PPT_Business_Coaching_EN
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This document discusses how to optimize business performance through management consulting services provided by BDC. It outlines BDC's vision and services to help entrepreneurs succeed, including financing, venture capital, and consulting focused on sales growth, management skills, and operations. The presentation provides advice on recognizing symptoms versus root causes, understanding healthy organizations, developing an optimization plan, effective people management, and setting performance metrics. It promotes seeking a business coach for an assessment and action plan to take a business to the next level.
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- 1. OPTIMIZING BUSINESS PERFORMANCE Manage your company more effectively and efficiently
- 2. WE ARE THE ONLY BANK DEDICATED EXCLUSIVELY TO ENTREPRENEURS > Vision: Accelerate the success of entrepreneurs > Mission: Help create and develop Canadian businesses through financing, venture capital and consulting services, with a focus on SMEs 100+ BUSINESS CENTRES 2,000 EMPLOYEES $363M DIVIDENDS PAID SINCE 1998 70 YEARS OF EXISTENCE 30,000 CLIENTS $19.6B TOTAL ASSETS QUICK STATS
- 3. 3 | Optimizing Business Performance OUR GOAL Provide top-notch advice to help you… Build your management capacity 5Optimize your technology4Improve your operations3 Find new markets2Increase your sales1
- 4. BDC clients who benefit from our financing and consulting services ACHIEVE BETTER SALES GROWTH Source: Measuring BDC’s impact on its clients, July 2013. Study published by Statistics Canada. www.bdc.ca/smeresearch better than non-clients 25% UP TO
- 5. TODAY’S AGENDA Recognizing symptoms of deeper issues Connecting questions to required improvements Understanding healthy organizations Optimizing your business Getting help to ensure you’re on the right track Question and answer period
- 6. 6 | Optimizing Business Performance Strengthen management skills Improve profitability and competitiveness Reach more clients ENTREPRENEURS FACE CHALLENGES Improve productivity
- 8. 8 | Optimizing Business Performance Costing Operational efficiency Margin management Needs Sales and marketing Customer management Managerial skills Long-term planning RECOGNIZING SYMPTOMS No time to plan ahead Losing customers and market-share Sales are up but profits are down Symptom What underlying needs do they convey?
- 9. 9 | Optimizing Business Performance Organizational effectivenessNeeds Accountability Performance management Operational efficiency Performance management RECOGNIZING SYMPTOMS Productivity has decreased Employees are unmotivated Crisis management is the norm Symptom What underlying needs do they convey?
- 10. 10 | Optimizing Business Performance Financial management Needs Inventory management Budget controls RECOGNIZING SYMPTOMS Expenses are out of control Excessive and/or obsolete inventory Cash flow problems Symptom What underlying needs do they convey?
- 11. 11 | Optimizing Business Performance Measurements (KPIs, budgets) Financial analysis Required improvement Sales and marketing Global expansion HR management NAGGING QUESTIONS Why am I not attracting and retaining top talent? How can I expand my reach and find new customers? I’m not sure how my business is performingQuestion What improvements are required to answer them?
- 12. 12 | Optimizing Business Performance Strategic and financial planning Required improvement Succession planning Exit strategy All of the above! NAGGING QUESTIONS What happened to my dream? What will happen when I retire? How do I handle the risks of an uncertain future?Question What improvements are required to answer them?
- 13. HOW DO I TAKE MY BUSINESS TO THE NEXT LEVEL? Stop treating symptoms! Get to the root cause of your issues.
- 17. OPTIMIZING YOUR BUSINESS Review past performance Envision the future you want Define the desired business results Develop a roadmap Identify the required resources Monitor performance regularly Assess your current situation AT A TIME One STEP
- 18. Defined job responsibilities Regular performance management Clear reporting relationships Organizational structure Training Documented policies Standardized processes EFFECTIVE PEOPLE MANAGEMENT Employees perform according to how they are managed!
- 19. 19 | Optimizing Business Performance PERFORMANCE MEASUREMENTS Measure business performance against targets 3 Benchmark against industry standards 4Set annual and monthly business targets (budgets and KPIs) 2Define where YOU want to be in the long term 1 Setting budgets, KPIs and individual metrics You can’t improve what you are not measuring!
- 20. GETTING HELP
- 21. BDC BUSINESS COACHING Learn how to take your business to the next level > Business assessment > Root cause analysis > Definition of business needs > Action plan > Prioritization > Measurement identification > Coaching sessions > Knowledge transfer > Progress reports > Progress report > Measurements analysis > Next steps
- 22. PROVEN METHODOLOGY “If a coach can’t tell you what methodology he uses—what he does and what outcomes you can expect—show him the door.” Harvard Business Review https://hbr.org/2009/01/what-can-coaches-do-for-you
- 23. 23 | Optimizing Business Performance Desire to learn Active participation Commitment BUSINESS COACHING REQUIRES YOUR If interested, contact your BDC Consulting Manager
- 24. 24 | Optimizing Business Performance QUESTIONS?
