Success Strategies for Business Owners Growing Your Company... Delegate or Perish!
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Transcript of Success Strategies for Business Owners Growing Your Company... Delegate or Perish!
Success Strategies for Business Owners
Growing Your Company . . .Delegate or Perish!
Success Strategies for Business Owners
About SCORE
Douglas S. Cavanaugh
• Successful and experienced business owners and executives acting as volunteers
• Free ongoing mentoring:One-on-oneE-mailSignup on our website – Mentoring
Tab
• Seminars, workshops and Meetup Group
• Resources for small business: manasota.score.org
Success Strategies for Business Owners
Introductions . . . Your Expectations?
• Introduce yourself• What business are you in?• What are your expectations for the meeting today?• Record . . .
End of the meeting feedback:
Expectation
Outcome Gaps
Success Strategies for Business Owners
Sales
Customer Service
Purchasing / Manufacturing Distribution
Finance
Business Owners / Management - responsible for Business Performance
Marketing
Service Delivery
Customers – Impacted by All Functions in Your Business
Key Business Processes
What should you delegate?How can you measure performance?
Success Strategies for Business Owners
Delegate to Grow Your Business
Benefits of Delegation:
• Creates culture of accountability for employees • Employees gain skills/confidence• Employee satisfaction increases • Business builds employee strength to handle key tasks• Reduce employee turnover / related costs • Free owner’s time to work ON the business
Success Strategies for Business Owners
Strategic and Operational Tasks
• How is your time currently allocated?
• Do you spend all your time working on Operational Tasks IN the business?
• Do you spend any time working ON the business doing Strategic Activities?
• Should you delegate and / or organize YOUR time better?
Success Strategies for Business Owners
Strategic vs. Operational Tasks
Cruise Line Management vs. Ship Captain Analogy
Strategic Operational
AdvertisingBookingsCompetitionCrew HiringCustomsDestinationsEntertainment BookingMenu PlanningPort of CallsSafetyShip RegistrationsTraining
AccommodationsBaggage HandlingCrew EvaluationsDining Room ServiceEvacuation Meal PreparationNavigationRoom ServicePassenger SafetyPassenger Satisfaction RefuelingWeather Changes
Large Business mostly separated
Small Businessoverlap / shared
Not performed on ship Performed on ship
Success Strategies for Business Owners
Strategic (ON the business) Examples
1. Conceptualize: (Vision) Product & Service, Customers, Costs, etc.
2. Organize: (Structure) Who will do what and when?
3. Implement: (Process) Space, Hiring, Professional Support
4. Motivate: (Commitments) Clear statements of what needs to be done
5. Analyze: (Information) Market Opportunities
6. Adapt: (Changes For Survival) Anticipate continual change
Success Strategies for Business Owners
Operational (IN the business) Examples
Customer Relationships Products, Services and Support
Time Management Running Business and Resolving Problems
Price and Cost Controls Competition & Supplier / Vendors
Employee Relations Satisfaction & Turnover
Record Keeping Input / Reporting for Operational Measurements
Success Strategies for Business Owners
List 5 Strategic things to want to do more and how you will accomplish the change
Prioritize 1(now) – 5 (within 6 months)
List 5 Operational things to want to do less. . .
Prioritize 1(now) – 5 (within 6 months)
10 minutes – then open discussion
Better Balance- Exercise 1
Success Strategies for Business Owners
Better Balance – Exercise 1
Work for 10 minutes
Success Strategies for Business Owners
Effective Delegation and Time Management
Time Management TipsFind what works for you• Choose organization/scheduling system• Use tech tools• Group tasks• Focus on most profitable tasks• Eliminate unnecessary meetings and
processes• Get rest and relaxation• Delegate
John Christakos, Maurice Blanks & Charlie Lazor
Success Strategies for Business Owners
Employee Training and Development
Skills Inventory• What skills do your employees have?
• What skills do they need for their current jobs?
• What skills do they need in order to grow with your company?
