Jumping the innovation curve chasm is one thing I constantly think about. In the book, Crossing the Chasm, the author writes about early adopters, mainstream and antique people who engage in your product or services. While building a service and moving it from a vision to standard operations, someone has to know when the time is. It helps because I can make reference and see many examples in the technology adoption life cycle as a software developer.
The impact this concept has it high! Why? As many work really hard to keep things going, there's a whole other team of people who are measuring and identifying the attrition rate of a product and or service. Defining what the next innovative product or service is, leveraging and bouncing off the current product/service will give an organization the option of sustaining. Staying alive is a good thing, we all want to live, right?
In my current real life work, we have been using Conventions as a revenue stream to help fund the day to day operations. The feedback I have been getting from convention organizers is that cost is going up for these convention centres, which squeezes them out of bringing in exhibits like ours to meet their convention goals. So when the spice doesn't flow, things start will stop operating.
We have identified that bringing in new people is important to building any organization. The STEAM field for training young people to become code literate is a big market. So, we started an academy and have begun prototyping course delivery and charging money. Perhaps training, education and STEAM awareness is the current solution for creating a secondary revenue stream, so we are not focused on just conventions only to sustain.
Reference:
Title: Crossing the Chasm
Author Geoffrey A. Moore
Subject Marketing high-tech products
Genre Non-fiction
Publisher Harper Business Essentials
Publication date 1991
Media type Book
Pages 227
ISBN 0-06-051712-3
Friday, March 15, 2019
Thursday, May 4, 2017
Mid Year Review - If you even have a plan in place
As I spent time with different organizations this first quarter, I discovered many things that I take for granted when I was leading my community's strategic initiatives.
Everyday life is chaotic. Even the most organized leaders can struggle with the balancing act of leading teams and managing their organization’s day-to-day activities. It’s one of the most common reasons we see organizations fail during the strategic management process if one is put into place.
Most organizers and teachers are prioritizing teaching classes and putting on social dances first. Placing strategic planning low on the list of things to do. Why? There isn't enough time and resources. This decision does put a cap on the ability to grow and operate effectively and efficiently moving forward. Yes, the classes and social dances will happen. Even if a strategic plan is happens to fall on a napkin over lunch here are some of other things that may make this process feel like it isn't real.
Since we are coming up on mid year, reviewing said goals is important. Even if your team makes an effort to review your plan, many leaders are left feeling like their strategic management process is herky-jerky and all over the place. Instead of feeling like your plan is being managed inconsistently and half-heartedly, take these steps to centralize its importance within your organization:
Embed it in your organization’s schedule
It sounds obvious, but schedule ahead of time your organization’s performance management meetings for the year. Put your strategy reviews for the entire year on the calendar and send the meeting notices now. It sets the precedent that this process is important and gives your team plenty of notice that these reviews are not optional.
Be crystal clear about data and priorities
Run your quarterly reviews with a consistent structure and data. Make it absolutely clear that data is the backbone of the meeting; your team will be using it to see how you’re doing, what you should be focusing on, and what you need to change on a day-to-day basis. Run each review with the same agenda, data sources, and performance visuals. Everyone should leave with a common understanding of what is happening in the business.
The idea that data based decision is what drives these meetings, and that it doesn't matter who looks at it. The general conclusion should have a similar sense of direction to the company's long term vision.
Keep it at the right elevation
These reviews are not designed to solve the smaller, day-to-day challenges your organization may face. Be clear that these reviews are to review your organization’s performance against your strategic priorities and make bigger decisions about what you’ll focus on during the next quarter (or year). Put issues or conversations that aren’t at the right level in a “parking lot” and revisit them in the appropriate meeting or time.
Put it in your team’s hands
Execution does not wholly fall on your executive team. It’s an organization-wide effort. So, when it comes to your review meetings and your plan’s data management, include all of the people who are part of the process. It’ll break down communication barriers and allow everyone to see the plan’s direction. The more everyone knows and keeping goals transparent, the better the operating team and even customers (scene members) will help you solve these dilemmas.
While these steps may seem obvious, they’re essential to making performance management a priority in your organization. These simple steps empower you to set the expectation that your plan and its ongoing management are a priority in your organization. As your team consistently engages in the process, each review and planning cycle becomes more fluid and powerful.
All division under my watch had mid year reviews to check, my job was to make sure we were pointed in the right direction and working towards our success indicators. Meeting them would be great, but most importantly we are heading that way.
Strategic plan management can be tricky business because it has components of leadership, and it should embody the values of the business and people.
Everyday life is chaotic. Even the most organized leaders can struggle with the balancing act of leading teams and managing their organization’s day-to-day activities. It’s one of the most common reasons we see organizations fail during the strategic management process if one is put into place.
