BFY.16 (BUILDING IN FRONT OF YOU): WHEN DO YOU RESET? WILLIAM EASTMAN

This might be the toughest decision in business regardless of size or age - when is it not working or 'When Do I Reset?'

Today's show I will share our journey based on 5 startups; 2 successful, 1 failure, 1 zombie and IBGR.

SUMMARY
This is a question that all business owners and executives must answer at various times in the company's development and growth. It only happens with an unblinking analysis of you first, then everything else. This analysis must be merciless with no excuses otherwise the truth will not be found. Being delusional is a guarantee for failure.

You're the one that decided on the entrepreneurial life so now deal with the decision.

TOPICS

1. How do I spot when a train wreck is possible?
2. How quickly do I pull the trigger?
3. How do I figure out what do now/next?

KNOWLEDGE
Self examination is always difficult even you are truthful with yourself - is your view of the current state of business correct? If you run a business this is actually easier than it seems; what are the numbers? Your return on Marketing & Sales tells the story. You have invested how much and what has it produced? The same can be asked of equipment purchased or people hired. What you need is a realistic picture of return on investment.

Once you have that metric, it is harder to track down the real cause. Start with looking at all of the potential causes. Here is my approach to look at the big stuff.

• Market Research - is the market growing and who are your target customers? 
  • Are you introducing the offer to a new market that doesn't understand why they need it?
  • Are you trying to sell to early adopters? Are there enough of them to sustain your growth? Can you make the transition to larger, more hesitant customers?
  • Are your target customers in a declining market?
  • If you are successful is market domination possible?
• Business Model - how you provide value to whom at the current price point?
  • Are you building a One-Sided or Two-Sided business?
    • One Sided - you have supply (what you are selling) or demand (who you are selling to) under control?
    • Two Side - you must build supply and demand simultaneously?
  • Does your USP (Unique Selling Proposition) fit the market and your Competence?
    • Price Leader - compete on price
    • Product leader - compete on product/service quality and features
    • Service Leader - compete on a distinctly different experience
  • Are the required Competencies in place to execute on the Business Model and USP?
  • Where are your greatest Costs (offer, customers) and Revenue (offer, customers)?

ACTION
Your Answers to Resetting the Business or Fixing It

1. Start with what is working. I am assuming you are doing something or many things right - so what is it?
2. Explain why what is working is working. Spend time on this, the answer to continuing with the present business or the seeds of a reset are here.
3. Does the elements of your good news story fit the Business Model, USP, and Competencies?
   1. If Yes - do a root cause analysis to identify the culprit and fix it
   2. If No - change your Business Model, USP, and Competencies to reflect the new reality
4. Create something new to test the decision and Soft Launch it. There is no need to run-off with hair on fire so don't go company wide until you're certain
5. Update or rewrite your Business Plan to reflect this new understanding of what success looks like

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