Many small business owners are in a hurry to grow. Their management style is “all business is good business”; therefore, in my opinion, they don’t have any management philosophy.
Setting policy is a prime responsibility for a fast growth management process; that includes the allocation of assets ( time and money), usually a scarce commodity in a small business.
All management must be focused on profit. Define your profit centers and analyze the return based on the time necessary to obtain the profit and the amount of that profit. This is where “whale fishing” comes into play. Fast growth comes from large profit centers. The time required to catch the small fish (small profit centers) takes just as much time as chasing and catching a whale.
Management also sets the tempo for the marketing arm of the business, most times, the small business owner wears both hats at the same time. If your target market is not made up of “whales”, then your marketing plans is flawed.
The mindset of the small business owner has to be one that realizes that the business is “a financial instrument” whose sole purpose is generating large profits.
The transition into whale fishing starts with time to develop and implement a new, directed marketing plan. The ideal target markets have been identified. From that, the resources (time and money) are woven into the fabric of the new marketing plan. Management leadership requires you to keep the business on course with accountability checks and being alert to the changing needs of your targets.
This is a simple solution but one that requires a strong belief in yourself as you take your business on a fast growth path.
Since you can’t change time, you must instead change your approach to it.
Nick J. Petra We specialize in whale fishing! www.strategicduck.com
Make it a Successful Today!