COMPLETE BUSINESS HEALTH & WELLNESS CHECK

Transcription

1 COMPLETE BUSINESS HEALTH & WELLNESS CHECK It s time to understand where you are The aim of this exercise is to help you get insight into your physical, mental, emotional and spiritual health, and the direction you are currently heading 6. Your Market & External Forces Copyright Make It Big Training Pty Ltd

2 Your Market & The External Forces You Face ETERNAL FORCES Recognising the boats in a harbour rise and fall with the tide, it is time to change perspective and consider how external forces & dynamics impact your business. We will do this in two separate stages. Stage One - Your Hot Spot Map To help you achieve insight into how external forces are influencing your business in an efficient way, in this activity you will be asked to consider how various external forces impact specific parts of your business directly, so that a map of hot spots is identified. We will do this by considering each of the external factors listed in the List of Factors to Consider later in this document as well as the area within our business the specific factor impacts. The approach to doing this is listed below (example in italics): 1. Reflect upon how your business assesses performance & ensure the main areas are included in your Map Eg in this example, #Sales Enquiries and Sales/Customer have been added in blue ink under the Performance heading 2. Also add your Core to the Map, as you identified in video 2 of this series Eg in this example, Core processes have been added in blue ink next to the Core heading 3. Now consider an external factor from the list in this document & how this factor is changing Eg The number of foreign suppliers in our industry is increasing 4. Finally, consider the areas within your business impacted by these changes and mark them on the Hot Spot map with either a red (if the area is weakened ) or a green tick (if the area is strengthened ) Eg the increased number of foreign suppliers weakens each area below & accordingly a red is marked for each on the map: i. Research because we have poor knowledge of new foreign suppliers ii. # Sales Enquiries, Sales, Gross Profit & Profit & Working Capital because these are falling as a consequence iii. Morale & Brand because our staff are despondent about this issue & we are regarded as too expensive by clients 5. Repeat process for each item on the list to determine your Hottest Spots Your Hot Spot Map Strategic Core Resource Research Analyse Decide Communicate Monitor Identify Leads Close Sales } Make Product Deliver Performance Sales (Cost of Sales) Gross Profit (Overhead) Profit/(Loss) Working Capital Sales/Customer Note Area strengthened Area weakened Morale Brand # Sales Enquiries

3 Stage Two - Reviewing your Strengths & Weaknesses If you have not already realised, the extent to which the external forces identified in Stage One impact your business varies with the strength of your business in those areas AND the magnitude of the external force itself. What this means is there may hidden hot spots in your business simply because the external force is not yet large enough to show these. For this reason it is important to compare the analysis you have undertaken in this video with the analysis you have already undertaken in videos 2, 3 and 4 of this series. One simple way to do this is to simply mark the weakest areas from videos 2, 3 and 4 onto your Hot Spot Map. You may wish to do this as follows: 1. Review your findings from Video 2 ( Core ). Next, circle or highlight on your Hot Spot Map, any of the processes this Video that have an average score of 4 or lower out of Repeat this procedure for both Strategic Management & Resource Management Eg the example below shows a Hot Spot Map in which this has been completed. The areas highlighted in pink are those from videos 2, 3 and 4 that scored an average of 4 or lower out of Review your findings Eg in the example Hot Spot Map, you will note there are three highlighted areas (Working Capital, Delivery & IP Management) that have either not been marked with red s or have a low number of markings this indicates these areas are weak even though they are not presently stressed by external forces. Your Hot Spot Map Strategic Core Resource Research Analyse Decide Communicate Monitor Identify Leads Close Sales } Make Product Deliver Note Performance Sales (Cost of Sales) Gross Profit (Overhead) Profit/(Loss) Working Capital Sales/Customer Area strengthened Area weakened Morale Brand # Sales Enquiries

4 LIST OF ETERNAL FACTORS TO CONSIDER Please consider changes in each of the factors below and mark the impact this causes on your Hot Spot Map on the next page. TIP: use your gut instinct and err on the side of caution. This approach is intended to highlight areas for you to examine more thoroughly later so aim to move through it quickly. Market Dynamics Is the number of customers increasing or decreasing? Is the size of the market in which we exist changing? Is our market structured (segments) changing? What are our rivals doing differently in each segment? Is the level of foreign suppliers changing? Is the level to which customers are satisfied by what is supplied in our market changing? (also consider What are customers looking for most? What is the gap within each market segment between what is currently being supplied and what the market ideally desires?) The Big Picture Political change Economic change Emerging social trends New technology that may assist us New technology that may harm us Changes/issues/precedents/restrictions in law or regulation Environment Alliances Changes in the activities & support of our current alliance partners (also consider how do we enter into and protect ourselves in arrangements with them? Is this process helping or hindering our progress? How strong are our alliances? Do they add value?) Changes in the activities & support of our current customers The 293 Question BONUS Asking the right ques.ons is cri.cal to successfully steering your business, because the quality of your planning and decision making is directly propor.onal with the quality of the ques.ons you ask. This is why downloading the 293 Ques.on Bonus from the sidebar of our self-coaching page is important for you. Get it at: hep://leadershipcoach.melbourne/business-health-wellness-check/

5 Your Hot Spot Map Research Analyse Decide Communicate Monitor Core Strategic Performance Sales (Cost of Sales) Gross Profit (Overhead) Profit/(Loss) Working Capital Note Area strengthened Area weakened Morale Brand } Resource

6 Activity Debrief Reflecting upon this exercise... ask yourself: What issues did you identify as you completed this exercise? Why do you think this is the case? What is this revealing you? In what other areas of your business might these insights also be relevant? Who else could benefit from these lessons?

7 Thank You