Author Archives: Jackie Nagel, Synnovatia

Business Growth Strategies to Snap You Out of Your Funk

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Jackie Nagel, Synnovatia

Nothing is worse than being in a funk! Entrepreneurs experiencing a “mood” know, only too well, the adverse effects the blues and the blahs have on business growth. Although you can tell yourself to snap out of it, nontraditional business growth strategies can turn your performance around.

There’s no denying the impact the brain has on business performance. A research study entitled Brain mechanisms for emotional influences on perception and attention: What is magic and what is not has this to say on the subject:

Converging data from neuroscience and psychology have accrued during the last decade to identify brain systems involved in emotion processing, selective attention, and their interaction, which together act to extract the emotional or motivational value of sensory events and respond appropriately. This system generates saliency signals that modulate perceptual, motor, as well as memory processes and thus, in turn, regulate behavior appropriately.

Translation? If you’re in a funk, regardless of the reason, your behavior — and your business performance — is soon to follow.

Business Growth Strategy: Gratitude

Our brains seek out negatives, thanks to our prehistoric relatives. Yikes! Uncovering the positive — especially when our brains perceive anything but — is when the real work starts.

In Shawn Achor’s book, The Happiness Advantage: The Seven Principles of Positive Psychology, he notes, “gratitude has proven to be a significant cause of positive outcomes.”

Daily Action: Write down three things for which you are grateful.

Business Growth Strategy: Accomplishment

Indeed, the business growth strategy of accomplishment seems like common sense — until you realize how little time and effort we invest in taking inventory of our achievements.

My grandmother taught me the value of looking back and taking note of my accomplishments — especially when overwhelmed by the road ahead. It turns out she was right! Research conducted by the University of Chicago confirmed its importance.

Daily Action: Write down your accomplishments.

Business Growth Strategy: Opportunity

One of my incredibly bright clients helped me name this strategy during a discussion on tips for overcoming the drudgery associated with a lengthy, tedious, mind-numbing “to do” list.

Rather than catalog all that needs “doing,” how about flipping the tables by recording them as questions? Jot down “Can I complete my blog by 11:30 am?” rather than “Write my blog.”

Wording your “to do” in the form of a question inspires action and more successful outcomes.

Daily Action: “Question” your opportunities.

What do you think? Can these nontraditional business growth strategies lift you out of your funk?

8 Ways to Plug into Your Personal Power for Business Growth

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Jackie Nagel, Synnovatia

Webster defines power as the ability to act or do. Given that, we all have it. Everyone can act. Despite that, not every business owner uses their power or uses it in the right way. Some entrepreneurs give their power away to others, and it’s not pretty. But, when tied to your power grid, business growth occurs easily and naturally.

Plugins to Electrify Your Business Growth

Become toleration-free. When you’re tolerating (i.e., putting up with stuff), you’ve given your power to the very person, place, or thing you are tolerating. So, when you shift from a person who puts up with stuff to becoming toleration-free, you take back what was yours.
Get your personal needs met. You’re familiar with physical needs such as food, water, and shelter, right? But, did you know that you have personal needs? Some of our everyday personal needs include the need for appreciation, recognition, and safety. And unfortunately, we are subconsciously driven to satisfy our unmet needs. This energy results in some not-so-attractive behavior and a sense of helplessness. By consciously getting our needs met, we can choose healthy behaviors that support us in achieving our business goals.
Set strong boundaries. Boundaries are imaginary lines drawn to tell others the type of behaviors or interactions that are acceptable and unacceptable. It may be okay that someone offers constructive criticism. It’s not okay that they deliver that corrective communication in a degrading or demeaning way. You have a right to protect yourself from behavior that diminishes your spirit. You don’t need to suffer “pushoveritis” to be successful.
Clarify your values. Values are who you are. These are the behaviors you’re naturally drawn to that bring you great joy and satisfaction. Think back to when you were six years old. What was it that you loved doing? Were you naturally inspired to create, explore, teach, or relate? Once you tap into your values, your ability to make intelligent, strategic decisions is enhanced.
Develop a reserve for fear. The standard advice for facing fear is “feel the fear and do it anyway.” (By the way, that concept never quite worked for me.) Fear indicates a pending risk. One way to alleviate fear is to develop a reserve (i.e., more than you need) around what you fear. For instance, if your fear threatens financial stability, a monetary reserve to grow your small business may help eliminate fear.
Practice self-kindness. Self-kindness is the ability to take better care of oneself, a requirement for a powerful person. Self-kindness includes the frequent use of the word “no,” healthy eating, regular exercise, and hanging out with those who treat you as a brilliant person capable of accomplishing great things.
Acknowledge your strengths and gifts. Buying into the perceptions of others as truth can drain your power. For instance, assertive, ambitious, energetic, hard-driving, and determined may be perceived as an asset for one gender group and liability for another. Some praise weaknesses as strengths; some perceive strengths as weaknesses. Decide for yourself what strengths you possess.
Operate at 51%. Unless you’ve had a frontal lobotomy (i.e., removal of the brain’s frontal lobe) that renders you inept, you are responsible for all that is happening and not happening in your life. Erica Jong said, “Take your life in your own hands, and what happens? A terrible thing; there’s no one to blame.” Take control over your response to life.

