Pinnacleceo's Take

Experiences put to paper…

Archive for the month “August, 2013”

Running in High (V): Five Elements to a Thriving Enterprise: Conclusion

To begin the conclusion, let’s do a quick review of the first three High (V)’s to running a thriving enterprise. (If you did not read part one, it would be a good idea to do so!). 

The first (V) is (V)ision: Your look into the future of what will be that is shared and bought into by others. Next we discussed (V)elocity;Not only the speed or intensity of your actions and performance but the measured direction as well.  It is critical to not only evaluate your speed, but also make certain you are always headed in the right direction towards fulfilling your vision.

Finally, we discussed High (V)alue.  Is what you do provide perceived and or real value?  Value is still a priceless commodity and even in today’s competitive market, will still be a major influencing factor in choosing and staying with you.  Now that we are caught up, here are the final two High (V)’s.

(V) olume: I want to define this concept carefully.  Again, coming from my experience…is what you do something that touches the masses,or provides repeatable encounters? Even high-end, high priced item providers need volume to survive for the long run. This high (V) simply states that you have the opportunity to sustain a market or an opportunity. 

This can happen in a number of ways.  One of course is to have supportive products and services that complement each other. For example, in financial services do you offer retirement services along with insurance and or estate planning or, if not, do you have an arrangement with someone who does?  This is volume, an opportunity to expand business relationships through additional products and services. 

The other form of volume is repeatable encounters.  Do you provide value at a competitive price that has customers coming back to you time and time again?  The key here is not so much the price, but the volume of times you generate revenue from it.  For example: If you could promote and sell a perceived value product to 100,000 customers for a dollar a month and it only cost you ten cents per month to provide…you can do the math.  The key point here is that if your enterprise can operate in High (V)olume for the long haul, you will have every opportunity if nurtured and cared for to be in business for a very long and happy time. High (V)olume.

 

The final (V) is for (V)ictory.  Cherish and celebrate with those you serve and work with your successes! When you accomplish a goal or see a vision fulfilled, recognize it and enjoy it.  It is amazing the level of performance or level of commitment you can achieve moving forward, when you purposefully recognize efforts of those that have led to success.  I go back to my example of my coaching experiences with eight year old football players; When we as coaches recognized a player that perhaps never enjoyed the spotlight, got their name called, or scored a touchdown, yet we simply said things like “I noticed your great block on that play.  Because of you, we were able to score. Great job young man…” That and a pat on the helmet and you could move a mountain. 

Here is the point.  Success takes effort; sometimes you have to fail many times before you taste it so when you do, stop long enough not to slow down momentum, but savor the moment…then go get another one and do it again! High (V)ictory.

So there you have five (V)’s to run HIGH in.  I have strived to reach and sustain a high level of each and I believe they have helped me sustain a thriving organization that has a great outlook for the future.  It is my hope you too can glean something from these (V)’s that will take your enterprise to great heights and more importantly…keep you there!

All the best.

Running In High (V): Five Elements to a Thriving Enterprise. Part One

As noted by the name of my blog; Pinnacleceo’s Take, I write posts from experiences.  While I in no way claim to be the end-all to business development, I have learned a few things over the past 28 years of operating and sustaining two unique companies and because of what I have experienced, it is my hope that when you read a post, you can immediately gain a take-away to help you. So here we go…

 

 Words are powerful. Because of this it sometimes takes a while to come up with the appropriate title to a posting.  In this case, I love the word thrive because to me it denotes abundance, to flourish. Unlike the word survive which takes on the definition of holding on another day.  Please do not get me wrong, I too have been in survival mode, BUT what I have found are some critical elements that can not only get me out of survival mode, but can put me in overdrive and thriving again. Each of these elements must be running at a HIGH level.  This is the key. The status quo is unacceptable for you see, I would submit that each of the following (V) elements are in place at most enterprises, yet it is the commitment and intensity to each of them that creates and sustains a thriving enterprise.  So, without further delay, here are five (V’s) for your consideration.

 

(V)ision: Do you have a picture of your end-game… what your efforts will produce? Can you see it, can you share it? Will others accept it and follow?  The first step to a thriving enterprise is your vision of what you want. Your vision will directly impact your processes to reach your end-game.  I can’t stress enough the significance of vision. 

 

Years ago, I had the opportunity to coach a YFL football team and every August, we gathered our eight and nine year old players together and painted them a picture of where we wanted to be in November. They could see themselves playing under the lights,listening to the cheering crowd, hearing their name being called…they could see and taste the vision.  Anytime when they needed inspiring throughout the season, we simply reinforced the vision…By the way, we played in and won a record six Super Bowls in a row!

 

Running in high (V)ision takes effort.  It must be something perceived as worth pursuing, thus it must be high; not in the sense of unreachable, but in the sense of accomplishment in the results. HIGH (V)ision.

