A second question posed regarding clarity in your business was this:
Who is your customer?
You have two categories of customer – internal and external. An internal customer is anyone who depends on you for his or her success and anyone upon whom you depend for your success. Using this definition, your colleagues and your staff and perhaps your professional advisors such as lawyers and accountants are your internal customers. Everyone around you whom you help, or who helps you, is a customer in some way.
Who is your external customer, the customer who uses what you produce?
This is the key area of business success. Your ability to accurately identify the external customer whose satisfaction determines your success of your business is critical to every element of strategic planning. What does your customer consider value? What specific benefits does your customer get from using your products or services? What does your customer really want and need from you in order to be completely satisfied? How does your product change or improve his or her life and work? Read more…
Personal strategic planning is very similar. However, instead of return on equity, personal strategic planning is aimed at increasing your return on energy. Put another way, it is to increase your return on life. The equity in a business is measured in terms of financial capital. Your personal equity, on the other hand, is measured in terms of your own human capital.
Your personal equity is composed of the mental, emotional and physical energies you have to invest in your career. Your goal should be to get the very highest return possible on the investment of yourself in everything you do. How well you invest yourself determines your income. This is the point of personal strategic planning.
You can tell that it is time to revisit your strategic plan when you are no longer getting the kind of results you want from your work or from your life. Whenever you feel frustrated or dissatisfied, for any reason, this is often an indication that you should sit down and ask yourself some good, hard questions. Whenever you experience resistance or stress, or you find yourself working harder and harder only to feel that you are getting fewer and fewer rewards, you should stand back and consider revising your strategy. Read more…