67 | What is a business strategy? The 5 Core Components
Jo Lott demystifies the concept of a "business strategy" and breaks it down into five core components that are essential for building a successful coaching business. She emphasises the importance of taking action and not getting bogged down in the planning stages, encouraging listeners to create a simple, usable strategy that can be iterated upon as their business grows.
- Defining a Business Strategy [00:02:00 - 00:03:59]
- The Five Core Components of a Business Strategy [00:04:00 - 00:10:59]
- Clarity (Purpose, Mission, Vision, Brand) [00:04:00 - 00:05:59]
- Offer (What you're selling) [00:06:00 - 00:06:59]
- Marketing (How you'll get your business known) [00:07:00 - 00:07:59]
- Finances (Goals, Pricing, Legal Structure) [00:08:00 - 00:09:59]
- Operations (Systems, Processes, Team Management) [00:10:00 - 00:10:59]]
Useful Links
How to secure more coaching clients' free training
Download the 12 ways to get clients now
Learn about The Business of Coaching programme
Rate and Review the Podcast
If you found this episode of Women in the Coaching Arena helpful, please do rate and review it on Apple Podcasts or Spotify.
If you’re kind enough to leave a review, please do let Jo know so she can say thank you. You can always reach her at: joanna@joannalottcoaching.com
Enjoyed This Episode?
Don’t Miss the Next One! Hit subscribe on your favourite podcast app to be notified each time a new episode of Women in the Coaching Arena.
Mentioned in this episode:
Signature Solution Secrets Free Workshop - 11 September, 10am-11.15
Join our free live workshop, Signature Solution Secrets, on Wednesday, 11th September, from 10:00 to 11:15 AM UK time. Learn how to package your expertise into a coaching offer that sells, even if your results aren’t easily measurable. Whether you have an offer already or are just getting started, this workshop will help you make small tweaks for big sales improvements. Sign up here! https://go.joannalottcoaching.com/SignatureSolutionSecrets
Transcript
Hello and welcome to Women in
the Coaching Arena podcast.
2
:I'm so glad you are here.
3
:I'm Jo Lott, a business mentor
and ICF accredited coach
4
:Microphone (Samson Q2U Microphone):
and I help coaches to
5
:build brilliant businesses.
6
:I know that when you prepare to enter
the arena, there is fear, self doubt,
7
:comparison, anxiety, uncertainty.
8
:You can tend to armor up and
protect yourself from vulnerability.
9
:In this podcast, I'll be sharing
honest, not hype, practical and
10
:emotional tools to support you to make
the difference that you are here for.
11
:Dare greatly.
12
:You belong in this arena.
13
:Hello, welcome to the 67th episode
of women in the coaching arena.
14
:I am so glad you are here.
15
:Today I am demystifying a strategy.
16
:Cause I think, my coach
has used this line on me.
17
:Prior to me signing up with him
and there's a lot of it branded
18
:around in the online space of
like, you're missing a strategy.
19
:And then you kind of feel like, oh
my God, like, what is the strategy?
20
:What does that mean?
21
:What am I exactly meant to
be putting together here?
22
:So I'm going to today demystify a
strategy and help you to really see
23
:that big picture in your business.
24
:This will be useful because it's easy
to feel overwhelmed and feel like
25
:there's so many pieces to put together.
26
:I have quite a few new people
start in my program this week.
27
:And we did a similar sort of
CEO exercise where we really
28
:stepped back and rate yourself.
29
:In many, many areas of your business
to really see where you want to put
30
:your focus in the next six weeks.
31
:And one of the comments afterwards
was gosh, there's just so much.
32
:And yes, a successful business is
built from so many different parts.
33
:And they all need to fit together.
34
:But I think if you take the time
to do an exercise like this, at
35
:least you understand these parts
and understand where you can just
36
:create incremental change to begin to
seamlessly, get things working for you.
37
:So let's start with changing
the word strategy to plan.
38
:That's literally all it is a plan to build
your business, how you intend to grow at,
39
:and this can be a strategy in your head.
40
:I can guarantee you, you can
build a six figure business
41
:with a strategy in your head.
