Money Month 2.0 - Week 2
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What are the key terms and things you need to know to understand the financial present of your business.
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Money Month 2.0 - Week 2
- 3. Powered by Also brought to you by Regional Sponsor
- 4. • committed to focusing on our businesses • keeping an open mind – despite discomfort • willing to share our own experiences • keeping everything we’ve heard confidential Community Ground Rules WE ARE…
- 5. Making money: Know Your Worth Managing money: Understand what worked & what didn’t Internal money: Invest wisely today External money: Find capital for future growth
- 6. 84% of survey respondents intend to grow their business in the next 12 months Grow what? Why? How? #1 WHAT DO YOU WANT?
- 7. SMART Goal Methodology Specific – What do you want to accomplish? Measurable – How will you know when it is accomplished? Achievable - Is it in your power to accomplish it? Relevant – Does this seem worthwhile to the big picture of the business? Time Bound – When exactly should this be accomplished? #1 Goal Setting
- 8. *SMART GOAL* Create a scalable business with net profit after taxes greater than $100K by 2020 while working an average of 30 hours per week. By Oct’18 evaluate costs and net margin for each product and identify actions to achieve >20% net profit or eliminate from offering Grow Facebook likes by 20 people/month in next 6 months by offering a 2 for 1 admission fee as a “Thank you” as part of our weekly posts that are boosted. #1 Goal Setting *NOT A SMART GOAL* Make enough money to pay my bills and have fun time left over Increase my profitability Double the number of likes to our Facebook page.
- 9. 1) Baseline: Where are you now? 2) Goal: Where do you want to be? 3) Plan: Determine actions (path) to achieve goal 4) Measure: Track progress, identify problems, course correct, improve #2 Measuring Your Progress PHX Chicago
- 10. Lagging Indicators Revenue last month Orders last month Profit Leading Indicators Prospect calls made per day % client conversions Employee productivity Project Milestones Linked-In Lead Generation Sales team training Automated billing tool Past Performance *Odometer* Predict Future Progress *Speedometer* Improvement Project *Waze Traffic Avoidance* #2 Measuring Your Progress Behind Closing On Track Status
- 11. #3 Putting It To Work How do you eat an elephant? ONE BITE AT A TIME! Plan for success by taking your action steps one at a time
- 12. Prioritize your goals, focusing on your top three goals first For each goal, define three action steps which you can commit to TODAY! Identify: • What you need to take each step • Who needs to be involved • When, TODAY! • Possible obstacles and how to overcome these obstacles • Define success (aka: result of completing this step) #3 Putting It To Work
- 13. What Did We Learn? • “The problem with American businesses is not the lack of good ideas, but a lack of follow-through.” - Mary Kay Ash • Achieving more requires: • SMART goals • A clear action plan • Measurement clarity to know if you are on track or not • Discipline and perseverance to overcome the obstacles that WILL occur
- 15. QUESTION 1: What can you apply to make the biggest change in your business? LET’S HEAR FROM YOU! QUESTION 2: What best practices have worked for you and why? QUESTION 3: What skill or concept sparked a new idea? EACH TABLE SHARES A SUMMARY.
- 16. YOUR INDIVIDUAL ACTION PLAN HOW are you thinking differently about the money in your business? WHY do you want it? What will this do for your business and why is this important? WHAT did you learn that you’ll implement? 1 goal for next 60 – 90 days. SMART: Specific, Measurable, Attainable, Relevant, Time-bound WHAT Resources do you need? What support is required and where will you access it? WHAT Obstacles might you encounter? How will you address those obstacles? (Action Steps – Tactics)
- 17. • Implement Your Action Plan • Respond to the Money Month Survey • Stay Connected • Thank You to Our Team • Thank You to Our Sponsor • Join our next Money Month Event: • http://www.MoneyMonthAZ.com/events WHAT’S NEXT?
