PROFIT RADIO..."Let's Grow Together"
This might seem like a deviation from our planned show on your Stage VI Implementation Plan, it’s not. Rather this is a conversation with yourself that must happen sometime and as you prepare to reinvent the business, why not now?
Every once in a while you need to stop and ask yourself what is the endgame and where are we on the journey. I do that today by using the radio station as an example.
Objectives - The WHY
I would not call the following questions part of any strategic or tactical plan. We have several templates that will provide guidance on that function. This is more existential.
Key Issues - Owner Perspective:
What You Need to Know - The WHAT
If you are in the later stages of growth - Stages V and VI, you reached this achievement by realizing you don’t have all the answers nor is it expected. Guidance from outside the company is essential from people that have done it and can be objective about the choices. The last thing you need is more group think, more people telling you what you want to hear. The question is not if it is who and how to create a Board of Directors?
The next question is how relevant is your organization and offer to customers? Your business has passed the stage of quick sales for survival, and the emphasis is on long-term customers. That requires the customer finding the product or service purchased and the relationship with your organization making a significant difference. As you consider what shape the reinvention project takes ensure that relevance to the customer is the core objective and final test.
Since the reinvention question will center on the what - your offer, your mix of products & services, and on the how - the nature of the relationship, it cannot be divorced from your core competence. What combination of hard and soft assets provides you with an advantage over the competition? You cannot stray far from this reality and succeed.
The fourth question is about leverage. I usually focus on the use of credit to gain a multiplication effect from borrowed money producing revenue. But this leaves a bigger asset unleveraged in the form of partnerships and alliances. Whether this are a few key relationships with larger companies or a network of similar sized companies, it is a significant source of increasing profitability while decreasing costs. Who is in your partnership network?
Finally, what permeates throughout the first four questions is mindset. I don’t know how to address this because it is an element of how you as the owner. What I know is uniqueness is the answer whether you are reinventing within a stable industry or creating something new- what is special sauce?
What You Need to DO - The HOW
I will share with you our thinking on these five questions. Some have an answer and others are works in progress.
The purpose of this show was to stop the doing and spend quality time on things beyond the reinvention project. However, this internal conversation is appropriate at any time. I have it whenever there is tie to working ON the business.
Make sure you leave some thoughts in the comment section below. I am interested in continuing the conversation.
"Living The Life...On Your Terms"
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