Most organizers and teachers are prioritizing teaching classes and putting on social dances first. Placing strategic planning low on the list of things to do. Why? There isn't enough time and resources. This decision does put a cap on the ability to grow and operate effectively and efficiently moving forward. Yes, the classes and social dances will happen. Even if a strategic plan is happens to fall on a napkin over lunch here are some of other things that may make this process feel like it isn't real.
Since we are coming up on mid year, reviewing said goals is important. Even if your team makes an effort to review your plan, many leaders are left feeling like their strategic management process is herky-jerky and all over the place. Instead of feeling like your plan is being managed inconsistently and half-heartedly, take these steps to centralize its importance within your organization:
Embed it in your organization’s schedule
It sounds obvious, but schedule ahead of time your organization’s performance management meetings for the year. Put your strategy reviews for the entire year on the calendar and send the meeting notices now. It sets the precedent that this process is important and gives your team plenty of notice that these reviews are not optional.
Be crystal clear about data and priorities
Run your quarterly reviews with a consistent structure and data. Make it absolutely clear that data is the backbone of the meeting; your team will be using it to see how you’re doing, what you should be focusing on, and what you need to change on a day-to-day basis. Run each review with the same agenda, data sources, and performance visuals. Everyone should leave with a common understanding of what is happening in the business.
The idea that data based decision is what drives these meetings, and that it doesn't matter who looks at it. The general conclusion should have a similar sense of direction to the company's long term vision.
Keep it at the right elevation
These reviews are not designed to solve the smaller, day-to-day challenges your organization may face. Be clear that these reviews are to review your organization’s performance against your strategic priorities and make bigger decisions about what you’ll focus on during the next quarter (or year). Put issues or conversations that aren’t at the right level in a “parking lot” and revisit them in the appropriate meeting or time.
Put it in your team’s hands
Execution does not wholly fall on your executive team. It’s an organization-wide effort. So, when it comes to your review meetings and your plan’s data management, include all of the people who are part of the process. It’ll break down communication barriers and allow everyone to see the plan’s direction. The more everyone knows and keeping goals transparent, the better the operating team and even customers (scene members) will help you solve these dilemmas.
While these steps may seem obvious, they’re essential to making performance management a priority in your organization. These simple steps empower you to set the expectation that your plan and its ongoing management are a priority in your organization. As your team consistently engages in the process, each review and planning cycle becomes more fluid and powerful.
All division under my watch had mid year reviews to check, my job was to make sure we were pointed in the right direction and working towards our success indicators. Meeting them would be great, but most importantly we are heading that way.
Strategic plan management can be tricky business because it has components of leadership, and it should embody the values of the business and people.
Tuesday, March 7, 2017
How to Minimize a Costly Interruption to Your Business
You plan, strategize, and agonize over your business in an effort to get it to run smoothly. You have great team members and volunteers for your business and your profits are growing from all your hard work. Then a freak fire, flood or some other claim strikes and you are forced to close for repairs. Does your commercial insurance have Business Interruption as part of your protection plan?
Having the proper Business Interruption Insurance for your business means you can stay in business even if you make no sales during the restoration of your commercial property.
How does it work?
Business Interruption insurance supports you when you cannot operate as a result of a covered loss. Things like blackouts and extended power outages, fire, a disaster at one of your key suppliers, expenses from establishing a temporary location and more can create havoc on your bottom line. Your expenses, unfortunately, do not stop when you cannot earn money.
To combat the effects of an insured disaster striking your business sound Business Interruption insurance will help with covering your expenses for things like taxes, employee wages, and other utility expenses as well as protecting your business income.
While your business is recovering you face serious challenges such as losing key scene members and volunteers, vulnerability to competition, loss of clientele, lost income and reduced earning capacity. Business interruption insurance helps to lessen the impact of a claim on these areas of your business.
Here’s how to lessen a claim’s impact on your business.
Accounting – Keep your bookkeeping as current as possible. This way if something happens you can send your insurance company the most up-to-date financials to help determine your coverage needs.
Contingencies for Suppliers – What if a key supplier of yours has an issue and can’t deliver the product you need. This will affect your ability to operate effectively. Have a list of other supplies handy in case one of your regular suppliers has issues.
Disaster Planning – Can you develop a different method of operation of your business in a claim situation? Having a disaster plan means you can adapt to a major claim easier. Can employees work from home? Can operations be easily moved elsewhere while repairs are undertaken? Are all your files and data secured and backed-up? Create a claim response strategy to address each area of your business.
Resource Planning – Are you home growing and training new successors to fill those key positions for the organization? This is an ongoing process and as soon as you let up, you run a risk of losing a cornerstone to the organization and scene.
