IT. To get things launched and started, and how to do it effectively and efficiently.
The next thing is to measure and monitor: where are you making money? How good is your message?
Do people agree that you're solving a high value problem or need, and do you understand your business model enough to start scaling your business?
Then you need to take the feedback, adjust and pivot your plan. When you get stuck ask yourself: How can I give more value? Or How can I help people more? It's about always being flexible in adjusting your strategy, but NEVER changing your goal.