 

(V)elocity: Not only the speed, but the direction of your enterprise. A thriving enterprise must run at full throttle in today’s competitive environment.  It is critical that you stay focused on your vision and NEVER take for granted anything.  It is simply too competitive to set idly by and simply react. A thriving enterprise must stay on the cutting edge and have a defined direction too. Velocity also measures direction. The mode, the plan, the path to attaining your vision;

 

If you doubt the impact of HIGH (V)elocity, take a look at what companies like Apple and Microsoft do.  Is there any question of their commitment to their speed and direction?…I think not. A proactive, educated “ go get’em” approach in the direction of your HIGH (V)ision is game-changing and game-sustaining! HIGH (V)elocity.

 

(V)alue. Does your enterprise offer value, perceived or real or both.  Even in today’s world of convenience, people across the globe still place precedence on value…they will pay for it. Value comes in many forms. From products and performance, to people and promises to follow through and follow up; HIGH  (V)alue is evident.

 

 Products will continue to change. The way services are delivered will continue to change but the one thing that will hold constant is the value of doing business with an enterprise that places it HIGH on their priority list.  There are many people I have done business with for years that are NOT the most inexpensive or most state-of-the-art but they are the most committed to HIGH (V)alue and because of this, I am a loyal customer; something you cannot put a price tag on. HIGH (V)alue

 

So here are the first three HIGH (V)’s to a thriving enterprise:

Vision: Paint a picture of your end game for all to see and “buy-in” to.

Velocity: The speed, intensity and proper direction to reaching your goal, your vision

Value: The priceless commodity of perceived and real worth in your products, performance, people, promises, follow through and follow up. It’s why I choose you!

 

The next posting I will reveal the final two (V)’s.  I really want you to come back.

 

All the best!

 

 

 

Timeless Business Concepts I Learned on an Etch-A-Sketch

Okay, to begin this post, I will start by dating myself but…when I was a kid one of my favorite things to do was creating pictures on a drawing devise called an etch-a-sketch (If kids today only knew!).  It was great.  I remember spending carefree days “ lining” my way through masterpiece after masterpiece.

On occasion however, I would create something absolutely amazing and found it difficult to let it go. I wanted to savor the success of a job well done. And sometimes, my efforts were not up to par and I wanted to eliminate it from memory, however it too, was difficult to let go. BUT, regardless of outcome, in order to begin the creation of my next masterpiece, I had to overcome my etch-a-sketch syndrome…my obsession for dwelling on a past performance; I had to shake it up and go again!

While thinking on this concept, I realized there was some great application to business development, entrepreneurship, or anything really that has to do with building or growing something. Here are a couple of actual case scenarios to illustrate.

Dwelling on a great success

I had the opportunity to work with a sales rep many years ago who after much effort, closed a BIG one.  While it could have been the greatest sale of his life or just the beginning of something grander, we will never know for you see, after finishing up his “masterpiece” the sales rep stopped creating for a while and simply sat back and admired his work.  He stopped prospecting, stopped networking and before long found himself out of work for lack of productivity.  Now please hear me, I want all of us to enjoy our successes!  We work too hard to achieve them.  So when they come, we should celebrate. But beware the “etch-a sketch” syndrome of admiring too long; it will find you and destroy you if you aren’t careful.

Dwelling on an unfavorable outcome

I worked on a case once with a new sales rep that had the potential to be the BIG one.  We had gone through the screening process, met with all the players and decision makers and virtually had the “YES” everywhere except on paper.  After a few weeks and hours of preparation our efforts were thwarted and the prospect went another direction.  Needless to say we were disappointed.  The point here is that sometimes after preparing your masterpiece, someone else grabs your etch-a-sketch and shakes it up for you! The syndrome takes on a new meaning. Now the question becomes after an unfavorable result, how soon will you to pick up and start performing again?

If either of the above scenarios sounds all too familiar to you, you are not alone. Here are a couple of symptoms and remedies for your consideration.

Symptom: Just closed a BIG one and my efforts deserve a much needed break. Showing signs of complacency and have not created new activity in days!

Remedy: Recognize the immediate need for ACTION. While as stated earlier, it is fine to celebrate a big victory, but start looking for the next one NOW. Don’t wait…move now…right now.  Finish reading this and go!

Symptom: I closed the BIG one, so I only want the BIG ones. Not making as many calls, ignoring daily opportunities, not following up or paying attention to past clients or customers.

Remedy: Swing for the fence, while you hit the singles.  When you close a big one or gain your largest client, let this be a catapult to finding the next one. However NEVER forget the “bread and butter” to your business, the things that sustain and help you grow daily.  Homeruns come along just so often, so while you are swinging for them remember the value of the one customer at a time approach to success.

Symptom: Unfavorable outcome. I spent valuable time preparing and it did not work out.  Feel like a failure and not excited about being rejected again.

Remedy: Evaluate and learn from mistakes or experiences, then get up and create another opportunity.  As in the example earlier from our failure to close the deal, we learned that there were some things we needed to get up front before moving forward.  When we did, we knew early in our process if we had a potential deal or not and if it was worth pursuing for the benefit of all parties involved.  Do not dwell on an unfavorable outcome, learn from it and move on.  The quicker you apply the remedy, the quicker you will be cured!

So there you have it. A simple toy from the 60’s (or even before then) can provide us with powerful insight on how to operate on a daily basis.  As I conclude this post, I leave you with one question…what are you drawing on your business etch-a-sketch right now!

 

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