BUSINESS F.A.Q.


CHAPTER 1 - The leader

+ 1. As CEO of your company, how do you manage your time?

As the leader of the company - I do not manage my time much differently than anyone else. The key is to have a focused plan and stay focused on it. So when planning your day, make sure the priorities are in focus and that you are spending time on the most important thing that only you can move forward and that no one else can accomplish on the team. Decide what to do and decide what not to do!!!

+ 2. What are habits I should develop as a CEO?

Click on the link provided to read Shannon's answer: Great Habits - Bill Gates "Think Week"

+ 3. How do I determine whether I am capable of starting a business?

I do not think there is a right or wrong answer - you just need to be absolutely passionate about solving the problem for a customer that they will pay for at a profitable fee.

+ 4. Do CEO's need mentors?

Click on the link provided to read Shannon's answer: Does it really take a “village” to grow a CEO?

+ 5. How do you balance your personal and professional life?

Click on the link provided to read Shannon's answer: Does your "village" include a hockey team?

CHAPTER 2 - FOUNDATION FOR PREDICTABLE PROFIT - PEOPLE, ENVIRONMENT, AND CASE

+ 1. How do I know if my business idea is any good?

Click on the link provided to read Shannon's answer: 11 Things to Consider Before Starting A Business

+ 2. Why is it important to do a monthly cash flow analysis?

First off - it's most important to start out your 12 month to 36 month forecast by stating the cash you want end up with at the end of every month. Then you want to forecast your revenue and expenses for the same 36 months to ensure you reach the cash forecast for every month. We then compare actual to forecasts on a regular basis to ensure we were getting better at forecasting and focusing on cash as this is the fuel you need to grow your business.

+3. How do I figure out my 3HAG (3 Year Highly Achievable Goal)

Click on the link provided to read Shannon's answer: 3HAG: 3 Year Highly Achievable Goal – What is yours? 6 Steps to find yours

CHAPTER 3 - CORE PURPOSE, CORE VALUES, AND THE BIG HAIRY AUDACIOUS GOAL

+ 1. Why does everyone in my company need to know our core purpose & BHAG?

The most significant reason is that companies where all the employees know their core purpose and core values have a strong culture, which is the foundation for growth and predicting profit. Jim Collin's research has shown that the most successful companies conscientiously and regularly spend time on their culture, and that is what has kept them successful, even through the worst markets.

+ 2. How can I improve my company / business's culture through core values?

  • Work your core values into your hiring process. When interviewing potential new employees, make sure they have the same core values as your organization and then evaluate if their skill set matches your needs. (see The Metronome Effect page 60 for examples of questions we used in our interview process.)
  • Add your core values and purpose to your One Page Plan so your whole team can constantly see them and be reminded. If you do not use this tool, find a way to display these to your employees in a way that they can constantly be reminded of what they are.
  • When having team meetings, recognize and praise employees who live by your core values and purpose.
  • Fire employees who don’t fit your core values and purpose as it will save you money in the long run.

CHAPTER 4 - Competitive Environment

+ 1. What tools can I use to figure out my company's competition?

'The Map' which can be downloaded here

Michael Porters 'Five Forces' which can be downloaded here

+ 2. What are the first steps to take when understanding my company's competition?

Click on the link provided to read more: Map Your Business Environment

CHAPTER 6 - Strategic Thinking

+ 1. How can our company find out 'X-Factor'?

Click on the link provided to read Shannon's answer: Secret Sauce: How to find your 'X-FACTOR'

+ 2. How do I figure out my strategy?

Click on the link provided to read Shannon's answer: Can you say your strategy in 5 words or less?

+ 3. How to become an innovative service provider?

Click on the link provided to read Shannon's answer: 4 reasons why Disruptors are innovative service providers

CHAPTER 7 - Execution

+ 1. Is having a business plan important?

Absolutely – but not in the traditional sense. The best business plans, in my opinion, is the One Page Strategic Plan. All the key components are included in this One Page Strategic Plan. It just forces you be clear and concise.

+ 2. How can my company make faster decisions?

Click on the link provided to read Shannon's answer: Here's How To Make Faster Decisions

CHAPTER 8 - Meeting by Meeting

+ 1. When do we start the huddles?

My best recommendation is to start the huddles right away. Make sure you have a standing agenda - Good News, Metrics, top thing you need to get done in the next 24 hours, and anything you are stuck on. The huddles work best if all team members attending the huddle are clear on priorities for the company or the team or even themselves. Just get this habit in place. Pick a time of the day, a standing agenda, and do not waiver for at least 30 days. This will get you well on your way to forming the 'Huddle Habit'.

+ 2. What do I do when a team member is constantly late for huddles?

We always started our huddle on time whether anyone was there or not. Really!!! This pushed anyone who was late and consistently missing key information to get there on time. If this person continued to be challenged to get to the huddle on time - we would work on tactics to help them show up at the start of the meeting - such as alarms, reminders, setting the huddle, etc. Everyone can show up on time for the huddle if they believe in its value and understands the importance.

CHAPTER 10 - Team Cohesiveness

+ 1. What to do with team members who openly don't get along?

Click on the link provided to read Shannon's answer: As a CEO, what to do with team members who openly don’t get along

CHAPTER 11 - Human System

+ 1. How do I deal with a toxic boss?

Click on the link provided to read Shannon's answer: 3 Actions To Consider When Dealing With A Toxic Boss

+ 2. How do you get rid of a ‘C’ player?

To answer this as quickly as possible, I would say to ensure that every 'C" player on our team has had a chance to pull themselves out of this rating in case we made a mistake. Be sure that what is expected from the team member is clear and concise and then monitor this daily for 30 days through a meeting with the 'C' player and their leader. 'C' players will resign after a maximum of two weeks of going through this. 'C' players are under-performers and do not want the spotlight on them and this process solidifies this point. If we are wrong, the alleged 'C' player will show us they can perform. If we are right, the 'C' player will eave as this makes them terribly uncomfortable.

+ 3. How do "A' players find the best places to work?

Click on the link provided to read Shannon's answer: How do ‘A’ Players find an ‘A’ Player Boss? 3 things to consider

GENERAL BUSINESS QUESTIONS

+ 1. Why does my company need a framework?

Click on the link provided to read Shannon's answer: Top 5 Reasons To Find A Strategic Execution Framework To Grow Your Company

+ 2. What size business can use the framework?

I get ask this question all the time. Any size company can use this framework. 1-2 people or 400+ people. It is a fundamental business framework. Whether you are a start-up or a mature business - you need a strategic execution framework to make growing your business easy!!