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Reviewing the Stage VI Plan - Focusing on Investments - Scott Geller

9/11/2020

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​
Scott Geller - “The CFO Perspective”
​

IBGR.Network - PROFIT Radio. Everything a business owner needs to start, grow, or exit a business. Grow With Us.
​
  1. (WHAT YOU NEED TO KNOW) 
    • The reinventions core - is it about the offer, the process, or both?
    • If it's the offer = can you use existing processes and equipment or it must be new?
    • If it is the process = what are the benefits to the organization (quality, quantity, cost, time) & externally (features, quality, price)?
    • What can we use the current platform, equipment and people, what has to upgraded, what has to be replaced and with what?
  2. Improvements identified in the Stage V review that were not implemented;
    • Capacity vs Sales
    • 4 Questions
      • Does our current Product and Service Lines need an upgrade to remain competitive?
      • Does our current Product and Service Lines need an upgrade to gain more market share?
      • Does our current Product and Service Lines not match what the customer would buy today or in the near future?
      • Does our current Product and Service Lines fail to compete against new offers from competitors?
      • Based on #1 - #4, prioritize your list of upgrades or new offers that must happen for greater market share and penetration.
    • ​The Decision
      • Results of your decision
      • Are you seeing the anticipated financial impact
  3. You are not just 'disrupting the market', you are disrupting yourself;
    • Forcing change and innovation
  4. The ability to upgrade your current platform to handle the new...Offer and/or Processes;
    • Tech, people, manufacturing, service
  5. What is the potential impact on current employees - how many might not make it through the reinvention - old timers and newcomers.
    • Discussed making decisions around staffing for Stage V and now absolutely necessary
    • Reductions and promotions or expanded responsibilities

In business, you cannot do everything so you prioritize using the information available
  1. Types of information
    • Market
    • Competitors
    • employee
    • financial
    • analytics
    • Product or pricing
  2. Scale to make decisions
    • Slow and deliberate with as much information as possible
      • Large impact
      • Change in ownership
      • Hiring executives of consultants
      • Close product line
    • Fast and recover
      • Agile - act, learn, and react
      • New directions
      • Innovation
      • Product and pricing
      • Hiring consultants and advantage of a fractional approach
  3. Return to our prioritization list from Stage V session
    • Update with new
    • Assess remaining
    • Make decision again for disruption

WHAT YOU NEED TO DO
  1. What if the reinvention is based on a new offer - what will you provide to whom?
    • Long: Full product, market, pricing, and market study
    • Agile: Decide on the product and price; introduce to small targeted market
  2. What if the reinvention is based on upgrading an existing offer - what will you provide to whom?
    • Long: Full product, market, pricing, and market study
    • Agile: Use existing knowledge for minor and quick changes
  3. If you create a new offer - how will it be produced or delivered?​
  4. If you upgrade an existing offer - how will it be produced or delivered?
  5. What is the impact on your platform - current or unused features?
    • Investment in build or buy
  6. What expertise or talent are you missing that needs to be hired?
  7. Decisions need capital or investment
    • Internal capacity
    • Cash and sufficient working capital
    • External sources: credit, funding, partnership

​

F3.06.3NA

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