Despite all written about personal power, it is often misinterpreted and confused with manipulation. That’s control, not power. When you have true power, you don’t need control.

Personal power transferred to your business creates new ideas, opportunities, and connections.

Are you ready to plug in?

Plagued by Uncertainty? Take Your Small Business BIG!

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Jackie Nagel, Synnovatia

The pandemic, politics, and inflation put many small business owners on edge. The uncertainty was evident in many coaching conversations over the two years.

Regardless of the economy, the small business owner is left to deal with uncertainties of some kind. So we have to make it work for our company to survive.

When uncertainty looms, it’s natural to want to retract – to shrink back from previous, well-thought-out plans – to play it safe “just in case.” It’s part of the flight or fight paradox with which we’ve lived since the days of the caveman (and cavewoman).

The problem with choosing the “flight” path is that it causes us to miss out on opportunities within our grasp – if we would only look up from issues that have yet to occur.

I explained it to a client in this way.

Scaling back and playing it safe is undoubtedly an option when faced with uncertainty. It’s like holding a small bucket close to our chest. Much like a kid with a particular toy s/he grips, we develop a protective posture over what we currently define as “certainty.”

We hold tight. We look down. We guard our territory – all in hopes of retaining this tiny bit of control.

The problem with this position is that with head down and field of vision limited, we fail to see the opportunities within our sphere of influence. As a result, the same occurrences that would fortify certainty are hidden from view.

Rather than respond to uncertainty by going small – Go Big – and remove any option of going back.

You Can’t Come Home

That’s what my mother-in-law told her son (my husband) when he signed on with the Marines. Knowing the rigors of the Marine Corp during the Vietnam War, she was not in favor of his enlistment.

Despite her objection, he signed up.

When boot camp proved to be too arduous, he made one call. He called his mom. He begged and pleaded to come home.

There was no convincing his mom to let him return home when times got tough. Raised in south Chicago, she knew that commitment and discipline were qualities that served a young black man well during the 60s.

Much to his surprise, she refused his request to come home. He had decided to join the Marines against her council, and he would have to stay and make it work. So he was not allowed to come home.

Decades later, he says it’s the best thing that ever happened (besides marrying me).

He learned about the strength within, the discipline needed to succeed, and the honor of commitment. He uncovered a man much stronger.

Don’t Go Back in Your Small Business

Don’t go home in the same spirit of uncertainty, struggle, and doubt. Don’t play small – not now! Not ever!

Discover the strength, wisdom, and fortitude within yourself – and capitalize on the opportunities around you as you hold your head high and keep your eyes on the prize.

Strategic Thinking Shapes the Business Strategy and Future of Your Business

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Jackie Nagel, Synnovatia

A delicate balance exists between running your business on a day-to-day basis and strategizing for tomorrow. The good news is that small business entrepreneurs spend a generous amount of time thinking about their future. The bad news is that it’s done on the fly and on the run (or in-the-shower).

Is that the kind of quality strategic thinking that shapes the business strategy for business growth? Although there is an up-side to on-the-fly strategic thinking, there’s a greater down-side as your trade-off quality.

Several years ago, I enrolled in the MDE (Management Development for Entrepreneurs) program at UCLA Anderson School of Business. It was a course held on campus every Friday for six months. So naturally, we cringed at the idea of leaving our business “unattended” for 8 hours! Can you relate?

