Chart Your Course to Business SuccessOn Target Business Intensive: Session 10

Mar

ch 1

3, 2

012

Advi

sors

On

Targ

et

1

• Session 1• Create a working draft of your Mission Statement• Create a working draft of your 1 and 5 year Vision• Answer the 10 questions on the handout

• Session 2• Review your own financial statements and chart of accounts with

what you learned in Session 2• Session 3

• Create a budget for 2012• If you already have a budget, review and revise as needed• Use the cashflow projection model (at the bottom of the budget

tool) 2

Implementation Steps

• Session 4• Determine your breakeven point for your 2012 budget

• Annual• For the month of February 2012

• Define your target markets (Fill in Marketing Plan – Part 1)• Do a competition analysis (Fill in Marketing Plan – Part 2)

• Session 5• Define Marketing Strategies (Fill in Marketing Plan – Part 3)• Create a Marketing Budget using the template

• Session 6• Start Job Costing every job if you aren’t already• Implement a system to track job profitability over time to

measure progress• Coach foremen to improve

Implementation Steps (cont.)

3

• Session 7• Review Job Process Outline and Job Process Checklist• Customize Checklist for your company• Start to implement a more organized approach to your job

process – add structure a piece at a time• Session 8

• Schedule a recurring company meeting• Create an agenda• Hold your first meeting

• Session 9 • Review PCSI Material• Practice awareness and using your communication style• Try using coaching conversations using the 5 step model

Implementation Steps (cont.)

4

• Session 10• Additional activities

• Values Exercise• Business Diagnostic Assessment

Implementation Steps (cont.)

5

• Finish Coaching Conversations Topic• Recap last week – Questions about communication styles and

coaching conversations• Bringing it all back to your plan• Specific Q & A Requests?

Agenda for today

6

Coaching Conversation Model®

CURRENT

REALITY

YOUR

GOAL

EstablishFocus

Step 1 Step 2

Plan theAction

Step 3

RemoveBarriers

Step 4

Recap

Step 5

DiscoverPossibilities

Coaching Through the Gap

Coaching SkillsCoaching Skills• Contextual Listening®

• Discovery Questioning®

• Messaging• Acknowledging & Celebrating

The Coaching Conversation Model® is a registered copyright of CoachWorks International, Dallas, TX USA and is used by CCUI with permission.

The Coaching Conversation

1. Establish Focus

2. Discover Possibilities

3. Plan the Action

4. Remove Barriers

5. Recap

S7 (2-2)

Step 1 - Establish Focus

• For the meeting

• For the task

• For the gap

S8 (2-3)

Step 2 – Discover Possibilities

• Ask powerful questions• Quiet your mind• Listen non-judgmentally• Paraphrase• Draw out consequences• Share personal experiences

S9 (2-4)

Step 3 – Plan the Action• Guide development of an action plan

• Focus on the desired outcome• Divide into “byte size” chunks• Set target dates for completion

• Define parameters to guide actions• Identify role overlap• Discuss how this project fits within the organization

S10 (2-5)

Step 4 – Remove Barriers

• Ask questions to explore resource needs

• Clarify actions needed to clear barriers

• Support by ensuring cooperation

S11 (2-6)

Step 5 - Recap• Ask the individual to review the meeting • Gain commitment to take action• Re-emphasize your support and what you will do• Establish accountability

S12 (2-7)

Live Coaching • 2 Rounds (7 minutes each)

• A coaches B • B coaches A

• Timing• 5 minutes coaching session• 2 minutes feedback (coach then coachee)

• Scenario• 1 person plays business owner, 1 plays foreman/team

leader• Foreman is not adequately leading/monitoring the job &

his team’s performance

S32 (3-18)

The power of an idea is only in its

implementation…

• Week 1 - Vision, Mission, Big Picture Strategy• Week 2 – Effective Financial Management• Week 3 – Creating a Budget/Profit Plan for 2012• Week 4 – Marketing Strategy• Week 5 – Marketing Tactics• Week 6 – Job Profitability and Production• Week 7 – Client Process System• Week 8 – Company Meetings• Week 9 – Leadership, Delegation & Culture• Week 10 – Business Planning/Strategy

16

What we have talked about

• Provide guidelines on how to proceed as one pursues organizational purpose.

• Answer the questions “What do I want to live by?” and “How?”

• Describe behaviors that demonstrate that the value is being lived.

Company Values

What is our Mission?• What is our reason for being?• What are our guiding principles?

Mission Statement• A clear statement of your company’s long-term mission. Try to

use words that will help direct the growth of your company, but be as concise as possible.

What is your Business Model?• A business model describes the rationale of how an

organization creates, delivers and captures value

• What is your reason for existence?• What do you bring to the marketplace?• What is the structure of your operations?• How are you rewarded for what you do?

What business am I in?• What do I do?• What do I bring to the market?

• Value Proposition: The bundle of products and services that create value for a specific customer segment

• Who are my target markets?• Customer Segments: The different groups of people or

organizations your business aims to reach and serve

Core Competencies• What factors will make the company succeed? • What are your major competitive strengths?

Where do I want to go?• What is my Vision for the company?

