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ProfCat 2011:two - The Alternative Board
The document outlines ten key questions business owners should ask themselves about who they rely on for support and advice. It then discusses the importance of having a business plan and notes that only 20% of small-to-medium enterprises have one, and less than 5% actually use it. The document proposes creating a board of non-executives as a solution, highlighting the benefits this provides including being a sounding board for ideas, sharing resources, and providing affordable practical advice. It introduces the Alternative Board methodology which involves personal profiling, action planning, business planning, setting a personal vision, and key performance indicators to help businesses stay on track.
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ProfCat 2011:two - The Alternative Board
- 2. Ten key questionsQuestion1:Who do you turn to when you have a problem? -Life Partner -Business Partner -Employees -Coach?
- 3. Ten key questionsQuestion2:Who can you share your crazy idea with? -Life Partner -Business Partner -Employees -Coach?
- 4. Ten key questionsQuestion3:Who do you trust in business? -Life Partner -Business Partner -Employees -Coach?
- 5. Ten key questionsQuestion4:Who tells you that you have made a mistake? -Life Partner -Business Partner -Coach?
- 6. Ten key questionsQuestion5:Who helps keep you focused on the key business objectives? -Business Partner -Coach?
- 7. Ten key questionsQuestion6:Why did you get into business? -Independence -Wealth creation -Personality -Vision -Family
- 8. Ten key questionsQuestion7, 8 and 9:Do you have a performing asset or is it just a job?Do you work in the company or on the company?Is the company working for you or are you working for it?
- 9. Ten key questionsQuestion10:Do you have a personal vision of where you want to go?
- 10. A few keyfactsFact: Most large companies and nearly all consultants recommend a business planOnly an estimated 20% of SME’s have a business planLess than 5% actually use it!
- 11. A few keyfacts#1 Reason For Businesses Under-Performing = Lack of Formal Business PlanningNo Map No Guide No DirectionSOH
- 12. The Answer Createa board....with non-executives
- 13. Value of aBoardSounding Board for Ideas and AnalysisResourceSharingAffordable, PracticalBusinessAdviceLocal NetworkingOneGood IdeaAccountability/ Facilitation
- 14. Usual Issues coveredCashFlow/FinancialConcernsFamily Business/Partner ProblemsMarketingand Sales ChallengesLonely at the TopSuccessionPlanning/ExitStrategiesHiring andFiring
- 15. Non ExecutivesNon Executivesare expensiveThere is only one of themPeer Boards are the answerPeer Boards give 150 years of business experience and meThe real answer is:The Alternative Board
- 16. The Alternative BoardMethodologyPersonal Disc ProfilingHow do we keep on trackAction PlansWhat is the roadBusiness Plan Where do you want to goPersonal VisionWho are youKey Performance IndictWhere we are now
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Editor's Notes
- #14 Purpose of The Alternative Board TAB Is to provide affordable, practical business advice to its members. It’s a sounding board for your ideas. A brain-trust is another word. The TAB Board is the place you can rely on for help and answers. TAB is a great place to share resources. You can toss your yellow pages out the window. If you are looking for a network system for your computers or a new accountant, someone in your board can give you a recommendation so you don’t have to experiment by dialing up strangers.It’s a think tank environment. It’s a place where you can bring your new ideas, products and plans for the board to help you work through. Many of our members use TAB as a focus group. Say you have a new brochure you are coming out with…bring it to your board for them to analyze before you actually use it to attract potential customers.Use you board as a focus group whether you are marketing to B to B or B to C your board can give you insight to all your sales and marketing concepts. We have an expression in TAB “You Don’t Know What You don’t know” will come alive to you, when you hear ideas that can make a difference in your business that you had no concept of. TAB is not actually a networking organization, but because of our bonding process you will make close friends and develop additional business through your fellow members and the contacts they have. But that is not the reason to join TAB.You all have the God given right to procrastinate. If we give you a solution to a problem and you come back to your board a couple of months later and have not addressed the problem yet, a few things will happen: First, you will get plenty of lip from your fellow members. Next, we won’t let you bring up another problem until you have taken care of the original one. Last but not least, we will make you pay for the donuts, and we eat about a thousand donuts at each meeting.Just one good idea from any one of your board meetings could change your life for the better.
- #15 Typical Member Issues Speaking of problems and issues, you probably can’t bring up a topic that hasn’t been covered in a TAB Board at one time or another. (you should refer to issues that the prospect mentioned if they appear in this slide)Cash flow is always an important issue. If you are a Family business you probably have issues other than just the business type. Developing marketing and sales plans. Let me stop for a minute, I would like to ask you all a question. I recall that increasing sales is a major issue for most of you and thus marketing becomes a key challenge. The question I have for you is how do you differentiate yourself from the competition? Or, to put it another way , why would I do business with you vs. your competitors? Many of you do not have a clear differentiation, except service. (Ask up to five people what their answer would be) (Typically almost none will really have a difference that their competitors probably don’t have or would say) Let them know that. Go over the definition of service…Deliver the product or service on time - at a fair price - standup for the product or service you delivered if faulty (Tell the Rose Story:)Succession-planning: How do you bring your children into your business, or how do you even get your children interested in your business? If you are not planning to pass your business on to family or a partner, what is the exit strategy for your business? You have put a lot of effort, time and money into your business. One of the only ways you may achieve financial income is by the sale of your business.Dealing with an uncooperative partner. That’s never a problem. Is it?
- #17 As you can see, the CSF is at the top of the pyramid. It widens out with simple easy to follow steps as we create the plan on how to get you there.Critical Success Factors (CSFs)Goal To Achieve CSFStrategies To Achieve GoalAction Plans To Achieve each StrategyThese steps have to be taken in the exact sequence to give your company the greatest impact