Editor's Notes
- Table Leaders doing light logistics and intros at Tables: Quiet Phones Name Tags Intros at Table WIFI password No formal restroom/ food break in 2 hour session Maybe take a selfie / include social # and @
- :00 - :06 Regional Coordinator (OR Speaker?) Welcome Slide— Welcome – Welcome to Money Month 2.0. I’m ___________ and we’re so glad that you’re here. “Money is the key to growing any business. We need to make it, manage it, find it – whether we’re brand new as a business owner, or a long time business with a growing brand and team. These sessions are all about you and your money: providing tools, sharing best practices, and then taking actions that move you, your business, and your money forward” Option: Quick Intros at your Table: your Name, Business Ask 2 or 3 people to share ‘What brought you here today?’ SHORT MM 2.0 Background/ Context “I’m going to give some quick context about Money Month, acknowledge our Sponsor, review some ground rules and turn things over to our Speaker ______________.” “This is Money Month 2.0. We took feedback from the 2017 AZ Women Business Owner survey and responses from more than 40 events held last year to create Money Month 2.0. This year, there are four weeks of structured events in five regions (West Valley, Mesa, Chandler, Central Phoenix, and North Scottsdale) across the Valley. We strategically brought together the top money experts from all over Arizona to create interactive content tailored to a variety of needs.” Transition ‘Let’s acknowledge the team that has created this session: Regional, Speaker, Table Leaders, Volunteers… and our Sponsor ”
- :06 - :07 Regional Coordinator (OR Speaker?) Money Month 2.0 would not be possible without the generous support of our community. We’re honored to partner with the Chandler Regional Sponsor, ASU Entrepreneurship & Innovation group, to bring you Money Month 2.0! We’re excited to thank our “Powered by” sponsor, National Bank of Arizona, for all of their contributions. We’d also like to thank our other sponsors: The City of Phoenix – Economic Development Finance-Ability And let’s not forget all of the volunteers who are here today to ensure that you get the maximum benefit from Money Month 2.0! If you want to connect with them after the event, you can find their contact information on the resource list included in your packet. Transition “Here are our proposed agreements for today ”
- :07 - :08 Done by Regional or Speaker “I’ll review these quickly… see how they fit for you: We are committed to focusing on our businesses (that’s why you’re here!) We are keeping an open mind – despite discomfort (new ideas can stretch us) We are willing to share our own experiences (not everyone is in the same place) We are keeping everything we’ve heard confidential (what happens in ______ stays in _______ ) Can everyone agree? Your Table Leaders will guide these Ground Rules throughout the session as needed” Transition “Here’s our overall framework for Money Month.”
- :08 - :09 Regional or Speaker “For business owners and professionals to be successful in serving clients, making a difference, and being financially vital – we need to be good with Money. This framework shows the important elements; we’re focusing deeply on one of each of these per week: Making Money– the Mindset to conquer fear, manage your time, know your worth -- it’s about YOU Managing Money—working with financial statements to u/s what’s been working/ not working in the PAST Internal Money—’discovering’ the money inside your business to make decisions about investing wisely TODAY External Money—looking forward – where/ how do you find capital/ funding for growth for the FUTURE” Whether you’re joining us for one week or the full series you’ll get value.” Transition Today is all about ______________. We’re excited to have our Speaker _____________ teach on this topic for the next 30-35 mins, then we’ll have 30+ mins for Table Discussions and report outs , 10-15 mins for Individual Action Plans, and close by _______________. Please help me welcome Speaker ____________________ who is the _________________________ of ___________________”
- 84% of survey respondents expressed a desire to grow their business in the next 12 months – but what does “grow your business” even mean?