- 25. Follow us bdc.ca | 1-888-INFO-BDC BDC BDC_News BDC Entrepreneur THANK YOU. Insert name here Insert title here Insert business centre name here Insert phone here Insert email here
Editor's Notes
- My name is (insert name). I’m a BDC (business consultant). My colleagues and I at BDC have worked with entrepreneurs across the country to help them succeed and overcome their daily challenges. We’ve learned a lot about opportunities for SMEs and the very real challenges they face. And that’s what I’m going to share with you today. I will be speaking for about (XX minutes) and then there will be lots of time for your questions.
- BDC is the only Canadian bank exclusively dedicated to entrepreneurs. Our mission is to help create and develop thriving Canadian businesses through financing, venture capital and consulting services, with a focus on small and medium-sized enterprises. BDC has been in business for 70 years. Our motto is Entrepreneurs first. Through more than 100 business centres all across Canada, our 2,000 employees help 30,000 Canadian business owners succeed. BDC is profitable and has paid more than $360 million in dividends to its sole shareholder, the Government of Canada since 1998. We are not just a bank. We are a development bank. Everything we do revolves around this. In short, we want to accelerate entrepreneurs’ success. BDC must do this by complementing the role played by private-sector financial institutions.
- BDC Consulting helps entrepreneurs work smarter. Our goal is to help you adopt and incorporate best practices to meet your business challenges and to remain competitive. First, we want to accelerate your growth. We focus on sales and marketing (both traditional and digital), innovation (product development) and global expansion. Secondly, we want your business to be more agile and more efficient. We help can help you improve processes, implement lean manufacturing and select the right equipment and technology for your business. Finally, we help you build organizational capabilities. We offer consulting services in areas such as strategic planning, financial management, organizational design and HR management.
- Our clients appreciate the affordability of our services and the fact that they are tailored to their needs A study by Statistics Canada found that BDC Financing clients had higher sales growth than other businesses BDC clients using both financing and consulting services performed even better than non-clients, with up to 25% higher sales growth NAME OF THE STUDY Measuring BDC’s impact on its clients (July 2013) - A report published by Statistics Canada Available at : www.bdc.ca/smeresearch (External Studies)
- And that’s why we’re here today – to provide you with concrete information to help you optimize your business performance. Here’s what we’ll cover during our session <click through slide>
- Whether you can relate to all of these challenges, or only to a couple, you are not alone. Most Canadian entrepreneurs face the same issues – and at the top of the list is Productivity. Did you know that productivity in Canada is lower than: The U.S. All the G7 countries Most of the countries in the Euro zone How productive you are directly impacts your profitability, competitiveness, and customer reach. So how can a company become more productive? A great deal rests on your management skills. If BDC can help every SME strengthen their management skills, then productivity could improve throughout Canada.
- Many of the issues facing entrepreneurs are actually symptoms of deeper problems. All too often, business owners spend precious money treating the symptoms instead of their underlying cause, only to have the same problems resurface again and again. The next few slides list common symptoms entrepreneurs notice. Consider whether any of them resonate with you. If yes, be sure to take note of the corresponding need that should be addressed.
- <Click through slide to open each point, as noted below> <click> If your sales are up but your profits are down… <click> It signals issues with your costing, operational efficiency and margin management. <click> If you’re losing customers and market-share… <click> It denotes an issue in the way you are managing your marketing strategy and customer relations. <click> If putting out fires is preventing you from planning ahead… <click> It means you need to improve your managerial skills and devote more time to long-term planning.
- <Click through slide to open each point, as noted below> <click> If crisis management is the norm instead of the exception… <click> You definitely need to look at your organizational effectiveness. <click> If your employees are unmotivated… <click> It means they are not being held accountable for their work through proper performance management. <click> If your productivity seems to be decreasing… <click> You need to look at your operations and the way you manage your employees.
- <Click through slide to open each point, as noted below> <click> If you struggle with liquidity (cash flow)… <click> You are lacking an effective system for managing your funds effectively . <click> If you are paying high costs for storing excessive and/or obsolete inventory… <click> You need a better inventory management system to ensure you sell what you have. <click> If your expenses are out of control… <click> You need to implement a budget and measure against it regularly.
- <Click through slide to open each point, as noted below> Perhaps you’re not sure about the symptoms on the previous slides. You may have nagging questions instead. Some of the things you may be asking yourself can also be very revealing. <click> If you’re not sure how your business is performing… <click> It means that you are lacking adequate measurements. <click> If you’re unsure how to grow your business… <click> You need to implement an integrated marketing strategy that includes the internet and sales. You also need to think how you can expand globally. <click> If you can’t seem to attract and retain quality employees … <click> You need to establish proper HR management.
