As you go about your business day, you often hear so many different words and phrases co-workers and associates use to define business plans, actions and results. Business language constantly continues to evolve and change. Sometimes it’s challenging to keep up with all the new buzzwords applied to business. But what do all these words really say to bring value and definition to the direction of your company – which is to keep moving forward successfully, profitably and with the least amount of stress involved? In other words, your business strategy.
Let’s look at examples of often heard business words and phrases:
Elevator Speech. As a CEO, president or business owner, you’ve probably heard reference to the importance of having, always at the ready, an elevator speech. How many times has someone asked you: What do you do? Essentially, the purpose of an elevator speech is to concisely describe what you do as a business person. The term comes from getting into an elevator with someone and by the time you reach the destination of your floor you have clearly, precisely communicated what you do in business to another person. When you step out of the elevator, the other person knows exactly what you do. Think of it as a “commercial” that is always ready to air for its target audience when asked. Depending on the length of the elevator ride, the speech could be as short as 10 seconds, on average 30 seconds – or if it’s a long trip from the ground floor to the top of a very high city skyscraper, a minute in length, max two minutes. According to Wikipedia, the term originated with an editor of Vanity Fair as “elevator pitch”. That’s exactly what you’re doing. You’re presenting a mini sales “pitch” about you and the business represented. Have a business strategy to your words. Make your words as memorable as possible so people will remember you and your business.
Mission Statement. Every company should have a mission statement. According to the dictionary, the definition is: A formal summary of the aims and values of a company, organization, or individual. Essentially, it’s provides a statement of purpose to your business and to your leadership role. When Mark Zuckerberg, a co-founder and the CEO of Facebook, first started the now legendary online platform, the mission statement was simply: … to make the world more open and connected. Short, easy to understand, yet to-the-point statement. The company certainly achieved that goal in ways far beyond what was initially imagined. So as Facebook, the business, grew so has its mission statement to better reflect where the company is going as well as what it represents. The mission statement, according to The Verge, now reads: To give people the power to build community and bring the world closer together. The company possibilities remain endless for profitable success with more people participating worldwide. As a CEO, president or business owner, does your company have a mission statement? Or do you go to work every day without a defined purpose that can be referred to throughout the day to keep the business on track and moving forward? A mission statement co-ordinates with the overall business strategy of the company
Business Strategy. As a CEO, president or business owner, you can have the best elevator speech and the best mission statement of any company in your industry, but without a solid, up-to-date, focused business strategy, the words are meaningless.
Can my business strategy be defined in a few words?
Analyze, rethink and edit down your business strategy to the simplest language so everyone at the company can be enthusiastically on board with it. Be able to put it into action! An elevator speech and/or a mission statement can only take you so far in the world of business. What it all boils down to for REAL success is the business strategy.
- What is the overall strategy for the business?
Then, get more specific, for instance:
- What is the marketing strategy?
- What is the prospecting strategy?
- What is the sales strategy?
- What is the customer service strategy?
- What is the pricing strategy for your product(s) and services?
If you can define and co-ordinate the company’s business strategy with specific segments then you can have a really successful, productive, profitable business with less stress and worries.
For a moment, just think about your current marketing strategy.
- Who is your customer?
- Which social media sites does your customer frequent?
- What type(s) of marketing is your customer most receptive to that will lead to sales and repeat business?
Once specific strategies are in place then as the CEO, president or business owner, you can communicate more effectively with the marketing department, the sales department – or any other area of your business to achieve the results you want for your company. As the leader of your company, you need to custom fit business strategy to each department of the company. The information and business strategies you focus on with marketing or sales is different than the accounting or production department or front office. Employees care about what directly affects them to get the job done properly.
Always break down everything into the simplest possible form as you develop and implement business strategies throughout the day. Develop a specific, streamlined thought process with your business strategy so you can language, verbally or written, exactly what a department or certain people need to know to be motivated and successful for the company to attain its business goals.
To your success!
Business expert and strategist, Howard Lewinter, guides – focuses – advises CEOs, presidents and business owners throughout the United States to MORE success – MORE profit – less stress. Business problems? Business issues? Get MORE from your business! Talk business with Howard: 888-738-1855.