Want to know more about what business interruption insurance is best for your business? I use Erb and Erb Insurance in Kitchener, Ontario to cover me.
Tuesday, December 20, 2016
SMART Goal Setting
It is that time of year where I spend my time writing out new goals for organizations. I sometimes think that “New Year’s Resolutions” are overrated in our personal lives, because we aren’t held accountable for the next 12 months. However, in operating a business where generating revenue allows you to eat, it becomes very important. I like eating!
Using the SMART guidelines helps me define those goals.
S – Specific. You want to know what the goal means when you read it again in a few months. Fight the urge to be brief here and opt for clarity.
M – Measurable. You need to have a clear measure for each goal. Make sure you define and clearly communicate its data source.
A – Actionable. Good goals start with a verb that adds motion. Action verbs tell you what you’re doing.
R – Realistic. This is one of the areas where we’ve tweaked the traditional acronym. In addition to having an owner responsible for the outcome, good goals can be realistically achieved within a certain time frame. Lofty thoughts or aspirations don’t belong here – those belong in vision statements.
T – Time Bound. Goals need to be executable within a defined time. Depending on what level each goal is at within the plan will help dictate it’s time. Strategic objectives should be within the year. Corporate goals may be yearly or quarterly. Action items and initiatives are within a quarterly period or less.
As a final note to SMART goal development, make sure to have a little heart or passion when answering the question “why” for each goal. Make sure you communicate why each goal is important to your success. It’s an easy way to help the goal owner understand the impact of their work and why it’s important for your organization’s success. I get really excited around second quarter when the team is checking them off. To me, we did a great job of following the guidelines of setting up our goals for the organization!
Good luck to you all this year as you develop your 2017 strategic plans.
Using the SMART guidelines helps me define those goals.
S – Specific. You want to know what the goal means when you read it again in a few months. Fight the urge to be brief here and opt for clarity.
M – Measurable. You need to have a clear measure for each goal. Make sure you define and clearly communicate its data source.
A – Actionable. Good goals start with a verb that adds motion. Action verbs tell you what you’re doing.
R – Realistic. This is one of the areas where we’ve tweaked the traditional acronym. In addition to having an owner responsible for the outcome, good goals can be realistically achieved within a certain time frame. Lofty thoughts or aspirations don’t belong here – those belong in vision statements.
T – Time Bound. Goals need to be executable within a defined time. Depending on what level each goal is at within the plan will help dictate it’s time. Strategic objectives should be within the year. Corporate goals may be yearly or quarterly. Action items and initiatives are within a quarterly period or less.
As a final note to SMART goal development, make sure to have a little heart or passion when answering the question “why” for each goal. Make sure you communicate why each goal is important to your success. It’s an easy way to help the goal owner understand the impact of their work and why it’s important for your organization’s success. I get really excited around second quarter when the team is checking them off. To me, we did a great job of following the guidelines of setting up our goals for the organization!
Good luck to you all this year as you develop your 2017 strategic plans.
Tuesday, November 8, 2016
Data Sources for Strategic Planning
Taking the time to build your data so you know the resources you apply will yield high returns.
Of the four possible data sources listed here, we have influence and even direct impact over:
http://onstrategyhq.com/resources/4-data-sources-necessary-for-a-better-2017-strategic-plan/
Of the four possible data sources listed here, we have influence and even direct impact over:
- Market – The next smaller circle is market. This covers your geographic market and your target markets. Data sources may include economic development organizations, or Census Bureau statistics.
- Industry – Coming in a little bit closer is industry-specific. Find the top three sources of reliable data relevant to your industry. Look for quantitative data supporting industry trends, market sizing, shifts in customer demographics, or even movement with environmental, political, or economic conditions impacting your ability to fulfill your mission and achieve your vision.
http://onstrategyhq.com/resources/4-data-sources-necessary-for-a-better-2017-strategic-plan/
4 Data Sources Necessary for a Better 2017 Strategic Plan
By Jeff Brunings
Don’t let your 2017 strategic planning be another year of wash, rinse, repeat. Do something different. Start by building a better strategic plan. From now through the end of the year we’re dedicating each installment of our newsletter to serving up our best insight, experiences, and practical tips for helping you build a better 2017 strategic plan.
So, let’s start with the hard, cold reality that your plan probably sucks. Why? Chances are your past planning efforts have missed one, very important ingredient. They lacked market data. But isn’t everything data? No, it’s not. Data are facts, published by someone other than yourself and recognized as reputable sources.
Why is data important?
Without data it’s easy to fudge your own reality. You’ll bark up the wrong tree. You’ll see things that aren’t there. Data keeps your planning process grounded in reality. It’s like having concrete for a foundation. People don’t see it, but it helps hold everything together.
