Symposium Bw Small Business 060309 350pm Kh

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Small Business Ownership And Success —An Adventure In Transformation

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What’s in it for me?

► More money

► Greater satisfaction and security

► Greater understanding of the journey and the requirements to go to the next level and beyond

► Improved planning

► Improved problem solving

► Less confusion

► Better sales

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Overview - How am I going to get it?

► The why and how of small business

► Where you fit in with other businesses

► A map to enhance success

► Your purpose and motivation

► Planning mode

► A powerful model to overcome breakdowns

► The key to selling success

► Next steps

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Small Business Ownership Is An Adventure in Transformation!

Opportunities

Chasing your dreams Creating your reality

Taking charge of your life

Challenges

LearnGrow

StretchTransform

Rewards

MoneySatisfactionFulfillment

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Operating Agreements - How to get the most ….

• Participate fully

• Create value for yourself

• Speak from your own experience

• Be open-minded and honest

• Practice e-etiquette: cell phones silent but handy

• Participate in the whole series

• Engage in accelerated learning

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Accelerated Learning

• State Changes

• Small Group Discussions and Paired Sharing

• Applause

• Laughter

• Exercises

• Review

• 80/20 Rule

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Business in the United States

• How many businesses are there in the U.S.?

• How many make more than $1 million annually?

• How many have no employees?

• How many have 10 or more employees?

Source: National Small Business Association

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What Do Small Business Owners Want?

• Question: What is the primary thing that small business owners want from being in business?

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Poll: What Do YOU Want From Small Business Ownership?

• What is the primary thing that you want from being a small business owner? A. More moneyB. More time with familyC. Freedom; More control over my lifeD. Better products or servicesE. To be of service to the communityF. Other

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Poll Instructions

• Text all responses to: 99503

To: 99503

12273

Look at the presenter’s screen to find the four or five-digit code for your chosen answer.

Enter that code in the body of your text message; click send.

From: 99503Thank you

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Discussion

Reflect on how you became a small business owner.

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Becoming A Small Business Owner

Question: How do people become small business owners?

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Discussion

Reflect on how you became a small business owner.

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Purpose & Motivation for Small Business Owners

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Poll: Remaining A Small Business Owner

Question: What is your primary motivation to remain a small business owner?

A. Financial – more moneyB. Personal – more time with family, more control

over my life, freedomC. Values – being of serviceD. Other

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Poll: What is your primary motivation to re...

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Balanced Purpose & Motivation

This

Small Business

$$Financial Motivation

PersonalMotivation

ValuesMotivation

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Imbalance: Lack of Personal Purpose & Motivation

This

Lack ofPersonal

Motivation

Small Business

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Imbalance: Lack of Financial Purpose & Motivation

This

Lack ofFinancial

Motivation$$

Small Business

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Imbalance: Lack of Values-Based Purpose & Motivation

Lack ofValues

Motivation

Small Business

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Reorienting to Clear Purpose

Purpose

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Purpose Gives Meaning To Goals

Purpose = Why

Goals = What

G G G

G

G G

G G G

G G GG G G

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Five Missions of Business Ownership

•

ClientStaff

Financial

Community

Personal

Higher Purpose and Missions

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Discussion

Share your own reasons for continuing to be a small business owner – and assess the balance of your purpose and motivations.

Small Business

$$Financial Motivation

PersonalMotivation

ValuesMotivation

My higher purpose is . . .

My higher value is . . .

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Journey of Small Business Owners, The Adventure

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Journey of Small Business Owners

• Each of you starts from a different place, with different goals.

A

A

BA

B

A

B

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• You each have different financial starting points and goals.

A

B

AB

A

A

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You each have different ideas about the ideal size of your staff.

AB

A

B

A

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You each have different lifestyle needs.

A

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Commitment to Growth

Regardless of where you start, if you are here, we assume you want to grow – and transform in the process.

This

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Poll: Desire For Growth

• How much do you want to grow your business in the next year?

• A. Do not want to grow – fine as is/match last year• B. Up to 10%• C. 11-20%• D. 21-25%• E. 26-50%• F. More than 50%

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Poll: How much do you want to grow your bus...

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The Most Important Skill You Need to Succeed

SecondSecond

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What Do You Need to Succeed?

