Category: Planning

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From Idea to Business: Essential Tips for Entrepreneurial Success

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Transforming an idea into a scalable business requires meticulous planning, strategic execution, and unwavering dedication. This process necessitates a profound understanding of the market, a crystal-clear vision for your venture, and the resilience to overcome inevitable obstacles. The journey to transforming your vision into a thriving and sustainable business is paved with essential strategies and insights. This article will outline the pivotal steps and considerations for turning your idea into a successful venture.

Mastering Market Intelligence

Undertaking comprehensive market research is critical to understanding the needs of your target audience, staying ahead of industry trends, and gauging the potential demand for your product or service. This deep dive into market dynamics provides a clear view of the opportunities and challenges ahead, enabling you to refine your business strategy and effectively position your offering. A thorough analysis of customer preferences and the competitive landscape is essential for establishing a unique niche in the market.

Blueprint for Success: Crafting Your Business Plan

A detailed business plan is the cornerstone of any successful venture, outlining your mission, goals, target audience, competitive analysis, marketing strategies, and financial projections. This document acts as a comprehensive roadmap, guiding your business’s direction and facilitating the attraction of investors and partners. It conveys your strategic vision, offering a structured framework for tracking progress and adjusting courses as necessary.

Defining Your Edge: The Value Proposition

Identifying and articulating your unique value proposition is vital to distinguishing your product or service in a crowded marketplace. Highlighting the specific benefits and advantages your offering brings to customers ensures you stand out, directly addressing their needs and effectively solving their problems. This differentiation is key to building a robust and loyal customer base.

Securing Funding to Fuel Growth

Securing adequate funding is paramount for the growth and development of your business. Exploring various financing options— from bootstrapping and bank loans to venture capital and crowdfunding—enables you to select the most appropriate path for injecting capital into your venture. The choice of funding strategy is critical in providing your business with the necessary resources to scale.

Expanding Your Network

Expanding your professional network is a strategic necessity, opening doors to mentorship, advice, and business opportunities. Actively engaging with industry professionals, mentors, and peers fosters connections that can lead to partnerships, investments, and insights, accelerating your business’s growth. If you’d like to build your network, reestablishing connections with old friends and classmates is easy with online search tools. Just input their names, graduation years, and the school they attended to find them and possibly renew past friendships quickly.

Strategic Insights: Analyzing Competitors

A thorough analysis of your competitors is indispensable for gaining insights into their strategies, strengths, and weaknesses. Understanding how your competitors position themselves in the market allows you to refine your offerings and strategy, ensuring your business is well-placed to meet customer needs more effectively. This competitive intelligence is crucial for carving out a competitive edge.

Focusing on Customers

Adopting a customer-first mindset is essential for fostering satisfaction and loyalty. By actively seeking and integrating customer feedback into your product or service development, you ensure that your business remains agile and responsive to market demands. This approach is fundamental to sustaining growth and adapting to the evolving landscape of customer preferences.

Prudent Financial Management

Effective management of your business’s finances is critical for ensuring long-term viability and growth. Careful cash flow, expenses, and revenue monitoring allow you to confidently maintain financial health and navigate economic challenges. Implementing sound financial practices is vital for the sustainability of your business.

By meticulously following these steps—conducting thorough market research, crafting a detailed business plan, defining a unique value proposition, securing the necessary funding, expanding your professional network, understanding your competition, prioritizing customers, and managing finances wisely—you lay the groundwork for a resilient and prosperous business. This structured approach empowers entrepreneurs to confidently build and scale their ventures, establishing a solid foundation for enduring success.

Enhance your search for the perfect executive with tailored executive search services from New Century Dynamics Executive Search.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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Strategies to Start a Thriving Business with Little-to-No Capital

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Starting a business seems impossible when you’re short on funds, but fear not. There are strategies and creative ways to kickstart your entrepreneurial journey, even with minimal to no capital. New Century Dynamics Executive Search explains how:

Apply For Grants

Grants are like hidden treasures waiting to be discovered. They are funds given by organizations that you don’t have to pay back. Look for grants specifically designed for small businesses and ensure your business proposal is compelling enough to win. Additionally, explore local government grant programs that may provide financial support. Don’t forget to leverage networking opportunities and seek recommendations from mentors in your industry.