• What are they interested in learning?
• Exercise 1 – Improve your employee’s skills
Theresa Alfaro Daytner
Success Strategies for Business Owners
Employee Training and Development
Cross-Training Your Staff
Benefits:• No outside assistance needed• Do more with less• Enhance employee skills• Uninterrupted workflow• Employees share knowledge
Methods:• Rotation• Job shadowing• Group training sessions
Success Strategies for Business Owners
Employee Training and Development
Outside Employee Enrichment ProgramsWhere to get mentoring, training and education?
•Online •Industry/professional associations•Colleges and universities•Adult education/continuing education•Training companies/consultants•Business coaches•State Economic Development Department •Chamber of Commerce •American Express OPEN Forum
Success Strategies for Business Owners
Attaining Peak Performance
Creating a Culture of Accountability
Set clear goals and performance standards
Measurable and objective targets
Allow sufficient time to complete tasks
Responsible for results, not just tasks
Quarterly performance review – annual appraisal
Use best practice methods
Success Strategies for Business Owners
Attaining Peak Performance
John Blancher
Employee Performance Measurement
• No surprises – address issues when they occur
• Regular appraisals (quarterly work best, but at least annually)
• Objective performance standards• Processes and results• Involve managers• Employee feedback• 360-degree feedback
Success Strategies for Business Owners
Key Performance Indicators (KPIs)
• KPIs should be used to show the performance of activities that generate value
• Chose which KPIs you want to measure and follow carefully• KPIs can be very useful, but too many can be distracting• Implement simple tracking methods using spreadsheets• Setup trend graphs or tables so you can track progress and
see changes in performance• Later, you may find software packages which provide KPIs
and built-in dashboards to display the data
Success Strategies for Business Owners
KPI Cautions
• KPIs are great for measuring key activities and performance
• Need to understand the source of the data and what the KPI is really telling you
• KPIs are a valuable resource, but they don’t replace the need to understand how to read and use your company’s financial statements
Success Strategies for Business Owners
Measuring Operational Activities
If it can be measured, it can be managedMeasure those activities with the greatest impact - for example: % of deliveries on time % hours that are billable hours % Product meeting quality specs Manufacturing cycle time % Travel time between service calls % Raw material orders received on time % Scrap / defects Overdue receivables
Success Strategies for Business Owners
Non-Financial Key Performance Indicators – Exercise 2
Using the Worksheet in your folder, fill in the existing NON-FINANCIAL measurements (KPIs) that you use for your business
What value does each brings to you?
Think about areas that you think need improvement, but perhaps you don’t have good methods to measure performance.
List new KPIs, based on the workshop discussion, that would be valuable to you to improve operations. How will you measure it?
Success Strategies for Business Owners
Non Financial Key Performance Indicators – Exercise 2
10 minutes to work and then discussion
Success Strategies for Business Owners
Assessing Your Business
The SCORE Business Needs Assessment, it is in your packet. Download at: http://tinyurl.com/8j7fkgw
It will help you assess the current state of your business in 5 key areas:
1. Management2. Marketing3. Sales4. Finance5. Operations
Decide what additional sessions to attend Develop a customized business improvement plan
Success Strategies for Business Owners
Help Us, Help You
Please fill out the evaluation form
Your feedback is important to help us improve our programs!
Success Strategies for Business Owners
References
Lean Manufacturing / Lean in the Office (initial reference)
http://en.wikipedia.org/wiki/Lean_manufacturing
The Superfactory Projecthttp://www.superfactory.com/index.html (free
and $$ info)
Improving Performance book by Rummler and Brache
The Executive Guide to Operational Planning book by Morrisey / Below / Acomb
Success Strategies for Business Owners
Outside Enrichment Programs
Where to get external mentoring, training and education?•Online •Vendors•Industry/professional associations•Colleges and universities•Adult education/continuing education•Training companies/consultants•Business coaches•State Economic Development Department •Chamber of Commerce •American Express OPEN Forum •SCORE.org