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YPO presentation San Francisco 24 Oct 2015

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Business Execution for RESULTS - Lessons learned from working with thousands of SMB clients

Stephen Lynch is the Head of Strategy and Consulting at RESULTS.com. He is a “Kiwi” (New Zealander) living in San Francisco.

RESULTS.com’s software gives them unique and privileged insights into the day to day operations of thousands of small-medium sized growth firms. We see what really works and what doesn’t in terms of strategy execution, goal setting, tracking performance, running effective meetings, engaging employees and holding them accountable.

To save you from spending several lifetimes trying to figure it all out for yourself, you can access these powerful (and often counter intuitive) insights in this presentation.

Publié dans : Business
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YPO presentation San Francisco 24 Oct 2015

  1. 1. Presenter: Stephen Lynch Role: Head of Strategy & Consulting at RESULTS.com Twitter: @StephenLynch @RESULTSdotcom Email: Stephen.Lynch@Results.com Slides Available: www.RESULTS.com/slides Business Execution for RESULTS Best practices based on the direct observations of thousands of client firms
  2. 2. RESULTS.com - One Page Strategic Plan
  3. 3. Core Values BHAG Core Purpose Geographic Focus Target Market Customer Generic Strategy / Value Discipline Core vs. Non-Core Activities Strategic Positioning Key Benefits Brand Promise 3 to 5 Year Strategic Moves Numerical Targets SWOT Analysis Current Strategic Projects Key Performance Indicators RESULTS.com - One Page Strategic Plan
  4. 4. Core Values BHAG Core Purpose Geographic Focus Target Market Customer Generic Strategy / Value Discipline Core vs. Non-Core Activities Strategic Positioning Key Benefits Brand Promise 3 to 5 Year Strategic Moves Numerical Targets SWOT Analysis Current Strategic Projects Key Performance Indicators RESULTS.com - One Page Strategic Plan
  5. 5. 3 to 5 Year Strategic Moves SWOT Key Performance Indicators Core Values Best Practices
  6. 6. 3 to 5 Year Strategic Moves
  7. 7. "If everything you do needs to work on a 3 year time horizon, you're competing against a lot of people. But if you're willing to invest on a 7 year time horizon, you're competing against a fraction of those people, because very few companies are willing to do that. We can't realize our potential as people or as companies unless we plan for the long term."
  8. 8. What is Strategy?
  9. 9. 18,446,744,073,709,551,615
  10. 10. “We’re in the second half of the chessboard”
  11. 11. “In short, software is eating the world.”
  12. 12. “This is a fantastic time to be entering the business world, because business is going to change more in the next 10 years than it has in the last 50”
  13. 13. “It is not the strongest who survive, nor the most intelligent, but the ones most responsive to change”
  14. 14. “Companies need to operate with one eye focused on the short-term, and one eye focused on the long-term. Short-term is about projects related to improving the current core business, and meeting the needs of today’s target customers.”
  15. 15. Often, this demands bold, disruptive strategic moves away from the present to reshape the company for future success.” “Long-term is NOT about performance improvement. It is about forgetting the past and reshaping the business to compete more effectively in the future.
  16. 16. Industry Analysis
  17. 17. “The questions remain the same. It’s the answers that keep changing”
  18. 18. Questions / Answers: #RealStrategy || @RESULTSdotcom
  19. 19. Questions / Answers: #RealStrategy || @RESULTSdotcom Don’t know how to answer a question? You need to know. What will you do to find out?
  20. 20. Questions / Answers: RelStrategy || @RESULTSdotcom Rivalry between existing competitors
  21. 21. Who are your Key Competitors? (the “players”) What moves are they likely to make? Any Threats? Opportunities? ( Industry life cycle: introduction > growth > maturity > decline / Industry growth rate / Industry profitability / Number of competitors / Market share / Capital requirements / Globalization / Commoditization / Cost advantages / Economies of scale / Friendly vs. Aggressive competition) List your answers below:
  22. 22. New Entrants
  23. 23. What New Entrants could disrupt you? Any Threats? Opportunities? ( Industry barriers / Capital requirements / Learning requirements / Access to supplies / Access to distribution / Performance vs. incumbents / Perceived differentiation in customers’ mind / Loyalty to incumbents / Switching costs / Retaliation by incumbents / “Innovator’s dilemma”) List your answers below:
  24. 24. Substitutes