We were so caught up in the daily operation of our business. Yet, we also realized the need for dedicated time to think more deeply about our futures.

Importance of Strategic Thinking On Business Strategy

Thinking about the future of your business in an organized manner is essential to growing your small business. Although it won’t allow you to predict the future, it empowers you to shape your future.

Dedicated time for strategic thinking challenges the status quo. It gets you out of the “business as usual” mindset and trains your brain to see things that are new and vital to the future of your business. And, when you’re better informed about your business, your decision-making produces a better business strategy and quality decisions.

Most of us recognize the importance of strategic thinking. The real question is — when! Given all we juggle in the course of a day, personally and professionally, it isn’t easy to imagine an uncommitted time.

Time to Think Strategically

As business owners, we need to make time to think strategically. We can’t just be operationally busy all the time. We need to escape the day-to-day business operations to achieve a strategic perspective.

How much time? That varies from entrepreneur to entrepreneur. Because of current commitments, it may be necessary to ease into it by blocking out 1% of your schedule for uninterrupted, quality strategic thinking. If you generally work 40 – 60 hours each week, this is only 40 – 60 minutes. Every two weeks, increase the percentage of your strategic thinking time until you can adjust your schedule to accommodate 10% of your time.

Now What?

If you’re not well-practiced in effectively using your artfully committed strategic thinking time, it may feel a bit odd at first. You might think it’s time to get caught up on that lengthy to-do list. But, trust me, it’s not!

During your strategic thinking time, explore the issues in your business. Look to see what’s happening around you, in your business, and your industry. What’s changing? How do you need to adapt to the changes? What opportunities exist? How can your business capitalize on them?

Depending on the time, you’ll find that your strategic thinking time takes on a strategy of its own. Tap into Unzip Your Success! 5 Types of Planning Every Small Business Needs for a more detailed outline of what to think about on a daily, weekly, monthly, or quarterly basis.

Thinking about the future is not linear. However, as you take steps and regularly commit to a predetermined quality amount of time each week, you’ll notice the positive influence on the future of your business.

Strategic thinking helps you shape that future.

The Art of the Ask: How to Ask For and Get What You Want in Business

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Jackie Nagel, Synnovatia

A recent business connection on Linkedin resulted in a fun and insightful conversation. My pen flew across the page to capture how she leveraged the information to get “unstuck” and in motion as we chatted. Enjoy and read the course of action she implemented to break through her resistance to ask.

A small business entrepreneur’s day is filled with opportunities to ask for – and get – what we want—asking leaves some small business owners fearful and hesitant — especially when unaccustomed to their requests being realized. As a result, some small business owners grab hold of the “ask” in a manner that triggers an inability to achieve their quest.

On the other hand, victorious entrepreneurs seize the opportunity to “ask” and forward their objectives. Why do some entrepreneurs succeed while others fail at asking for and getting what they want? The triumphant entrepreneurs employ “the art of the ask.”

The Art of the Ask in Your Business

Most small business entrepreneurs are masters of their craft. They are highly skilled in their area of expertise. Their competence may be legal, financial, design, communication, project management, process improvement, technology – the list is endless. Seldom is “the art of the ask” taught at the advanced learning institutions attended.

Consequently, this means using trial and error (i.e., mostly error) to hone their “asking” skills. In contrast, people who ask for and get the “yes” regularly have become skilled at “the art of the ask.”

Does This Make My “Ask” Look Big?

Asking for and getting what we have in mind isn’t the same. We ask for permission, a referral, the sale, to be paid, for help, approval, an introduction, special treatment. Getting to “yes” depends on the skill and the size of your “ask.” Here are a few pointers to get you closer:

1. Be reasonable. Consider the desired outcome of your ask. Is it directly proportional to your relationship with the supplier of the “yes”?

2. Keep it simple. Research indicates that one (1) reason gets the best results. So, avoid the need to pile on the reasons for someone to do what you want.

3. Draft your request before making it.

4. Be kind/honest/professional. No BS allowed.

5. Be specific and brief. Don’t him-haw around.

6. Provide an easy out. Make it easy for someone to say “no” without damaging your relationship.

7. Show your gratitude.

8. Be willing to give in return.

9. Make it WIIFM compliant. WIIFM stands for “what’s in it for me.” It’s the question that subconsciously goes through the mind of each provider of a “yes.” If your request is WIIFM compliant, your “yes” broker will quickly see that your “ask” imparts something for them as well.

