State of the Business Owner Fundamentals Webinar
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Transcript of State of the Business Owner Fundamentals Webinar
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State of the Business Owner 2012
Fundamentals
Fundamentals WebinarJune 21, 2012
333 SW Fifth Avenue, Suite 350 | Portland, OR 97204 | 800-620-0307 | www.synotac.com© Synotac Design, LLC 2012
Presented by:Cameron Madill, President and Founder, Synotac
Tricia Huebner, Director of Training and Education, EMyth
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Presenters
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Cameron Madill Tricia Huebner
President Synotac
Director of Training and Education
EMyth
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Webinar Questions & Comments
Twitter Hashtag: #sobo2012
GoToWebinar Chat Window
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Origins and Motivation
What are the success factors helping small and midsize businesses
succeed in 2012?
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The Planner and The Pessimist
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The Planner
o Believes they control their destiny
o Has a coherent vision of the future
o Regularly tracks business metrics
o Has concrete plans to move towards their business vision
o Are innovative with technology
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The Pessimist
o Believes the future is dictated by external events beyond their control
o Does not have a vision for their company in the future
o Has few or no formal plans for making progress towards this vision
o Does not regularly consult metrics to track business progress
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Why should I care?Businesses owned by Planners:
Grew faster in 2011
Had higher annual revenues
Were more optimistic about 2012
The owners took home more compensation
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Planner Disciplines
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Fundamentals Accelerators People
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KEY #1FUNDAMENTALS
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Fundamentals
Businesses that thrived in 2011 followed a simple formula:
Vision + Plans + Data = Success
KEY #1 - FUNDAMENTALS
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Vision + Plans + Data• Businesses with a written description of what they want their
business to look like in the future grew 50% faster than those who did not.
• The greater the extent of revenue planning, the more successful businesses were in 2011 and the more optimistic they were about 2012
• Businesses that tracked business metrics monthly were 80% larger and earned 60% more than those who did not
• Businesses that use financial statements to make decisions were 45% larger and earned 60% more than those who did not
For Guides & Additional Resourceswww.stateoftheowner.com
KEY #1 - FUNDAMENTALS
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Vision
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KEY #1 - FUNDAMENTALS
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The Most Important Leadership Question:
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KEY #1 - FUNDAMENTALS
Do you know what you want your business to look like three years from
today?
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Poll
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KEY #1 - FUNDAMENTALS
Do you have a written vision document that clearly describes where your company will be 3 - 5 years from today?
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Default or Design?
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KEY #1 - FUNDAMENTALS
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KEY #1 - FUNDAMENTALS
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KEY #1 - FUNDAMENTALS
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EMyth Process
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KEY #1 - FUNDAMENTALS
• Visions and Plans (what's the difference?)
• Pre-work: Primary Aim & Personal Objectives
• Creating Your Strategic Objective
• Dreaming Exercise and Brainstorming Tool
• Commitment Check
• Implementation Plan (key drivers)
Leadership System: Company Meetings
Management System: Key Strategic Indicators
Management System: Employee Development Meetings
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Vision and Plans
Vision is…
The What
Plan is…
The How
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The Why?
Is answered through:
Primary Aim (personal passion and purpose)
Personal Objectives (business versus job)
Mission Statement
Company Values
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EMyth Vision = Strategic Objective
Your Strategic Objective is a clearly written “statement” of what your business will be when it is complete.
It is a detailed picture of what the business will look like, act like, and feel like, and how it will perform when it is “done”.
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KEY #1 - FUNDAMENTALS
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Why do you need one?
A Strategic Objective provides a sense of direction and goals for the future, motivation for you and your employees — a dream to strive for, and a basis for decision making, planning, and business development activities.
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Priority Flow Model
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KEY #1 - FUNDAMENTALS
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Vision Orientation
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KEY #1 - FUNDAMENTALS
Technicianthe doer
Managerthe designer
Entrepreneurthe dreamer
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KEY #1 - FUNDAMENTALS
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What’s the one impossible thing that if
you could do it you would own your market?
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Line of BusinessProducts/Services Offered
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KEY #1 - FUNDAMENTALS
Who are you? Will the business be a manufacturer, retailer, distributor, service company, or something else?
What kinds of products and services will be offered?
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Company Size/Growth Objectives
Projections for:
Annual sales, profitability, return on equity, number of employees, number of outlets, growth rates, etc.
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KEY #1 - FUNDAMENTALS
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Geographic Scope
Market areas served Business locations
established Headquarters Operational reach
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KEY #1 - FUNDAMENTALS
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Target Markets, Market Positioning
Types of customers Demographics Psychographics
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KEY #1 - FUNDAMENTALS
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KEY #1 - FUNDAMENTALS
Competitive advantage
Product features
Distinctive elements of your product or service.
Product/Service enhancements
Basis of Competition
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Basis of Competition
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KEY #1 - FUNDAMENTALS
Distinctive…
Marketing methods
Behavior/dress/employees
Presence
Operations
Tangible impressions
Intangible impressions
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Timing
When will the Strategic Objective be achieved?
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KEY #1 - FUNDAMENTALS
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Plans
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KEY #1 - FUNDAMENTALS
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Plans
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KEY #1 - FUNDAMENTALS
The greater the extent of revenue planning, the more successful businesses were in 2011 and the more optimistic they were about 2012
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Poll
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KEY #1 - FUNDAMENTALS
Do you lead your management team through an annual planning process?
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Poll
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KEY #1 - FUNDAMENTALS
What prompts your planning process?
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KEY #1 - FUNDAMENTALS
Business Development Dynamics
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Data
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KEY #1 - FUNDAMENTALS
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Bowling Blind
What would happen if you had to run your business without any feedback on the results you were achieving?
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KEY #1 - FUNDAMENTALS
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What gets measured, matters.
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KEY #1 - FUNDAMENTALS
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Key Strategic Indicators
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KEY #1 - FUNDAMENTALS
CEO dashboard or report the measures overall progress toward your Strategic Objective.
A set of tangible and intangible elements that are described in your Objective.
The quantification of your company’s “condition” compared with the key elements of your Strategic Objective.
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Selecting Your Key Indicators• Focus on the few (10 – 12 total) key elements of your
Strategic Objective.
• Report the ones that are tangible (things you can count) such as revenues, profit margin, growth rates, number of locations opened, company valuation, etc.
• Create a scoring system to quantify those intangible elements that you are unable to measure numerically (count easily), customer experience, employee buy-in, industry reputation, etc.
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KEY #1 - FUNDAMENTALS
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Key Elements: Tangible
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Key Elements: Intangible
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KEY #1 - FUNDAMENTALS
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Intangibles…You need to define it!
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KEY #1 - FUNDAMENTALS
Premiere?
Leading Edge?
Professional?
Team Atmosphere?
Customer Satisfaction?
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KEY #1 - FUNDAMENTALS
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Vision + Plans + Data• Businesses with a written description of what they want their
business to look like in the future grew 50% faster than those who did not.
• The greater the extent of revenue planning, the more successful businesses were in 2011 and the more optimistic they were about 2012
• Businesses that tracked business metrics monthly were 80% larger and earned 60% more than those who did not
• Businesses that use financial statements to make decisions were 45% larger and earned 60% more than those who did not
For Guides & Additional Resourceswww.stateoftheowner.com
KEY #1 - FUNDAMENTALS
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Questions?
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KEY #1 - FUNDAMENTALS
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State of the Business Owner 2012For additional research, guides and community:
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@StateOfTheOwner
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