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TEN FAVORITE
BUSINESS TECHNIQUES FOR
GROWTH
Tools for Small Business Success
CopyrightThomasH.GrayInc.2014
1
BUSINESS TECHNIQUES FOR GROWTH
 New book by Tom Gray explains more than 60 techniques
 Grow your business with prudence,...
MY 10 FAVORITES – ADD YOUR OWN!
CopyrightThomasH.GrayInc.2014
3
1. Breakthrough
Conversation
2. “Knowledge leads to
Behavi...
1. THE BREAKTHROUGH CONVERSATION
1. “Show me how you do that”
2. “What gets in your way? What makes doing that harder
than...
2. KNOWLEDGE LEADS TO BEHAVIOR
5
CopyrightThomasH.GrayInc.2014
Drawings
Work
Instructions
(Methods &
Procedures)
Training:...
3. SEGMENT YOUR PEOPLE TO BOOST RESULTS
 Segment your people; choose one thing each could do
better for the most impact o...
4. IS MY BUSINESS WORTH DOING?
 Wages/salary pays for your work IN the business
 “Return” (profit) pays for your investm...
5. QUICK WINS
 Boost cash flow and morale
 Step back; view business as an outsider to see
opportunities for quick wins
...
6. GROWING THROUGH “COLLECTORS”
Collector = one relationship to generate multiple customers: their
members or users
 Dist...
7. SIMPLE TECHNIQUES TO REMOVE WASTE
10
CopyrightThomasH.GrayInc.2014
Standardize Define process; metrics; poka-yoke
Simpl...
8. NEGOTIATE WITH OFF-TARGET RESPONSES
 Direct adversarial responses to the other party’s
position just make them try har...
9. CHECKLIST FOR MAKING GOOD DECISIONS
CopyrightThomasH.GrayInc.2014
12
1. Delegate
2. Decide
3. Understand timing
4. Use ...
10. GETTING THE BUSINESS READY FOR SALE
Goals: Highest valuation; most bidders
Method: Change the valuation’s critical dis...
ADD YOUR OWN FAVORITES
 Business Techniques for Growth explains 60 techniques…I
chose only 10 today
 Others you might li...
WHO IS TOM GRAY?
 Small Business Consultant since 2001
 Author: Blog and Books – Business Techniques in
Troubled Times a...
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Ten Favorite Business Techniques For Growth

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10 Techniques chosen from over 60 in Tom Gray's new book Business Techniques for Growth: More Tools for Small Business Success. Add your own favorites at List.ly!

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Ten Favorite Business Techniques For Growth