The ability to ask for what you want to increase the likelihood you will obtain it is a crucial business skill. With a bit of practice, you’ll master “the art of the ask.”

Now, go ahead. Ask me anything!

A Brilliant Step by Step Ask

Here are the steps my new Linkedin connection took to overcome her resistance to asking for help:

1. Make a list of people she wanted to contact.

2. Noted her relationship with each.

3. Identified one “ask” for each.

4. She considered how to provide an “easy out” if she heard hesitancy.

5. Made the WIIFM (What’s in it for me) crystal clear.

Your turn. What’s your ask?

Do Small Business Opportunities Exist Despite the Incessant Pandemic?

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Jackie Nagel, Synnovatia

Didn’t we all think the pandemic would be in our rearview mirror by now? I sure did! In fact, in my 20+ years in business, I’ve never quite seen anything like the current situation, meaning the pandemic and its impact on all aspects of life.

Given the past two years of never-ending virtual meetings, non-existent in-person team collaboration, and ever-changing regulations, COVID has undoubtedly upped our resilience game.

Many small businesses have thrived despite the relentless challenges and changes. But, unfortunately, others haven’t enjoyed the same experience. So what do you guess contributes to the difference? Did they find a four-leaf clover, rub a genie’s bottle, unearth a rabbit’s foot, or are they just plain lucky?

Roman philosopher Seneca said, “Luck is what happens when preparation meets opportunity.” And, despite it the results, sometimes we have to create a little luck.

So, if you’re looking for a four-leaf clover in your business to lift your spirits and relieve some of the COVID pressure, here are a few considerations for prompting opportunities in your small business:

Launch a new program. Nothing infuses energy and opportunity into a business more than a new program or service. Can’t think of a new idea? Find a new way to repackage your expertise.
Develop an inbound marketing model. Inbound marketing, coined by Hubspot, Dharmesh Shah, and Brain Halligan, is perfect for small business owners short on time but long on expertise (especially when in-person relationship development opportunities are limited.)
Have coffee with your clients, virtually, of course. You’ll learn volumes about how to create opportunities for your business by jawboning with your clients. Plus, it shows your clients you care all the time — not just when you need to make a sale.
Guest blog on sites where your ideal client is known to frequent. Regular guest blogging is an excellent way for others to know you exist. Find curated and membership sites where your ideal client hangs out and become a contributing editor.
Understand the buyer’s journey. Not everyone who visits your website or likes your Facebook page is ready to hand over their credit card. Many want to date for a while to get to know you better. Take them gently through the Nine Steps to Building Trust Online & Offline for Your Small Business. And, can’t we all agree? The buyer’s journey of 2022 is not the same as it was in 2020.
Adopt a giver’s mindset. I’m not talking about giving away all of your expertise for free. After all, you’re in business for profit. It’s an attitude of what you can do for this person rather than what they can do for you. That’s my favorite part of capitalism — being a giver rather than a taker.
Learn 21st-century consultative selling. Put away the double-knit plaid pants and loud, abrasive sales scripts. In the 21st century, selling is uncovering the needs of others and satisfying them. And boy, if there was ever a time that conditions for businesses have changed, it’s now.
Keep in touch with your network. Don’t just stop by your social media platforms when you have something to sell; stop by and say “hi.” Turn your favorite social platform into “Cheers” – where everyone knows your name.
Fill your sales pipeline. Put enough effort into lead generation to satiate your sales pipeline. And, don’t stop just short of “full.”
Apply the 80/20 rule. Spend 80% of your time focusing on sales, marketing, and networking activities each day. Try this for two weeks. You’ll amaze yourself with the number of opportunities you’ll enjoy.
Revise your business model. How does the saying go, “It’s Not Your Dad’s Cadillac.” Not that you’re a 120-year old car; however, what worked well pre-2020 may no longer be relevant in the pandemic world.
Change your business strategy. In fact, why not run your current strategy through its paces by asking the 8 Questions to Scrutinize Your Business Strategy (Like a Boss).