42
:So do not go down any rabbit
holes thinking you need to spend
43
:months on a business plan prior to
doing any work on your business.
44
:I think when you're starting out fast,
messy action is the right approach.
45
:And then fine you might want to take
more time to prepare all this stuff
46
:when you get some money in the bank
and have started to take some action.
47
:So again, it's a plan which helps
you to actually take action.
48
:That's the entire point of your plan?
49
:And it's worth saying that it's
fluid and will change as you change
50
:and as your business changes.
51
:There is no right way of doing this.
52
:I've been blessed with some amazing
people joining my program at the moment
53
:from hugely different fields, lots of
difference, or scientific background
54
:and doctors and different people
with different minds to me who love.
55
:Spreadsheets planning goals analyzing.
56
:So it's been an absolute joy to
be able to bring some certain
57
:concepts together in my way.
58
:And for them to think this is how
I'd do it, I'd create a mind map,
59
:for example, and to be able to bring
these minds together is amazing.
60
:And it was also really interesting
because I came to a group call with a
61
:scorecard of lead generating activities.
62
:So to be able to challenge people to,
for example, get 20 points each week
63
:by choosing some of these particular
tasks and each allocated a different
64
:amount of points, depending on how
much you don't like doing them.
65
:So usually it's the ones that we
don't like doing, which you're going
66
:to be the most powerful exercises.
67
:So, what I found interesting was
how easy it was to get distracted by
68
:creating a better looking scorecard
than taking the lead generating action.
69
:So that's the perfect analogy for this.
70
:Do not start Googling business plans
and spending ages, becoming distracted
71
:with creating something really fancy.
72
:We want this to be such an easy, usable
tool for you to actually take action.
73
:So if this brings you away from
taking action, that is not the point.
74
:I would allow yourself maybe a maximum
of two or three hours or half a day
75
:or something to bring this together
as a first draft and then start
76
:taking your action and seeing what
comes of it and iterate as you go.
77
:Let's outline what I see as five
core components to your strategy.
78
:So the first is clarity,
and this is on your purpose.
79
:Your why.
80
:Your mission.
81
:Your vision.
82
:Your brand.
83
:And I really think this needs to go first
because I've also seen a lot recently
84
:is people who don't really want to
build a business, but kind of want to.
85
:And I think without that
really strong desire, mission.
86
:Why behind why you're doing this work.
87
:You cannot succeed.
88
:So this is where it begins.
89
:Really hooking to your mission.
90
:Why this is important
to you to make happen.
91
:How do you want to make people feel
when they come across your work?
92
:As Simon Sinek says, start with why
and everything else will become easy.
93
:So clarity is our first
part of our strategy.
94
:Next up is your offer.
95
:So what are you actually selling?
96
:This is obviously the core part of
your strategy, because if you haven't
97
:got a really clear offer, that's
bringing in money into your business,
98
:then it's not going to succeed.
99
:So take that time to create
a really good tangible offer.
100
:Figure out how many of these
things you need to sell?
101
:Do you need to sell more than one type
of offer to meet your income goals?
102
:Take this time to really think
about what you're selling.
103
:Makes sure it meets your
core customer's needs.
104
:Okay, so moving on to step three.
105
:So first we have clarity.
106
:Step one, offer step two
107
:Now on to marketing.
108
:So how are you going to get your
business out there and get known?
109
:What platforms are you going to use?
110
:What other type of marketing,
what you like to use?
111
:Are you going to do any in-person
stuff or is it all online.
112
:Really thinking about your strengths as to
how are you going to consistently show up?
113
:Thinking about different touch points.
114
:Often people need to see you in
several places to really begin
115
:to see you and feel like it is a
message that you keep showing up.
116
:I did a talk yesterday to a group of
coaches and one of them was amazing
117
:because she was like, oh my gosh, someone
has just recommended you in Scotland.
118
:And I had absolutely no idea.
119
:You're part of this group.
120
:And, so it's just such a coincidence.
121
:I've literally been
bingeing on your podcast.
122
:And now, like here you are
talking to me in this group.
