Episode B4.005 Effective Use of Feedback Systems for Quick Adjustments

11/8/2020

RESULTS RADIO..."Let's Grow Together"

Introduction
Good day and hope you are looking forward to a productive week.
This week we are announcing our new community - The Community of Commerce for all insiders. Everyone who has JOINED US and become an inside we are moving off of the weebly web platform to a community site on Tribe.

This will provide an opportunity to share information, ask questions, and gain support for starting, growing, or exiting your business.

It is our version of the Chamber of Commerce - what it could have been instead of what it has become. This community has one goal - your success as a business owner to build generational wealth for your family. That growth will create more and better jobs in your local community.

It is a stand alone (outside the control of the arbitrary large providers) platform that provides entrepreneurs and business owners a space for the free and open exchange of ideas.

As a member of IBGR's Community of Commerce you can:

Follow other users including the OnAir Talent and Executive Team at the station.
Ask and answer questions about starting, growing, and exiting the business from our OnAir team and each other.
Follow any member of the Community to stay abreast of their latest business insights as well as building your own following.
Start discussions to stimulate input from other members of the Community.
Create and vote in Community polls.
Post and comment on posts and blogs.
Access and share content entrepreneurs and business owners can use.

We built this beyond the reach of the 'masters of the universe' so you can speak your mind.

On a closing note, if you want to know what drives everything we do - checkout this article: from Australia (click here).

And that is just restaurants - what about everybody else?

Have a great business week.
Listen>Apply>Engage

Show Objectives
Today we will explore how to use your feedback systems to gather critical data so you can effectively make quick adjustments to your business growth strategies. The main failure point of Stage IV businesses is Destruction of Working Capital - you as the owner and all of your managers need to keep your fingers on the pulse of your business to ensure growth is being managed effectively.

Key Issues - Owner Perspective:

Goal - immediate feedback on decisions and actions to the individuals responsible,
Select data collection method - measured progress, measured results, surveys, focus groups, point of sale - etc.,
Make it simple and complete - always choose the simplest method and have enough quantitative (numbers) and qualitative sources (opinions) to build a complete picture,
Ultimate test - simple, fast, accurate

What You Need to Know
We've all heard the saying, “What gets measured gets done.” It means regular measurement and reporting keeps you focused on what matters most right now in your business. When you use the data you collect to make decisions and quick adjustments you improve your results.

Special Note: the measurement backbone should have been built during Stage III so you are using metrics that exist. If not - DO NOT BEGIN MARKETING AGGRESSIVELY UNTIL YOU HAVE FIXED THIS PROBLEM OR STAGE IV WILL PUT THE ENTIRE BUSINESS JEOPARDY.

Key areas to monitor:

Data on the relationship between marketing spend and sales,
Sales and your capacity to produce products or deliver services,
Maintaining a balance between acquiring new accounts vs potential accounts in the pipeline vs existing accounts,
Anything else that looks abnormal

What You Need to Do

Use Feedback Tools to get a good mix of quantitative and qualitative data
Analyze your numbers and comments -use the comments to help interpret the numbers or the comments provide context to the numbers
Reduce the time lag between (1) an action or decision, (2) collection of the data, (3) giving feedback to the author - fast, accurate, complete (and simple)

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