I’ll admit — that even these considerations can be daunting and ineffective in giving your business the infusion for growth it needs. Why? Because “it depends.” Success in uncertain times is dependent on many factors — many of which may feel out of our control.

No matter what, opportunity, like luck, isn’t what happens to you; it’s what you do that creates opportunities. So, what sort of opportunity are you making today?

Opportunity, like luck, isn’t what happens to you; it’s what you do that creates opportunities. So, what sort of opportunity are you making today?

The Sign That Launched My Entrepreneurial Outlook

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Jackie Nagel, Synnovatia

My dad, Johnny Nagel, a common sense, hard-working man with entrepreneurial wisdom beyond his sixth-grade education, had a sign posted on the door of his makeshift office. It read…

If you don’t have time to do things right the first time, how much time do you have to them over?

As a diesel mechanic in a small, farming community, grain farmers relied on Dad to deliver their hay balers, combines, and tractors within a suitable timeframe. Due to North Dakota’s limited growing and harvesting season, the speed of return to the grain fields was critical.

With a demand to finish harvest before the cold, hard Dakota winters set it, Dad felt the pressure to deliver machinery, often before it was fully repaired and ready.

“Good enough” was not good enough for Dad’s approach to the service he committed to providing.

Although it was difficult for harried farmers to see the value of making proper repairs from the outset, Dad’s commitment to quality work ultimately prevented costly delays for his clients.

His attitude and approach to business were the first, and the most influential, lessons I learned as an entrepreneur. It inspired me to deliver quality work with the utmost integrity — not just occasionally — but time and time again.

The High Cost of Entrepreneurial Blunders & Missteps

In a rush to get to market, we hurry through our business planning process. We tell yourselves we don’t have time! Yet, our perceived time crunch causes a failure to identify critical strategies. This blunder ultimately triggers a flurry of costly marketing mistakes and the need to take up the planning process once again.

How much time (and money) do we have to do things over?

We sprint through research overlooking vital statistics that would accurately position our offerings. We don’t have time — or so we tell ourselves! Following months of lackluster results, this fundamental mistake forces us to realign our products. Yikes!

How much time (and money) is it going to take to do things over?

Corners are cut on a critical project for a high-profile client. This ultimately doubles your project overhead and drastically reduces your profit. Why? We didn’t have time to do things right from the inception — or so we tell ourselves. Not only does this create grounds for the loss of future contracts but puts a permanent dent in our reputation.

How much time…oh, never mind. There’s no do-over when delivering less-than-expected results to a client.

Certainly, interpreting ‘doing things right the first time’ is left to the individual. Whether it’s our planning process, client promises, or work quality, when we find ourselves unreasonable rushing or struggling, remember the philosophy of my Dad, Johnny Nagel — “if you don’t have time to do things right the first time; how much time do you need to do things over?”

This simple, yet profound approach to business saves us from costly mistakes and unnecessary stress.

Plan the Work. Work the Plan. How to Create Time for Strategic Planning

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Jackie Nagel, Synnovatia

Strategic planning is an essential element of business development. It provides the much needed clarification to pace business growth. Not only does it keep you on track and on task, but it also help avoid detours and prevents unnecessary and costly derailments. The payoffs are huge yet few entrepreneurs seem to carve out the time to create their strategic plan — until it’s too late.

The Planning State of Mind

The biggest roadblock to strategic planning shared by many entrepreneurs is the lack of time available to actually think through and create the plan. However, before carving out the necessary time, strategic planning starts with the right mindset.

Here are a few of the faux pas we experience in our work with entrepreneurs:

Many entrepreneurs feel their strategic plan needs to be completed in one sitting. Yikes! That’s a lot of mental overwhelm. Strategic planning, done right, does takes time. Plus, you want the opportunity to step away from the plan to thoughtfully consider the various elements of the strategic plan. The future success of your business depends on it. It can take 20-25 hours for busy small business owners to complete their strategic plan. And, that’s okay!
Another mental hurdle some business owners face is the notion that business needs to be on pause during the strategic planning process. Nothing is further from the truth. It’s important to continue to grow your business during the process. Insights gained along the planning path have a positive impact on business even before your strategic plan is complete.

Earl Nightingale said, “Don’t let the fear of the time it will take to accomplish something stand in the way of your doing it. The time will pass anyway; we might just as well put that passing time to the best possible use.”

