Growing into your business smart company 7 august 2014
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Transcript of Growing into your business smart company 7 august 2014
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GROWING into your business
Stories of success and failure
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What do you want to get out of this morning?
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So – who am I – and what might that mean for you?
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How closely are you linked to your business?
The need to see strategic planning as a means to create a dividend yielding asset
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IS GROWTH IMPORTANT?
• Depends on your plan for the business
• Depends on where the business is in its lifecycle
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Traditional business life cycle
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Sigmoid curve
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Is strategy important?
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“The secret of success is consistency of purpose."
- Benjamin Disraeli
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What is strategic planning?
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Strategic plan - alignment• People• Finance• Marketing• Sales• Operations
• Aligned and delivering value to customers who pay and help create value in your business
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Strategic planning as a “cover story”
It’s all about execution
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Some numbers*
50 4 2
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Some more numbers**46 4 2
0%-5% 10%+ 25%+
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An example – the importance of reporting and governance***
Revenue $2.123m $2.654m $3.815m
Gross margin $.871m $.375m $.910m
EBIT $.185m $.650m $.525m
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Business Model Canvas
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Focus as an entrepreneur• Focus on the problem you solve – what is your “market
offering”• Charge and collect on sales• Keep customers happy and the business generation model
working• Prepare cash flow and budgets• Monitor performance weekly and manage cash daily• Understand your value chain and the need to collaborate
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Some personal experience
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Metering Co. – what worked as we grew
• Industry undergoing significant change• Held our pricing model• Missed a lot of tenders – stayed at 30 people and $2m for longer
than we wanted• Recovered when competitors failed – grew to 200+ people and
$8m quicker than we wanted• Identified further opportunities to entrench market position• Successful exit – taken over by public company – still operating
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Supply chain solutions – what worked
• Market change created niche opportunity• Large competitors targeted top 50 companies
– we targeted next level down• Built a great team and had fun• Managed cash carefully and had good
relationship with bankers and suppliers
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A growth trajectory – Supply chain solutions
0
2000
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10000
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Revenue(ooo's)
Profit(ooo's)
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Avoiding common traps• Have enough money to cope with growth – equity – suppliers –
clients - banks can help• Capacity constraints – systems and people – be prepared so you
can cope with extra workload• As your organisation grows it changes – be aware of what to
expect and prepare for worst case or back off – manage the downside risk to ensure survival
• Employ people who are good at what the business needs• Prepare for exit from day one – even if you never do
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Some suggestions• Clear goals about what you do (and make the choice about
what you won’t do)• Be objective – get an advisory board/independent advice
in need• Know when to recruit - Hire right – people to do the job
not who you like – and get diversity in the company• Invest in yourself and your team
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Useful helphttp://www.business.gov.au/Pages/default.aspx
Entrepreneurs’ Infrastructure Programme
Templates
Guide to range of Federal and State government initiatives
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ResourcesBarry J Moltz You need to be a little CRAZYhttp://barrymoltz.com Michael Bungay Stanier Do More Great Work http://www.domoregreatwork.com Al Ries and Jack Trout Positioninghttp://www.ries.comJim Collins Good to Greathttp://www.jimcollins.comRobert Kaplan & David Norton The Strategy Focused OrganizationDr. Tom McKaskill Invest to Exithttp://www.tommckaskill.com/
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Don’t forget our host (and sponsors)
http://www.smartcompany.com.au/
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So what did I pick up today that is of use that I can take back to my business
and put into practice?
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Thanks
Mike Sewell 0400 647 840
@marketgap