- <Click through slide to open each point, as noted below> <click> Does your future seem hazy and uncertain? <click> You need better strategic and financial planning. <click> Do you wonder who will take your place when you retire? <click> You need to implement a succession plan and create an exit strategy. <click> Has running your business taken a toll on the dream you had when you started? <click> You need to look at all of the ways you could manage things more effectively.
- Now let’s examine what a healthy organization looks like.
- A viable and sustainable business always operates with the following systems in place: An integrated sales and marketing plan to attract and retain customers Appropriate Information Communications Technology (ICT) Systems to optimize business performance and productivity Continuous improvement mindset encouraging regular reviews and adjustments Concrete performance management to guide and motivate employees Clearly defined Organizational Structure, including: Job responsibilities Succession plan and exit strategy Up-to-date policies and procedures Regular communication with employees Real-time management of inventory costs and cash flow Lean thinking that reduces waste and optimizing processes Budget planning to stay on top of spending Key Performance Indicators Certain measurements agreed to beforehand that help a company determine progress toward organizational goals Vary by type of organization Must be quantifiable (more on this later) An up-to-date strategic plan to keep you on track
- In order for things to change, you need to take action. Don’t be satisfied with the status quo. You CAN take your business to the next level.
- <Click through slide to open each point, as noted below> Don’t try to eat the elephant in one sitting. Take it one step at a time and don’t be afraid to get help. <click> Start by reviewing your past performance. <click> Invest in some professional guidance to help you assess your current situation. This will ensure that you treat the right issues. <click> Next, envision the future you want. <click> Define your desired business results and Implement the recommendations that will lead you to them. <click> Now that things are rolling, develop a roadmap to keep you on the right path. Do so by setting budgets, targets, and measurements. <click> Don’t stop there! Plan ahead – make sure you get the resources you’ll need to help you get there. <click> Monitor their performance and provide them with feedback regularly.
- Your employees play a large role in the success of your business. Ask yourself: Do your employees know what they need to do to succeed in their jobs? Did they receive the necessary training to do their jobs well? How do employees measure their performance? How often do they receive feedback? Are they held accountable for their performance? Even if you are a small business with only a few employees, they need to know what is expected of them. Here are some standard HR tools every company should have: An Organizational Structure, so employees know where they fit in the company Clearly defined reporting relationships, so they know who to go to for direction Defined job responsibilities and the behaviours needed to accomplish them - Helps employees understand what they need to do and how to do it Formal performance reviews that reward outstanding work and correct substandard performance Standardized processes so that everyone knows what to do and how - Prevents job role confusion, mistakes, rework, overlap in functions, etc. Documented policies so that everyone is on the same page - Assists with onboarding when new employees start Provide training - This doesn’t have to be a formal seminar or class - You can assign mentors or buddies to show employees the ropes
- How about your business performance? How do you determine KPIs for your business? First you need to define where you want to be in the long-term Make sure to set QUANTIFIABLE goals “Sell More” tells you nothing “Sell 10% more” gives you a concrete goal to measure Then, set annual and monthly KPIs and Budgets to help you get there. Think about: Gross margins Net profit Inventory turns Financial ratios AR turns Productivity ratios Make sure to measure your business performance against those targets. Benchmark yourself against the best in your industry. How much are they making in sales? How many customers do they have? How much profit do they make? If you’re running a shop floor, you can also use Performance Dashboards These are whiteboards on the shop floor that everyone can see. They contain: Objectives, team results, gaps Action plan to solve problems Improvement ideas to address irritants Regular updates
- You can make changes incrementally – taking things step by step. If you feel you need help, BDC is ready and able to guide you. BDC’s Business Coaching solution offers you guidance in any area of your business that requires attention. We have a large pool of consultants with a wide variety of skills and knowledge You’ll be matched with the coach best-suited to your business needs. Whatever challenges you have, we’ll show you how to solve them.
- Our Business Coaching takes place in four stages. Assess: We meet with you to understand your business needs. You’ll complete a thorough Assessment Questionnaire so that we can pinpoint exactly where you need assistance (the questions on the previous slide are just a small sample of what’s included in the full assessment). Plan: We’ll develop an action plan that helps you address problems in a timely and systematic manner. We’ll also help you define the measurements that will help you assess your performance later on. Coach: Your coach will meet with you and guide you through your action plan. You’ll learn through active participation. Evaluate: We’ll help you document your progress to date, measure the results of your actions and determine next steps. You’ll be given a final report that summarizes everything. Don’t be a start-up forever – BDC has the expertise to help you grow.
- BDC wants you to become self-sufficient and succeed in the long-term. We’ll share all of our tools and methodology with you so you can use them in the future.
- BUT we can’t help you unless you want our help. Business Coaching only works if you are committed, ready to participate, and have a desire to learn.