  1. 1. TEN FAVORITE BUSINESS TECHNIQUES FOR GROWTH Tools for Small Business Success CopyrightThomasH.GrayInc.2014 1
  2. 2. BUSINESS TECHNIQUES FOR GROWTH  New book by Tom Gray explains more than 60 techniques  Grow your business with prudence, not passion  Practical techniques for  Managing People  Growing Revenue  Improving Operations  Negotiating and Deciding  Selling Your Small Business 2 CopyrightThomasH.GrayInc.2014
  3. 3. MY 10 FAVORITES – ADD YOUR OWN! CopyrightThomasH.GrayInc.2014 3 1. Breakthrough Conversation 2. “Knowledge leads to Behavior” Graphic 3. Segment your people to boost team results 4. Is my business worth doing? 5. Quick Wins 6. Growing through “collectors” 7. Simple techniques to remove waste 8. Negotiate with off- target responses 9. Humility in decision- making 10. Getting the business ready for sale
  4. 4. 1. THE BREAKTHROUGH CONVERSATION 1. “Show me how you do that” 2. “What gets in your way? What makes doing that harder than it needs to be?” 3. “Which obstacle matters most to better/faster” 4. “How does that obstacle prevent better performance?” 5. “Why do you suppose we do it that way? Why did we think that was good for us, at some time in the past?” 6. “What would be a better way, so you could do your job better and faster?” 7. “How should I measure the change in your performance, so we know that removing the obstacle is worth doing?” 4 CopyrightThomasH.GrayInc.2014
  5. 5. 2. KNOWLEDGE LEADS TO BEHAVIOR 5 CopyrightThomasH.GrayInc.2014 Drawings Work Instructions (Methods & Procedures) Training: •Write: What, How, Right/Wrong Photos, When, Why •Teach •Practice •They Demonstrate Organize The Work: • Schedule • Job Aids • Measurement • Accessible references • Timely parts/tools • Timely inspections Perform the Work Feedback: • Immediate measure • Visual progress display •Mgr observes •Mgr’s personal feedback • Mgr makes improvements in preceding steps Policies
  6. 6. 3. SEGMENT YOUR PEOPLE TO BOOST RESULTS  Segment your people; choose one thing each could do better for the most impact on results A: Your star(s) B: Potential to be an A with additional experience or coaching; tell them what it would take C: Steady and reliable D: Marginal; requires supervision; work re-done too often F: Substandard; negative influence on the team is an open secret, sometimes acknowledged  C’s and D’s may be surprised; that’s productive!  You work with A’s and B’s; let them coach C’s and D’s; exit the F’s 6 CopyrightThomasH.GrayInc.2014
  7. 7. 4. IS MY BUSINESS WORTH DOING?  Wages/salary pays for your work IN the business  “Return” (profit) pays for your investment and risk of working ON the business  Compare your profit to returns on other uses of funds  3-4% on A-rated corporate bond; low risk  9–11% on S&P 500; moderate risk  6.5% return on 50/50 portfolio; one hr. per week vs. 80!  What return (profit) compensates you for risk, worry, and effort of owning a small business?  20% annually on your investment (including loan)? 7 Copyright Thomas H. Gray Inc. 2014
  8. 8. 5. QUICK WINS  Boost cash flow and morale  Step back; view business as an outsider to see opportunities for quick wins  Opportunities: - Raise price - Use technology - Negotiate with suppliers - Change timing - Process changes - Wages vs. market - Hours - Support people - Margin per product - Fix, paint, replace - Ask your people - Standardize 8 CopyrightThomasH.GrayInc.2014
  9. 9. 6. GROWING THROUGH “COLLECTORS” Collector = one relationship to generate multiple customers: their members or users  Distributor, Association, Team, Agency, Prime Contractor, etc. First, decide what you want  Access to their members: list of email addresses; publication/website for advertising.  Opportunity for personal presence, such as participation in an event, speaking engagement, sponsorship, or posting your articles on their website or blog.  Status as a preferred provider, such as an endorsement. Then, decide what to offer the collector  Fee to join the association;  Sponsorship fees;  Event entry fees or booth fees;  Pay for each use of the member list for email;  Pay for ad in website or publication;  Possibly, a referral fee, sales commission, or donation. 9 CopyrightThomasH.GrayInc.2014
  10. 10. 7. SIMPLE TECHNIQUES TO REMOVE WASTE 10 CopyrightThomasH.GrayInc.2014 Standardize Define process; metrics; poka-yoke Simplify Cut steps; subassemblies; offload, limit options Balance the Steps Equal time; work cells; buffer stocks Pull and Continuous Flow Trigger replenishment with signal from following step; kanban Visual Alerts Kanban; kitting; flags for help; color for priority Optimize the Bottleneck Offload it; more capacity; no downtime; redesign process; small lots Continuous Improvement Reflect and apply elsewhere; move on to second stage
  11. 11. 8. NEGOTIATE WITH OFF-TARGET RESPONSES  Direct adversarial responses to the other party’s position just make them try harder to justify that position!  Makes progress more difficult  Instead, respond with a change  Don’t address what they said  Suggest a new basis for discussion, e.g., annual volume commitment, or revised timing  Veer away from their position, seeking win/win 11 CopyrightThomasH.GrayInc.2014
  12. 12. 9. CHECKLIST FOR MAKING GOOD DECISIONS CopyrightThomasH.GrayInc.2014 12 1. Delegate 2. Decide 3. Understand timing 4. Use a Framework 5. Work hard at defining the problem 6. Check your attitude at the door 7. Test and quantify your assumptions 8. Create multiple alternative courses of action, then assess them 9. Ethics: “Listen at the heart of the spider web” 10. Work hard at “unintended consequences” 11. Implementation requires forethought – it’s not an afterthought
  13. 13. 10. GETTING THE BUSINESS READY FOR SALE Goals: Highest valuation; most bidders Method: Change the valuation’s critical discount factors: 1. Owner’s operating role 2. Concentration of customers 3. Growth prospects 4. Reliable cash flow; reliable financial reports 5. Key people committed to staying 6. Operations documented and quality of systems, facilities 7. Key customers/suppliers committed to staying 8. Barriers to competitive entry 9. Product diversity 13 CopyrightThomasH.GrayInc.2014
  14. 14. ADD YOUR OWN FAVORITES  Business Techniques for Growth explains 60 techniques…I chose only 10 today  Others you might like: - Growth Machine - New Product Development - New market segment - Process mapping - Motivation/demotivation - BATNA - Incentive plans - Decision Framework - Selling process - Valuation  Order book then add your favorites to this list!  http://www.businesstechniquesbooks.com/books/business- techniques-for-growth/ 14 CopyrightThomasH.GrayInc.2014
  15. 15. WHO IS TOM GRAY?  Small Business Consultant since 2001  Author: Blog and Books – Business Techniques in Troubled Times and Business Techniques for Growth  Certified by SCORE, SBDC, Turnaround Management Association  MBA Professor: Benedictine, Aurora, Concordia  Interim CEO and Director @ 2 Nasdaq firms  At Ameritech: VP, General Manager, Marketing Manager, Operations Manager 15 Copyright 2013 Thomas H. Gray Inc.

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