Category: Strategy

Goal setting is crucial for both businesses and individuals to achieve success. However, without a structured framework, reaching goals can seem overwhelming. This is where the Goal Pyramid Framework proves invaluable. It breaks down goals into manageable steps, making it easier to visualize and attain desired outcomes.

In this article, we’ll delve into the Goal Pyramid Framework and its categories to illustrate how it can benefit your business.

What is the Goal Pyramid?

The Goal Pyramid is a practical method for deconstructing goal-setting aspirations into tangible and achievable steps. It facilitates easy visualization and materialization of objectives, providing methods to track progress effectively. The Goal Pyramid comprises four categories: primary goals, long-term goals, short-term goals, and daily habits.

Visualise to Materialise

Goal Pyramid Framework:

1. Primary Goals:
   Primary goals form the foundation of the Goal Pyramid, encompassing the overarching aspirations of the business. These are the ultimate wishes or objectives that a business seeks to achieve, impacting its growth parameters. Initial fulfillment of primary goals serves as motivation to pursue further objectives. Examples include aspiring to become an author or initiating a new business venture.
2. Long-term Goals:
   Long-term goals break down primary goals into actionable steps. For instance, aspiring to become an author involves milestones such as drafting, editing, and completing the manuscript. These incremental achievements contribute to realizing larger objectives.
3. Short-term Goals:
   Short-term goals further dissect long-term goals into manageable segments. For example, to achieve the long-term goal of becoming an author, setting weekly targets for drafting a specific number of pages facilitates progress.
4. Daily Habits:
   Daily habits constitute the final tier of the Goal Pyramid. These habits comprise specific and actionable steps aligned with long-term goals. For instance, while pursuing authorship, daily habits may include dedicating an hour to research and 30 minutes to writing.

Note: Daily habits are adaptable to time and individual preferences.

In conclusion, the Goal Pyramid Framework offers a practical approach to achieving your business objectives. The four-tier structure- primary goals, long-term goals, short-term goals, and daily habits, provides a roadmap for success. By breaking down your goals into achievable steps, businesses can monitor progress, and make necessary adjustments.

Remember, every small step contributes to significant progress, and by following the Goal Pyramid Framework, you can transform your business dreams into reality.

Setting goals and achieving them is integral to any business. To accomplish these goals, businesses employ various techniques, such as the backward and forward techniques.

In this article, we will explore both techniques and their role in helping businesses achieve their objectives.

Backward Technique (Destination point to origin)

Every organisation sets goals to enhance growth and business. In the backward technique, the company follows the goal’s path from destination points to origin points. This technique can be achieved by:

1. Understanding and defining destination points or the ultimate goal to determine the task’s end date. To understand the backward technique, let’s jump into a situation. For example, you want to become a director of ABC company by January 1, 2025. Always identifying all milestones becomes crucial. Questions like:
   • How many milestones need to be achieved to reach the ultimate milestone?
   • Will there be a need for a key account manager or executive?
   • Deciding to complete the executive training program by September 2024.
2. Working backward to identify tasks like completing the marketing executive program by March 2024.
3. Iterating this process until the first milestone is identified. For example, become a key account manager after the completion of the first year and set quarter quarter-wise targets to complete the backward technique.

Note: Backward Technique should be employed until the task is achieved.

Forward Technique (Origin to Destination)

The forward technique, also known as One-word goal setting, progressed from origin to destination. This technique involves answering three questions: What, Why, and How?

What? – Successful people have a clear goal. Without knowing where one wants to go or what they want to achieve, progress becomes challenging.

Why? – A one-word goal helps anchor actions. Identify the one word that represents the person you aspire to be by the end of the year. For example, Shri Ratan Tata ji’s word is “Humility.”

How? – Steps to achieve it:

Step 1: Start thinking deeply.

Step 2: Engage in divergent thinking.

Step 3: Employ convergent thinking.

Step 4: Create a visual reminder, such as a one-word poster.

Conclusion: 

Setting goals is crucial for business success. The backward and forward techniques offer effective ways to achieve these goals. By employing these techniques, businesses can plan and work towards their objectives. The backward technique aids in identifying milestones and working towards them in reverse order, while the forward technique assists in setting one-word goals and working toward them. By adopting these approaches, businesses can remain on track and achieve their goals within the set timeline.

