THE  HIGH SPEEDSTRATEGIC AUDIT   ANDREW PRIESTLEY
A GREAT IDEA• Most business owners start with an idea for a business which they assume will work.• FACT: 80%  of startups ...
HIGH SPEED STRATEGY• Youcan perform a focused 90 minute high speed strategic audit.• Here’s8 of the top factors that WILL ...
WHAT WE LOOK FOR  Set aside 90 minutes to get CLEAR and DETAILED answers to these 8 questions      1. How clear is        ...
IS IT CLEAR?•    Tip: You business idea or concept    has to be super clear.•   Try this: use your phone’s voice    record...
WHAT’S THE REAL PROBLEM?•    Be very clear about the problem    your client is really trying to    solve. You might have a...
HAVE I GOT A TEAM?•    Everybody needs a ‘dream    team’. No one succeeds on    their own. NB: They don’t have    to be on...
HAVE I GOT A MARKET?•    Who is your preferred customer    - exactly? How do you reach    them? How do you know there is  ...
WHAT DO YOU SELL?•    The biggest mistake is only having    one product or service.• Try     this: Imagine if your product...
IS IT WORTH DOING?•    You might have a great idea,    customers and products ... but it is not    projected to make enoug...
CAN I DELIVER IT?•   This section is about the infrastructure    for getting your products and services    into the hands ...
SYSTEMS AND PROCESSES• Every business has a system ... even if you don’t think you have one.• Try  this: Talk to the phone...
If you need help, a session or information                       highspeedstrategy@hotmail.comYou should also visit our bu...
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High speed audit

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Every business is based on assumptions - many remain unstated and untested. This is a business strategy workshop that you can try yourself. Allow 90 minutes and make sure you record it.

(NB: This is for education purposes only - this does NOT constitute advice.)

Published in: Business, Technology
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  • High speed audit

    1. 1. THE HIGH SPEEDSTRATEGIC AUDIT ANDREW PRIESTLEY
    2. 2. A GREAT IDEA• Most business owners start with an idea for a business which they assume will work.• FACT: 80% of startups fail within the first 12 months
    3. 3. HIGH SPEED STRATEGY• Youcan perform a focused 90 minute high speed strategic audit.• Here’s8 of the top factors that WILL impact the success of your business.• Allocate90 minutes and try answer these 8 questions in detail.• Record the session.• Refer to the tips and case study slides if you need help.
    4. 4. WHAT WE LOOK FOR Set aside 90 minutes to get CLEAR and DETAILED answers to these 8 questions 1. How clear is 2. What problem is our our business idea? customer trying to solve? 3. Who exactly is on our 4. How do we know there is operating team? a market for our idea? 6. How do we know our5. What do we actually sell? business is worth doing?7. What infrastructure 8. What systems and is actually required? processes are critical to the success of our business?
    5. 5. IS IT CLEAR?• Tip: You business idea or concept has to be super clear.• Try this: use your phone’s voice recorder and just talk about your business idea. Explain what your idea is as clearly as you can. Then listen back to it. How does it sound to you?• Case study: a client had an idea for selling cheap superseded mobile phones handsets ... but if was unclear if the business was reselling hardware ... or mobile banking!
    6. 6. WHAT’S THE REAL PROBLEM?• Be very clear about the problem your client is really trying to solve. You might have a great solution ... that customers just don’t value.• Try this: ask your clients, “What’s your biggest concern or frustration?”• Case Study: I coach owner/ managers. Do they want to be a great boss, a more profitable business ... or reliable staff?
    7. 7. HAVE I GOT A TEAM?• Everybody needs a ‘dream team’. No one succeeds on their own. NB: They don’t have to be on the payroll.• Try this: ask yourself: Who is supporting me? Who helps me get eh job done? Make a list.• Case Study: A sole trader did a mind map of everyone connected to his business. It totalled 123 people!
    8. 8. HAVE I GOT A MARKET?• Who is your preferred customer - exactly? How do you reach them? How do you know there is a market for your idea? Are you clear on the problem they need solving?• Try this: Ask.• Case Study: A client talked to over 700 businesses BEFORE going to market. This research identified three clear problems which they now solve - globally!
    9. 9. WHAT DO YOU SELL?• The biggest mistake is only having one product or service.• Try this: Imagine if your products and services were available at three prices - low cost, medium and higher cost.• Case Study: A personal trainer went from one product - $45p/hour to offering free sessions, low cost group sessions, medium cost 121 goal/injury sessions and high cost elite training. He is now licensing his proven business model to other PTs.
    10. 10. IS IT WORTH DOING?• You might have a great idea, customers and products ... but it is not projected to make enough money.• Try this: Write down your annual turnover target, and the unit cost of your products and tell me how many you have to sell to hit your target.• Case Study: A marine specialist worked out the more business he got the more broke he would end up. His success depended on the purchase or leasing of very expensive equipment.
    11. 11. CAN I DELIVER IT?• This section is about the infrastructure for getting your products and services into the hands of customers. This can be simple (F2F, delivery van) or very sophisticated (logistics network, web platform e-commerce site).• Try this: Talk to the phone again. Describe how you deliver your products and services to customers. What’s • ‘If your business needs a truck and needed? you don’t have one, you don’t have a business.’ Noel Whitakker Money Expert• Case Study: A client proposed a website for struggling artists to sell their artwork. She soon realised this required 24/7 - 365 IT support ... which she didn’t have (or could afford).
    12. 12. SYSTEMS AND PROCESSES• Every business has a system ... even if you don’t think you have one.• Try this: Talk to the phone again. Walk me through a sale or the delivery of a product or service in detail.• Case Study: McDonalds is built on 14.9 year olds understanding how to operate complex food systems.
    13. 13. If you need help, a session or information highspeedstrategy@hotmail.comYou should also visit our business turnaround website www.successin80days.com NOTE: For education purposes only - this does NOT constitute advice. Full Terms and Conditions available at the website.

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