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Welcome to the May 2007 issue of BOSSMENTOR® Business.

“All great contests come down to the final minute – the last step you take as you cross the finish line – the final dollar that puts you over the top. Won’t that minute be exciting?” The One Minute Millionaire.

BOSSMENTOR® Update
“Say hello, Rob”

Remember the toothpaste advertising where they don’t show the dentist’s face as he brushes his teeth (we assume for reasons of professional privacy)? Well, we have the same thing going on here – our team obviously isn’t all called Rob, but you get the drift. First names and industry sector only at this stage….

Team Players
Andrew – Property
Bryan – Cosmetics
Greg – Sales
Jenny – Strategy
John – IP Law
Julie – PR and Communications
Lisa – Brand Design
Luke – Website Design & Multimedia

We are now in our 3rd month of the six month Challenge, and now at the stage of turning the product idea into a reality! The process has called on all of our resources, expertise and extended network, as well as of course challenging each of us in ways outside the boundaries of our business skill sets and comfort zones.

Working together to ultimately achieve the same outcome is proving an invaluable experience for everyone. From my perspective, effectively project managing the activities, follow up, communication, decisions and being mindful of the business and time demands across 8 very different business owners is interesting and at times challenging, given that all these people are key to the success of the project.

Here are responses from 3 of our members when we asked them: “What has been the most memorable experience you’ve had so far being part of the Mastermind Millionaire Challenge?”

  1. “Where else would you find 8 enthusiasts who’ve known each other for 2 weeks, drop everything at a moment’s notice, to rev up to the country on a Saturday morning to investigate a ‘potential’ million dollar opportunity?”
  2. “It’s a fantastic experience to be surrounded by such a highly motivated and creative group of people.”
  3. “My most memorable moment would have to be ending up almost in Geelong on the way to viewing a property, not only miles away from where I should have been, but in a completely different direction, after I veered straight past the turnoff.  I arrived almost an hour after the rest of the team had arrived, but fortunately they were still there.  I tried, unsuccessfully, to blend in, as though I’d really been there all along!  Thankfully, this isn’t an orienteering challenge….!!”

One of those comments was mine, and for those who know me (and others who NOW know me much better!!) it’s not too difficult to pick which one it is……..sad, but true.

More details and personal info next time!
Feature Article

Start Building Your Business Strategy Blueprint

Strategy noun: long-term plan or policy; art of war; art of moving troops, ships, aircraft, etc. into favourable positions (Oxford Dictionary)

“The important decisions, the decisions that really matter, are strategic. They involve either finding out what the situation is, or changing it, either finding out what the resources are or what they should be. Among these are all decisions on business objectives and on the means to reach them.” (Peter Drucker, “The Practice of Management”)

Strategy. A term used in the theory of games to describe the set of choices a player will make in each possible set of circumstances. (A Dictionary of Economics)

How an organization interacts with the stakeholders in its business environment through its current and planned portfolio of products in large part defines its business strategy. (Robert J. Thomas, “New Product Development”)

From these varied definitions we see strategy as something that involves identifying where resources are and where they’re needed, and the art of deploying those resources favourably; deciding on business objectives; and above all it is certainly about choices.

My clients have all been able to grow their businesses and in the early years, a lot of this growth is tactical and not strategic. That is, most business owners work very hard in their businesses to drive growth, and they’ve been a key part of that growth.

At some point though, every entrepreneur needs to stop and consider if that is how they wish to continue working and growing their business.

When do business owners mostly start thinking about strategy?

  • When they have to make more decisions about resources
  • When they have to decide whether to pursue new opportunities
  • When they need to make decisions about how big the company could be
  • When growth in the business has reached a plateau
  • When they’re in trouble
  • When they’re overloaded
  • When they’re confused
  • When they want to fast-track their progress
  • When something significant changes their life
  • Sometimes, it’s when they have an ‘Aha!’ moment

Challenging circumstances lead most business owners to think about strategy, and then strategy itself can be challenging!

When you’re ready to start developing you business strategy, you need to look at the process from several different aspects:

  • Don’t just grow your business, but focus on building a high-value business. If you should decide to sell one day, you will get far higher returns on all your hard work.
  • Select a best-fit strategy, that’s right for now. Considerations such as resources, alignment with vision, and your business model all apply here.
  • Build a business model that will optimise growth, suit your lifestyle and give you leverage. All of these factors together are an important part of your strategy.
  • Know what skills & structure you need for ongoing growth. There are many ways to build skills into your business, but first you need to make sure you are clear on what skills and structure you need.

Stay tuned to BOSSMENTOR® Business and our website for more ‘how to’ information on developing your own Business Strategy Blueprint……

© 2007 BOSS Management Group Pty Ltd. All Rights Reserved.

WANT TO SEE MORE ARTICLES LIKE THIS ONE?
See the BOSSMENTOR® Article Archive: Business Articles

WANT TO USE THIS ARTICLE ON YOUR WEBSITE OR YOUR OWN EZINE? No problem! But here’s what you MUST include: Jenny Stilwell is the creator of BOSSMENTOR® Business, a FREE monthly ezine for professional, lifestyle oriented business owners wanting to confidently increase the value of their business, ultimately spending less time in it. You’ll get proven strategies, tips and resources designed to help you achieve success. To receive your free e-book information, and sign up for how-to articles on creating and managing business growth, visit www.bossgroup.com.au .

About BOSSMENTOR®

Business consultant and mentor, Jenny Stilwell, is the creator of BOSSMENTOR® Business and the Director of BOSS Management Group.

Jenny helps her clients take control of their business growth, so they can focus on what’s important in their lives. She helps her clients get really clear on strategy, structure and business growth, as well as provide proven strategies, tips and resources to help business owners achieve success. Learn more now at www.bossgroup.com.au.

BOSS Management Group, Suite 3, 8A St Andrews Street, Brighton, VIC 3186, Australia. Phone: +613 9592 3844, info@bossgroup.com.au.

BOSSMENTOR® Best Info
For those of you following our Mastermind Millionaire Challenge, you may be interested to read “The One Minute Millionaire”, by Mark Victor Hansen & Robert G. Allen.

Based upon the principle of ‘multiple streams of income’ it is essentially two books in one. The left hand side of the book is a fictional story, telling of one woman’s account of her own Millionaire Mastermind Challenge, and how her business made $1M in 90 days, and the right hand side of the book is a ‘business’ book which outlines the principles of the One Minute Millionaire Concept. As the title says: it is a “story that transforms your life and makes you rich!”