The Big Hairy Audacious Goal (BHAG) framework is a long-term goal-setting framework introduced in the book “Built To Last Successful Habits of Visionary Companies” by Collins and Porras. This framework aims to create ambitious, inspiring, and challenging goals that can drive a company’s growth and success for 12-15 years.

BHAG goals are categorized into four different types, including target-oriented BHAG, competitive-oriented BHAG, role model BHAG, and internal transformation BHAG.

In this article, we will understand the categories of BHAG Goals in Business:

Categories of BHAG Goals:

 

• Target Oriented BHAG:
  In this category, the goal is to achieve predetermined targets such as reaching a $1 billion valuation of a company in 5 years and becoming a unicorn company. It varies from organization to organization. Achieving a specific goal within a certain timeframe ensures better time management and good results. For example, ‘Microsoft’ target was to ‘A computer on every desk and in every home,’ and ‘Walmart aimed to reach $125 billion in sales by 2000.
• Competitive Oriented BHAG:
  This category involves overtaking top competitors, where the organization faces competition with larger organizations. For example, in 1960, Nike’s original goal was to surpass Adidas, and NASA’s goal in 1970 was to reach the moon, competing with the USSR. Notably, individuals like Sir Richard Branson, Jeff Bezos, and Elon Musk competed to become space astronauts. Sir Richard Branson reached space before Jeff Bezos on July 11, but Jeff Bezos, being competitive-oriented, broke the Guinness world record in 2021.
• Role Model BHAG:
  In this category, the goal is to become a role model. For example, Harvard University is much older than Stanford University, however, both universities hold the same position in the market.
• Internal Transformation BHAG:
  To remain competitive, internal transformation is crucial for businesses. It creates positive change in the business model. For example, Netflix transitioned from DVD mailing to an OTT platform. Another example is Google, which underwent a small transformation to become the top browser in the world.

Internal transformation should be:

• C- Compelling and Exciting
• A- Action-oriented
• D- Decade (minimum 10 years plan)
• I- Innovative

In conclusion, the BHAG framework is an effective tool for businesses to set and achieve long-term goals that drive growth and success. By categorizing BHAG goals into different types, companies can tailor their approach to goal-setting based on their specific needs and objectives. Whether it’s achieving a specific target, outpacing competitors, becoming a role model in the industry, or transforming their internal operations, the BHAG framework can help businesses achieve their goals in a compelling, exciting, and innovative way.

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India has emerged as the 3rd largest ecosystem of startups globally across 763 districts of the country by 2023. However, taking business to the heights of the mountains required a roadmap, formally known as a Business Plan.

As per the report of the New England Journal of Entrepreneurship, 2021, the act of creating & writing a business plan is correlated with measures of growth and success. Therefore, a Business plan embraces the power of strategic planning and leads to the prosperity of any venture.

In this article, we will look into the process of writing an effective business plan and why it is required for the growth of a business.

What is a Business Plan?

A business plan is a pivotal document in the business that provides immense value for new and existing companies of all sizes. It includes an outline of the business, its key objectives, and upcoming plans and goals. Covering concepts such as market analysis, financial projections, and organizational structure, this plan becomes a source of help for financial institutions and investors.

Similarly, by jotting down the information that can be used to communicate strategic actions to the internal team or attract interest from potential partners and investors, business plans come into play. However, creating a business plan can take time and effort, including lengthy and involved processes.

How to Write a Business Plan?

Drafting a Strong Executive Summary

The section of a business plan should start with an executive summary. It should include 1-2 pages in length that help the potential financiers or partners to get an overview of the business. The business overview should cover the company’s name, location, mission statement, and planned products & services. Although this is the initial part of the business plan, it can be formulated at the end while creating a business plan.

A Detailed Company Description

The detailed company description opens the doors for the readers who might also include potential investors or partners which will provide a clear understanding of the company. This also allows communication of the unique attributes of the business and its offering to meet the current market.

Create Financial Plans

The best way to seek investors and funding is to present financial plans and financial forecasting. It is knowing about the next five years’ plans and their usage of it. It should include forest income statements, balance sheets, cash flow statements, and capital expenditures.

List the Products & Services

The products and services should be well-defined for the investors. The purpose of this section is to design a compelling case for the offering and its needs to meet the target market. The list of products and services should include the following:

• Competitive advantage and customer benefit.
• Price Strategy
• Development stage of the product and offering
• Life-cycle of product
• Intellectual property such as patents, trademarks, or copyrights.