Learn the Power of Crowdfunding

In the digital age, Classy.org notes that crowdfunding has emerged as a powerful tool for raising funds. Platforms such as Kickstarter and Indiegogo allow you to present your idea to the world and raise small amounts from many people. To maximize your chances of success, create a compelling story behind your project, offer enticing rewards to backers, and engage with your supporters through regular updates. Remember, crowdfunding is about raising funds and building a community around your idea.

Keep a Close Eye on Your Credit Score

Your credit score is your financial report card, and a good grade can help you secure business loans with favorable terms. Make it a habit to monitor your credit score regularly and take steps to improve it if needed. Pay your bills on time, keep your credit utilization low, and avoid opening unnecessary credit accounts. Additionally, consider working with a credit repair agency or seeking professional advice to optimize your credit score.

Entice Customers with Pre-sales

Landingi points out that pre-sales or pre-orders can work like magic to generate startup capital. It’s like selling your product before it’s even launched. Not only does it bring in funds, but it also helps gauge market demand and create excitement among customers. Offer exclusive discounts or limited edition versions to incentivize early purchases. Leverage social media and email marketing to create buzz and encourage potential customers to take advantage of the pre-sale offers.

Win Hearts Through Content Marketing

Content marketing is an inexpensive yet effective way to build your brand and attract customers. By offering valuable content through blogs and social media posts, you can establish your expertise, earn trust, and engage your audience. In addition to creating high-quality content, optimize it for search engines to increase visibility. Collaborate with influencers or industry experts to expand your reach and leverage user-generated content to foster a community around your brand.

Use a Content Management System

Leveraging a content management system (CMS) can significantly enhance your business by enabling the seamless generation, modification, and supervision of digital content, including web pages and blog articles. By employing a CMS, you can update and publish digital creations. Moreover, numerous team members can work together on content production and distribution, simplifying operations and enhancing productivity.

Bootstrapping Your Way to Success

Bootstrapping is about starting and growing your business with savings or revenue. It might involve juggling multiple roles and making sacrifices, but it keeps you in control and minimizes debt. In addition to self-funding, explore creative cost-cutting strategies such as sharing office space, utilizing free or low-cost software tools, and negotiating favorable terms with suppliers. Remember, every penny saved is a penny invested in the growth of your business. Stay focused, persevere, and celebrate small victories along the way.

Starting and thriving in business with little to no capital is challenging but not impossible. By exploring grants, utilizing crowdfunding, maintaining a good credit score, leveraging pre-sales, embracing content marketing, and bootstrapping, entrepreneurs can pave their path to success. With perseverance, strategic thinking, and a strong focus on building a community and delivering value, aspiring business owners can overcome financial limitations and turn their dreams into reality.

New Century Dynamics Executive Search benefits its clients from our broad-based portfolio of experience in “hands-on” line and staff roles for growing concepts and turnarounds. Contact us today to learn more! 770-354-2817.

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Take Your Business to the Next Level With These Strategies

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The idea of expanding your business may seem overwhelming and impossible at times, especially if you’re on a tight budget and fairly new to entrepreneurism. However, there are several simple things you can do to make growing your business easier, and you’ll have peace of mind knowing that these are tried-and-true methods that business owners have been utilizing for years. Here are a few of the best, courtesy of ITB Partners.

Prioritize Innovation

As you chart the course for your company’s expansion, embracing innovation becomes a critical piece of your growth puzzle. Imagine reshaping your operational landscape by harnessing new tech and methodologies, thus catapulting efficiency and slashing overhead. Envision cultivating a workspace where every voice can spark change, breeding ground-breaking ideas that may pivot the direction of your entire sector. Your pursuit of this path doesn’t just keep your offerings fresh; it propels you to the forefront of your industry, making you the standard others strive to emulate.

 Recruit New Personnel

As your business grows, you may need more staff members in order to keep up with demand. When hiring new employees, consider not just their education or experience, but also their flexibility and whether they show grace under pressure. Make sure all necessary paperwork is completed and filed properly before bringing them on board so there will be no stressful loose ends for you to tie up down the road.

 Modify Your Marketing Approach

As you expand your business, it’s important to consider how you can reach new customers or clients. Take some time to review your current marketing strategy and determine what changes need to be made in order for it to be effective in reaching a larger audience. This could include revising your content strategy, creating social media accounts, utilizing SEO strategies, or investing in targeted advertising campaigns.

If you’re going to expand into a new country, change your market research accordingly. You could also start spreading the word by holding raffles and giveaways. For easy-to-use gift card APIs that can make great incentives to lure in potential customers, use this option to easily reward respondents.

