Business Process Outsourcing

Internet Business Strategy Includes Outsourcing!

October 12, 2006 @ 10:05 pm

On a scale of one to ten, having a good business strategy rates about a fifteen!

No matter what kind of business you have, whether you sell a product or a service, there is an old business rule that states: “If You Fail to Plan, then You have Planned to Fail”. While I certainly cannot take credit for that “rule”, and do not know it’s origin, I can attest to the fact that it is most certainly TRUE!

Creating a business management strategy can mean the difference between having to work 60 to 80 hours a week all year long, and only breaking even, or worse yet losing money, or being one of the successful home based small business entrepreneurs who has a business strategy, works fewer hours and makes piles of money. These business owners almost always attribute their success to having a strategic plan and sticking to it!

So what is strategic business management? Very simply, it’s the process of defining the goals and objectives for your business, creating an written action plan, then following that plan so you can reach those goals and objectives. Part of this plan should include business process outsourcing of tasks that will free up your time and talent to apply to increasing your bottom line.

Having that knowledge begs the question: How do you create a strategic plan for your business?

First, determine what your vision for your company is going to be. If there were no barriers and nothing stopping you from taking your company as far as you can, what would that look like? - WRITE IT DOWN.

Second, what are your company’s core operating values? What are it’s guiding principles? In other words, why are you in business and how do you do business? - WRITE IT DOWN.

Third, Create a 3 to 5 year plan. Your long-term plan is based on the broad objectives that will help you get from where you are now, to where you are going to be in that time frame. - WRITE IT DOWN.

Fourth, Develop a plan for this year. These are the specific objectives that you have written down and intend to accomplish this year, that will lead you closer to your stated long-term goals. Remember to be “SMART” when setting your annual goals (make them Specific, Measurable, Attainable, Realistic, and Time-oriented). Be sure to include a list of the barriers that can stop you from achieving your goals so you can PLAN to avoid them! Determine what resources you already have, and what resources you must acquire that will allow you to avoid or conquer those barriers. Then create an action plan that CLEARLY lays out exactly how you will achieve your goals. If your business involves key employees, be sure to go over this part of the planning process with them, in detail. - WRITE IT DOWN.

Fifth, Create a flow chart of tasks, complete with a set of milestones or benchmarks and actively manage this chart to stay on track toward your goals. This is VERY important, so that you have a business management tool that will allow you to measure your progress. - WRITE IT DOWN.

Sixth, Share the plan plan you have developed with your employees, and anyone else that will be involved in the business processes. Your annual strategy is a roadmap that will assure everyone reaches the same destination at the same time. - For a roadmap to be effective, everyone must follow the same map! - WRITE IT DOWN.

Seventh, PUT THE PLAN INTO ACTION! Now that you have the roadmap to success, it’s time to begin the journey. If your roadmap includes outsourcing some of your business processes to make your time more valuable, do NOT deviate from the plan or success will not be achieved. - WRITE IT DOWN.

Eighth, Check your progress regularly. Just like any trip you take, you need to check the map often, at regular intervals, to be assure that you are still on the right road to success. If something isn’t working as you planned, the regular check points will allow you catch the deviation and make the necessary adjustments to bring you back on the track to success quickly. - WRITE IT DOWN.

Ninth, Revisit the entire process each year in business (Dream, Plan, Act, Check). This will allow you to make those adjustments necessary to continue on the road to success. Again keep in mind that those processes that can be outsourced will allow you to concentrate on the more important aspects of your business. - WRITE IT DOWN.

You probably noticed that I continually insist that you WRITE IT DOWN. This is so important that I cannot stress it enough. DO NOT skip this step, it is VITAL to your plan to have it in writing so that EVERYONE involved, and especially you, has a visual written plan to keep everyone on the same road, so that success can indeed be achieved and enjoyed by all. If you have forgotten the first “rule” return to the top of the article and reread it!

To summarize and review, creating a sound business management strategy, including business process outsourcing (BPO), creating a flowchart with all the steps to success written on it, and putting into ACTION those steps and strategies, and reviewing that roadmap at regular intervals, will help to ensure that you enjoy the journey to success every bit as much as you will enjoy arriving at your destination!

Remember . . . . . . . . . . . . . . WRITE IT DOWN!

Gary