• Long term• Short term

• What is your current situation - where are you now?• How do you see the business some time in the future - where

do you want to get to?• What are your strategies for how you are going to get there?• What are your specific goals to be reached by particular dates

so you can track your progress as you go?

24

How do we get there from here?

Goals• One year goals• Five-year goals

• State specific measurable objectives • State market share objectives• State revenue/profitability objectives

• What are your plans for the future of the business? • Growth? If so, at what rate and how will you achieve it?

Strategies• How are you going to go about achieving your goals?• What are the actions steps to carry out your strategies?• What are your time frames for these?

SWOT analysis

External Assessment Of The Environment

Internal Assessment Of The Organization

SWOTANALYSIS

Strengths

Threats

Weaknesses

Opportunities

Strengths And Weaknesses – Looking Within

Scanning The External Environment

Industry

Competition

Technology

Customers

Shareholder Circumstances

Business Environment

The Business

What’s next?

30

• Review the tools and ideas you’ve gotten from this 10 week Intensive

• Review your Values, Mission and Vision• Review your 1 year goal and 3-5 year goals• Review where you are now (SWOT)

Review

31

• Brainstorm strategies to bridge the gap between where you are now and where you want to be

• Write out the strategies you plan to use• Create an Org chart for your company for year 1 and year 5• Create your Budget/Profit Plan for 2012 to achieve your year 1

goal• Write out your Marketing Plan including your Customer

Communications Plan for 2012• Create your Marketing Budget by Month• Decide what other tools and ideas from the 10 Week Intensive

will fit into your strategies

Plan

32

• Write out an action plan for next steps to achieve your strategies based on your activities in the planning phase

• Decide who will carry out each action • Assign a due date to each action

Do

33

• Set aside planning time • Periodic mini-retreats • Weekly calendared planning (1 hour)

• Look for ways to delegate• Employees• Spouse/Business Partner• Outsource

• Use organizational tools• Calendar• Smart Phone

What do you need to succeed in this process?

34

On the road to becoming an ON TARGET Contractor…

What is an On Target Contractor?

• Works ON the business • A Leader with a visioN • Known for InTegrity• Accountable to self and company• Applies best business pRactices• Growing personally and professionally• Committed to Excellence• Has an extensive neTwork

• Has a clear vision, purpose and values for self & company• Articulates these effectively to team so that team “buys in” to

the leader’s vision, purpose and values• Has and is implementing an annual strategic plan• Has and is implementing a 3-5 year business plan• Delegates effectively! • Team members are developing along a career path• Owner can take time away from the business without negative

results

Leadership

• Accounting system is fully & accurately functioning• Controls are in place to ensure accuracy• On Target Financial Monitoring is up to date and being used

effectively as a business tool• Key Metrics are up to date and being used to keep your finger

on the financial pulse of your business• Owner reviews Financial Data and Metrics at least monthly

and takes action where indicated• An adequate credit line is in place• The business has a good accountant and banker who

understand and effectively support the business goals • Company is profitable, solvent and able to finance its growth

and reward stakeholders

Finance

• Has functioning operating systems• HR Systems – hiring & recruiting procedures, job descriptions,

performance management system, employee manual• Policies/Procedures for all key activities• Technology/software are in place and being used effectively including

effective network and backup systems• Has an effective customer process flow with all employees “buying

in” and implementing• Has an Employee Training program• Offers employee benefits & growth path to encourage long term

employment for good employees• Has a Performance Review process in place

• Has an office/shop that is suitable for current & planned growth• Has appropriate support personnel to manage present & upcoming

growth

Administration

• Has a Marketing Plan with the following components• Marketing Strategy – with target markets, and strategy for each• Marketing Budget - with breakdown for each strategy• Marketing Timeline – when each strategy is to be launched or

otherwise acted upon• Measures the ROI on each Marketing strategy• Has an effective system to stay in contact with customers and

potential customers• Evaluates periodically, the target markets, niches and

marketing strategies to ensure that they are still in line with current growth plans, market changes, and new initiatives

• Invests in Education & Training for sales team (including mentoring by owners or other sales team)

• Measures the effectiveness of sales team

Marketing & Sales

• Growing personally and professionally• Looking for better ways achieve your business goals and to

serve your target markets• New products• New services• New methods of service delivery• New marketing opportunities• New ways to deliver your marketing message• New ways that technology can serve your business• New trends that serve your market• New ways to differentiate your company

Innovation

• Become more profitable• Be able to reward shareholders and key employees• Achieve your business goals• Make timely changes to your strategy• Improve quality of life both personally and professionally• Develop a great support group and good friends with whom to

celebrate your progress

Rewards of being “On Target”

• Set appointment for consultation if you haven’t already• Call Linnea Blair at 619-291-3700 or email

lblair@advisorsontarget.com• Sign up for my newsletter at advisorsontarget.com• Sign up to be a free member of advsiorsontarget.com

• Click on Member Portal • Then Click on Free Resources• Register

• Follow me on Social Media• www.facebook.com/AdvisorsOnTarget• www.linkedIn.com/in/linneablair• www.twitter.com/AdvisorOnTarget•

Implementation Steps

43