Invest in Customer Retention

Keeping your current clientele loyal is as vital as drawing in new patrons to your venture. Think of your relationship with your customers as a journey where consistent satisfaction is key. Engage them with personalized attention and rewards that acknowledge their importance to your enterprise. Listen attentively to their feedback, acting upon it to demonstrate that their voice shapes your business.

Such strategies not only solidify the bond with your existing base but often transform them into advocates for your brand. After all, when your patrons feel valued and understood, they become the most persuasive ambassadors, sharing their positive experiences far and wide. This allegiance not only sustains your existing revenue streams but also cultivates an environment where organic growth is inevitable.

Provide New Goods or Services

Adding new products or services can help provide customers with an expanded selection of options. Careful research into what existing customers want and need is essential in order to identify potential products or services that could be fit for the business. Before investing too heavily in any one product line, you need to make sure that there is enough demand for it.

Use a Cloud-based Project Management Platform

Using the right tools to expand your business is helpful, especially in regard to project tracking options and having an organized project management platform to help teams stay productive. Cloud-based platforms allow teams to collaborate more easily and efficiently than ever before. Investing in the right tools can ensure that projects stay on task and teams remain organized while working remotely.

Invest in New Signage and More Office Space

As your business grows, investing in larger office space is essential. It not only provides room for expansion but also gives customers and clients an impression of professionalism. To make sure your customers know exactly where to go, you should consider installing metal signage outside of the building. This will ensure that customers can locate your business, and it also adds a professional touch.

Grow Your Business with Solid Planning

Preparation is key when it comes to expanding a business, but the rewards can be worth it! From recruiting new talent to investing in a cloud-based project management platform proper preparation can ease the transition and make sure that expansion goes as smoothly as possible. Taking the time now to consider concrete steps will pay off in the long run and can help prepare for any future changes.

 If you’re looking for experienced independent management consultants, reach out to ITB Partners today!

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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Taking Control of Your Finances: Tips for Small Business Owners

As a small business owner, you have to wear many hats. You are the CEO, the CFO, and the HR director all in one. It can be overwhelming if you don’t know how to manage your finances effectively. New Century Dynamics has put together some tips to help make financial management easier for small business owners.

Set Your Target Business Growth Goals

In addition to creating a budget, it is important to set specific goals for your business growth. Think about where you want your business to be one, two, and three years down the road. Create short-term and long-term goals for revenue growth, profitability, cash flow, and other areas of your business that need improvement. Make sure that all of your goals are measurable and achievable. Once you have set these goals, it will be easier to develop a budget plan for achieving them. This will help you prioritize certain investments or areas of focus that will help propel your business forward.

Planning a Budget and Evaluating it Regularly

Creating and following a budget is essential for any small business owner. This will help you manage your cash flow and ensure that you are making appropriate investments in your business. Be sure to reevaluate your budget regularly so that it is up-to-date and reflects any changes in your financial situation.

Choosing a Dependable Accounting Platform

Having an accurate accounting platform is key when running any type of business. This will help you manage your finances and track business performance. Consider choosing software that is easy to use and integrates with other tools for data analysis. Investing in a reliable accounting platform that integrates with other platforms will save time and money while also helping ensure accuracy when it comes to managing finances.

Selecting a POS Platform to Aid with Inventory Management

If you run an eCommerce store or retail space, then investing in a good POS system is essential as well. A POS system can help you manage inventory and streamline the checkout process for customers. This will in turn make your business more efficient and increase sales. Look for one that includes features like inventory management so that tracking items in stock is easier while also highlighting which products need restocking or adjusting pricing based on current demand levels.

Partnering with an Accountant

Managing financial matters can often be quite challenging, so having the experienced guidance of an accountant at your disposal is invaluable. Their expertise allows for a thorough check that income and outgoings add up correctly while providing valuable advice on how to make the best use of market conditions to improve profitability. Furthermore, as they are well-versed with all necessary taxes regulations related to running a business where you operate, employing their services during tax season could prove essential.

Get Organized with Project Management Software

Investing in cloud-based project management software can be a game-changer for businesses looking to stay on top of their necessary tasks and projects. With the ability to access project information from anywhere, team members can collaborate and communicate more efficiently. Cloud-based project management software also offers real-time updates, task scheduling and tracking, and automated reporting. By implementing this technology, businesses can streamline their workflow and increase productivity. Check this out for more info on how cloud-based project management software can benefit your business.