123
:So it's that type of multi faceted
approach that really helps to build your
124
:brand really quickly help you to build
your relationships quickly with your
125
:audience and fast track that progress
from them becoming aware of you to
126
:perhaps considering working with you.
127
:Okay on to step four.
128
:This is the finances, so, this is
your goals, your pricing strategy.
129
:Are you going to be a limited
company or sole trader?
130
:Are you going to keep track of
those finances and ensure that
131
:somehow you do what it takes
to reach your financial goals?
132
:I'm holding an in-person event in Barnes
Southwest London on the 28th of June.
133
:At the moment of recording, there are
only two places left, so it was probably a
134
:sellout at the time this podcast goes out.
135
:But I have an amazing coach who was a
previous client of mine doing a session on
136
:finance and goals and how to reach them.
137
:So I'm super excited for that
because for me, it's definitely
138
:something I do not enjoy.
139
:I'm way more intuitive in my business
and I need to hire people to keep
140
:me on track with things like this.
141
:I think because I'm not
particularly money minded.
142
:That therefore I get too into wanting
to serve my clients and doing all of
143
:those amazing, lovely things that most
of us coaches went into this to do.
144
:So I'm really, really excited for that
session to start to make this a priority,
145
:because I have got a spreadsheet where I
have set some financial goals and I now
146
:completes it each week or each month to
really start seeing how far off am I.
147
:And I can really see that it helps
to drive action when you see, okay.
148
:If I could just sell one more thing, I'd
actually be hitting my target this month.
149
:Which then helps you to think.
150
:What shall I do?
151
:Shall I go to a networking event?
152
:I run a webinar.
153
:What my, I like to do to help
me to reach that financial goal.
154
:And our fifth and final point
for your strategy is operations.
155
:So this is your systems and
processes behind your business.
156
:Ensuring you've got great
onboarding processes, contracts,
157
:easy, quick ways of doing things,
ways of scheduling your content.
158
:So things are easy.
159
:Maybe you have a team,
how are you managing that?
160
:So that is our final
piece of our strategy.
161
:So, if you are ever overwhelmed
with hearing this word strategy
162
:banded about, and you feel like
you're missing something, just know,
163
:here are the key components that
will build part of your strategy.
164
:And yes, you can have a
strategy within a strategy.
165
:So this is your overarching business
strategy, but obviously you can
166
:have a marketing strategy, a finance
strategy and operations strategy.
167
:So things can get more complex,
but generally just start, but
168
:don't get distracted with that.
169
:The whole point is that it's something
to help you to take action quickly.
170
:So if your strategy is a business
plan, getting dusty in the drawer.
171
:Then just know that that is not going
to do anything to build your business.
172
:Taking fast, messy action.
173
:Is the consistent.
174
:Uh, contributor, but I have
seen that helps you to build
175
:an amazing coaching business.
176
:So take a moment to think about
which area you need to work on.
177
:Is it clarity?
178
:Is it your offer, your marketing,
your finances, or your operations?
179
:And you're probably thinking all of them.
180
:And if that's the case,
then this is what I do.
181
:Come join me inside the business
of coaching, my mentoring program.
182
:Where I will take you step by step through
all of this stuff, and way more to ensure
183
:that you build an amazing business.
184
:.
I hope today's episode was helpful for you.
185
:Do drop me a line on LinkedIn or
Instagram and let me know, it's Joanna
186
:with an A and Lott with two T's.
187
:I would love to hear your
thoughts and reflections.
188
:And like I say, at the end of every
episode, trust yourself, believe
189
:in yourself and be the wise Gardner
who keeps on watering the seed.
190
:Microphone (Samson Q2U Microphone):
Thank you so much for listening to this
191
:episode of Women in the Coaching Arena.
192
:I have a mess of free resources on
my website joannalottcoaching.com.
193
:That's Joanna with an A
and Lott with two T's.
194
:joannalottcoaching.com.
195
:And I'll also put links in the show notes.
196
:Let me know if you found
this episode useful.
197
:Share it with a friend and
leave me a review, and I will
198
:personally thank you for that.
199
:Remember to trust yourself, believe
in yourself and be the wise Gardner
200
:who keeps on watering the seed.
201
:Get into the arena dare, greatly and try.