PD Strategies Blog

Many successful businesses are owned by Baby Boomers who would like to start stepping away and enjoying fruits of their years of labor. This requires special thought and planning and the time to begin is now. The planning will involve strategy, process, and people. There are number of steps that should be taken to prepare. These include legal, financial, and selection of the right person to shadow you and take over the business. In the first two areas you should work with an attorney and financial planner who understands tax laws. Remember too if this is a family business, and you have other children who will not follow the business how will their inheritance be handled. Now whether you seek succession of your business to your children or whether you seek to exit through sale you need to develop a strategic business plan. Your plan will need organizational vision, values, and...

Now might be a good time to look at the strategic direction of your company. Here are two basic questions. What business are you in? Are your employees aligned and are they doing the right things for the right reasons? What business are you in? Don’t laugh. What product or service do you really provide and have times including the last two years caused you to rethink? You might be providing computer and IT support but now you may be a consultant to clients to protect and secure their information. You might need to do a scan of the landscape, gather information, talk to customers, and study industry trends. Failure to do this may cause your business to decline. Listen to your customers and ask for their opinion about your services. Learn this and create your customer value proposition. Are your employees aligned and are they engaged? You will not exceed...

In your business you should focus on doing the right things at the right time for the right reasons. Hold your focus and stay sharp on the things necessary to grow and adapt to changes. Don’t get bogged down in the daily operations and get lazy and develop a rut. The owner stops seeing the big picture. Sometimes day to day things are occupying all the time and money is being made. The business has had years of successful sales and profits. Since your business is still making money and continuing to operate the reasoning is, if it’s not broke don’t fix it. What are your ready for a sudden change in business environment? As a financial planner friend of mine says, People don’t plan to fail; they just fail to plan. To plan for success take this 5 area checkup: 1. Make sure you know what business you are in....

There seems to have been plenty of anxiety about the future in the last two years. The best way to predict the future is to create it I work with business owners in Westchester County New York who define success through their vision, their values, and goals. In addition, they monitor and measure results. To get started, you need create your strategic plan, consisting of goals and objectives, and a way to measure your progress. Without these elements you are relying solely on luck. What you measure is just as important as having and plan and executing it. For example, many business owners are familiar with the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization), or more simply said profit. But that, again, is a measure of what happened in the past. It may not predict what will happen in the future. Using measurements that predict whether you are on...

The pandemic has forced many changes in the last year and the future is not completely certain. Have you thought about incorporating these changes into your business? If you want to have success next year you should be giving this serious consideration. Creating an appropriate strategy will be most successful if you look at your business today, look into the future, then make a plan to create your future. Here are some of the things I discuss when helping my clients with a strategic plan: 1.        Make sure you know what business you are in. Whether you are in real estate, construction and contracting, graphic design, or consulting you must define what you provide to the customer. For example, Kodak should have realized that it was not in the film business but in the image and impression sharing business. In real estate are you selling houses or assisting buyers in improving...

Ask a business owner how it is going. You might get the answer, “very busy.” Is that a good thing? It depends. If it means lots of customers and revenue that is a good thing. Many times, it means that they are so busy just keeping the business running. In this case the business is running them. Just having a product or service that people want will produce income and can pay bills, but will it truly produce success? But this has not spelled success for many businesses and the lack of the true understanding of what it takes has caused businesses to fail. Some businesses may survive due to external dynamics and timing, but they will become stagnant and the owner will feel like a hamster on a wheel. There is a lack of entrepreneurial leadership. For example, in the restaurant industry there are numerous great cooks and chefs that...

We are a nation of small businesses. And many of our small businesses are privately held or family owned. Hopefully these business owners for the business to carry on after they have left the business. Sadly, many have not made any plans and by not doing so they are planning for their business to fail one day. Suppose you started your business years ago and you have built a profitable business for you and your family. Your children are now working in the business. What will happen when you exit? Many parents do not have a plan in place for when they exit the business. There are number of steps that should be taken to prepare. These include legal, financial, and preparing the next generation to take over if they want to work in the business. In the first two areas you should work with an attorney and financial planner who...