Being successful as a small business owner requires financial expertise, organization, and strategic planning skills — but luckily there are tools available today that make managing finances easier than ever before. With careful preparation such as setting clear goals, using dependable accounting software, choosing suitable POS systems, partnering with reliable accountants, and investing in automated project management platforms, small business owners will find it easier than ever before to take control of their overall finances.

By following these tips, you can get a better grip on your financial situation and make decisions that position your company for success. With the right preparation, small businesses can achieve their goals and grow with confidence.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

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Still No Plan to Sell Your Company? Do you Even Know What It’s Worth?

 

David Shavzin

When do I start my exit planning and how much is my company worth? We have gotten these questions for decades, especially from Baby Boomers. Sometimes it comes across casually: “So what do you think, should I start my exit plan 2 years ahead, maybe 3 years ahead?”

 

 

They often ask knowing the answer. They are trying to make themselves feel better because they haven’t created an exit plan and they know they should have started it long ago. They don’t know what their company is worth, but often get some outsized value stuck in their mind. If I respond that waiting until 24 months ahead of the sale is ok, they can let themselves off the hook for not having an exit plan or succession plan in place.

We talk to hundreds of business owners.

    • Some say they are tired and would like to get out. They do not want to put in much more time or invest in building the value of the company. Yet, they are not satisfied with what it is worth today.
    • Some family businesses have put off building a succession plan for a generation-to-generation transfer. They may feel they have time, or they may feel that their children (children often in their 30’s and 40’s) are “not ready yet”. They may fear losing an income stream as they transition out of the business.
    • Some are simply working the business, taking no time to develop an exit plan that could dramatically increase the value of the business when it comes time to sell.

 If any of these ring true for you, there are many potential solutions to address your concerns and situation. Take the first step and have a conversation with all involved. A good advisory team can help guide those exit plan discussions and provide an objective, experienced perspective. There are so many business exit options.

If you do have just a few years, there are a number of things you can do to optimize your exit and get everyone on the same page. But “2 – 3 years” is NOW, especially if you are a business owner in your 50s, 60s, 70s, or older. You have heard when talking about stocks that you can’t time the market. It’s the same thing for your business. And remember, the sale process itself can take 6 or 9 months to a year or more from start to finish.

With all of what’s going on out there in the world, a plan is critical to monetizing your life’s work! A sudden downturn could keep you captive in your business for another few years as you try to rebuild.

 Questions to ask yourself:

    • Do you know the value of your business? Don’t rely on a value that is some industry multiple or that sounds reasonable or what you’d like. Get professional assistance. This is your life, livelihood, and retirement.
    • When do you want to be completely or mostly out of the business?
    • Can you wait out the next downturn? If you are thinking of a 2- to 3-year timeframe, what if the economy slows down? Can you wait another few years to rebuild the value of your business? What do you really need out of the sale?
    • Do you have a solid plan for what you will do after your exit?

 By the Way, It’s NOT all about YOU!

Without an exit plan, you are not just risking your own retirement or next phase of life. You are putting in jeopardy your spouse, children, their families, your employees, their families, and more. Click To Tweet

The message is simple: work with your advisors now to get a good understanding of your situation. The more informed you are, the better positioned you will be to create an exit plan that works for you, maximize value and minimize risk. You will leave the legacy that you want, not what others want. You will create your future!

Need to Get an Idea of Where You Stand on Business Value and Your Options?

David Shavzin, CMC
Founder, The Value Track
M&A Advisory, Exit Planning, Building Value
770-329-5224
david@GetOnTheValueTrack.com
Atlanta, Georgia
Our BLOG  // LinkedIn // www.GetOnTheValueTrack.com

Thank you for visiting our blog.

 

Jim Weber – President
New Century Dynamics Executive Search

Jim Weber – Managing Partner,  ITB Partners

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Keep Your Projections Realistic: How Small Business Owners Can Realistically Prepare Their Finances

Whether you are a seasoned small business owner or the founder of a startup company, you have a lot of decisions to make. Choosing how to fund your company is one of the first decisions to make. To fund your company and stabilize your financial health, business owners need a realistic financial projection. With a few tips from ITB Partners, you can learn how to create your projections.

Why Emphasize the Importance of Financial Projection

Without a financial projection, you may feel the burden of financial uncertainty. You are more likely to feel overwhelmed by unexpected costs. Accurate projections allow you to make strategic decisions. For example, a realistic idea of your financial situation allows you to know whether you can afford to hire or fire employees or invest in new products.

