It's been told that "money does not make us happy." Well at Scopo, we believe nothing could be further from the truth and money does matter. But there's a catch, there's always a catch. It's not about how much you spend, but how you decide to spend it that matters. In fact, there are three scientifically proven ways you could spend your hard earned money that will significantly increase your levels of happiness:
1) Paying for experiences
2) Purchasing time for yourself, and...
3) Giving money to others
So the solution is simple. The more money you have, the more ways you'll be able to invest in these three happiness influencers.
How does this relate to business strategy? Again, the answer is simple. Although strategic planning can be a lengthy process, the end result is focus and simplicity. And when small business owners are focused and their business models are simplified, the stage is set for reduced costs and increased revenues. And we all know that revenues minus costs equals profits. So the more revenues one has with the least amount of costs, they're on their way to higher profits. And profit is money.
Because you have more money, you can pay for more experiences.
Because your business model is simplified, you have more time for yourself.
And because you're more grateful for all that you have in life, you're more inclined to give to others.
So yes, money does matter. And having a winning strategy can make a huge difference in your life because strategy creates focus and simplicity. Once you have it..."you can move mountains."
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Imagine walking into your local pub knowing you are guaranteed to get the perfect cocktail. The bartender's eyeballing of ingredients, stirring techniques, muddling, and proper use of garnishes are like a priceless masterpiece. Now imagine this bartender is a robot!
The robotic bartender is programmed to always deliver the perfect cocktail, each and every time. It never loses focus of its core purpose.
Many small businesses find a source of competitive advantage in its early stages through this deep level of focus, but over time small incremental changes in the marketplace begin to threaten their business models and owners shift their focus from their core purpose to defensive tactics designed to preserve profits.
Small businesses should never lose focus of their core purpose. Disruptive innovation will always threaten even the best in class companies, but losing focus on what really matters will always weaken the original sources of a small business's competitive advantage that grew the company in its earlier stages.
A robot never loses focus, and neither should a small business owner. A purpose-driven strategy is the best offensive resource a small business can implement in its arsenal of competitive tactics to preserve what really matters. No one can predict the future, but you can guarantee that your small business's core purpose will never be compromised.
Watching a school of beautiful fish act in unison is a mesmerizing experience. Scientist theorize the reason fish are able to perform such a task without missing a beat is because the group believes in a higher purpose that is bigger and more powerful than any single fish agenda.
Small businesses can harness this research and implement these findings into their scope of operations. In fact, the #1 driver to employee engagement and commitment is an unconditional belief in the values of an organization's strategy. When employees truly believe in the company's mission, they perform better and find a sense of meaning in their work. Once this occurs, small businesses can experience higher returns and sustainable growth.
To accomplish this level of commitment from employees, there must be a well-defined set of core principles that are shared throughout the entire organization's structure - from top management to frontline staff. In addition, there must be a well-defined set of trade-offs that are ingrained in each and every member's brain.
A small business's strategy stems from the company's mission statement, and describes what is the overall purpose of the organization. The strategy explains what the firm will do to accomplish its mission, but it also explains what the firm will not do. It makes trade-offs. And once everyone in the organization is on the same page, they begin to act in unison and work together to accomplish a goal that is more important than any one persons agenda.
Take note: If you experience a lack of commitment from your employees that result in frequent call-outs, employee thefts, customer complaints, over utilization of personal devices during work hours, reduced productivity, or other acts of non-commitment ...the problem is not the employee, it's your strategy.
At Scopo, we want all small businesses to succeed and deliver on its mission. Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business accomplish its goals...and you'll learn quickly why we say "Your Scopo is Our Scopo!"
What does it mean to "think outside the box"?
When it comes to small businesses, many owners and managers tend to have an "internal focus" with their operations. A few examples are:
• Product development
These areas of business are very important, but small business owners and managers must also have an "external focus" to be successful. A few examples are:
• Social trends
Historically, these are the areas that have destroyed small businesses. Small business owners and managers have been so focused on the day-to-day internal affairs of their business operations, that they've overlooked and missed key drivers that have major impacts on their long-term success rates.
A current example are the new FDA regulations for smoke and vape shops across the country. Businesses can no longer explain to customers how to use vape devices, and it could cost these small businesses up to $1 million dollars to sell juices that are made in their stores. This is an example of how political processes can seriously hurt many small businesses and put them out of commission.
Successful CEOs focus their attention on "external" factors and act strategically. They constantly "think outside the box" and stay two steps ahead of anything coming their way. But they don't do it alone!
Big businesses have the financial resources to hire strategic advisors from major firms such as Bain or McKinsey. And small businesses eventually fail to keep up because they can't afford to do so.
This is where Scopo comes in, for a very small fraction of the cost that is guaranteed not to break the bank!
Scopo works closely with small business owners and managers to strategically plan for the long-term success of their businesses, and a major part of this includes analyzing the external environment that impacts their operations. In addition to the political, economical, social and technological factors that impact businesses, Scopo also looks at the following external factors:
• Customer segmentation
• Demographic landscape
• Competitor operations
• Industry trends
• Substitutes and compliments
• Unmet consumer needs
• And much more!
In the end, our small business clients are in a "position" for long-term growth and success. And when our small businesses succeed, our communities succeed!
The 2016 Olympic Games are in full force. The athletes have spent a lifetime preparing for this very moment in time. And when they compete, the winners are not just the ones who are in the best shape but are the ones who have the best competitive strategy!
Your small business might be in great shape too, but do you have a competitive strategy to really win among your rivals?
Joe Immordino, MBA