Welcome to part four on Strategy, if you are a new listener welcome to Inspiring Greatness where we interview amazing guest or share business tips on how to help you grow your business and increase profits. If you have not listened to our series yet you should start at episode 171 first. Part 1 was Simon Sinek’s golden circle understanding your WHY and core purpose. Part two identifying was operational activities can you do 3 to 5 activities that set you apart from the competition - These are process that your company uses to deliver your products or services. What makes your company different? Part 3 is all about how your company can surpass the competition! We highlight the difference between a SWOT & SWT analysis (Strengths, weakness, opportunities and Threats vs. Strengths, Weaknesses and Trends. Episode 174 we covered a strategy called Profit per X and today is on the X Factor to help you become 7 – 10 times better than your competition. I refer to this as the secret sauce.
We have FREE worksheets on our show notes page for you to download. If you are stuck on your strategy, I would be happy to help. You can book in a free 30-minute call with Shelley Rogers.
Welcome to part four on Strategy is your firm's strategy driving sustainable growth? If you are a new listener welcome to Inspiring Greatness where we interview amazing guest or share business tips on how to help you grow your business and increase profits. If you have not listened to our series yet you should start at episode 171 first.
Part one was Simon Sinek’s golden circle understanding your WHY and core purpose. Part two identifying was operational activities can you do 3 to 5 activities that set you apart from the competition - These are process that your company uses to deliver your products or services. What makes your company different? Part three is all about how your company can surpass the competition! We highlight the difference between a SWOT & SWT analysis (Strengths, weakness, opportunities and Threats vs. Strengths, Weaknesses and Trends. Today’s exercise we will cover Profit per X which is a number that could precisely drive growth in your business! I will highlight some examples for you to help get your mind going.
Welcome to our third episode on Strategy, if you are a new listener welcome to Inspiring Greatness where we interview amazing entrepreneurs or share business tips on how to help you grow your business and increase profits. If you have not listened to last few episodes you may want to go back now and listen to episode 171 & 172 on this strategy segment. Part 1 was Simon Sinek’s golden circle understanding your WHY and core purpose. Part two identifying was operational activities can you do 3 to 5 activities that set you apart from the competition - These are process that your company uses to deliver your products or services. What makes your company different?
Today is all about how your company can surpass the competition! I will highlight the difference between a SWOT & SWT analysis (Strengths, weakness, opportunities and Threats vs. Strengths, Weaknesses and Trends. Then explain and provide a free worksheet so you can identify your business Strengths, Weaknesses and Trends known as (SWT for your business).
Let’s start with SWOT. Every year I conducts an annual planning and strategy meeting with my clients, we ask the leadership teams to assess what the top 3-5 Strengths, Weaknesses, Opportunities and Threats for your company are at this point in time.
Welcome to part two on Strategy, if you are a new listener welcome to Inspiring Greatness where we interview amazing business owners or share business tips on how to help you grow your business and increase profits. If you have not listened to last week’s episode you may want to go back now and listen to episode 171 which was part one on this strategy segment. I covered Simon Sinek’s golden circle understanding your WHY and core purpose. Today we will identify what operational activities can you do… 3 to 5 activities that set you apart from the competition - These are process that your company uses to deliver your products or services. What makes your company different?
“In Michael Porter’s Harvard Business Review article ‘What is Strategy?,’ he defines and shares the value and example(s) of having 3 to 5 operational activities (processes a company does to deliver its product and/or service) to both differentiate and give a company a competitive edge in their market space. He also says, “The leader must provide the discipline to decide which industry changes and customer needs the company will responds to, while avoiding organizational distractions and maintaining companies distinctiveness.” One of the leader’s jobs is to teach others in the organization to say NO!
I was recently in Adelaide also known as the city of churches, delivering a full day workshop on strategy to a group of entrepreneurs. I asked them to take a piece of paper write their business strategy in one sentence. The kicker is they only had three minutes to do this. These business owners struggled to state their firm’s strategy in one simple sentence. Why? It’s a difficult exercise to do. Would you be able to state your company’s strategy in one simple sentence? Today’s episode we will discover your why…. What is your core purpose? This is just the start of a series of episodes on business Strategy. In the following weeks we will cover difference between SWOT & SWT, how to differentiate your company from the competition, how to discover your X-Factor to gain a 10 times advantage and learn about Big Hairy Audacious Goal’ or BHAG for short. We will have all these free worksheets, on our show notes page compliments to Vern Harnish from Gazelles.