If you do not create a financial projection, you may not know your expected business income and cannot calculate your business’s taxes for the year. Many states require you to file an annual report every year. The annual report informs interested individuals about the financial successes and failures of public entities, non-profit organizations, and private corporations. The majority of states require you to file a report and pay taxes to remain compliant with local laws and to remain in good standing. In some instances, you could face penalties in the form of fees or business revocation if you do not follow the rules, so it’s best to get expert help when filing your annual report.

How to Create a Realistic Projection

To create a realistic projection, you may want to create a template. Your template should include the following documents:

    • Sales forecast
    • Payroll costs
    • Cash flow
    • Operating expenses
    • Income statements
    • Break-even analysis
    • Cost of goods
    • Balance sheet
    • Depreciation for your business

Instead of falling into the trap of being too optimistic or too cautious, create two scenarios. One scenario can be optimistic, while the other stays cautious. Give yourself the freedom to create multiple different scenarios. Do not guess the top-line number for your sales channel. Instead, outline each step of your process. Identify the market, estimate the percentage of the market you aim to meet through marketing and estimate how many will visit your business and make a purchase. Next, make an estimate of how much individuals may spend on average.

Your financial plan should not be static. Constant Contact suggests reviewing your plan at least once per year. You cannot always prepare for every situation, but you should reassess and take most events into consideration. If you plan to make a large purchase in the future, you may also want to reassess.

How to Simplify Your Financial Projection

A simplified projection includes a balance sheet. This is an overview of your company’s financial health. Include your assets, owner’s equity, and liabilities. You should split the balance sheet to have assets on one side and owner’s equity and liabilities on the other.

To make it simple, work with a professional who understands the industry. For instance, working with an accountant will help you realistically predict your expenses, profits, and sales. Utilize premade templates and software that allow you to input numbers and finish the projection seamlessly.

Using Accounting Software for More Accurate Projections

Creating projections can be a time-consuming and complicated process, especially if you don't have experience with bookkeeping or accounting. This is where accounting software can be a big help. Click To Tweet For example, if you run a construction business, construction accounting software can automate many of the tasks involved in creating financial projections, saving you a lot of time and hassle. And because it can help you track your actual results against your projections, you can quickly identify any discrepancies and make necessary adjustments. This software also allows you to manage job costs and contractors.

When it comes to making financial decisions for your company, a realistic financial projection is critical. Make sure to understand its importance, think realistically, utilize accounting software, and simplify the process as much as possible.

Image via Pexels

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

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What do CEO’s Need? Velocity via Intelligent Business Processes

Brightwater Consulting

At Bright Water Consulting, LLC (Bright Water), we have worked with many CEOs over the years, and, in our experience, we have identified three key needs:

    1. Operational Excellence,
    2. Innovate with data, and
    3. Run and operate processes.

Bright Water helps companies achieve Operational Excellence by streamlining and automating processes.  The result of these efforts is increased business velocity while reducing cost.

The Bright Water Team helps businesses innovate with data.  The results of our efforts allow companies to glean deep insights from data so they can ask the right questions and get better results.

Bright Water has a deep expertise needed to help companies run and operate processes.  Our process efforts allow companies to focus on delivering the promise of their brand to their customers.

At Bright Water we know that: CEOs and senior leaders need three things: 1) business velocity and agility, 2) continuous cost reductions, and 3) business resilience.  In today’s fast-paced world, it is clear that all companies need to be technology companies and all CEOs need to be technology leaders. Companies that do not wisely drive their business processes with analytics and technology will suffer market losses at the hands of competitors who do.  At Bright Water, we have observed that companies who wisely leverage the application of analytics and technology understand those are the key differences between winning and losing.  We view the perspective of the Chief Information Analytics Officer as never more relevant for enabling the strategy and operation of the enterprise than it is today.

Velocity Matters.  Businesses are nothing more than an aggregation of business processes.  Processes take inputs and produce outputs.  If the output of a business is purchased at a profit, the business can continue its operations.  Otherwise, the business fails.  Anything that a business produces repetitively is the product of the process.  Sound processes allow output to be produced cost-effectively with quality and minimal variation from specifications.  Process matters.

In order to understand why Velocity matters, consider the steps in a typical decision process. A typical decision process can be characterized by the OODA loop. First, the decision-maker “O”bserves the environment.  Next, the decision-maker “O”rients to issues of concern in the environment.  The “D”ecision is made and, finally, an “A”ction is taken.  When action is taken the environment is changed as a result and this change impacts all actors in the environment (they must react to it).  The cycle then starts over again.  It is an endless OODA loop.

