plan

In this episode, we offer tips about how to make strategic planning work in your growing business.

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Show Notes

Once a company grows to a size where management teams run the various departments, the planning process can get more difficult due to the complexity of the business. It’s not just the entrepreneur making decisions, now there are department heads – with various ideas and opinions – making decisions.

Now, it’s more important than ever to march to the beat of the same drummer in your growing business.

Today, Lisa Roberts offers tips about how to make strategic planning work for your growing business. We’ll answer questions about the strategy development process and talk about tools that you can use to put this business practice in place in your business.

Key Points

*Entrepreneurs can struggle with strategic planning since there is sometimes confusion about what a strategy really is.

*Strategic planning is more about the “how” of things, not the “what” like the mission or the “why” like the vision.

*Companies have stakeholders that have varied interests and aims that can complicate a company’s intended strategy.

*A business needs to be clear about its’ mission, the what, before they can think about the “how”.

*While the mission is the same year in and year out, the strategy changes from time to time as you accomplish your mission.

*Goals are specific things the company wants to achieve; strategies are set to determine how the company can achieve them.

*Strategic planning helps entrepreneurs get everyone the same page, sets priorities and helps staff focus on what’s most important

*The first step is to determine where your business is at, is to use a SWOT analysis. This provides a basis to start developing long term goals and objectives.

*Strategies can then be developed for those goals as well as actions plans or tactics that will help execute the strategy.

*Once the strategic plan is set, an important step is the management of you plan including communication and monitoring the plan.

*It’s important for a company flow the strategy and goals down to the staff to create line of sight, focus and employee engagement.

*Culture, communication and management are an important part of the strategic planning and goal setting processes.

Resources and Links

Book mentioned in the episode: Hard Goals by Mark Murphy  http://amzn.to/2p5bXKf

 

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

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Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Employee benefit plans in the U.S. have undergone a lot of change over the last 10 years.  Entrepreneurs have struggled to keep up with it all.  In this episode we bring  in employee benefits expert Joe Ellis from CBIZ.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Employee benefit plans in the U.S. have undergone a lot of change over the last 10 years.  Entrepreneurs have struggled to keep up with it all.  In this episode we bring in employee benefits expert Joe Ellis from CBIZ.

Joe will give us the “state of the union” on the area of Employee Benefits.  We’ll get his opinion on where we are now and how we move forward and help entrepreneurs find out how to provide good employee benefits and do it in a smart cost, effective way.

Key Points

*Biggest changes in employee benefits in the U.S. have been due to the Affordable Care Act, the impact of technology and the generational aspects of the modern workforce.

* Subtle changes have occurred surrounding where the dollars are being spent due to the pressure of rising health costs.

*Higher employee out of pocket costs have given rise to offerings by some insurance companies for gap insurance.

*With changes anticipated with health care and the laws surrounding the ACA, we plan on having Joe back to talk about them once things are clearer. Joe advises to continue doing what you’re doing until law is changed.

*Joe is excited about the future since indications are that employers and benefit providers will get back to providing employees with good affordable options that meet the needs of their employees.

*A challenge he sees is the changing workforce as companies now have 4 different generations making up their workforce all with different needs and wants.

*Since money is one of the biggest stressors for employees and affects performance, opportunities for entrepreneurs surround well-being programs like financial wellness.

*One way companies make mistakes in employee benefits is either offering plans that are either too rich or too lean. Joe shares examples of this.

*Goal with benefit offerings is to be competitive in your market or industry. Joe shares some advice on this.

*Online services and apps are becoming more prevalent as companies try to integrate administrative systems which help HR departments spend more time with employees.

*Helping millennials get acclimated into the workforce, pursuing work life balance issues as well as flexibility in schedules and work location are areas where entrepreneurs should focus their efforts over the longer term.

*Another focus for entrepreneurs over the long term is issues surrounding general wellbeing such as financial, mental and spiritual wellbeing.

*Employers should consider whether the dollars spent on benefit plans are spent in the best way possible and should take time to ask employees whether their plan offering is filling their needs.

*A good idea is to get a fresh set of eyes on your plans, whether through an advisor like Joe or other professional, to review your plans.

* These reviews should check for things like cost effectiveness, that your plans makes sense for your business and if they include the current offerings that are available in the marketplace.

Resources and Links

Article Joe Ellis mentioned in this episode – click to access The 5 Traits to Look for in a Health Insurance Advisor

Information about our guest – Joseph Ellis, Sr.

Joseph E. Ellis, Sr. is a Senior Vice President at CBIZ with a long and successful career in employee benefits consulting.  His work focuses on mid-size market, 100 to 2500 employees. He specializes in Employee Health Risk Management Initiatives, Onsite Health Centers and Value Based Plan Designs.  He has been quoted in Reuters News, FoxBusiness.com, Philadelphia Business Journal, Entrepreneur.com and many other publications and has spoken at many industry conferences. Joe provides his clients with the necessary insight to attract and retain employees and control costs.

To follow him on social media here are Joe’s Social Media Links
LinkedIn – https://www.linkedin.com/in/joeellissr/
Twitter – @JellisSr

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Creating a plan and budget involves being ready for good times and bad. When growth you planned stalls it can force tough decisions that impact people.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

In this episode Lisa tells of an experience from her past work life.  It’s about a very difficult situation that her company faced after years of rapid growth.  We’ll talk about what happened, how sometimes in running a business you need to make really tough, life-changing decisions.  She’ll explain how the 5 P’s of a healthy business can help you hopefully avoid or at least be ready when those tough decisions need to be made.  Lisa also shares how this experience helped shape her consulting and coaching business and inspired this podcast.

Key Points

* The company had been growing very quickly and having much success.

* The growth enabled the company to provide employees with a lot of opportunities to enhance their careers and employees were upbeat and optimistic about the future.

* The company had a plan for further sales increases and budgeted for additional hiring and other expenses, but things began to change.

* Over time the sales forecasts started to slip and sales targets were being missed.

*In her role, she monitored the sales results and forecasts and worried whether the sales forecast misses where temporary or a longer term problem.

*Once the problem persisted, she alerted the CEO to potential problems ahead.  After a few more forecast misses, the alarm was sounded and steps taken to analyze the situation the company now faced.

* We determined that this was a longer term problem we made the decision that costs needed to be realigned with our new sales reality.

* Unfortunately, eventually a tough decision had to be made and a large employee layoff needed to be done as well as plans and efforts to bring costs down.

*Lisa talks about the emotional aspects as well as the business aspects of having to make such a decision and carry it out.

*Hear how Lisa and her team developed a plan in order to both execute the task but to do it in a way that focused on the employees affected.

*Listen to what she took away from this experience and how it helped shaped her philosophy about running a healthy business and her passion for working with business owners and entrepreneurs.

*Lisa explains what she learned and how the 5 P’s – Planning, People, Practices, Process and Profit all played a role in this story.

Resources and Links

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

*Free Mini-Ebook – 5 Business Growing Pains and How to Overcome Them

To get your free copy of the ebook sign up using this link

*Quick Care Session –  follow this link to schedule a call with Lisa here

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here