How do you know if you have a great strategy? This part is simple. If you have a great strategy your top line revenue will reflect. If you revenue is flat or declining you most likely have a strategy issue. A solid strategy ensures a growing top line! So how do we define Strategy? I like Michael Porter's definition as the basis, companies need to position themselves so that they are competing to be unique. It is this differentiated position that is the foundation of capturing your share of the market. The best action we can take is to create a strategy that avoids competing with rivals on the SAME DIMENSIONS. Building a strategy is about developing, refining, and leveraging foundational elements that make you UNIQUE, which in turn drives confidence in predicting the future growth of your company (and then making it happen). So how can your company be different?
Simon Sinek has a great ted talk on how to improve strategic thinking. He asks the question. Why are some organizations more innovative, more influential and more profitable than others? And, why do some command greater loyalty from customers and employees? Have a listen to Simon describe the Golden Circle explaining People don't buy what you do, they buy why you do it.
Mindset & Lifestyle Coach, Fitness Model @ 52 years young, Author, Blogger.
Jane suffered debilitating depression for 25 years including 2 attempts on her life, 3 hospitalizations, serious psychiatric drugs & in and out of therapy since the age of 16. In her mid-40's she discovers bodybuilding, debuts as a fitness model at the age of 46 and over the course of the following 4 years inadvertently cures herself from her lifelong misery. She celebrates her 50th birthday on stage and declares herself fully recovered! She is now a mindset & lifestyle coach empowering woman through health & a change in habits & self-awareness. She is driven by her relentless desire to support, motivate & support as many women as possible to stop the suffering that too many endure.
I was introduced to Jane through Business Chick’s Facebook page. Jane had a post asking for recommendations on business coaches that has taken your business to the next level, and I was one of the recommendations… Thank you Aimee Engleman for the kind words. After looking at her website and reading her story, I immediately said to her, “Jane you have such an amazing story, I would be delighted if I could share it on my podcast”. So here we are. Jane at age 52 is beautiful inside and out, she now has purpose, she is passionate, and dammed determined to help others find their passion.
Jeff Hall never had a choice but to become an entrepreneur. At age 7 he sold candy because money meant escaping his life of poverty and neglect. At age 13, he acquired a reputation as a computer nerd at school quite by accident and began working on his school’s computers. At the age of fifteen, Jeff started his business in order to save his family from being evicted, and at age 17 was lying about his age to get the commercial lease for his first office. 23 years later built up Overflow café helping small businesses become popular online.
It was fantastic to chat with Jeff and learn about his journey. Bottom line is Jeff loves to help people, and give back! Jeff dives deep into what it was like as born in South Africa very poor with dirt floors and no electricity then moving to Canada at age 4, seeing snow for the first time, a television and crosswalks.
In this interview we give you the inside scoop from direct experience so you can avoid the obvious potholes we stepped into. I’ve coached many of my clients through the process of scaling their businesses for growth and how to avoid common mistakes that I went through it myself.
Last week we highlighted Sheryl Sandbergs top 10 rules for success, and provided information on two awesome programs for women looking to grow their business! Business Chicks have created Elevate and Power Players to support you as you work directly with your peers on your business, not in it, during a monthly session. You can find out all the details on the programs on our show notes page. Maxumcorp.com.au/podcast episode 167
While it’s easy to imagine the ladies with the biggest dollars are those on the world’s catwalks and Hollywood movie sets, it’s the names you may never have heard of that make up the list of young rich Australian women under 40.
Sitting on top is 37-year-old Cyan Ta’eed, the founder of ethical chocolate company Hey Tiger and co-founder of online design and photography hub Envato. With co-founder and husband Collis, they have a combined net worth of $216 million.
