One of the most important skills a solo entrepreneur can develop is the ability to think strategically.  Strategic thinking involves looking ahead to create a vision of the future and possessing the ability to put together a plan to make the vision a reality.  One of the biggest differences between those who succeed and those who are constantly playing catch up is the utilization of strategic thinking.  As year end rolls around, strategy is a super critical element of any successful business.  For the solo entrepreneur it is extremely important to get a plan in place and be ready to move into the next year.

This can seem a little overwhelming if you do not know where to start so here are the top 3 areas of your business to focus on to develop strategic thinking skills:

1)       Figure out what your sales forecast is for the year, quarter, or month.  I like to keep things pretty simple so I recommend starting with your minimum required monthly income.  A lot of times solo entrepreneurs get so caught up in the BIG dream that we forget to focus on the basics.  It’s great to have the BIG dream but it’s going to be a lot easier to get there if you take that first step first which is to reach and master your minimum requirement and then set your next income goal incrementally.  A realistic goal achieved at a steady pace creates sustainability.

2)      Review your products and service to maximize your revenue.  Surprisingly many solo entrepreneurs overlook this step in the process and set the income goal but don’t have the right product/service mix to make it happen.  Review your products and services and at the same time check your pricing to make sure you don’t have to work 80 hours a week to meet your goals!

3)      Develop a marketing strategy and marketing plan to get results.  Marketing is the most important thing you can do to grow your business.  Businesses thrive on momentum yet momentum is invisible and you do not see the results immediately.  The results happen gradually over time.  The same is true in reverse.  If you stop taking action you won’t feel the effects right away but as the momentum slows you will feel it eventually.  Having a plan in place helps maintain momentum but taking consistent, persistent actions repeatedly.

All of these steps help develop strategic thinking skills.  The good news is that these tools can be picked up and implemented any time.  But why wait?  The most successful entrepreneurs are already planning ahead and getting ready to start the new year strong.  However, it is a common fact that there is plenty of room at the top and most people aren’t doing these basic things to propel their success forward.  Taking these simple actions will put you miles ahead of your competition.  These ideas don’t apply only to year end.  I recommend a quarterly strategy session to stay on top and keep the momentum going.