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State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
State of the Business Owner Fundamentals Webinar
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State of the Business Owner Fundamentals Webinar

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Three best practices growing small and midsize companies follow, and how to implement them in your business.

Three best practices growing small and midsize companies follow, and how to implement them in your business.

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  • 1. State of the Business Owner 2012 Fundamentals Fundamentals Webinar June 21, 2012 Presented by: Cameron Madill, President and Founder, SynotacTricia Huebner, Director of Training and Education, EMyth 333 SW Fifth Avenue, Suite 350 | Portland, OR 97204 | 800-620-0307 | www.synotac.com © Synotac Design, LLC 2012
  • 2. Presenters Cameron Madill Tricia Huebner President Director of Training Synotac and Education EMyth For Guides & Additional Resources www.stateoftheowner.com
  • 3. Webinar Questions & CommentsTwitter Hashtag: #sobo2012GoToWebinar Chat Window For Guides & Additional Resources www.stateoftheowner.com
  • 4. Origins and MotivationWhat are the success factors helping small and midsize businesses succeed in 2012? For Guides & Additional Resources www.stateoftheowner.com
  • 5. The Planner and The Pessimist For Guides & Additional Resources www.stateoftheowner.com
  • 6. The Planner The Pessimisto Believes they control their o Believes the future is dictated destiny by external events beyondo Has a coherent vision of the their control future o Does not have a vision for their company in the futureo Regularly tracks business o Has few or no formal plans for metrics making progress towards thiso Has concrete plans to move vision towards their business o Does not regularly consult vision metrics to track businesso Are innovative with progress technology For Guides & Additional Resources www.stateoftheowner.com
  • 7. 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 For Guides & Additional Resources www.stateoftheowner.com
  • 8. Planner Disciplines For Guides & Additional Resources www.stateoftheowner.com
  • 9. Fundamentals Accelerators People For Guides & Additional Resources www.stateoftheowner.com
  • 10. KEY #1FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 11. Fundamentals Businesses that thrived in 2011 followed a simple formula:Vision + Plans + Data = Success KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 12. 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 KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 13. Vision KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 14. The Most Important Leadership Question: Do you know what you want your business to look like three years from today? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 15. PollDo you have a written vision document thatclearly describes where your company will be3 - 5 years from today? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 16. Default or Design? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 17. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 18. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 19. EMyth Process• Visions and Plans (whats 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 KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 20. Vision and Plans Vision is… Plan is… The What The How
  • 21. The Why?Is answered through:Primary Aim (personal passion and purpose)Personal Objectives (business versus job)Mission StatementCompany Values
  • 22. EMyth Vision = Strategic ObjectiveYour 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”. KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 23. Why do you need one?A Strategic Objective provides a sense of direction andgoals for the future, motivation for you and youremployees — a dream to strive for, and a basis fordecision making, planning, and business developmentactivities.
  • 24. Priority Flow Model KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 25. Vision OrientationTechnician Manager Entrepreneur the doer the designer the dreamer KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 26. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 27. What’s the one impossible thing that ifyou could do it you would own your market?
  • 28. Line of Business Products/Services Offered 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? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 29. Company Size/Growth ObjectivesProjections for: Annual sales, profitability, return on equity, number of employees, number of outlets, growth rates, etc. KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 30. Geographic Scope Market areas served Business locations established Headquarters Operational reach KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 31. Target Markets, Market Positioning Types of customers Demographics Psychographics KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 32. Basis of Competition Competitive advantage Product features Distinctive elements of your product or service. Product/Service enhancements KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 33. Basis of CompetitionDistinctive… Marketing methods Behavior/dress/employees Presence Operations Tangible impressions Intangible impressions KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 34. TimingWhen will the Strategic Objective be achieved? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 35. Plans KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 36. PlansThe greater the extent of revenue planning, the moresuccessful businesses were in 2011 and the moreoptimistic they were about 2012 KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 37. Poll Do you lead your management teamthrough an annual planning process? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 38. PollWhat prompts your planning process? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 39. Business Development Dynamics KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 40. Data KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 41. Bowling BlindWhat would happen if you had to run your business without any feedback on the results you were achieving? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 42. What gets measured, matters. KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 43. Key Strategic IndicatorsCEO dashboard or report the measures overallprogress toward your Strategic Objective.A set of tangible and intangible elements that aredescribed in your Objective.The quantification of your company’s “condition”compared with the key elements of your StrategicObjective. KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 44. 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. KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 45. Key Elements: Tangible
  • 46. Key Elements: Intangible KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 47. Intangibles…You need to define it! Premiere? Leading Edge? Professional? Team Atmosphere? Customer Satisfaction? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 48. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 49. 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 KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  • 50. Questions? KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  • 51. State of the Business Owner 2012For additional research, guides and community:www.stateoftheowner.comFacebook.com/StateOfTheOwner@StateOfTheOwner For Guides & Additional Resources www.stateoftheowner.com

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