In order to demonstrate the value of the OODA loop, let’s imagine a business that completes a single cycle through the OODA loop in 12 units of time.  Let’s say 3 units of time are spent at each stage of the OODA loop.  Now compare this business to a competitor that completes a single cycle through the OODA loop in 6 units of time, spending 1.5 units of time at each stage.  After 6 units of time elapsed, the competitor is beginning to “O”bserve the new competitive environment, having just finished acting on their initial observations.  Meanwhile, the business that needs 3 units of time for each stage is “D”eciding what action to take.  The slower competitor will be basing their decision on an environment that no longer exists, since the faster competitor has already “A”cted, impacting, shaping, and changing the environment.  As the slower business starts to act (9 units of time have elapsed), the competitor is deciding what “A”ction to take, having just finished “O”rienting to the new environment and a particular issues area of concern.  The faster competitor will decide what action to take and actually complete the action.  The faster competitor has now completed the loop for a second time as the slower competitor completes the loop for the first time.  The slower business requiring 12 units of time to complete the loop will always be basing its action on an environment that no longer exists, so its actions will always be suboptimal.  It will never catch the faster competitor.  This is how the fast eat the slow.  This is why velocity matters.

CEOs need to increase the velocity and agility of their business because, if they do not, faster companies will adapt to the competitive environment and evolve more quickly, which puts the slower competitor at a competitive disadvantage that they cannot recover from.  In order to increase the velocity of their business, CEOs must increase the velocity of their business processes.  It is business processes that shape, determine, and produce the outputs that clients pay for.  If business processes are lethargic, the business will be too.

CEOs must ask: How do I increase the velocity of a business process?  There is only one way.  CEOs must automate and improve their business processes.  By doing so costs will reduce as labor is withdrawn and better business outcomes will result as processes execute at great velocity with more certainty and consistency.  Bright Water has the knowledge, experience, and skill sets needed to help companies achieve Velocity through intelligent business processes.

Similar to the OODA loop, Business Process Management (BPM) efforts are dynamic rather than static.  As companies cycle through the OODA loop they change the environment which forces the competition to be more efficient, remove friction and constantly improve business processes.

Business processes do not operate in a vacuum.  Therefore, it is helpful to think about business processes as a set of discrete, but connected, activities often involving a range of related stakeholders such as the business and the IT group.  Therefore, business processes must be specific to the stakeholder mission, tied to the larger organizational context, and current.  To effectively achieve this within an organization, BPM efforts will vary in size, scope, and complexity.

At Bright Water we typically engage with clients leveraging the following basic phases:

    1. MODEL: Identity, define, and create a representation of the complete process so it can be easily understood and communicated.
    2. EXECUTE: Based on the model, develop, and implement the process so that it can be repeatably performed. Apply automation when it makes sense and delivers good value to the organization.
    3. CONTROL: To ensure the process is consistently followed we help the client to set up proper control systems.
    4. MONITOR: Collect meaningful and measurable data to determine the effectiveness of the process in delivering the expected value and benefits.
    5. OPTIMIZE: Use the data collected through monitoring, and feedback into the modeling, to determine if further process improvements can be made.

Contact us directly at Bright Water for a discussion regarding improving your business velocity and agility, continuous improvement, and business resilience – info@brightwaterconsulting.com.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

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The Psychology of Goal Setting

I’m not going to bore you with scientific and psychological mumbo jumbo, but I think you should understand the importance of creating SMART goals using the process I will outline in this chapter.  Understanding why something is important makes you more likely to follow the process diligently.  Remember, people don’t buy what you do or how you do it.  They buy why you do it.  The same principle follows here.

First, as logical human beings, we all understand that having something to aim for increases the chances of hitting it.  Jordan Peterson, a professor of psychology at the University of Toronto, says, “One of the things you can be virtually certain of in life is that you don’t hit something you don’t aim at.”[1] Seems pretty logical to me.  Robin Hood would never have split that arrow if he didn’t aim at it.

When you aim at a target and hit it, your brain releases a chemical called dopamine, which gives you a feeling of pleasure.  Dopamine is your body’s reward system.  Dopamine makes you feel good, and the fact that it is released immediately upon achieving a goal creates a solid behavioral association.  That makes you want to set and accomplish another goal to get that good feeling again.  It is also why setting short-term goals, as you will see later, is much more effective than only setting long-term goals.  The longer the wait between dopamine releases, the less effective it is as a reward.  Dopamine is the habit-forming chemical in your brain.   IT rewards you for completing tasks regularly at short intervals, motivating you to accomplish more.