Marketing and Sales Strategy

Marketing and sales are an integral part of any business. It helps in the growth and success of the business shortly. Once deciding the customer persona, working on reaching them is the second step. The customer hangout on social media apps such as Facebook, Instagram, Pinterest, Twitter, or LinkedIn helps in understanding the customer and in formulating the sales strategy. This strategy includes:

• Target market needs and motivation of customers. 
• Position of Brand
• Distribution channels
• Outsourcing needs for the products
• Secured market partnership
• Customer relationship management

SWOT Analysis

SWOT (Strengths, weaknesses, opportunities, and threats) analysis works on the overall analysis of the customer. Jotting down all the parameters gives investors and partners confidence that it won’t bury their heads in the sand. This should include: 

• Reputation
• Technology
• Location 
• Experiences of customers
• Staff and suppliers

Understanding Competitors Analysis

Understanding the competitor’s upcoming projects and analysing them ensures staying in the market for the long run. It includes:

• Cost leadership by offering lower prices than the competitors.
• Differentiation in services and products from the current cost leaders. 
• Segmentation helps focus on a specific or niche, target market and aims to build traction with a smaller audience before moving on to a broader market.

Making Customer Retention Strategy

The business’s success relies heavily on the relationship with the customers. While making a customer retention strategy, consider the following pointers:

• Business capacity to increase the number of repeat customers. 
• Working on referral or loyalty programs.
• Understanding the follow-up of post-purchase in place
• Conducting surveys to track customer satisfaction
• Ways to find and deliver outstanding customer service.
• Jot down the way to continue adding and educating value to the customers.

Making an Exit Strategy

Exit strategy helps the financial stakeholders to take a return on investment. For example, adding pointers in the business plan when to sell the company at some point or going public. Similarly, outlining the succession plan ensures the business operates well in the future. Documenting all the details ensures that everyone is on the same page and that potential investors have this information upfront.

For better results and growth of the business, jotting down the information, planning, and executing the business plan is crucial. This ensures that all information and resources are at your fingertips and doesn’t create any pressure for last-minute hassle. A well-thought-out business plan can avoid generic information and ensure better growth.

In the bustling city of Eldoria, there was a small yet successful software company named XYZ. It had experienced moderate success in its early years, creating innovative solutions for clients and establishing a solid reputation in the industry. However, the leadership team believed they could navigate the growth challenges without investing in a business coach.

As the company expanded, so did the complexities of managing teams, projects, and client expectations. Without the guidance of a business coach, the leadership at XYZ faced various issues. The lack of strategic planning led to a misalignment of goals among team members. Communication breakdowns became more frequent, and conflicts within the team escalated.

As the company grappled with these challenges, XYZ also missed out on valuable opportunities for professional development. The absence of a coach meant that employees couldn’t develop essential soft skills and leadership qualities, hindering their personal and professional growth.

XYZ’s competitors, on the other hand, recognized the benefits of business coaching and invested in experienced coaches to guide their teams. These competitors saw improvements in communication, teamwork, and strategic decision-making. As a result, they were able to deliver higher-quality products and services, attracting more clients and expanding their market share.

Over time, XYZ began to feel the consequences of not investing in a business coach. The lack of direction and mentorship resulted in a decline in employee morale, client satisfaction, and overall business performance. The once-promising company found itself falling behind in an increasingly competitive market.

Realizing their mistake, the leadership team at XYZ decided to bring in a business coach to help them navigate the challenges they faced. The coach worked with the team to establish clear goals, improve communication channels, and develop leadership skills. While the business coach’s guidance was valuable, XYZ had to work hard to regain lost ground.

The story of XYZ serves as a cautionary tale about the importance of investing in professional development and seeking guidance when navigating the complexities of business growth. In a rapidly evolving business landscape, the insights and expertise of a business coach can make the difference between stagnation and success.

Investing in a business coach can offer several benefits for individuals and organizations.