Today we will focus on Sheryl Sandberg’s top 10 rules for you to be successful. However, before we jump into those rules I wanted to quickly say two things. Firstly, thank you for listening to this podcast!. The first word that comes to me is gratitude. I am grateful for everyone who is listening, and I’m grateful for all the amazing awesome guests. I have learned so much from everyone sharing their lessons learned, tips and stories. They have been such an inspiration to me, I hope you feel the same way. So thank you to all the guests who have shared their wisdom. We are always looking for business owner’s…. entrepreneurs who are interested in being a guest on Inspiring Greatness! So that is you or if know of someone who would be fabulous please reach out or send us a quick email to Shelley@maxumcorp.com.au
Secondly, I recently conducted a Facebook survey and asked a women’s group if they preferred to participate in a business networking mastermind program with a mixture of men and women OR just women. The results were kind of shocking as the majority of responses were women business networking.
That has encouraged me to quickly talk to the women on this podcast who are listening about a great program to support women-based businesses. Because sometimes business can be lonely – no matter how strong your team, how deep your knowledge or how much experience you have, it’s natural to feel isolated and alone. Are you making the right decisions? Could you be doing things differently? Or better? Do others know shortcuts that you haven’t yet learned?
An organization called Business Chicks here in Australia founded by Emma Isaacs has two amazing programs to support women business owners.
Today we are going to explore the number 1 skill entrepreneurs should look for when hiring according to Mark Cuban.
For those of you who may not know Mark Cuban was the founder of early internet streaming radio company Broadcast.com, TV channel HDNet, and now a Shark Tank investor and owner of the Dallas Mavericks, Mark Cuban has hired hundreds of employees over the last two decades.
And he says there’s one skill he values more than anything else: Stress reduction.
“Mark explains the people that tend work for me a long time, not only are smart, not only are driven, not only are learners, but they understand that the greatest value you can offer a boss is to reduce their stress,”
“Anybody who reduces my stress becomes invaluable to me,” he added. “I never want to get rid of them. The people who tend to think that they are invaluable are typically the ones who create the most stress by creating firestorms and creating drama and making things more difficult for me. If you are stress reducer, you’re going to do well. If you’re a drama creator, you’re not going to do well.”
Last week’s episode we spoke about getting rid of the words I’m too Busy, we touched on the importance of being an authentic leader and recommended a book called Discover you True North by Bill George. Today’s episode is based around Bill George’s book specifically Chapter 12 on Global leadership. What it takes to thrive in a complex environment requires qualities above and beyond those of authentic leaders. To help you prepare for global leadership, we introduce the concept of global intelligence or GQ, and explore how to develop the traits of GQ leadership. In today episode we will cover what is GQ (global intelligence). How leaders can develop GQ, seven elements essential for global leaders and here Bill George talk about his definition of 21 century leadership.
So lets dive in…
Today’s world is far more uncertain than it was in the past, largely because of the rise of emerging markets with greater instability, speed of information technology, and interdependency of nations. To adapt to this rapidly changing world, companies need a clear understanding of the geopolitical context of their business and have a keen awareness of how geopolitical events can affect it. One of the best ways in increase aspiring leaders GQ is to live in or visit an emerging country to learn and understand emerging markets where everything is different. The language, customs, culture, laws and preferences forces leaders to challenge assumptions about themselves.
As we all get older and progress further in our business or careers, it's inevitable that our schedules get packed with more meetings, more family responsibilities, more social obligations—the list goes on. We're constantly telling each other how busy we are, how there's not enough hours in the day, and telling our kids to "enjoy the freedom while you can." I remember my dad telling me enjoy school it will be the best years of your life!
I met up with my mentor a few months back. He’s such a wise man. The first thing he said to me is, “Shelley how are you?” I replied, “I’m so busy!” He looked me straight in the eye and said, never say you’re busy, replace the word with…. Things are fantastic. The truth of the matter is, none of us are actually that busy—and we need to stop telling each other that we are. In reality, we have control over our time. We choose what we do and who we interact with on a daily basis.
When we tell others we're "too busy," what we're really saying is that we are not in control. As a business leader, is that the message we want to send to our staff, our customers, friends and family? Imagine all of the missed opportunities you've had because you were "too busy," being "too busy," We all need to stop concentrating on how little time we have to do the things we want, and start focusing on the freedom we have to choose.
Here’s the 10 biggest entrepreneurial mistakes according to Mike Michalowics Author of Profit First
Here we go starting at number 10 the countdown begins.