If 2020 has taught us anything it is that we must think strategically. If you look down at details without look at the horizon and considering options you may be blindsided. While no one could have anticipated 2020, there are “what if” scenarios that you can consider. Then you can develop strategies to deal with each. A strategic plan will consider the business today, look into the future, and have the way set out to create the future. To remain successful a business must have that plan to be successful now and in the future. Here are some of the things I discuss when helping my Westchester, NY, clients with a strategic plan: 1.        Make sure you know what business you are in. Whether you are in real estate, construction and contracting, graphic design, or consulting you must define what you provide to the customer. For example, as the pandemic hit...

Staying in business is a big topic right now. We can call this sustainability. Sustainability means different things to different companies as well as industries. Sustainability really started with the whole concept of being green, becoming more environmentally friendly, and paying more attention to conserving our planet’s resources. However, sustainability has become much more than that. Sustainability has become a viable business strategy which considers the economic considerations for business sustainability, governmental issues, and opinions from customers and stakeholders. Where did the term sustainability come from? The term sustainability emerged in the 1987 report by United Nation’s World Commission on Environment and Development. The report simply defined sustainability as follows: to meet the needs of the present without compromising the ability of future generations to meet their own needs. No matter how a business defines sustainability or how they choose to implement the concepts, there is a commonality to sustainability that...

Sustainability!  That word has different meanings depending on your focus. If someone were to ask you if you have a sustainable business would you know how to answer? There is no clear answer to this question. Sustainability means different things to different companies as well as industries. Sustainability really started with the whole concept of being green, becoming more environmentally friendly, and paying more attention to conserving our planet’s resources. However, sustainability has become much more than that. Sustainability has become a viable business strategy which considers the economic considerations for business sustainability, governmental issues, and opinions from customers and stakeholders.  Sustainability also answers this question. “What will happen with your business when you are on vacation or sick?  Or when you retire can you sell this business?” No matter how a business defines sustainability or how they choose to implement the concepts, there is a commonality to sustainability that runs...

It is important to be focused on your business but even more imperative now. Most successful business owners cite laser focus on the right things as paramount to their success. Staying focused and staying sharp on the things necessary to grow and change is important. But sometimes business gets lazy and in a rut. The owner stops seeing the big picture. The business has had years of successful sales and profits. Since the business is still making money and continuing to operate the reasoning is if it is not broke don’t fix it. But recently the business has experienced a decline in sales and profits. In short, there have been changes in the economy and the market. To remain successful, the business owner must refocus. How are you doing? Take this 5-area checkup: Make sure you know what business you are in. If you make cell phones do you provide smart...

Many small businesses are family owned businesses. Suppose you started your business years ago and you have built a profitable business for you and your family. Your children are now working in the business. What will happen when you exit? Many parents do not have a plan in place for when they exit the business. There are number of steps that should be taken to prepare. These include legal, financial, and preparing the next generation to take over if they want to work in the business. In the first two areas you should work with an attorney and financial planner who understands tax laws. This is particularly important if you have other children who will not be working in the business. Now whether you seek succession of your business to your children or whether you seek to exit through sale you need to develop a strategic business plan. Your plan will...

Where do you see your business going in the next year? If you are a business owner in Westchester County NY you should be giving this serious consideration. Creating an appropriate strategy will be most successful if you look at your business today, look into the future, then make a plan to create your future. Here are some of the things I discuss when helping my clients with a strategic plan: 1.        Make sure you know what business you are in. Whether you are in real estate, construction and contracting, graphic design, or consulting you must define what you provide to the customer. For example, Kodak should have realized that it was not in the film business but in the image and impression sharing business. In real estate are you selling houses or assisting buyers in improving their lives? 2.        Get in front of change.   The best way to this it...

