State of the Business Owner            2012                          Fundamentals                       Fundamentals Webin...
Presenters  Cameron Madill                     Tricia Huebner     President                    Director of Training     Sy...
Webinar Questions & CommentsTwitter Hashtag: #sobo2012GoToWebinar Chat Window                For Guides & Additional Resou...
Origins and MotivationWhat are the success factors helping   small and midsize businesses         succeed in 2012?        ...
The Planner and The Pessimist      For Guides & Additional Resources          www.stateoftheowner.com
The Planner                             The Pessimisto Believes they control their                                        ...
Why should I care?Businesses owned by Planners:      Grew faster in 2011      Had higher annual revenues      Were more...
Planner Disciplines   For Guides & Additional Resources       www.stateoftheowner.com
Fundamentals           Accelerators                People               For Guides & Additional Resources                 ...
KEY #1FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
Fundamentals    Businesses that thrived in 2011      followed a simple formula:Vision + Plans + Data = Success            ...
Vision + Plans + Data•   Businesses with a written description of what they want their    business to look like in the fut...
Vision        KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
The Most Important Leadership Question:    Do you know what you want your  business to look like three years from         ...
PollDo you have a written vision document thatclearly describes where your company will be3 - 5 years from today?         ...
Default or Design?           KEY #1 - FUNDAMENTALS   For Guides & Additional Resources       www.stateoftheowner.com
KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
EMyth Process• Visions and Plans (whats the difference?)• Pre-work: Primary Aim & Personal Objectives• Creating Your Strat...
Vision and Plans Vision is…        Plan is… The What          The How
The Why?Is answered through:Primary Aim (personal passion and purpose)Personal Objectives (business versus job)Mission ...
EMyth Vision = Strategic ObjectiveYour Strategic Objective is a clearly written “statement” of  what your business will be...
Why do you need one?A Strategic Objective provides a sense of direction andgoals for the future, motivation for you and yo...
Priority Flow Model                 KEY #1 - FUNDAMENTALS         For Guides & Additional Resources             www.stateo...
Vision OrientationTechnician                Manager                Entrepreneur the doer               the designer       ...
KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
What’s the one impossible thing that ifyou could do it you would   own your market?
Line of Business Products/Services Offered Who are you? Will the business  be a manufacturer, retailer,  distributor, ser...
Company Size/Growth ObjectivesProjections for: Annual sales, profitability,  return on equity, number of  employees, numb...
Geographic Scope   Market areas served   Business locations    established   Headquarters   Operational reach         ...
Target Markets, Market Positioning   Types of customers   Demographics   Psychographics                      KEY #1 - F...
Basis of Competition Competitive advantage Product features Distinctive elements of  your product or service. Product/...
Basis of CompetitionDistinctive…   Marketing methods   Behavior/dress/employees   Presence   Operations   Tangible im...
TimingWhen will the Strategic Objective be achieved?                     KEY #1 - FUNDAMENTALS             For Guides & A...
Plans        KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
PlansThe greater the extent of revenue planning, the moresuccessful businesses were in 2011 and the moreoptimistic they we...
Poll Do you lead your management teamthrough an annual planning process?          KEY #1 - FUNDAMENTALS        For Guides ...
PollWhat prompts your planning process?          KEY #1 - FUNDAMENTALS        For Guides & Additional Resources           ...
Business Development Dynamics               KEY #1 - FUNDAMENTALS       For Guides & Additional Resources           www.st...
Data        KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
Bowling BlindWhat would happen if you had to run your business without any feedback on the results you were achieving?    ...
What gets measured,      matters.            KEY #1 - FUNDAMENTALS    For Guides & Additional Resources        www.stateof...
Key Strategic IndicatorsCEO dashboard or report the measures overallprogress toward your Strategic Objective.A set of tang...
Selecting Your Key Indicators•   Focus on the few (10 – 12 total) key elements of your    Strategic Objective.•   Report t...
Key Elements: Tangible
Key Elements: Intangible                 KEY #1 - FUNDAMENTALS         For Guides & Additional Resources             www.s...
Intangibles…You need to define it!  Premiere?  Leading Edge?  Professional?  Team Atmosphere?  Customer Satisfaction?     ...
KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
Vision + Plans + Data•   Businesses with a written description of what they want their    business to look like in the fut...
Questions?        KEY #1 - FUNDAMENTALSFor Guides & Additional Resources    www.stateoftheowner.com
State of the Business Owner 2012For additional research, guides and community:www.stateoftheowner.comFacebook.com/StateOfT...
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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.

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State of the Business Owner Fundamentals Webinar

  1. 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. 2. Presenters Cameron Madill Tricia Huebner President Director of Training Synotac and Education EMyth For Guides & Additional Resources www.stateoftheowner.com
  3. 3. Webinar Questions & CommentsTwitter Hashtag: #sobo2012GoToWebinar Chat Window For Guides & Additional Resources www.stateoftheowner.com
  4. 4. Origins and MotivationWhat are the success factors helping small and midsize businesses succeed in 2012? For Guides & Additional Resources www.stateoftheowner.com
  5. 5. The Planner and The Pessimist For Guides & Additional Resources www.stateoftheowner.com
  6. 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. 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. 8. Planner Disciplines For Guides & Additional Resources www.stateoftheowner.com
  9. 9. Fundamentals Accelerators People For Guides & Additional Resources www.stateoftheowner.com
  10. 10. KEY #1FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  11. 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. 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. 13. Vision KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  14. 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. 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. 16. Default or Design? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  17. 17. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  18. 18. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  19. 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. 20. Vision and Plans Vision is… Plan is… The What The How
  21. 21. The Why?Is answered through:Primary Aim (personal passion and purpose)Personal Objectives (business versus job)Mission StatementCompany Values
  22. 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. 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. 24. Priority Flow Model KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  25. 25. Vision OrientationTechnician Manager Entrepreneur the doer the designer the dreamer KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  26. 26. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  27. 27. What’s the one impossible thing that ifyou could do it you would own your market?
  28. 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. 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. 30. Geographic Scope Market areas served Business locations established Headquarters Operational reach KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  31. 31. Target Markets, Market Positioning Types of customers Demographics Psychographics KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  32. 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. 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. 34. TimingWhen will the Strategic Objective be achieved? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  35. 35. Plans KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  36. 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. 37. Poll Do you lead your management teamthrough an annual planning process? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  38. 38. PollWhat prompts your planning process? KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  39. 39. Business Development Dynamics KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  40. 40. Data KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  41. 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. 42. What gets measured, matters. KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  43. 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. 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. 45. Key Elements: Tangible
  46. 46. Key Elements: Intangible KEY #1 - FUNDAMENTALS For Guides & Additional Resources www.stateoftheowner.com
  47. 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. 48. KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  49. 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. 50. Questions? KEY #1 - FUNDAMENTALSFor Guides & Additional Resources www.stateoftheowner.com
  51. 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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