Welcome to The Navigator, the new monthly newsletter from Eagle Corporate Advisors. We chose the “Navigator” name because we feel it is representative of the role we play with our business clients—steering them in the right direction, keeping them on the proper path and plotting course corrections, when necessary.
Our goal is to make this business newsletter a useful resource that entrepreneurs, C-level executives and other businesspeople will look forward to each month for suggestions, tips and tricks, news and other helpful information at a glance.
The Navigator is designed to be interactive. It will work best when our readers are fully engaged. We encourage you to submit ideas, opinions and other relevant feedback for discussion in future issues.
Thank you for your time and attention. We look forward to embarking on this journey together.
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Fundamentals:
Planning
“The best time to plant a tree was 20 years ago.
The second best time is now."
– Chinese Proverb
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What is Planning?
A basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources. The planning process*:
- identifies the goals or objectives to be achieved,
- formulates strategies to achieve them,
- arranges or creates the means required
- implements, directs, and monitors all steps in their proper sequence.
Planning can be a scary word for many business owners. After all, it never takes place in a vacuum. We need to consider and monitor the many outside forces over which we have little or no control: the local, national and international economy; political decisions; changes to laws and regulations; the arrival of new competitors; even the outbreak of a regional conflict half a world away. All of us, even those who do this for a living, are staring into crystal balls that are cloudy at best. And yet, an imperfect plan is far better than no plan at all.
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Step 1: Assess
Entrepreneurship, much like life itself, is a journey that begins with a single step. In fact, for most business owners, the line between the professional and personal is virtually nonexistent. So where to start?
At Eagle Corporate Advisors, we highly recommend beginning with an assessment of your current position, essentially a comprehensive analysis of all factors to show you where you are today before making decisions which may impact your short term and long-term strategies. You can’t map out where you’re going until you determine where you are.
The assessment covers your business position and personal goals from objective and subjective standpoints. From the personal perspective, it may begin with the simple question, “What does success mean to me?” Is it money in the bank, peace of mind, work/life balance, becoming the major player in your market category, leaving a lasting legacy? All of the above? There are no wrong or right answers, only ones that are meaningful to you. From the business perspective, it may begin with the question, “Do we have a written strategic plan?” Has the plan been communicated and adopted by everyone in the company? Who is responsible for achieving each portion of the plan? Who is going to ensure we stay focused when the phone rings or the next potential customer asks for services outside of your plans? In our February issue, we’ll address the next step on your path to personal, financial and emotional freedom.
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Goal Setting
Have you entered the New Year with confidence and optimism? Doubt and uncertainty? A combination of both?
There’s nothing wrong with tempering your positivity with a healthy dose of realism. In our experience, the best way to balance the two is to take a proactive approach to goal setting.
"A dream is just a dream. A goal is a dream with a plan and a deadline. That goal will remain a dream unless you create and execute a plan of action to accomplish it. Every goal that gets accomplished has a good plan behind it."
—
Harvey Mackay
You’ve probably heard the term SMART goals, an acronym to help ensure that your goals are clear and reachable:
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
A goal without these guidelines is little more than a wish. While you’re at it, make the “achievable” part just a little out of reach. Like a road trip with many planned pit stops to refuel and assess your progress, you’ll be pleasantly surprised by how often you reach your destination and beyond.
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Chuck Mohler has more than 25 years’ experience in business. As president and founder of Eagle Corporate Advisors, he uses his vast experience and broad knowledge base to assist business professionals who realize they can’t always know and do it all.
So is Chuck an “advisor,” a “coach” or a “mentor”? People often use the terms interchangeably, but they have distinct meanings.
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Upcoming Events
02/13/19
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Business Valuation Workshop
Do you know what your business is really worth?
Valley Bank of Nevada, Henderson branch
Wednesday, February 13 at 5:30 pm.
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8125 S. Eastern Avenue, Suite 275
Las Vegas, Nevada 89123
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