  25. 25. What Substitute products / services could disrupt you? Any Threats? Opportunities? ( Technology changes / Industry structure changes / Availability of substitutes / Performance of substitutes / Perceived differentiation in customers’ mind / Switching costs / Customer desire to seek out alternative solutions to satisfy their need) List your answers below:
  26. 26. Suppliers
  27. 27. “Who” or “What” do you need to pay for to run your business?
  28. 28. Who are your Key Suppliers? What moves are they likely to make? Any Threats? Opportunities? ( Cost of supplies / Negotiating power of suppliers / Access to alternative sources of supply / Switching costs / Forward integration – supplier becomes competitor) List your answers below:
  29. 29. Customers
  30. 30. Who are your Key Customers? What moves are they likely to make? Any Threats? Opportunities? ( Customer demographic and psychographic description / Power to dictate prices or terms / Ability to influence other customers / Customer reviews / Perception of differentiation between vendors / Loyalty / Switching costs / Backward integration – customer becomes competitor) List your answers below:
  31. 31. Political Factors
  32. 32. What political factors / laws / regulations are likely to impact you? Any Threats? Opportunities? ( Industry specific regulations / political spectrum left vs. right / political stability / laws / taxes / trade policy / wars / environmental issues / health / safety / consumer laws / employment laws) List your answers below:
  33. 33. Economic Factors
  34. 34. What economic factors / changes in buying behaviors are likely to impact you? Any Threats? Opportunities? ( Economic growth / interest rates / exchange rates / inflation / availability of credit / investor interest in your industry / discretionary spending changes in customer purchasing habits / use of debt and leverage vs. more frugal spending / new forms of payment) List your answers below:
  35. 35. Social Factors
  36. 36. STANDARDIZED Industrial age work CUSTOMIZED Network age work LABOUR: obedience systems processes productivity TALENT: initiative innovation creativity passion Management 1.0 Management 2.0
  37. 37. “We are going to have to reinvent management; the way we lead, we plan, we organise, we hire, we motivate... because today, organisations are facing a set of challenges that are truly unprecedented."
  38. 38. Baby Boomer 1946 -1964 Generation X 1965 - 1980 Millennial / Gen Y 1981 - 2000 Key life influences Cold War nuclear threat, NASA moon landing, Vietnam, Civil rights, Hippie culture AIDS, Divorce, MTV, Cold War ending, Personal computer, Microsoft Internet, Always connected, Share everything online, Facebook, Apple and Google Work environment Long hours, Office only Formerly Office, Increasingly working from home Office, Home, Wherever, Desires flexible work hours Work ethic Workaholic, Quality focus, Team player Clear direction, Get tasks done, Self reliant, Free agent Entrepreneurial, Variety, Multitasking, What’s next? Management style Hierarchy, Chain of command Everyone should manage themselves, Challenge people Collaboration, Consensus Personal Motivators Salary, Job title, Feeling valued and respected Money, Freedom, Break the rules and do it your own way Meaningful work,Maintain personal life, Training, Mentoring Mentoring Does not like feedback. Does not take negative feedback very well Does not think feedback is necessary. Will ask for it they want it Wants frequent management feedback, Feedback on demand at the push of a button Internal communication Face to face meetings focused on process, Memos Face to face meetings focused on results, Emails Face to face participative discussions, Emails, Collaboration software Client communication Face to face, Phone Face to face, Phone, Email Email, Social Media, Instant messaging Career Goals Climb the ladder at one company, Job security Build transferable career with variety of skills & experiences, Build a business. Build several parallel careers or businesses simultaneously
  39. 39. What social factors / trends / attitudes / behaviors are likely to impact you? Any Threats? Opportunities? ( Demographic trends / career attitudes / health issues / environmental concerns / communication styles / social behaviors / online behaviors / media consumption / cultural differences / generational differences / income equality / society’s evolving attitudes, values & beliefs) List your answers below:
  40. 40. Technology Factors
  41. 41. What technological factors / trends / are likely to impact you? Any Threats? Opportunities? (New technologies / Rate of technology adoption / Impact of internet and mobile / Social media / New devices & interfaces / Jobs replaced by technology / Business models disrupted by technology) List your answers below:
  42. 42. Core vs. Non Core Activities
  43. 43. What do you need to START doing? (Because industry analysis shows it is strategically important for your long term success = “Core”) List your answers below:
  44. 44. “The difference between successful people and very successful people is that very successful people say "no" to almost everything” Warren Buffett “Many managers do not understand the importance of having a clear strategy. Strategy is about making trade-offs. The essence of strategy is choosing what NOT to do.” ““Many managers do not understand the importance of having a clear strategy. Strategy is about making trade-offs. The essence of strategy is choosing what NOT to do.”.”
  45. 45. “The difference between successful people and very successful people is that very successful people say "no" to almost everything” Warren Buffett
  46. 46. “The difference between successful people and very successful people is that very successful people say "no" to almost everything” Warren Buffett
  47. 47. “The difference between successful people and very successful people is that very successful people say "no" to almost everything” Warren Buffett
  48. 48. What do you need to STOP doing? (Because industry analysis shows it is not strategically important for your future success / it no longer serves you / initiatives not working out / purposeful abandonment = “Non Core”) List your answers below:
  49. 49. “Every leader needs to clearly explain the top 3 things the company is working on. If you can't, then you're not leading well”
  50. 50. What are the top 3 long-term strategic moves to position your firm for future industry success? (will be implemented within the next 3-5 years) 3-5 Year Strategic Move Person Accountable 1. 2. 3.
  51. 51. ★ Research your early adopter customers ★ Subscribe to industry thought leader blogs ★ Attend industry conferences ★ Learn from other industries - peer networks ★ Conduct thorough industry analysis at least every 12 months ○ Porter’s 5 Forces + PEST ○ Survey your staff to get their input ★ The questions remain the same. The answers keep changing ★ Review strategic moves every quarter. Do they still make sense? ★ Strategy requires tradeoffs. What are you NOT going to do? 3 to 5 yr Strategic Moves - best practices
  52. 52. 3 to 5 Year Strategic Moves SWOT Key Performance Indicators Core Values Best Practices
  53. 53. SWOT Analysis
  54. 54. “Everyone has a plan until they get punched in the mouth”
  55. 55. “Our people” is not a strength What is it about your people that makes your team strong? E.g. “Highly sought after software engineers” “Marketing” is not a weakness What is it about marketing that is weak currently? E.g. “Cost of Customer acquisition too high” “Communication” is not a weakness What is not being communicated? E.g. “3 to 5 Year Strategic Moves not well understood” Be specific with your SWOT: Use 3-5 word phrases
  56. 56. Think like an investor. Would they agree with you?
  57. 57. What are the top strengths / assets / competencies within your business you can leverage (or build) in the next 12 months? Rank your Top 5 Strengths in order:
  58. 58. What are the biggest weaknesses within your current business that could be fixed or improved in the next 12 months? Rank your Top 5 Weaknesses in order:
  59. 59. What opportunities can you pursue over the next 12 months that will position your company for future success? Rank your Top 5 Opportunities in order:
  60. 60. What external threats do you need to reduce (or closely monitor) to ensure they do not derail your plans? Rank your Top 5 Threats in order:
  61. 61. Current Strategic Projects
  62. 62. What are the top 3 Strategic Projects your company needs to execute in the coming period? - Each must address 1 or more issues described in your SWOT analysis (relevant) - Describe the tangible end-point milestones (so you know when to celebrate) - Balance short-term business improvement initiatives (improving “what is”) vs. building long-term strategic capability for the future (creating “what will be”) Current Strategic Project Due Date Person Accountable 1. 2. 3.
  63. 63. ★ Review and update SWOT every quarter ★ Use your 3 to 5 year Strategic Moves as the context for SWOT ★ Survey staff to get their input ★ Think like an outside investor doing due diligence on your firm ★ No fluff. Tell the truth. Be specific ★ Use 3 to 5 word descriptive statements ○ e.g. “Marketing” is not a weakness. ○ What is it about marketing that is weak currently? ○ e.g. “Customer acquisition cost too high” ★ Use SWOT as context for choosing top 3 Projects each quarter SWOT Analysis - best practices
  64. 64. 3 to 5 Year Strategic Moves SWOT Key Performance Indicators Core Values Best Practices
