The Keys to Small Business Success
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small business success project business improvement model Plan Do Check Act The Deming-Shewhart Cycle of continuous improvement
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Small Business RoundtableJuly 11, 2012Earl Hadden presented 'The Keys to Small Business Success' at the July Small Business Roundtable. Hadden, who has more than 30 years of consulting and small business experience, has developed a proven accountability system that will keep your business on track. The Roundtable discussion covered the six factors that lead to dramatic business improvement and how to implement them. Hadden also discussed three action items that will help improve your business immediately.
Transcript of The Keys to Small Business Success
- 1. small business success projectbusiness improvement model PlanAct Do CheckThe Deming-Shewhart Cycleof continuous improvement
2. If we are going to improve our businesswe have to improve ourselves.Jim Rohn 3. Six Activities for MajorBusiness Improvement Align your business with your personal goalsand values Develop your Strategies and your BHAG Build a Success Model for your business Execute the Plan IPAs and your IdealCalendar Monitor your performance and results Continuous Improvement 4. Your Why?Spiritual RelationshipsHealth & Family & FriendsWellness Business,Make a Career, $$ DifferenceOther motivators??? 5. SWOT Analysis Strength important to our goals, we do itwell Weakness important to our goals, we do itpoorly Opportunity not important to our goals, wedo it well Threat not important to our goals, we do itpoorlyFor more information on SWOT analysis see my video on YouTube 6. Your Personal Goals and Values Provide the Context for your Business 7. Developing your Strategy 8. Components of your StrategyTo Achieve Your BHAG What tribe are you going to try to create? What product or service are you going to provide? How will your tribe be different from the rest of themarket? Why are you creating this tribe what is thecompelling message that will draw people to you? What are the high-level activities that you will performto attract members to your tribe 9. Creating your BHAG(Big Hairy Audacious Goal)Your BHAG should be scary and a little embarrassing to discuss with your friends and associates Mel Robbins 10. Creating your BHAG Establish your Target Date Set a Specific Target (# of new members, # ofpolicyholders, $ income) Define what that Target will allow you to do how willit support your personal goals? Visualize what that will look like and how it will feel Is this your BHAG or someone elses? (e.g. yourmoms?) Develop a visual of yourself achieving your BHAG andput it somewhere you will see it several times each day 11. Developing your Business Model 12. Typical High-level ActivitiesTo Achieve Your BHAG Plan Acquire Manufacture or create (optional) Market/Sell Deliver and Support Measure Administer 13. Components of your Success Model How activities you need to perform What information (forms, lists, documents) you needto have (and manage) Where you perform your activities (and what do youneed to know about these types of places) Who people (individuals or groups) involved in eachactivity When the trigger events that drive your business Why the motivators for you and yourprospects/customers to take action 14. Your Business ModelPersonalYour BHAGGoals &Values InputsActivitiesDesired e.g. prospects1 Results 2 3MechanismsPeopleDesired Results for each strategy, the tactics that will be used toensure success. For each tactic, the activities that you will performand measurements to track to make sure you achieve them. 15. Refining your Business Model 1. 2. 3. 4. 5. 1.21.2 1.21.1 2,2 1.11.12.1Each High Level Activity is decomposed into more detailedactivities. 16. Do a SWOT Analysis for the ActivitiesIn Your Business ModelOSPerformanceTWImportance 17. Develop your Action Plan Identify which Activities must be improved(High Importance, Low Satisfaction/Performance) Identify which Activities lead to desired results(Income Producing Activities IPAs) Put your top priority Activities on your IdealCalendar before anything else. 18. Monitor your performance and results You cant manage what you dont measure Evaluate your performance against metrics on aperiodic basis If you are above your goals, identify what isworking better than expected and put thoseexpectations into your model If you are meeting your goals, evaluate what youcan improve (one or two activities) If you are below your goals, evaluate whichactivities are not meeting performance standardsand improve them. 19. Continuous Improvement 20. Follow thesmall business success projectbusiness improvement model PlanAct Do CheckThe Deming-Shewhart Cycleof continuous improvement 21. 4 Techniques to Improve Your Business Immediately! Establish your personal goals and values Define your strategies Identify your tactics/activities for eachstrategy Track your activities and results daily, weeklyand monthly 22. Earl Haddenthe small business success [email protected](919) 593 1804
