Category: Education

Management Operating Systems

Management Operating Systems: Effectively managing your operations for enhanced performance.

All kinds of companies – from freshly formed high-tech operations and fast-growing retail chains, to mature firms in chemicals and utilities – have improved their operations. Odds are your company has made substantial investments in process improvement, the latest and greatest technology, and training for your people. Hopefully, you have realized significant gains in profitability and competitiveness as a result.

But even the best companies are never satisfied. They always search for new ways to hone their operations, whether global or simply local. This article is written for such companies. In fact, it points the way to a whole new level of operational performance, achieved by using a comprehensive approach The Profit Coaches calls Management Operating Systems (MOS).

MOS reaches deep into your operations’ potential, much deeper than most companies have gone to date, to deliver sustained behavior change and startlingly substantial gains in corporate performance. For example, a major electronics retailer freed up more than $200 million in working capital via new supply chain efficiencies within one year after installing its MOS, with no technology investments. A major manufacturer eliminated $5.3 million in non-value-added activities, saved $4.2 million in railcar leases, and another $13.3 million from inventory right-sizing and product rationalization. A commercial aircraft maintenance and supply firm achieved a $19 million inventory reduction and trimmed more than $1 million per annum from its storage costs. A global specialty chemicals company reduced its supply chain operating costs by 30%. Best of all, the gains achieved via MOS are permanent, because MOS changes the culture of your organization, which in turn changes how your people think, make choices, and behave on the job.


Brian Whitehouse
brian@theprofitcoaches.com

Mortar Makes it Happen

 

Today I’d like to talk about the three keys to business development and how you can put the right bricks in place to build a solid foundation.
There are three main areas of business development:
• Innovation
• Quantification
• Orchestration

If done well these three areas will help you build a solid foundation for you business. Let’s talk about each one of these for just a minute.


Innovation
Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into action. This is where a large amount of your focus should be in the beginning and even throughout your business’ entire lifespan.


Quantification
This, of course, refers to the numbers. We are talking about the value of your innovation. The best way to gauge this is by your customer response. Look to positive responses for what you are doing right-and keep doing it. Look to your negative responses to find out what you’re doing wrong-and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.


Orchestration
Once you’ve had a chance to find what areas are working, you can narrow down those areas and concentrate on making them the stand out ideas. You shift your focus here to get the most out of your business and to meet the needs of your customers.


We can help you work through these three areas to put together your franchise prototype during your GUIDED TOUR.
In the next few lessons we are going to transition to the 7 specific areas you need to consider in your franchise prototype process:


• Primary Aim
• Strategic Objectives
• Organizational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

These 7 areas will fine turn your plan for the ultimate level of success.

Expand the Life of Your Business

Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extended the lifespan of your business.
The four different stages of a business life cycle are:
• Infancy
• Adolescence
• Growing Pains
• Maturity

We’ll talk a little about what each of these cycle’s means and how they can each help expand your business’ lifespan.

Infancy
This is generally consider the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know your business must grow in order to flourish. You cannot stage in this stage forever.
Adolescence
In this stage you need to start bringing your support staff together to delegate to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The plan stage needs to start and a relationship should be built with the entrepreneur to plan for the future.
Growing Pains
There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:
• Avoid growth and stay small
• Go broke
• Push forward into the next cycle

Maturity
The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.
You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.
If you’re having trouble putting together your business life cycles and figuring out which of the key roles you fit into, try our GUIDED TOUR and work with one of our amazing coaches.

5 Step Proven Profit Formula For Doubling Your Profits

Free Live Webinar

Hi there,

You are invited to a Zoom meeting.
When: Oct 15, 2020 11:45 AM Eastern Time (US and Canada)

Register in advance for this meeting:
https://us02web.zoom.us/meeting/register/tZMvdO6trz8pGddoy4fkeuOu_VmDD7Q5Ccp7

After registering, you will receive a confirmation email containing information about joining the meeting.

Gather the Troops

Today I’d like to chat about the different types of support staff you need and what makes them so important.


There are essentially three key roles that need to be filled to set your business up for success:


• The Technician
• The Manager
• The Entrepreneur

All of these roles need to be played simultaneously by different people with the right talents. It’s all about balance.

The Technician

This person represents the present and all that needs to be done for the physical aspects of the business building process. They are the “doer”. This is usually the most visible person of the entire operation.

The Manager

This person represents the past and works to fix problems through learning from past mistakes. They are the practical side of the business and is in charge of putting together the business and overseeing the planning.

The Entrepreneur

This person represents the future and the vision for the business. They are responsible for the creative side of the business and are always considering ways to enhance products/service, business image, branding and more.


All three of these characters are essential in the success of any business and to build a solid foundation from the start, you need to work harder to find the right people to put in these roles. Obviously, you need to be one of these key people, but ensure you find the role that fits your skills and talents, not necessarily what you THINK you should be doing.


This may be a hard process for you as you will need to relinquish some control over the business and instill trust in people to allow them to do their jobs.

Remember, our business coaches can help you through this entire process and teach you how to avoid falling victim to e-myths when you try our .

Educate Your Customers

Educate them about what, you may be thinking. Well, consider this, many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your time retaining current and former customers. These are people you already know to be a good sales potential…they’ve already bought from you!

Take the time to market and sell new products to your old customers and less time trying to sell old products to new customers and you will see a drastic change in your sales, customer quality and branding position.

Here are a couple of key elements to use to retain your current customers:

  1. Stay in contact: This means by phone, email, e-newsletter, in person-by pigeon if you have too!
  2. Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are being supported for their purchase and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
  3. Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option.
  4. Integrity: Using good business practices and simply upholding integrity, dignity and honesty go along way with customers. Let’s face it, there’s a lot of swindling and crap out there and the safer and more confident you make your customers feel, the more they will trust you and that makes for an amazingly supportive and loyal customer.

There are three cornerstone ideas to a successful business:

  • Quality product/service
  • Offering useful products/services that solve a problem for or enhance the life of a customer
  • Offer subjects your customers find interesting

Use this approach of educating your customers and offering them real information and insight and you will be rewarded with loyalty and success.

Stop wasting all your time on new prospects while your current customers fall by the wayside!

As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and diverts some of your resources into reselling, upselling, cross-selling to those same customers. In every ways possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”

So, there it is! Remember, we can help you put together the resources and tools to do exactly that. We can help you educate your customers and you can watch the benefits pay offer many-fold.