The Practical Six-Step Plan for Strategic Planning

Here are a few pointers to get you started on the right path:

Find your most productive time. Don’t wait until you’re mentally drained and physically exhausted to work on your strategic plan. Find the time when you’re fresh, energized, and creative. The future of your business depends on it.
Arrange 60-75 minute planning periods. Pierre Khawand, author of The Results Curve(TM): How to Manage Focused and Collaborate, discovered that the best results are achieved after 40 minutes of focused work following by 20 minutes of collaboration. This gives you the time to achieve results without creating a substantial dent in your workflow.
Plan to plan weekly. Don’t let too much time pass between your strategic planning activities. You’ll feel like you’re starting from square one. Done weekly, however, ideas, concepts, and direction are still fresh in your mind.
Plan away from your regular workspace. If you’re easily distracted or pulled by the needs of others, get away from your regular workspace. Your neighborhood coffee shop or library stops the interruptions blocking your strategic planning process.
Break down the strategic planning process into bite-sized pieces. Don’t overwhelm yourself with the entire plan. In fact, when your plan is broken down into more manageable pieces, you’ll experience a sense of accomplishment at the end of each planning appointment. Consequently, you’ll move your plan forward more quickly. John Bytheway wisely said, “Inch by inch, life’s a cinch. Yard by yard, life’s hard.” That’s certainly applicable to strategic planning.
Commit to your plan. Entrepreneurs are notorious for minimizing the long-term wants of their business to attend to the short-term deeds. Think about it. Would you cancel an important meeting with a client? Of course not! Why, then, would you be so cavalier as to cancel any planning meetings with yourself? Be as committed to your planning process as you are to the needs of your clients.

Strategic planning isn’t easy. However, planning is a habit to hone to arrive at the destination you desire.

How to Use A Year End Assessment to Grow Your Business

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Jackie Nagel, Synnovatia

Ahhh, yes! It’s the time of the year we gather around the holiday table (aka Zoom) with the significant people in our lives…and plan for the year ahead. (Oh, how I wish that were so.)

Unfortunately, most business owners spend more time planning Thanksgiving dinner than they do planning for business growth. And, when resources are limited, planning is even more critical.

David vs. Goliath Planning

There’s more than size that separates small businesses from large. The most noticeable difference is how each responds to pressure, stress, overwhelm, and uncertainty.

While corporations spend more time planning when things go sideways, small business owners spend their time putting out fires and dealing with day-to-day operations.

Granted, you have to weigh the importance of assessing, planning, and setting a direction for business growth versus being on the streets doing your thing. However, the real value of proper planning is the time saved by focused efforts and avoiding costly decisions.

A Year End Assessment is Not Rocket Science

A formalized strategic planning mechanism that is held annually is a nice idea. The truth is most of us small business owners aren’t likely to create — or engage — in such a formalized process. In fact, the failure of most small businesses to engage in any sort of structured planning is noted as one of the primary causes of the high failure rate. That’s just plain ugly — especially when it’s avoidable.

Regardless, we don’t need an MBA or special superpowers to accurately analyze and plan for the year ahead. We just need to schedule some time and take inventory of what’s truly going on in our business.

Planning means preparing for future success.

Business Growth Begins With an Assessment

One of the most valuable tools to identify growth opportunities is the year-end business assessment. It gives you the critical feedback and insight you need for proper planning.

Objectivity accelerates your odds for a successful year ahead.

Don’t Let Business Consume You

It’s easy to get devoured by the day-to-day hustle of a small business. We become engrossed in catching up and keeping up. Before long, we’ve squandered priceless resources and exhausted opportunities — all because we’re too absorbed in business operations — and drained by it all.

Once you’ve completed your year-end assessment, make plans to…

Run your business profitably by putting a halt to underpricing—and underearning.
Take better care of yourself by locking in boundaries, especially related to time.
Work each day with a clear intention culminating from clearly defined goals.
Make better choices by escaping over-commitment.
Target double-digit business growth by delegating and outsourcing.
Maintain better work-life balance through the use of technology.

The Census Bureau counted 40,000 firms with $1 million in revenue for 2017. Granted, that was 2017. Needless to say, they are a bit sluggish when gathering data. However, even if $1 million in revenue is not your goal, there’s tremendous benefit in setting a strategic direction for your business.