• Know where you are

• Know where you are going

• Know what it takes to get there – and do/build it

• Anticipate challenges – prepare for and overcome them

• Solve problems, learn, and grow

This

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A Map, A Plan, and A Guide with a Flashlight

• Know your map. Where’s your A and B?

• Have a plan to get from A to B.

• Most break down because they don’t know what it takes.

• They hit a roadblock and freeze.

• You need a guide – with a flashlight, • understanding, and high expectations.

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Vision Realization Planning & Development Process

Knowledge

Skill

Attitude & Motivation

A B

PLANNINGWhy am I doing it?

What do I need to be able to do?

What do I need to know?

VISION

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Vision Realization Breakdown Analysis Process

This

Knowledge

Skill

Personal Block

A BBREAKDOWN

What didn’t I know?

What couldn’t I do?

Why didn’t I do it?

What other help do I need to overcome this?

Attitude & Motivation

VISION

Learn and Grow

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Common Causes of Breakdown & Failure

► Self-satisfaction with success► Pride/unwilling to take feedback► Denial of truth► Disorganization► Lack of motivation and accountability► Failure to focus on bottom line► Unwillingness to risk► Authority issues

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The Map - Getting To Know Where You Are

ThisLevel 1

Level 2

Level 3

Level 4

Level 5

Level 6

Initiating

Establishing

Emerging

Differentiating

Generating

Self-Developing

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Initiating

ThisLevel 1 Initiating

Level 2 Establishing

Level 3 Emerging

Level 4 Differentiating

Level 5 Generating

Level 6 Self-Developing

• Starting out• Learning your product or service• Solo -- or solo plus temp• Revenues: zero to $100k/year*• Developing informal systems to keep

track of work, keep word to client• Key challenges: lots to learn, feeling

overwhelmed and alone, scarcity, poor self-organization, sales

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Establishing



Level 3 Emerging


Level 5 Generating


• Getting the hang of your business• Figuring out how to sell and deliver

as promised• Continue to develop informal

systems• Revenues: $100-$200k/year*• Solo – or 1-2 employees• Key challenges: low accountability,

keeping up with new business, cash flow, maintain relationships with multiple clients and staff

• Managing the sales/famine cycle

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Emerging



Level 3 Emerging


Level 5 Generating


• Gaining traction• Beginning to feel a sense of mastery

and gain confidence• Beginning to establish more formal

systems and routines• Revenues: $500k to over $2M/year*• Solo – or team of 3-10 employees

and/or contractors• Key challenges: establishing

systems; hiring, training, and managing staff; billing and collecting; contractor relationships

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Differentiating



Level 3 Emerging


Level 5 Generating


• Establishing key distinctions in marketplace – and within multiple functions of your business

• Developing and refining formal systems

• Revenues: $1M to over $5M/year*• Multiple employees, teams• Key challenges: using systems,

managing multiple relationships

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Generating



Level 3 Emerging


Level 5 Generating


• Innovating and aggressively generating business, often leading to aggressive growth

• Continued life of the company dubious without

• Upgrading and solidifying formal systems, including company-wide planning

• Revenues: $3M* to millions in revenues• From 15 to hundreds of staff; full comp

and benefits plans; performance-based comp

• Key challenges: sizing systems to handle rapid growth and/or fluctuations; succession; developing internal talent; hiring external expertise

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Self-Developing



Level 3 Emerging


Level 5 Generating


• Mature organization that is growing robustly and creatively without you (founder).

• Strong, collaborative business functions across areas -- human resources, finance, delivery, and sales. Systems are self generating and adapt to changing market conditions or the business drops back to levels 4 and 5.

• Revenues: $15M* to hundreds of millions and up

• 50 or more staff,* including top performers in all areas, from first hire to top executive

• Key challenges: maintenance versus transformation; maximization and market maintenance or growth

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Poll: Where Are You?

• Question: Where is your business currently?

• A. Level 1: Initiating• B. Level 2: Establishing• C. Level 3: Emerging• D. Level 4: Differentiating• E. Level 5: Generating• F. Level 6: Self-Developing

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Poll: Where is your business currently?

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Business Accelerator Program Maps and Tools to Come

• During our monthly teleconferences, we’re going to work together on key disciplines – their attributes and how to build them at each level – including:

► Finance► Sales► Marketing► Human Capital► Leadership

Symposium Bw Small Business 060309 350pm Kh

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small business ownership

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