Here are some reasons why people choose to invest in business coaching:

1. Expert Guidance: Business coaches often have extensive experience in the business world. They can provide valuable insights, guidance, and expertise to help navigate challenges and make informed decisions.
2. Objective Perspective: A business coach provides an outside perspective, free from internal biases. This objectivity can be crucial in identifying blind spots, uncovering new opportunities, and offering unbiased feedback.
3. Skill Development: Business coaches help individuals and teams develop specific skills necessary for success. It includes leadership skills, communication skills, time management, and strategic thinking.
4. Accountability: A business coach can hold you accountable for your goals and actions. Knowing that you have someone to answer to, can boost motivation and ensure you stay on track toward achieving your objectives.
5. Personalized Guidance: Business coaching can address the individual or organization’s needs. Coaches work closely with clients to understand their goals, challenges, and aspirations, creating a personalized approach to improvement.
6. Conflict Resolution: A business coach can assist in resolving conflicts within a team or organization. Effective communication strategies and conflict resolution techniques can contribute to a healthier and more productive work environment.
7. Strategic Planning: Coaches can help develop and refine business strategies. They assist in setting clear objectives, creating action plans, and ensuring that businesses are on the right track for long-term success.
8. Networking Opportunities: Business coaches often have extensive networks. They can connect their clients with valuable contacts, potential partners, or mentors, opening up new opportunities for growth and collaboration.
9. Boosting Confidence: Working with a business coach can boost confidence levels by validating strengths and helping individuals overcome self-doubt. Increased confidence can lead to more effective decision-making and improved performance.
10. Return on Investment (ROI): Many individuals and organizations find that the financial and personal benefits gained from the insights and improvements facilitated by a business coach outweigh the initial investment.

While the decision to invest in a business coach depends on individual needs and circumstances, many people find the support and guidance provided by a coach to be instrumental in achieving their professional and business goals.

The term “First Impression” describes the first immediate conclusion a person makes after coming into contact with someone, an object, or a circumstance. This initial impression can be based on a variety of factors, including appearance, behavior, tone of voice, body language, and overall demeanor.

First impressions can have a significant impact on how someone perceives and interacts with the person or situation in the future, and they can be difficult to change once they have been formed.

Reasons to make a decent first impression:

• It sets the tone for future interactions: If you make a positive impression on someone the first time you meet them, they are more likely to be open to future interactions with you.
• It increases trust since people are more willing to believe in someone they admire.
• It can lead to new opportunities: Making a good first impression can open doors to new opportunities such as a job, a business deal, or a new friendship.

Read also: 8 Ways to Make a Great First Impression in Business

How to make a good first impression

1. Dress appropriately:
   Dressing appropriately for the occasion shows that you respect the person and the situation.
2. Smile and make eye contact:
   Smiling and maintaining eye contact communicate friendliness and approachability.
3. Be confident:
   Being confident is important for creating a positive first impression. Make sure to talk clearly, stand straight up, and project confidence with your body movement.
4. Show interest in the other person:
   Show a genuine curiosity in the other individual by engaging in conversation with them, listening to their responses, and asking them questions.
5. Be positive:
   Avoid negativity and focus on positive things. Compliment the person or the situation if appropriate.
6. Be genuine:
   Avoid attempting to be somebody you are not. People can usually tell when someone is fake, so be genuine and authentic.

Remember, first impressions are lasting impressions. You can position yourself for success in subsequent contacts by creating a favorable initial impression.

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You can submit your comment regarding the article by commenting in the comment section. If you are looking for new opportunities in this field you should straightaway register for this Anybody Can Earn webinar by Dr. Vivek Bindra.

We all have read and memorized many things since childhood, but how many of those things do we remember today? What is the reason that most of the things we read, we are not able to remember? For this, German psychologist Hermann Ebbinghaus created ‘The Forgetting Curve’. According to him, if we read anything, if we do not revise it, we will soon forget it. If you also feel that you are not able to remember whatever you study. If you also feel that you are not a fast learner, then we are here to tell you some amazing tips that can help you become a fast learner –

1. Revise Regularly:

   Since childhood, we have been listening to our parents, and our teachers all the time advising us to revise whatever we have learned. Actually, there is a scientific reason behind the revision process. Whenever we read something, we can remember only 15% of it. Accordingly, if we want to remember something completely, then we have to revise it about 7 to 8 times.

2. Recall Actively:

   We are going to forget many of the things we are trying to remember. For this not to happen, we have to actively recall it. Whatever we are understanding, if we try to write it down in our own words or explain it to someone else, we will be able to remember it more than ever. Dr. Vivek Bindra has explained many such tactics in his video on memorizing things easily. Here’s the link:
   

3. Distractions Disturb:

   Whenever we do any work, if at that time our full attention is not on that work, then we will not be able to give our 100%. The same thing applies to memorizing something. If you want to remember whatever you are reading completely, then first you have to keep gadgets like mobile away from your surroundings and look for a secluded environment. When you’ll practice this regularly, your entire focus will be on memorization.