______________

Want a year end assessment to spark your motivation? Join our entrepreneurial cohort at Eureka (It’s still free to join.) and download Think Clearly. Act Boldly. Head in the Right Direction.

5 Myths About Strategic Thinking Slowing Your Business Growth

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Jackie Nagel, Synnovatia

Strategic thinking, the thinking process used by the most intentional and successful of Stage II enterprise entrepreneurs is getting a bad rap! And, who’s paying the price for it?

You are! The small business owner!

Apparently someone (insert air quotes here) is attempting to sell snake oil on how to think about thinking strategically. After a while, it gums up our business growth.

Myth #1: Strategic Thinking is Only for Big Business

Actually, strategic thinking is for any business looking to take a long-range view of their business and the environment in which it operates. It’s what’s required to make the most of any changes on the horizon.

Applied successfully, strategic thinking helps you better leverage your precious resources of time, talent, and money. With better use of resources comes accelerated forward movement.

Myth #2: Only Certain People are Qualified for Strategic Thinking

The numbers are in — and they aren’t pretty! Chief Executive Magazine reported that only 3 out of every 10 business leaders know how to think strategically.

Don’t let this statistic reinforce the myth. Actually, it points out that few people have been taught this critical business skill. If you’re willing to learn, you can become a strategic thinker for your business.

Myth #3: I Don’t Have Time to Think Strategically

This is quite prevalent, especially for small businesses. I understand first-hand how difficult it is to pull our heads out of the day-to-day operations, especially once the flurry of our inbox is unleashed.

My dad taught me that if you don’t take the time to do something right the first time, how much time do you have to do it over. That’s a valuable lesson to learn.

High-level thinking encourages the proactive monitoring of your business so you’re not caught off guard by some unnoticed event or trend. Strategic thinking saves you time and money. In the end, it’s what takes the business to the next level.

Myth #4: Strategic Thinking is a Waste of Time

This myth is particularly poignant for many business owners who escaped the bureaucracy of a corporation in search of their own business.

Having spent hour, upon grueling hour, tied up with multiple people who talked ad infinitum only to use the strategic plan as a doorstop, it’s natural to think it’s a waste of time.

Truthfully, strategic thinking is fast, easy, and very effective when done consistently and correctly. (Be sure to ask us how!)

Myth #5: I Think Strategically All Day

Is it strategic in nature? Does it take your goals into consideration? Is it based on data? Are actionable, corrective actions included in your thinking?

You may be thinking all day but you’re not thinking strategically. In fact, most entrepreneurs spend their day thinking tactically. In reality, you’re thinking about how everything will get done.

Strategic thinking, at the start of your week and/or day, means less thinking (i.e., worrying) about how to get it all done. Strategic thinking clears out the clutter lurking in your mind. It keeps you focused and on track with the activities most meaningful to achieving your dreams.

Do any of these myths sound familiar? If so, rethink your approach to the kind of thinking that ultimately impacts your business.

Strategic thinking is the quickest, most predictable, time-effective skill to achieving business success.

Bite-Size Chunks of Wisdom

Jackie Nagel, Synnovatia

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Jackie Nagel, Synnovatia

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Business Growth Strategy: Accomplishment

Business Growth Strategy: Opportunity

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Plugins to Electrify Your Business Growth

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You Can’t Come Home

Don’t Go Back in Your Small Business

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Time to Think Strategically

Now What?

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The Art of the Ask in Your Business

Does This Make My “Ask” Look Big?

A Brilliant Step by Step Ask

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Jackie Nagel, Synnovatia

The High Cost of Entrepreneurial Blunders & Missteps

Jackie Nagel, Synnovatia

The Planning State of Mind

The Practical Six-Step Plan for Strategic Planning

Jackie Nagel, Synnovatia

David vs. Goliath Planning

A Year End Assessment is Not Rocket Science

Business Growth Begins With an Assessment

Don’t Let Business Consume You

Jackie Nagel, Synnovatia

Myth #1: Strategic Thinking is Only for Big Business

Myth #2: Only Certain People are Qualified for Strategic Thinking

Myth #3: I Don’t Have Time to Think Strategically

Myth #4: Strategic Thinking is a Waste of Time

Myth #5: I Think Strategically All Day

Core Business Assessment

Testimonial

Brooke Billingsley

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