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The Keys to Small Business Success
 

The Keys to Small Business Success

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Small Business Roundtable...

Small Business Roundtable
July 11, 2012
Earl Hadden presented 'The Keys to Small Business Success' at the July Small Business Roundtable. Hadden, who has more than 30 years of consulting and small business experience, has developed a proven accountability system that will keep your business on track. The Roundtable discussion covered the six factors that lead to dramatic business improvement and how to implement them. Hadden also discussed three action items that will help improve your business immediately.

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    The Keys to Small Business Success The Keys to Small Business Success Presentation Transcript

    • small business success projectbusiness improvement model Plan Act Do Check The Deming-Shewhart Cycle of continuous improvement
    • “If we are going to improve our businesswe have to improve ourselves.” Jim Rohn
    • Six Activities for Major Business Improvement• Align your business with your personal goals and values• Develop your Strategies and your BHAG• Build a Success Model for your business• Execute the Plan – IPAs and your Ideal Calendar• Monitor your performance and results• Continuous Improvement
    • Your Why? Spiritual RelationshipsHealth & Family & FriendsWellness Business, Make a Career, $$ DifferenceOther motivators???
    • SWOT Analysis• Strength – important to our goals, we do it well• Weakness – important to our goals, we do it poorly• Opportunity – not important to our goals, we do it well• Threat – not important to our goals, we do it poorly For more information on SWOT analysis see my video on YouTube
    • Your Personal Goals and Values Provide the Context for your Business
    • Developing your Strategy
    • Components of your StrategyTo Achieve Your BHAG• What “tribe” are you going to try to create?• What product or service are you going to provide?• How will your “tribe” be different from the rest of the market?• Why are you creating this “tribe” – what is the compelling message that will draw people to you?• What are the high-level activities that you will perform to attract members to your “tribe”
    • Creating your BHAG(Big Hairy Audacious Goal)Your BHAG should be scary and a little embarrassing to discuss with your friends and associates – Mel Robbins
    • Creating your BHAG• Establish your Target Date• Set a Specific Target (# of new members, # of policyholders, $ income)• Define what that Target will allow you to do – how will it support your personal goals?• Visualize what that will look like and how it will feel• Is this your BHAG or someone elses? (e.g. your mom’s?)• Develop a visual of yourself achieving your BHAG and put it somewhere you will see it several times each day
    • Developing your Business Model
    • Typical High-level ActivitiesTo Achieve Your BHAG• Plan• Acquire• Manufacture or create (optional)• Market/Sell• Deliver and Support• Measure• Administer
    • Components of your Success Model• How – activities you need to perform• What – information (forms, lists, documents) you need to have (and manage)• Where – you perform your activities (and what do you need to know about these types of places)• Who – people (individuals or groups) involved in each activity• When – the “trigger events” that drive your business• Why – the motivators for you and your prospects/customers to take action
    • Your Business Model Personal Your BHAG Goals & Values Inputs Activities Desired e.g. prospects 1 Results 2 3 Mechanisms PeopleDesired Results – for each strategy, the tactics that will be used toensure success. For each tactic, the activities that you will performand measurements to track to make sure you achieve them.
    • Refining your Business Model 1. 2. 3. 4. 5. 1.2 1.2 1.2 1.1 2,2 1.1 1.1 2.1Each High Level Activity is “decomposed” into more detailedactivities.
    • Do a SWOT Analysis for the Activities In Your Business Model O SPerformance T W Importance
    • Develop your Action Plan• Identify which Activities must be improved (High Importance, Low Satisfaction/Performance)• Identify which Activities lead to desired results (Income Producing Activities – IPAs)• Put your top priority Activities on your “Ideal Calendar” before anything else.
    • Monitor your performance and results “You can’t manage what you don’t measure”• Evaluate your performance against metrics on a periodic basis• If you are above your goals, identify what is working better than expected and put those expectations into your model• If you are meeting your goals, evaluate what you can improve (one or two activities)• If you are below your goals, evaluate which activities are not meeting performance standards and improve them.
    • Continuous Improvement
    • Follow thesmall business success projectbusiness improvement model Plan Act Do Check The Deming-Shewhart Cycle of continuous improvement
    • 4 Techniques to Improve Your Business Immediately!• Establish your personal goals and values• Define your strategies• Identify your tactics/activities for each strategy• Track your activities and results daily, weekly and monthly
    • Earl Haddenthe small business success project earl@earlhadden.com (919) 593 – 1804