Open view venture partners case study extraordinary execution


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Open view venture partners case study extraordinary execution

  1. 1. Turning aspirations into practical plans for success: The Extraordinary Execution Workshop You’re at the expansion stage. “Your day-to-day activities But are you truly ready to grow? are the true drive-gear of It’s the classic entrepreneurial dilemma: you have your firm. When your daily a proven product and a promising market, but how actions are aligned with do you turn a good idea into a great enterprise? With the right tools, you can make a transformative your larger aspirations, leap from managing a product to growing a thriving you’ll fulfill your mission business, a company that understands why it exists, where it’s going and how to get there. at an astonishing speed.” Scott Maxwell, Managing Partner and Senior Managing Director, A proven process for creating OpenView Venture Partners a practical, actionable strategy. The Extraordinary Execution Workshop is an inten- sive, two-day forum in which senior executives work individually and collaboratively to address their two most important leadership concerns: 1. clarifying aspirations that set the company’s mission, vision and values 2. crafting a strategic plan that aligns operations —by year, quarter, month and week—with the company’s deepest and most urgent priorities.
  2. 2. A hands-on approach with prioritized next steps. Exinda Networks Crystallizes Under the direct guidance of OpenView Venture Partners, a firm with a unique understanding of Vision, Clarifies Direction. expansion stage companies, leadership teams will define a clear and meaningful purpose for their In October 2009, CEO Michael Sharma and five company that will: other members of Exinda Networks’ leadership team participated in the Extraordinary Execution Articulate a vision of where the company is going Workshop. Michael confesses that he was initially Unite the leadership team in one common mission skeptical. “At first,” he says, “I thought I needed this like a hole in the head. But it proved indispensable; Determine the company’s guiding values in just two days, we got a working plan in sync with Uncover the strategic themes necessary for achieving our vision.” business aspirations When asked to evaluate the impact less than two Set priorities that direct company energies and resources months out from the experience, Michael says the Create strategy maps for turning aspirations into resulting plan his team created “is living, breathing practical actions and gaining momentum.” Specifically, he notes that the workshop “called out our core values and got our Establish measurements and assignments for efficient execution senior leadership team speaking the same language.” After the workshop, Michael and his team used the Align employee efforts to aspirations by year, quarter, document they created to share the company’s vision month and week with its 35 employees; the values they prioritized Eliminate unnecessary efforts that waste time, have become a template against which the company talent and money has evaluated new hires. Document a strategic plan that can be shared across the entire organization Most importantly, the experience has created a road map for action. “We’ve been on a sprint Form processes for monitoring, reviewing and since the workshop. It’s been an invaluable tool adjusting strategy for clarifying our direction and gaining alignment. Today, everyone’s on the same page as we execute “We’ve been on a sprint since by quarter, month and week. That’s the power of the Extraordinary Execution Workshop.” the workshop. It’s been an invaluable tool for clarifying our direction and gaining alignment...” Michael Sharma, Chief Executive Officer, Exinda Networks
  3. 3. Step by Step, Designed as an intensive series of hands-on exercises, the Extraordinary Execution Workshop brings your mission into focus, from Global establishes unity of purpose, and translates strategic directives into Mission to concrete, operational plans. OpenView’s experienced workshop facilitators lead participants through each step, helping them apply Daily Actions. innovative management tools to urgent business challenges. The ex Tr a or di na ry ex ecuTi on Wor kS hop a ge n d a Pre-workshop readings establish working concepts and common ground Identification of Aspirations among participants Together, your leadership team Analysis of a model plan explores the working components of a successful defines the mission, vision mission and strategy and values that will turn your Formulation of a mission statement that meets ten key criteria for meaning company from a product-driven and purpose business to a mission-driven Development of a vision for carrying your organization into the future enterprise. Articulation of values important to the success, people and personality of your business Clarification of priorities to concentrate energies on the issues of greatest importance Development of Strategy Maps Development of Strategic Themes Development of People Themes Finances Productivity Once the team has achieved a Economic model Internal roles united sense of business purpose, Customer and market perspective Vendor and partner roles Define target customer segments they collaborate on strategy maps Development of Organizational Themes Define target prospects that fulfill aspirations through a Structure Define target marketing channels cascade of operating plans by year, System rhythm Define indirect sales channels Management productivity quarter, month and week. Company output Leadership Product output to customers Work environment/OD Communications output to prospects Value output to marketing channels Prioritize Objectives Performance output to indirect sales channels Eliminate unnecessary, less valuable activities Responsibilities to community and regulators Define priorities Review of deliverables Create strategy statements Development of Methodology Create a Management System and Information Capital Using balanced scorecards Information capital Setting SMART objectives Design and development Determining activities by quarter, week, and day Creating and delivering product output Assigning responsibilities and ownership Customer acquisition Review cycles and schedule goals New customer onboarding Customer management Managing partners and channels
  4. 4. “At the expansion stage, your Making the Founders’ Vision aspirations should not be about a Company-wide Reality. a technology per se, but about building a company that delivers Founding partners Isaac Garcia and Arnulf Hsu are the right solution to the right no strangers to entrepreneurial ventures. They sold their first two companies to CNET and are now on customers with the right their third, Central Desktop. “While Arnulf and I know economic model.” what we are; we need to instill our vision with every- one else in the company,” Isaac says. “Before we Firas raouf, Venture Partner, OpenView Venture Partners participated in the Extraordinary Execution Workshop, our wives knew more about our vision than our “The Extraordinary Execution employees.” Workshop gave us a framework By participating in the workshop, the founders for creating a strategy sustain- were able to define their mission and record it in a document they could share with their employees. able at multiple layers in our “It helped us solidify what we want to do,” says Isaac. organization.” “Once we had our vision locked in place, we could take stock of the actions we needed to fulfill it.” Scott Johnson, Chief Executive Officer, AtTask Isaac and Arnulf refined their strategy to seven or eight key themes for the year, then drilled down further to assign two or three initiatives for each quarter. “By the time the workshop was over,” Prepare your venture for its next leap in growth. Isaac says, “we had eighty-five percent of the operating plan we wanted. This year, thanks to To learn more about the Extraordinary Execution what we learned, we’re already 90% of the way Workshop—and how OpenView Venture Partners can there for our 2010 plan.” accelerate your success—contact OpenView directly at (617) 478-7500 or email