People debate what makes a good leader. Some feel that there are traits that make good leaders. But when I speak with my Westchester County NY business leaders about traits that make a good leader no one can agree. The only trait that is agreed upon is having empathy. Well then, what do have successful leaders have if they don’t have similar traits? All successful leaders have the ability to set goals and achieve results. This really what is meant by “management by objectives.”     Start with a clear strategic vision—a strategic plan that inspires. Then create goals that support that vision. Next, what are the desired results from your team members? Define them. Align your people and your processes and make sure that everyone understands the goals and the plan. All of your operations should be linked to your plan. Then virtually everything that happens should work toward achieving that...

Many people start a business and develop a plan to market and sell their product and service.  But if that is all they have, in my opinion, there is a key ingredient missing.  Your need vision if your business is to survive and thrive.  And you also need values.  They should make it perfectly clear what type of company you are.  Surprisingly, many businesses cannot say why they are in business nor can they articulate their basic business foundation and founding principles.  Why you are running the business is more important than how you run it.  If you find that statement hard to believe then read on. Any successful business needs to have vision—that is what the business will look like when it is successful.  Your vision is your dream and as Walt Disney said, you must have a dream if you want to have a dream to come true.  Of...

Small business is poised to generate many new jobs in 2018.  We need small business to grow our economy and will need local small business.  I have had the pleasure over seeing many small businesses grow in the last years and expect more in Westchester County New York in 2018. While it is true that today’s business environment can seem somewhat volatile there have also been many more opportunities with the growth in the economy.   While I don’t want to oversimplify I believe that small business owners can leverage success by following the suggestions in the three following steps. Step 1 – Think Strategically then follow through. When you think strategically you work ON your business rather than IN your business.  You are future focused.  You decide where you want to take your business now and in the future whether it is in 5 years, 10 years, 15 years or...

Are you ready to take your Westchester County NY business to the next level? Most businesses say yes but do not know what that means.  First, you need to know where your business is now. Then you can see where you want to go.  Businesses like people go through growth stages and many drop off along the way.    Some businesses may survive due to external dynamics and then become stagnant.  The root cause could be a lack of entrepreneurial leadership. For example:  There are numerous great cooks and chefs that feel that because they understand how to create a great meal that, therefore, they would be a natural to open a restaurant.  They open the business and make sales. However, the owner is usually consumed with running the business and catering to every little detail.  There is very little time to step away from the day to day operation.  In most...

Fear of change is an emotion that can become paralyzing.   But change is inevitable and all businesses must expect it. You have probably heard it said that what you did to get you to where you are now will not get you to where you want to go next. Changing the right things and taking the right action is crucial. Here are 5 beginning steps to take in the process of change for better results: 1.        Make sure you know what business you are in. Whether you are in real estate, construction and contracting, graphic design, or consulting you must define what you provide to the customer. For example, Kodak should have realized that it was not in the film business but in the image and impression sharing business. In real estate are you selling houses or assisting buyers in improving their lives? 2.        Get in front of change.   The best...

Fear of change is an emotion that can become paralyzing.   I am reminded of a story relayed to me by a Westchester County NY CEO. The business has had years of successful sales and profits. Although the long standing business model had produced great sales and profits, lately there had been a small decline in sales and profits. Since the business was making money the CEO reasoned let’s just see what happens. If it’s not broke don’t fix it. Unfortunately, with this business and others there are constant changes in the economy and market. You can wait for change to force you to do something and then react. But that is not the best option. The best option is to predict and get in front of change. These are some of the things you should you should be doing proactively: 1.        Make sure you know what business you are in. Whether...

Are you spending so much time working IN your business that you never get around to working ON your business? Michael Gerber discusses this in his book “The E Myth Revisited”, discusses the reasons. The e-myth or the entrepreneurial myth as described by Gerber incorrectly assumes that the desire of the new business owner or entrepreneur, plus capital, plus a profit goal will result in success. But this has not spelled success for business and the lack of the true understanding of what it takes has caused businesses to fail. Some businesses may survive due to external dynamics and timing but they will become stagnant and the owner will feel like a hamster on a wheel. There is a lack of entrepreneurial leadership. For example, in the restaurant industry there are numerous great cooks and chefs that feel that because they know how to create a great meal that that they...