State of the Business Owner Fundamentals Webinar

State of the Business Owner
2012
Fundamentals

Fundamentals Webinar
June 21, 2012

Presented by:
Cameron Madill, President and Founder, Synotac
Tricia Huebner, Director of Training and Education, EMyth

333 SW Fifth Avenue, Suite 350 | Portland, OR 97204 | 800-620-0307 | www.synotac.com
© Synotac Design, LLC 2012

Presenters
Cameron Madill Tricia Huebner

President Director of Training
Synotac and Education
EMyth

For Guides & Additional Resources
www.stateoftheowner.com

Webinar Questions & Comments

Twitter Hashtag: #sobo2012

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Origins and Motivation

What are the success factors helping
small and midsize businesses
succeed in 2012?


The Planner and The Pessimist


The Planner The Pessimist

o Believes they control their
o Believes the future is dictated
destiny by external events beyond
o Has a coherent vision of the their control
future o Does not have a vision for
their company in the future
o Regularly tracks business
o Has few or no formal plans for
metrics making progress towards this
o Has concrete plans to move vision
towards their business o Does not regularly consult
vision metrics to track business
o Are innovative with progress
technology


Why should I care?
Businesses owned by Planners:

 Grew faster in 2011

 Had higher annual revenues

 Were more optimistic about 2012

 The owners took home more compensation


Planner Disciplines


Fundamentals Accelerators People


KEY #1
FUNDAMENTALS


Fundamentals

Businesses that thrived in 2011
followed a simple formula:

Vision + Plans + Data = Success

KEY #1 - FUNDAMENTALS


Vision + Plans + Data
• Businesses with a written description of what they want their
business to look like in the future grew 50% faster than those who
did not.

• The greater the extent of revenue planning, the more successful
businesses were in 2011 and the more optimistic they were about
2012

• Businesses that tracked business metrics monthly were 80% larger
and earned 60% more than those who did not

• Businesses that use financial statements to make decisions were
45% larger and earned 60% more than those who did not


Vision



The Most Important Leadership Question:

Do you know what you want your
business to look like three years from
today?



Poll

Do you have a written vision document that
clearly describes where your company will be
3 - 5 years from today?



Default or Design?



EMyth Process
• Visions and Plans (what's the difference?)
• Pre-work: Primary Aim & Personal Objectives
• Creating Your Strategic Objective
• Dreaming Exercise and Brainstorming Tool
• Commitment Check
• Implementation Plan (key drivers)
 Leadership System: Company Meetings
 Management System: Key Strategic Indicators
 Management System: Employee Development Meetings



Vision and Plans

Vision is… Plan is…

The What The How

The Why?
Is answered through:

Primary Aim (personal passion and purpose)
Personal Objectives (business versus job)
Mission Statement
Company Values

EMyth Vision = Strategic Objective

Your Strategic Objective is a clearly written “statement” of
what your business will be when it is complete.

It is a detailed picture of what the business will look like,
act like, and feel like, and how it will perform when it is
“done”.



Why do you need one?

A Strategic Objective provides a sense of direction and
goals for the future, motivation for you and your
employees — a dream to strive for, and a basis for
decision making, planning, and business development
activities.

Priority Flow Model



Vision Orientation

Technician Manager Entrepreneur
the doer the designer the dreamer



What’s the one
impossible thing that if
you could do it you would
own your market?

Line of Business
Products/Services Offered

 Who are you? Will the business
be a manufacturer, retailer,
distributor, service company, or
something else?

 What kinds of products and
services will be offered?



Company Size/Growth Objectives

Projections for:

 Annual sales, profitability,
return on equity, number of
employees, number of
outlets, growth rates, etc.



Geographic Scope

 Market areas served
 Business locations
established
 Headquarters
 Operational reach



Target Markets, Market Positioning

 Types of customers
 Demographics
 Psychographics



Basis of Competition
 Competitive advantage
 Product features
 Distinctive elements of
your product or service.
 Product/Service
enhancements



Basis of Competition
Distinctive…
 Marketing methods
 Behavior/dress/employees
 Presence
 Operations
 Tangible impressions
 Intangible impressions



Timing

When will the Strategic
Objective be achieved?



Plans



Plans
The greater the extent of revenue planning, the more
successful businesses were in 2011 and the more
optimistic they were about 2012



Poll

Do you lead your management team
through an annual planning process?



Poll

What prompts your planning process?



Business Development Dynamics



Data



Bowling Blind

What would happen if you had
to run your business without
any feedback on the results
you were achieving?



What gets measured,
matters.



Key Strategic Indicators
CEO dashboard or report the measures overall
progress toward your Strategic Objective.

A set of tangible and intangible elements that are
described in your Objective.

The quantification of your company’s “condition”
compared with the key elements of your Strategic
Objective.



Selecting Your Key Indicators
• Focus on the few (10 – 12 total) key elements of your
Strategic Objective.

• Report the ones that are tangible (things you can count)
such as revenues, profit margin, growth rates, number of
locations opened, company valuation, etc.

• Create a scoring system to quantify those intangible
elements that you are unable to measure numerically
(count easily), customer experience, employee buy-in,
industry reputation, etc.



Key Elements: Intangible



Intangibles…You need to define it!
Premiere?
Leading Edge?
Professional?
Team Atmosphere?
Customer Satisfaction?



Questions?



State of the Business Owner 2012
For additional research, guides and community:


Facebook.com/StateOfTheOwner

@StateOfTheOwner


State of the Business Owner Fundamentals Webinar

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