Most overnight success takes 15 to 20 years to achieve. If you go in expecting to be rich overnight, you may become discouraged early on and give up on your dream prematurely. Know that success takes time. Takes perseverance and takes a little bit of luck. Give your business the time to grow. Only if your company is stagnant for a long time, should you take it as an indication to try something new.
How to transform any business from a cash – eating monster to a money-making machine. In this episode you will hear Mike Michalowics Author of profit first compare four lessons from the healthy diet industry to the four core business diet lessons of Profit First.
We will start with Mike describing The Frankenstein Formula
You just heard a snippet from Andrew Ford.
Andrew was born Sydney Australia, and now lives in Perth WA. He started his first company at age 19 with $500.00 in his pocket. Ford & Doonan Air Conditioning was launched with current business partner Kyle Doonan. Celebrating their 33th Anniversary this year.
It was fantastic to chat with Andrew and learn about his journey on how he and his business partner successfully grew their air-conditioning business embracing continuous change - eventually franchising which allowed them to stay a few steps ahead of the competition. Andrew is a people person, practical, real, happy and goal focused.
How long does it take to create an overnight success? I attended a networking event hosted by Business Chicks here in Australia. Carolyn Creswell from Carman’s was the key note speaker shared her story. For those of you who may not know or have not tasted Carman’s products. She is famous for her Muesli & NUT Bars. During her speech she said, After, 20 years in business they finally won the Telstra Australian Business Woman of the year award. Someone to her congratulations you are an overnight success. Carolyn replied actually, I have been rejected for this award every year for over a decade.” Reality is they were chipping away at this labour of love since Carolyn was 18 yrs old while she was working part-time for Carman’s and attending her first year in University. That’s when the owners told her she was going to lose her part time job so she bought the business for $1000.00. I recall Carolyn on stage explaining the challenges of making deliveries before her morning lectures and balancing the books in the library during lunch breaks. Now 25 years later Carmen’s gourmet range is available in all major supermarkets across Australia as well as being exported to many countries around the world.
Welcome to episode 158 where we share a story from the founder of Trello Joel Spolsky;
Regardless if you are a start-up company or seasoned Entrepreneurs and small business owner we all have up’s and down’s the roller coaster of business. I love my business, I hate my business, I love my employees, I dislike my employees, I have great cashflow, I have no cashflow. This is what I refer to as the peeks and valley of death in the business cycle. Over the past month I have had fantastic feedback that you are loving the stories I am sharing. Please continue to give me feedback on what you would like me to start doing more of continue what we are doing here on the podcast and what we should stop doing. Drop me a facebook message on our Inspiring Greatness Podcast page.
Welcome to episode 158 where we share a story from the founder of Trello Joel Spolsky;
This story caught my attention one my guests on this podcast have recommend Trello several times as their favourite tech tool. Secondly because it’s about doing things different not better.
Is your to-do list too long? Joel Spolsky found a way to solve his to-do list. If that wasn’t reward enough, he sold his solution - Trello - to Atlassian for $425 million.
How do you solve a to-do list? Five years ago, Joel and his team at Fog Creek Software took a tip from the East to solve theirs with the Japanese concept of ‘Kanban’.
‘Kanban’ (which means ‘signboard’ in Japanese) was created by Taiichi Ohno in the 1940s for Toyota. Known as the father of ‘Just-in-time’ and ‘Lean Manufacturing’, Taiichi’s philosophy valued flow over queues. Things like ‘stock’ and ‘to-do lists’ were queues.
Last week I interviewed Nathan Chan from Foundr and he spoke passionately about - leaders need to courageous.
You can listen to Nathan full interview on episode 156
Today’s episode we will dive into what is the difference between being courageous and comfortable. I have a quote on my mirror that says if you are not doing something everyday that scares you then you’re not trying hard enough.
Foundr is a global media and education company that connects millions of people with some of the most successful living entrepreneurs of our generation such as Richard Branson, Arianna Huffington, Mark Cuban, Tim Ferriss and many more.
Foundr breaks down their strategies and experiences into actionable, battle-tested content through magazines, podcasts, videos, blogs, and online courses — so that you too can build and grow a successful business.
Find out more at http://www.foundr.com