Your Next 100 Days

For the past few weeks the media has been abuzz marking the first 100 days of the Obama presidency—this 100 day benchmark has been a staple of the journalistic lens on America for much of the past century, but it was FDR and the Great Depression that focused so much attention on what happens in 100 days. While entrepreneurial thought leaders, management gurus and especially lenders and investors are always promoting the value of strategic planning and scenario analysis with 3-5 year horizons, with our economy--and no doubt your company, too--in an economic ditch it seems naïve and arguably a luxury to be thinking about the long term, when the short term is so challenging. So my proposal for small businesses and entrepreneurs in today’s highly turbulent environment is to come up with your own “100 Day Plan”…that’s right, ditch the 3 and 5 year P & L forecast,…after all, if we don’t get thru the short term, what’s the use of a 5 year plan? I’m on the board of a company founded by former players from the National Hockey League and one of the things I have learned is the way a head coach looks at the entire 82 game season: as a series of 5 game segments…sure, the long term view is the get into the playoffs and to the Stanley Cup, but the way to manage—and importantly focus the team—is to view the season in manageable, shorter term segments of 5 games each. So for now I’m suggesting that you shelve the 5 year plan and take a page from both the NHL coaching playbook and the Presidential ”100 Day” perspective… …think about what you can do to generate revenue, cut expenses and get through the next 100 days. Generally, most businesses look only at cutting expenses but often the “wrong” expenses…advertising and promotion are the engine of your business, and yes, they’re easy to axe, but you risk “disappearing” from your market. The low hanging fruit of a 100 Day plan may just be your existing customers—they already know you, they’re easier and cheaper to reach and they also serve as your salesforce. Low cost, direct mail, email and direct response campaigns to your customer list with a strong price and value theme (not desperate but promotional) will keep you top of mind with your most valued resource: your customer. When business is slow, if you have a retail or wholesale facility, it’s time to freshen up the place, reorganize the layout, and create a “new” image…your customers will notice the change and see you and your company or store as one of the “strong who survive” . About the author: Steven Stralser Ph.D. is a Clinical Professor of Entrepreneurship at Thunderbird School of Global Management and author of the best-selling MBA in a DAY: What you would learn at Top-Tier Business Schools if you only had the time!)” and developer of MBAinaDAY Online, the six-hour web-delivered e-learning program based on his book.