- Describe SMART Goals – focus on a financial goal, include exit strategy / long-term financial goal as well as short-term Now that you know where you are, how do you decide what to do next? You’ve got finite resources, so how do you decide how you make the most of those resources and know that you are investing money, time & energy in the right things? Transition -> Here are some examples…
- Take folks through the examples
- Any objective in business (and life) requires understanding: where you are now were you want to be a plan to get from ‘here to there’ Monitoring progress and making corrections if off track Business measurement systems that can identify or predict obstacles (or opportunities) enable your business to accelerate to your SMART goal (destination), many companies use a business dashboard transition to next slide
- Create a business dashboard (refer to operating worksheet) Lagging Indicators: tell you where you have been, a statement of fact, example is last months revenue it is too late to change the result Leading Indicators: measures that tell your current performance and if changed quickly can change your outcome; example is daily prospect calls, a higher daily call rate will likely increase number of sales which will impact current/future revenue. Project Milestones: Non-operational measures used for projects to improve customer satisfaction, productivity or product offerings; typically tied to a completion date from which improvements in profitability and/or sales can be forecasted Status: For each identify red, yellow, green thresholds to assure clarity to yourself and teams if you are on track or not, RED items require corrective and recovery actions
- Follow-slide
- Speaker concludes :40 - :45
- Speaker starts this :45 - :75 “Let’s take this Education into our Table Discussions. At your Tables, your Table Leader is going to lead 3 questions about application, best practices, and new ideas. You’ll watch time so that everyone gets a chance to share – as a Table, maybe in pairs, and your Table Leader will capture Themes on a Google Doc and share those Themes with the large group.” Transition “Table Leaders – you’ll lead discussions and we’ll want to hear report outs at :xx time (25/30 minutes from when Discussion starts)” show the next slide
- This slide is up during :45 - :75 Discussion; remains up as move into the Table Leader debriefs at :75-:90 Table Leaders pose the 1st question and hear from everyone… Maybe break into pairs or trios for #2 and or #3? Table Leaders capture Themes on Google Doc. #1. What can you apply to make the biggest change in your business? (“In other words, based on the tools, education, stories provided, what can you implement that would help you the most financially in your business now?”) #2. What best practices has worked for you and why? (“You heard a lot of wisdom from Speaker, what else has worked that others can model?” A Best Practice is a principle in business that you can apply / tailor to your specific circumstances. Distinguish from just brainstorming ideas… a Best Practice is tested.) #3. What skill or concept sparked a new idea? (“Sometimes there are things that need research, evaluation, creativity – what new idea got sparked for you?”) Table Leaders’ Google Doc: Tools to Apply to My Business, Best Practices, New Ideas At :75 mins, Speaker call everyone back; Ask the 3-5 Table Leaders to do 2-4 mins of top themes. Transition “Now you’ll have a chance to do the most important thing – plan for how you’ll IMPLEMENT these ideas and best practices.”
- :90 - :105/ :110 Speaker sets up value of Individual Planning “Let’s give you focused 10-12 minutes of quiet individual work to plan. You’ll see the worksheet includes Insights, Skills, Goal, Obstacles, and Tactical next steps. Your Table Leaders are available to support.” Insights: How are you thinking differently about the Money in your business? Skills: What did you learn that you’ll implement? 1 Goal for next 60 – 90 days: WHY do you want it? (‘How will this Goal affect your business financially? Why is it important?) S.M.A.R.T. Goal: Specific, Measurable, Attainable, Relevant, Time-bound Obstacles: What challenges might you encounter? How will you address those?; Action Steps: What are the next tactical steps you will take?; Resources: Need? GETTING SUPPORT: LIST of all PROVIDERS/ VOLUNTEERS/ RESOURCES will be available… Think about format/ structure of Accountability support/ picture of Plan. After 10 minutes, give a 2 minutes warning. At :105, ‘Let’s hear from a few people the highlights of your Action Plan.” OR “Take 5 minutes with a partner and each of you share highlights from your Action Plan” Transition “Let’s start to wrap up.”
- :105 - :115 Final Slide done by Speaker/ Regional Coordinator Encourage people to connect with Accountability Partners in the room – raise hands and find each other. “Thank you all so much for being here. We are making a difference for each of us individually as professionals and business owners… and with our clients, our larger community, our families, and our Valley. We appreciate you all!” Finish formal session 1 to 2 minutes before the advertised time and encourage people to network and connect informally
- End with this slide so folks can take selfies / videos in front of it