Developing A Small Business Growth Strategy€¦ · Why Choose NIP Group? • 30 years of industry...

Developing A Small Business Growth Strategy

6/11/2020

TODAY’S AGENDA

2

Webinar SpeakerModerator 1. About NIP Group

2. Leading Through Change

3. How Well Can Your Firm Handle Change?

4. Faster Isn’t Always Better

5. Response to Change

6. Rapid Deployment Implementation

7. Q&A

3

Specialized Business Insurance

Why Choose NIP Group?

• 30 years of industry experience in 25

industries

• Carrier rated A+, financial size XV by A.M. Best

• Industry experts for risk control guidance and

proper valuation of operations & equipment

• Competitive rates & flexible payment plans

• Expert claims handling

The Business Strategy PeopleWe Help Business Leaders Design|Create|Build Extraordinary Businesses

Half-Day Strategic Planning

© 2013 Aepiphanni Business SolutionsAll Rights Reserved

Rick MeekinsManaging Partner

Aepiphanni Business Consulting

Aepiphanni Business Consultingwww.aepiphanni.com

LEADING THROUGH

CHANGE


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“The business environment is in a constant state of change.

Those who wish to build extraordinary companies need to know how to leverage an entrepreneurial and innovation mindset in order to quickly evaluate, adapt and execute a new strategy to succeed in the new environment.”

Extraordinary Companies

Profitable business models

Game changing products & services

Pursuit of excellence

Market leadership

Innovative solutions

Social responsibility

Legacy in their community


Entrepreneurial Mindset

• Finding a marketplace need

• Filling it

• Being profitable


Innovation Mindset

• Development of an idea for something

new

• 3 types

– Continuous innovation – new version

– Dynamically Continuous Innovation – better

– New (Discontinuous) Innovation – brand new


Huge Responsibility!!

Vision

Welfare

Decision-making

Stakeholder impact

Driving change

Monitoring performance


Leading Through Change

HOW WELL CAN YOUR

FIRM HANDLE

CHANGE??


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At least three things to consider:

Adaptability – how well your company can

change

Effectiveness – The amount of impact made by

adaptation

Resources – What resources do you have to

implement change?


Adaptability

Your firms’ adaptability is based on the

speed of three things:

– Identify the challenge

– Determine response

– Implement change


Effectiveness

Your firm’s effectiveness through change is based on three

things

– How you approach change

– Your response to change

– Your resources to continue to adapt through change


Resources

• Access to time

• Access to money

• Access to people


FASTERISN’T ALWAYS

BETTER!


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Tale of 2 Salespeople


RESPONSE

TO

CHANGE


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Aggressive reactionary decision-making

Progressive decision-making

Precautionary decision-making

Sedentary decision-making

Strategic decision-making


5 Types


Time/Impact

Deci

sion I

mpact

TimeReactionary

Progressive

Precautionary

Sedentary

Strategic

Recurring change over time can lower business change impact dependent on the rapidity of change. A less aggressive approach will likely fair better in the long run than the Reactionary Leader. However, the Sedentary Leader runs a greater risk of going out of business.


Characteristics Risks

Reactionary Immediate response.

Highest risk. Uncertain

outcome.

Single approach. High

resource requirements. May

burn out.

Progressive Slower responses, spends

time analyzing and

perfecting moves. Medium

risk. Medium outcome.

Longer process, may miss

short-term opportunities.

Precautionary Slowest response. Lower

risk. Low outcome

Market follower – “proof”

before making change

Sedentary No response. Medium –

high risk. Lowest outcome.

Victim of whatever happens

Strategic

Decision-Making

Highly responsive. Fairly

aggressive. Supports

innovation &

entrepreneurial approach.

Analytical. RDI.

Pre-planning

More complex

RAPID DEPLOYMENT

IMPLEMENTATION


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Rapid Deployment Implementation (RDI)

Method of identifying and responding to

change

Not the fastest approach

Strategic planning model

Entrepreneurial

Drives innovation


Assess

Analyze

Vision

Model

Strategic Planning


Plan

Implement

Typical Strategic

Planning Process

This is one of many strategic planning models

Gap

AnalysisScenario

Planning

Modelling

&

Planning

Rapid Deployment Implementation


Implement

Rapid Deployment

Model

Monitor &

Adjust

Entrepreneurial and innovation skills are required.

Skills for RDI

• Strategic decision-making

• Multi-dimensional

• Manage through change

• Entrepreneurial/innovation mindset

• Analytics

• Agile thinking and responsiveness

• Learning from and through change


In Conclusion

• Lead through change

• Embrace entrepreneurialism and innovation

• Appropriate responses through strategic decision making

• Rapid Deployment Implementation model

• Remain agile and ready for things to change again


Questions?


We help Business Leaders build Extraordinary

Companies.

https://TheBusinessStrategyPeople.com

678-265-3908

[email protected]


https://aepiphanni.com/

Q & A

30

Webinar SpeakerModerator 1. About NIP Group

2. Leading Through Change

3. How Well Can Your Firm Handle Change?

4. Faster Isn’t Always Better

5. Response to Change

6. Rapid Deployment Implementation

7. Q&A

Developing A Small Business Growth Strategy€¦ · Why Choose NIP Group? • 30 years of industry...

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