Without data it’s easy to fudge your own reality. You’ll bark up the wrong tree. You’ll see things that aren’t there. Data keeps your planning process grounded in reality. It’s like having concrete for a foundation. People don’t see it, but it helps hold everything together.
How is the data used to support the planning process? Think of the collection of external data as a series of concentric circles. Here’s the breakdown of the 4 different data circles that can give vital information you need for your planning process.
- Megatrends – The outside circle is filled with megatrends having big impact on most organizations, like aging baby boomers, growth of millennials, and so on.
- Market – The next smaller circle is market. This covers your geographic market and your target markets. Data sources may include economic development organizations, or Census Bureau statistics.
- Industry – Coming in a little bit closer is industry-specific. Find the top three sources of reliable data relevant to your industry. Look for quantitative data supporting industry trends, market sizing, shifts in customer demographics, or even movement with environmental, political, or economic conditions impacting your ability to fulfill your mission and achieve your vision.
- Competition – Before and during your planning process, you need to take a look at what your competitors are doing. Take a look at what they’re doing well and what you’re doing well. This is important to gain a holistic view of your external factors.
With data in place, use it to help define your organization’s current state, especially when conducting a SWOT analysis. Remember, SWOT simply stands for Strengths, Weaknesses, Opportunities and Threats. Market data is especially helpful in identifying areas of growth opportunities or identifying potential threats, which need to be continuously monitored.
Friday, October 21, 2016
Private vs. Not for Profit Organizations
I'm a bit bias here because I ran an independent private dance studio for six years. Making decisions can be hard and having guidelines and even a Charter to make decisions really helps move things. Ultimately, it does come down to one or two persons. Here are a few articles that help guide me through the process.
https://hbr.org/2006/11/how-well-run-boards-make-decisions
Committee vs. Final Decision Maker
Design by committee can work. However, you often need a group of like-minded individuals that do not differ in opinion too drastically for this succeed. In the extreme circumstances, if there are wildly divergent opinions, the group must be willing to forego their egos and accept the decisions that are made even when the decision is the polar opposite of what they believe to be the best decision. When all else fails, there is a final decision-maker at the top.
Thus enters the architect. They are after all, responsible for the product that is ultimately designed and built. They will help the team make decisions that are aligned with the macro-scale goals for the organization. While the development team themselves focus on the design decisions that are most beneficial at the micro-scale of the feature or system for which they are responsible.
https://hbr.org/2006/11/how-well-run-boards-make-decisions
Committee vs. Final Decision Maker
Design by committee can work. However, you often need a group of like-minded individuals that do not differ in opinion too drastically for this succeed. In the extreme circumstances, if there are wildly divergent opinions, the group must be willing to forego their egos and accept the decisions that are made even when the decision is the polar opposite of what they believe to be the best decision. When all else fails, there is a final decision-maker at the top.
Thus enters the architect. They are after all, responsible for the product that is ultimately designed and built. They will help the team make decisions that are aligned with the macro-scale goals for the organization. While the development team themselves focus on the design decisions that are most beneficial at the micro-scale of the feature or system for which they are responsible.
Tuesday, October 11, 2016
On Being a Data Skeptic
After reading the book "On Being a Data Skeptic", I determined that evidence based data collected should allow most people to reach a similar conclusion when working on creating strategic plans for their dance communities.
In the modern digital economy, data is a critical asset. Just like capital, credit and talent. Having the best data and the tools to use it gives you a distinct competitive advantage. It allows you to find and pursue opportunities and manage risks better than others. And frankly, I'm concerned when community leaders use just intuitive based decision and execute, and cannot back it up with facts. If growth in a sustainable scene is disproportionately shared by those who have a data edge versus an intuitive edge for sustainability. Obviously, collecting and managing data has a high overhead, but this is a marathon folks and not a sprint.
So, start making good decisions based on data and intuition. Like in high school when the science teacher says, make a hypothesis and test it to see if it is true or not. That is the innovative and scientific process in play and I encourage leaders to explore these ideas.
In the modern digital economy, data is a critical asset. Just like capital, credit and talent. Having the best data and the tools to use it gives you a distinct competitive advantage. It allows you to find and pursue opportunities and manage risks better than others. And frankly, I'm concerned when community leaders use just intuitive based decision and execute, and cannot back it up with facts. If growth in a sustainable scene is disproportionately shared by those who have a data edge versus an intuitive edge for sustainability. Obviously, collecting and managing data has a high overhead, but this is a marathon folks and not a sprint.
So, start making good decisions based on data and intuition. Like in high school when the science teacher says, make a hypothesis and test it to see if it is true or not. That is the innovative and scientific process in play and I encourage leaders to explore these ideas.
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