  65. 65. Key Performance Indicators
  66. 66. 92% of companies don’t measure KPIs [3]
  67. 67. 92% of companies don’t measure KPIs [3]
  68. 68. 92% of companies don’t measure KPIs [3]
  69. 69. Create leads Convert leads into sales Provide product-service Delight customers Grow cash make profit
  70. 70. Questions to identify your KPIs 1. What are the functional areas of our operating model? 2. What result or outcome are we looking for in each area? 3. What “activities” or “actions” drive this outcome? 4. What “effectiveness” measures let us know how well these activities are being performed?
  71. 71. In the past, we used Spreadsheets / MS Excel
  72. 72. Now we use software
  73. 73. Everyone knows their own individual accountabilities
  74. 74. They can also see how other teams are performing
  75. 75. We can see who is, and who is NOT performing
  76. 76. What’s happening here?
  77. 77. Someone in “The Red” What’s happening here? What 1 thing can we do this week to improve this? How can I help? What support do you need?
  78. 78. Capture Key Tasks
  79. 79. “I know what is expected of me at work” Questions / Answers: #realKPIs || @RESULTSdotcom
  80. 80. Always aim for the STARS, if you miss… ..you’ll at least reach the moon
  81. 81. Questions / Answers: #realKPIs || @RESULTSdotcom Regrets? I’ve had a few….
  82. 82. Someone in “The Red” What’s happening here? What 1 thing can we do this week to improve this? How can I help? What support do you need?
  83. 83. ★ KPIs drive “business as usual” (your current operating model) ★ Don’t just track outcomes or currency measures ★ Focus on activity & effectiveness measures that drive outcomes ★ Make performance visible on a dashboard ★ Weekly team and 1 on 1 meetings to discuss performance ★ Good performance praise and recognize ★ Poor performance discuss every week, “What’s happening here?” ★ Shame is not a motivator. Beware setting thresholds too high ★ Be conservative in beginning. Get every used to winning ★ Ratchet up performance threshold over time ★ Adjust thresholds every quarter to ensure relevance KPI - best practices
  84. 84. 10 Benefits of KPI Dashboards 1. Radical Transparency - motivates action 2. Drive your operating model (Business as usual) 3. Keep people focused critical success factors 4. Communicate “what” needs to be done 5. Delegate authority to staff to figure out “how” 6. Recognize progress when things going well 7. Early warning indicator when things going wrong 8. More effective meetings to drive accountability 9. Objective decision making based on data 10. Drive business execution and RESULTS
  85. 85. 3 to 5 Year Strategic Moves SWOT Key Performance Indicators Core Values Best Practices
  86. 86. Core Values
  87. 87. “3 coats of paint, means 3 coats of paint”
  88. 88. Get everyone home safely. Fair day’s pay for a fair day’s work. Promote the company positively. Do it right first time. Don’t take the piss.
  89. 89. Our Core Values: Build trust Provide amazing service Jump in to help others Handle change with flexibility Embrace new technology Figure it out and get it done Our Mnemonic device: Babies Push Jack Hammers Every Friday
  90. 90. Our Core Values: Build trust Provide amazing service Jump in and help Handle change with flexibility Innovate our processes & technology Figure it out and get it done Make AnswerLab a great place to work Our Mnemonic device: Beer Pong Judges Have Incredible Floor Mops
  91. 91. Use 3-5 word phrases, to list small handful of behaviors you want demonstrated by every person in every role: Use unique words and phrases that have special meaning and will resonate with your people
  92. 92. Core Values are “musts” – not “nice to haves” Do each of your chosen Core Values pass these 4 tests? If not – they are not core and should be eliminated Yes? No? Actively confront colleague for not demonstrating this behavior? Spend (or forgo) money to uphold this behavior? Everyone gets graded on how well they live this behavior? Fire person if they cannot demonstrate behavior consistently?
  93. 93. ★ Use 3 to 5 word descriptive statements ★ Rules for the “right” behaviors to be demonstrated by ALL ★ Unique to your firm (the quirkier the better) ★ Core Values are “Musts”, not “Nice to haves” ★ Context for decision making “What’s the right thing to do?” ★ Basis for performance appraisals, hiring and firing staff ★ Everyone must know them by heart ★ Compulsory stories shared every week to reinforce them Core Values - best practices
  94. 94. Presenter: Stephen Lynch Twitter: @StephenLynch @RESULTSdotcom Email: Stephen.Lynch@Results.com Presentation Available: www.RESULTS.com/slides Business Execution for RESULTS

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