E5.002 (ReIMAGINE Your Business) MARKETS INSIDE THE FIRM - WILLIAM EASTMAN

Markets Inside the Firm is crazy and yet if it works - a huge competitive advantage.

A quick reminder for anyone unfamiliar with our methods:

F = (O + C + P)E

Financial Performance is the result of how well the Entrepreneur/Owner/Executive leads and manages Operations, Customer acquisition and retention, and has People invested in the future of the business.

The previous shows we covered Financial Performance, Processes Under Control, and Inside the Customer. This show is an overview who you need to hire and move them from trading time for money to invested in the business's future.

Here is how the Balanced Scorecards converts into our weekly programming:

• Finance Monday: Employee Capitalism
• Operations Tuesday: Processes Under Control
• Customer Wednesday: Inside The Customer
• People Thursday: People In The Game
• Owner Friday: ReIMAGINING Your Business

INTRODUCTION
Without getting too analytical, this is something I have been working on since the early 1990's. I attended a conference in London at the Institute of Economic Affairs (IEA), a world renowned think tank and was blown away by "why didn't I think of this?" Ever since I have been trying with mixed success applying these principle to clients and my businesses. There is incredible growth opportunities for the those who can crack the code.

OBJECTIVES
The following is what I have learned to date - the 'what works' part of any discussion.

WHAT YOU NEED TO KNOW
ReIMAGINING Your Business:

• Prime Lesson From The Pandemic: Connectivity - "networking is a business model, not a technique or attending a meeting"
• Building A Resilient Company - "what must be your few obsessions for the business to work"
• Managing Relationships & Maximizing Performance - "market domination starts with scalability - using technology to help the company and people win"
• Become The Search of Choice - "your ability to influence buying decisions is based on the value people perceive you provide"

WHAT YOU NEED TO DO
Just You

• Track Your Time (creating internal prices)
  • Who Should Do It?
  • What Should You Pay?
  • How Will Manage It?
• Focus on Contribution
  • Effectiveness vs Efficiency
  • What Are The Responsibilities of My Role?
• Critical vs Trivial Many
  • Do the First Thing First
  • Then Do the First Thing First

You Have A Team

• What Must We Obsess About?
  • The Core Competence(s) Are Required to Make This Work?
    • If we Outsourced it, what would it cost?
    • Set your internal price
  • What Can We Outsource
    • If we Outsourced it, what would it cost?
    • Set your internal price
  • Compete for Budget
    • Make the case for budget - what impact will it have on margin and/or cost?
    • Probability of success
    • Payback period
    • Lifecycle margin
  • Variable Compensation
    • Performance is reflected in compensation

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