The Midas Touch in a Single Word: Strategy

| December 31, 2018

“What we need to do is always lean into the future; when the world changes around you and when it changes against you — what used to be a tail wind is now a head wind — you have to lean into that and figure out what to do because complaining isn’t a strategy.” ~ Jeff Bezos, Founder of Amazon

A Simple Thought to Start The New Year Off Right…

Like Getting a Harvard MBA For $97 Bucks!

As part of the launch of our 2019 Midas Touch Bundle we will be talking about big issues facing businesses, but in a highly condensed format all month long.

Today it is on the the power of strategy, one of those big words that determine if your business will ultimately succeed or fail.

Smarter Business Starts With a Smarter Strategy.

Today is a great time to think about the year ahead, what you must do to increase market share, attract new business, and build greater brand value.

And turn your hard work into a true money-machine!

That, of course is the desire.

But the reality is, most businesses will ignore the idea of creating an actual strategy, instead, attempting to throw a bunch of random tactics at day to day issues.

Which is why the business failure rate continues to ravage the hopes and dreams of entrepreneurs everywhere.

In our view, supported by actual data from thousands of our Small Business Stress Tests, the prime reason business fail comes down to just 3 things:

They do not PLAN to win…

They do not PLAY to win…

They lack the strategic EDGE needed to overcome hyper-competition: locally, domestically, and globally.

The Key Word For 2019: Volatility

Just look at the meltdown of the Stockmarket and you will see the crosscurrents of a constantly changing business landscape: China trade issues… NAFTA… ruthless competition… lack of quality and quantity of new hires… tough new business regulations… the list is endless.

And what you can do to tame this volatility and chaos is equally endless:

Faster new product development and innovation…

Smarter marketing…

More effective customer creation and retention…

Better financial controls…

Better operations management…

Better admin management…

More responsive actions to local business conditions.

Yes, you have thousands of choices — some good — some bad — some just ineffective — so you must choose wisely! Which is what strategy is all about.

According to a recent article in Forbes, a strategy is a framework for making decisions about how you will play the game of business.

These decisions, which occur daily throughout the organization, include everything from capital investments to operational priorities to marketing to hiring to sales approaches to branding efforts to how each individual shuffles his To Do list every single morning.

Without a strategic framework to guide these decisions, the organization will run in too many different directions, accomplish little, squander profits, and suffer enormous confusion and discord.

The key to overcoming inherent chaos, volatility, and  bedlam is a simple, executable strategy — updated monthly, not just once in awhile.

The cost of ignoring this advice is that you have little chance at longterm success. You will join the ranks of Sears, The Limited, Kodak, Blockbuster and millions of small businesses who are among the legions of the bankrupt. Interestingly, if you do a search on “business failure rate” you will see that the death curve changes very little over time. The failure rate today is about the same as it was 10-20-30 years ago.

This is because what matters the most to success is strategy, not the generational differences from the 70’s to the 90’s to right now. Good strategy foretells success. Bad or no strategy foretells failure.

Source: Bureau of Labor Statistics/SBA

If you are a new company, pay close attention to the death curve above.

Sadly, 53% of you will be gone in 36-48 months… only 23% will make it to their 10th anniversary.

Thomas Jefferson said it best, “The price of freedom is eternal vigilance.”

So is the price of growth, liquidity, and profitability. Vigilance.

To join the ranks of longterm successes like Apple, Amazon, Dell, Whole Foods, and a million small business who play the game of business to WIN, you must reenergize, reorganize, and reinvent your business — continuously.

It means thinking strategically and acting tactically.

Chaos will reign this year — get used to it…

Volatility is the new norm — complaining about it is counter productive…

Business conditions will be good and bad… sometimes in the same month…

It is up to you to navigate these conditions and WIN. Proof?

This Gallery depicts businesses that all started with no more than an idea, little money, but still turned into a Goldmine… after facing more than their fair share of heartbreaks and tough times.


Do you have a Midas Touch Strategy… or is your business
just a tangle of Tactics you cobbled together  over time?

To turn your business into the shining star on the hill takes a unified strategy, skill and street smarts.

Smart business is having a constantly-evolving strategy to WIN… not just “hope and work hard”… but to actually PLAN to WIN… then PLAY to WIN. This is what gives you the EDGE over your competitors.

It is the difference maker.

This is what makes you more money… permits more free time… and fuels rapid growth.

If you need help, get with the program and join our next MasterMind Session.

E. R. Haas, CEO The TQ Smart Family of Companies

 

There will be more Millionaires and Billionaires created
this year than at any time in history.

Why not you?

Check out our 2019 Midas touch Bundle.

This is a lot like gaining a Harvard MBA for only $97 Bucks!

 

 

 

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Category: Business Growth, Featured

About the Author ()

E. R. Haas is CEO of the TQ Smart family of web sites including ThinkTQ.com, IntentionalExcellence.com, MyBizIQ.com, MyBelieversGuide.com, MarriageWithPurpose.com and hundreds of others.E. R. is a "serial entrepreneur" and has created over 20 different businesses in software, manufacturing, finance, publishing and many other areas.He is married to Jan Haas who shares his interest in model railroading, gardening, and traveling by train. Together, they have 5 grown children, 9 grandchildren and 5 great-grandchildren.

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