4. Clearing Concepts:

   Our education system of our country is based on varied kinds of markings. Due to this, we always try to cram everything we want to memorize in our childhood. Whenever we try to memorize something by cramming, we cannot remember it for long. Instead of this, we should try to understand the concept of every topic. When we understand the concept of a topic, we will always be able to remember it by heart for a long time.

5. Visualize Vigorously:

   Have you ever noticed that when we read a book, we do not remember it for long, but when we watch a movie, we remember its story, dialogue, and songs? It is because visualization plays its part here. When we visualize something, it stays in our minds for a long time. If you want to remember something for a long time, visualize it.

If you adopt all these methods, then you can understand anything quickly. Along with this, when you understand well, then your communication skills will also improve with time. So follow these tips today and become a fast learner.

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If you own a business, you want your consumers to adore your services. Every company owner desires it. In-depth market research typically takes several years to produce a great product or service that customers will want to buy from the company.

Unfortunately, only a small percentage of companies are successful in obtaining the greatest product out of their idea for the market. According to market analysis, the main reason why the majority of brands and businesses do not succeed is that their service or product is unsatisfactory.

Overall, one might conclude that whether a company is small or huge, the customer experience is important. Successful businesses typically provide helpful products, services, and solutions to consumer problems.

The question is now, exactly how can you achieve it?

Simply read the whole article and you’ll be ready to make a product that will be loved by the masses.

1. Expand Your Product Line In Response To Consumer Demand

After your product has been out, it is crucial to add helpful features and periodically release fresh content. Small tweaks that add functionality can sometimes satisfy the needs of the customer and increase their affection for your product. To give clients the maximum potential benefits from your product or service, you must comprehend customer conditions and develop features in accordance. If you want to increase sales and revenue, you need to establish challenging targets and make your service the best in the market.

You can watch this video by Dr. Vivek Bindra, the best motivational speaker to know more about business expansion:

2. Create A Customer-Centric Culture

Many services and product companies fail in the market as a result of poor customer connections. Yes, if you make a sale but never follow up with your consumer or help them with their problems, you will lose their trust. Create a strong group and a customer-centric culture in which your team members can assist customers 24 hours a day, 7 days a week, solve their problems, and properly guide them regarding the best uses for your goods or service. This method works incredibly well in terms of developing a strong connection with the client and establishing trust. In the long run, this culture can assist you in developing the best business strategy or product in the market. To know how a company culture should function, you can watch this video:

3. Understand Your Customer’s History

Nothing kills a deal faster than treating a prospect as if they are brand new when your workmates have already contacted them several times. People dislike being squandered, and heading over old ground is the utmost waste of time. It also portrays you as disorganized and unprofessional. Your trump card here is a well-managed and retained sales CRM, as your company’s history with a prospect will always be well-documented and readily available. Beginning a conversation with a quick summary of this history demonstrates effort and competence, and it also nicely frames the subsequent conversation.

4. Listen More than You Speak

It’s fantastic to have a compelling story and a polished script, but if you can’t stray from them, you’ll get into difficulty. Allow your customers to voice their ideas and desires and make sure you pay attention. Additionally, having a strong corporate narrative is beneficial in this situation. Stories are more easily recalled than spreadsheets or Powerpoint presentations. Additionally, they have a good internal logic that facilitates concept expansion.

5. Have Honesty in Your Work

It’s great to be self-assured and optimistic, but never to the point of bursting. If a prospect has a question to which you have no answer, admit it, look it up later, and get up later to them. You’ll gain more respect if you answer them honestly instead of scrambling through a falsified answer or blatantly lying. Sending a follow-up email has the added benefit of strengthening your message, notifying them of key points, and maintaining the lead warm overall.

Making a product is simple, but making it adorable and popular in the market is difficult. Take, for example, no one would go to a store without a suggestion or positive feedback. The same is true for a service or product. you must make your product the best it can be to offer the greatest value to the customer. If your product is extremely good and useful, you will receive numerous excellent feedback from your community and people outside of your community, and all this stuff will help your brand expand in the market, and individuals will undoubtedly fall in love with your product. Simply follow the advice given above and create a blueprint to create a likable product.

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You can submit your comment regarding the article by commenting in the comment section. Apart from this, if you are a businessman and you are facing difficulties in your business and you want to get good advice from a personal business coach to move your startup business forward, you must choose the Anybody Can Earn webinar. You can get a good grip in business and grow your business four times.