an eagle eye view of your business
DESCRIPTION
Mike Barnes and Tony Vidler presented a session on what coaches look for, and then concentrate upon improving, in a professional services business (with a particular emphasis on financial services businesses for this session). Exploring the concepts of considering Capability, Capacity and Opportunity the presentation contains some simple checklists and suggestions on where to improve a service business.TRANSCRIPT
An Eagle Eye View of Your Business…An Eagle Eye View of Your Business…
Mike Barnes & Tony VidlerMike Barnes & Tony Vidler
Professional Development Coaches, Mentors, Professional Development Coaches, Mentors, Speakers.Speakers.The Elite Professionals Programme LtdThe Elite Professionals Programme Ltd
The AgendaThe Agenda
Concept: understand what an objective professional looks for, and sees, in YOUR business
When you are seeing this…..
Key principles today:
1.What are the basic issues (fundamentals) to test and check?
2.What are typical, or common, problem areas?
3.What are the areas of ‘greatest gain’ for least effort?
Managing vs. CoachingManaging vs. Coaching
Managing:•Inside looking up•Command & Control•Resource focus•“How are we getting there with this?”
Coaching:•Outside looking down•Question & Challenge•Idea focus•“Where are you going & what have you got?”
Coaching FocusCoaching Focus
Objective: to move you up the pyramidStarting point: work out where you are on the pyramid
Know Yourself, Know Others and Know Your Business Essentials. Foundation knowledge and skill sets to become financially effective.
Building on a solid knowledge and experience base, learn commercial skills, develop systems and market position for better business results.
Utilising advanced professional development concepts to strengthen business positioning towards SME owners and their professional advisers, improving efficiency and profitability.
Specialist positioning for yet higher value clientele with complex issues. Creating professional networks of high trust and procedural understanding to enjoy shared client engagements.
Leveraging your brand and systems to create a legacy business. Replication of your business model, expansion, coaching and leadership of teams of professionals.
Fundamentals… (Numerics)Fundamentals… (Numerics)
Review Framework: Capacity, Capability & Opportunity.
•Does the business have the physical Capacity to ‘grow’ it’s transactional volume?
•Does the business have the Capabilities by way of special Resource (inclusive of I.P and Skills) to achieve their growth ambitions?
•Does the business have sufficient market or client base demand (Opportunity) to grow from within and if not, are the market ‘drivers’ supportive of growth at this time?
Where are you going,Where are you going,What have you got?What have you got?
The Keys to business future
Keys to yourfuture clients
Capacity
Capability
Opportunity
Getting ‘blind-sided’…Getting ‘blind-sided’…
Identify V1 point before take-off.
• Focus on the desired outcome prevents them from seeing legitimate constraints. As a result they fail to develop ‘pull-out or fall-back’ points before they become too emotionally invested in the outcome.
• Promoting staff into positions beyond their abilities or outside their natural ‘coping style’ (often on the basis of misplaced loyalty due
to years served)
• Not expecting the rogue element.• Clients, Staff or Business Partner “doing the dirty” as no clear review parameters agreed in advance. (The unspoken elements of trust…)
Common Problems?Common Problems?
Strategic Clarity Business Model & Plan Marketing Plan Marketing resources (people, time, money) Target market & Ideal Client Profile Research: Market; Product; People Assigning your values & motives to others “The Peter Principle” – promoting to level of incompetence Rewarding the wrong behaviours Internal controls & Governance principles
Greatest gain for ‘least effort’…Greatest gain for ‘least effort’…
Play to Your Strengths.Identify the drivers that have worked for you in the past, know what you’re great at and what you’re not.
Business Planning is like doing a jigsaw.Have you identified your ‘corner pieces’ (easy wins to build momentum and confidence) and sides (fundamental knowledge of your business focus areas)
Just hold the throttle wide open, longer.As you experience growth can you ‘push harder’ before you up-size yourself in terms of staff numbers, resource and outgoings. (Let the profits build so you can fund more of the growth yourself)
Creating WinsCreating Wins
Understanding Skillsets & Mind-sets
Put people in right roles: (Finder, Minder, Grinder)
Keeping score (Financial; sales; satisfaction levels; activity)
Reporting Creating accountability Thinking ahead….thinking time Planning process
Conclusion…Conclusion…
Can’t see the wood for the trees?
Collaborative thinking vs. Argumentative Theory
Find someone you trust to help you gain perspective.
It doesn’t mean they have to ‘cut you open’ to find ways to help…
QuestionsQuestions
Capacity for growth is best referred to as;a.Room to fit more people in the officeb.Ability for transactional volume to increasec.Cash on hand to fund growthd.Spare time to invest in growth activities
Capabilities for growth is best referred to as;a.The desire to grow your businessb.The potential resource required for growthc.The existing (current) resource required for growthd.The skill needed to do better
Opportunity for growth is best referred to as;a.Your existing client base or market segment shows signs of strong demand for your product or serviceb.You live in a Universe of Abundance, all that you dream you can achievec.Your initiative requires more ‘push’ than ‘pull’ from the marketd.Anything is possible if someone will lend you the money
Knowing your V1 position is best referred to as;a.The best place to apply your deodourant or shampoob.Knowing the critical point at which to fully commit to a new initiativec.Not letting your optimism bias get in the way of prudent business decisionsd.Knowing when to stop (if required) in advance of your full commitment, when undertaking new initiatives
QuestionsQuestions
What are the 3 generic types of adviser skillset & mindset combinations:a.Financial Planner, Broker, Lenderb.Lender, Spender, Splendourc.Finder, Minder, Grinderd.Hunter, Gatherer, Farmer
Future clients are most likely to be generated with:a. A charismatic salesperson + high activity + no fearb. Prospecting systems + great Productc.Positioning + Prospecting systems + Engagement Processesd.Good sales skills + great Product + right Price
The 3 elements that determine a financial advisers business capability are:a.Resilience, Resources and Remunerationb.Skills, Knowledge and Positioningc.Technical ability, Qualifications and Ongoing Professional Developmentd.Cash reserves, quality Support Staff and great Premises