Another vital tool for goal achievement is visualization, which has physiological and psychological elements.  By visualizing yourself succeeding, you fool your brain into thinking you’ve achieved your goal already, and it releases some dopamine.  Yes, it is tricky.

The psychological aspect works a bit differently.  Have you ever bought a new car and suddenly noticed the same make and model everywhere as you drive down the road?  Have you ever said to yourself after purchasing a Ford Taurus, for example, Wow, I never realized there were so many Taurus’ on the road?

Your reticular activating system or RAS is now focused on your new Taurus, and you notice every Taurus on the road.  Your RAS is a series of neurons in your brain that filter out unnecessary stuff, which allows you to focus only on what’s important.  When you buy a new car, you’re excited and think a lot about it as you drive down the road.  Your RAS filters out, unconsciously, of course, the cars around you and zeros in on the ones like yours.

Coaches teach athletes to visualize desired outcomes because it trains their RAS to filter out failure and focus on success.  Professional basketball players visualize their shot going in the basket.  Visualization increases the odds of making the point because it filters out all the noise and distractions created by the fans and other players designed to make them miss.  Golfers also visualize their shots going down the middle of the fairway or in the hole because it filters out everything else like water, sand, and the rough.

When I teach people how to set and achieve goals, one of the things I do is have them create goals boards.  As part of the preparation process, I have my boxes of old magazines and tell the attendees to bring as many magazines as they can find.  It doesn’t matter what it is.  Any magazine will do.  In this way, we always end up with an excellent assortment.  Everyone in the class gets a poster board, pair of scissors, and a glue stick.  As you’ll see later, this is a crucial step near the end of the goal-setting process.  Participants find pictures representing their goals in the magazines, cut them out, and paste them onto the poster board.  Each one, in turn, presents their board to the group to make a verbal commitment and increase their accountability.  The board then receives a prominent place in the office or home where it will often be seen, reinforcing that filter in the RAS.

Visualization is a powerful tool in the setting and achieving of goals. Click To Tweet Jack Niklaus, arguably the greatest golfer who ever lived, has been quoted as saying, “I never hit a shot, even in practice, without having a very sharp in-focus picture of it in my head.” Here is what I know:

    1. Writing down my goals and having visual reminders that I see often have helped me achieve goals
    2. I have worked with clients who previously never set goals and have used visualization and the process I teach to achieve things they had never thought possible.

Whether or not there are statistics to support these facts is irrelevant.  I have seen the process work over and over with individuals and teams.  If you and your team want to begin reaching new heights of achievement and have fun in the process, this is how you do it.

[1] J. Peterson.  2018.  “How to Set Goals the Smart Way  .”www.youtube.com/watch?v=5WX9UEYZsR8&t=3s

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Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

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The Importance of Choosing the Right Consultant

As businesses innovate and expand, they often find themselves implementing unfamiliar tactics. Personnel who are available at the start of a project can lack required skills, and challenges further down the line are bound to stump those without relevant experience. Hiring a consultant such as ITB Partners can broaden a team’s skillset temporarily without the expense of bringing on a new permanent member. Though initially costly, their services save money due to added efficiency.

When To Use a Consultant

Sometimes a project only needs an expert’s assistance in its early stages. Hiring a new employee with the necessary skillset runs the risk of the role falling outside the scope of their expertise or far below their pay grade after the specialized work is done.

Consultants tend to be experts in their fields, focusing on a specific aspect of an industry with far more depth than the layman. Click To TweetWhile some advisors maintain lasting relationships with clients, companies also utilize consulting firms to solve a specific challenge before moving on.

Why Specialization Matters

Consultants are only hired for as long as needed, and the duration of the consultancy period can be determined in advance. They bring an “outsider’s perspective” to a given project. They may see common pitfalls someone less versed in a given industry may miss and can recommend the best solutions from experience.

Consultants cover a variety of specializations, so it’s crucial to select the right one for the job. There is no one-size-fits-all consulting practice that will work across the board. When deciding which consultant’s services to enlist, it’s critical to consider their areas of expertise.

What Types of Consultants Businesses Can Hire

PR agencies are instrumental, as a public relations consultant can help a company establish its online presence and advertise to target demographics. Operations consultants are available to streamline every step of a supply chain, from management practices to daily operations. A fledgling business with a solid product idea but no economic knowledge among its team may enlist a financial advisory consultant to get started.

Workplaces with limited use of computers and networking can opt to bring in a technology consultant when needed, rather than hiring a full-time IT person. There are even lean staffing consultants who help their clients work toward achieving the greatest productivity with the smallest workforce.

How To Find Qualified Consultants

After identifying what type of consultant is needed, it’s time to start searching. Besides the direct approach of researching and contacting consulting firms directly, colleagues from team members’ previous places of employment may have dealt with similar challenges in the past. These connections can point in the direction of consultants they’ve worked with previously. Job recruiting sites are also a useful resource for finding and filtering candidates. When looking for a PR company, for example, it’s possible to check out the ratings and rates of various agencies on a job board before reaching out.

Industry insiders agree that the right person for the job is not necessarily the least costly. Careful consideration should be taken to make sure all needs can be met, without paying more than the industry standard. After this cost-benefit analysis, a fair and specific contract needs to be created to protect the interests of both sides of the transaction.

When facing new challenges in the working world, utilizing whatever methods will produce the best results is crucial. Consultants make it their business to study the unique intricacies of their field to provide their clients with the tools to succeed. Though their services may seem cost-prohibitive at first, they eventually pay for themselves through the contributions to a business’s future.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

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Employ Data Analytics to Build Your Business

Data analytics is a suite of tools to support and improve your business planning and operations. They inform and optimize daily and strategic business operations, marketing, and risk and product management by providing insights into customer trends and existing business practices and products.

Data analytics help you uncover or highlight subtly expressed or hidden future trends and patterns in data describing your customers, inventory, products, and services. Today, ITB Partners reviews several ways in which your business benefits from advances in data analytics for accurate customer description and growth predictions.

Measuring Marketing Campaign Effectiveness

Describing customer demographics and purchasing behavior is a key strategy to improve your business and marketing plans. A good place to start is to analyze sales data sets, including customer responses to surveys, website statistics such as clicks and browsing information, and social media data.

Data visualization and spatial analysis tools, including pie charts, histograms, and mapping, make complex customer and purchasing data consistent and easier to understand. Seasonal patterns of customer purchases, among many other factors, strongly influence marketing plans. Practical business concerns, such as inventory, distribution, and actual customer in-store and even online experiences, are also affected by daily weather. Data analytics is a way to clearly show these seasonal and daily weather patterns in relation to sales figures, demographics, and feedback from customers about your products and their experience.

During the slow season, why not build your knowledge of prescriptive data analytics to predict products you should market next? Enroll in an online technology degree program or catch up on the latest trends with a short course tailored to your interests and needs. For example, customizable logo design services are increasingly available online to facilitate creative logo development and graphic design searches. Experiment with your own logo design by choosing a style and icon, adding desirable text, and combining colors, fonts, and styling in iterative and unique ways.

Understanding Product Development and Operations

Leading product managers use data analytics in creative ways to understand product viability and development. Product management often builds on successful marketing data analytics, using the same data regarding customer preferences and behaviors, and adding new data on competitors, customer service, and market penetration. Other analytical tools incorporate data on product improvement and product innovation.

Operations data analytics introduce data on product flows and processes to streamline and increase the efficiency of company activities. Mapping and optimization of process flows can benefit your business in countless ways. For example, a business could learn that multiple employees are involved unnecessarily in approving an invoice or inventory acquisition, resulting in lost time and effort. Decision-making is more efficient if individual employee responsibilities are carefully delineated, and fewer transactions require multiple approvals.

Another essential business operation to consider is customer relations and service. Graphics and analytics reveal ways to retain current customers and recruit new customers by mapping sales patterns and customer feedback and better understanding customer satisfaction.

You can also give yourself the inside track in an ever-changing technological race by pursuing a degree in Information Technology – and thanks to the flexibility of online programs, you can learn at your own pace and keep working while you study!

Data Analytics Provide a Competitive Edge

A suite of data analytics tools provides insight and understanding in improving and streamlining your company strategies, product development, and operations. Click To TweetTailor specific analytics and visualizations to increase acumen and information in risk management, marketing, customer recruitment, inventory and distribution, and many other aspects of your business.

ITB Partners is a Consortium of independent management consultants providing high value-added solutions to your problems. We look forward to meeting you!

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

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