FOUR PILLARS OF BUSINESS
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COPYRIGHT 2014 – THE COACHING INSTITUTE PTY LTD. ALL RIGHTS RESERVED. No part of this manual may be reproduced or transmitted in any form or by any means, mechanical or electronic, including photocopying and recording, or by information storage and retrieval system without permission in writing from the publisher. Published by The Coaching Institute. For further information contact: The Coaching Institute Suite 40, Albert Square, 37-39 Albert Road, Melbourne VIC 3004 Phone: + 61 3 9645 9945 | Fax: + 61 3 9645 7002 | Email: wow@thecoachinginstitute.com.au LEGAL NOTICES DISCLAIMER While all attempts have been made to verify information provided in this publication, neither the author nor the publisher nor the marketing agents assumes any responsibility for errors, omissions or contrary interpretation of the subject matter herein. This publication is not intended for use as a legal source or accounting advice. The publisher wants to stress that the information contained herein may be subject to varying state and/or federal laws or regulations. All users of this information are advised to retain competent counsel to determine what state and /or federal laws or regulations may apply to the user’s particular business. The purchaser or reader of this publication assumes responsibility for the use of these materials and information. Adherence to all applicable laws and regulations, including federal and state and local governing professional licensing, business practices, advertising and all other aspects of doing business in Australia or any other jurisdiction is the sole responsibility of the purchaser or reader. The publisher and author and marketing agents assume no responsibility or liability whatsoever on the behalf of any purchaser or reader of these materials. Any perceived slight of specific people or organisations is unintentional. FINANCIAL DISCLAIMER Any earnings or income statements, or earning or income examples are only estimates of what we think you could earn. There is no assurance you’ll do as well. If you rely upon our figures, you must accept the risk of not doing as well. Where specific income figures are used, and attributed to an individual or business, those persons or businesses have earned that amount. There is no assurance you’ll do as well. If you rely upon our figures, you must accept the risk of not doing as well. Any and all claims or representations, as to income earning mentioned, are not to be considered average earnings. There can be no assurance that any prior successes, or past results as to income earnings, can be used as an indication of your future success or results. Monetary and income results are based on many factors. We have no way of knowing how well you will do, as we do not know you, your background, your work ethic, or your business skills or practices. Therefore we do not guarantee or imply that you will get rich, that you will do as well, or that you make any money at all. There is no assurance you’ll do as well. If you rely on our figures, you must accept the risk of not doing as well. All business and earnings derived have unknown risks involved and are not suitable for everyone. Making decisions based on any information presented should be done only with the knowledge that you could experience significant losses, or make no money at all. All products and services by our company are for educational and informational purposes only. Use caution and seek the advice of qualified professionals. Check with your accountant, lawyer, professional advisor, before acting on this or any information. Users of our products, services and websites are advised to do their own due diligence when it comes to making business decisions, and all information, products and service that have been provided should be independently verified by your own qualified professionals. All information, products and services should be carefully considered and evaluated, before reaching a business decision, on whether to rely on them. You agree that our company is not responsible for the success or failure of your business decisions relating to any information presented by our company, or our company products or services and their representations.
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The Four Pillars of Business In business, no matter what’s produced or how it finds its customers, there are four main pillars which we can impact, influence and improve. These pillars form the basis for all major strategic decisions. By keeping these in front of mind when making decisions, we produce a well formed outcome, rather than a decision which may serve part of the business, and not another. It also aims to ensure that we have a culture of innovation, so that the market never catches up.
Our culture: The culture is the ethos of the people within the organisation. It is the outcome of how the people within the organisation acted. Culture doesn’t belong to the ‘company’. It belongs to each individual within the organisation. Each person plays their part in determining what the culture they are within will be. One person may behave in a way which is very culture-positive. It may be ignored, or discouraged. It may be championed. Each of those decisions are moments when the culture is being determined. The key is to hire and retain people who are prepared and able to take responsibility for this, and who won’t rely on others to maintain it. We say, in our organisation, that people are either: Culture-negative; Culture-neutral; or Culture-positive. We believe that only culture-positive people will help us improve our business and drive home what we want to achieve. The culture is made up of many elements, with a focus on: The vision – is the vision of the organisation being fulfilled and fought for by the entire team? The values – are the values being lived by the team? Do we hire, fire, and performance manage through these? The standards – what personal standards of excellence does each member of the organisation abide by? Are these personal standards enough for us to succeed? The expectations – what expectations do we have of each other? Do we communicate this? Do we communicate this effectively? Do we speak up when a cultural expectation is being compromised? Do we champion great cultural successes? The emotional aptitude – do the people in this organisation have the emotional aptitude to handle the challenges we’ll face pursuing our goals? Are they resilient enough for the tough times and able to lift when needed?
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Member experience: You may have ‘members’, ‘clients’, ‘customers’ or ‘stakeholders’. Whatever you call the people who purchase your thing, they have expectations that are often unstated and invisible, but vital for the relationship to continue and to flourish. The member experience is built on five major elements – Belonging – everyone wants to know they belong somewhere. People will travel a long way when they know that when they get there, they will be treated as a valued member of that community. Significance – people want to be ‘wowed’ and made to feel special. It’s not enough to belong, we also want to know we matter. Make a difference – we also will stay if we know that we’re part of something that is making a difference. We love to know that we’re part of something bigger than us, and that because of our involvement, something special is being created. Momentum – we love to be involved in a story worth telling. When there’s a character to admire and aspire to, all the better. We love to know we’re seeing the story unfold, as we’re in the story, so we’re entertained and emotionally satiated. Content – lastly, we want to know that what we ‘actually’ purchase – the ‘thing’ – is awesome and different and unique and special. The more special the better.
Our marketing: Marketing is not advertising a product to get people to buy it, over and over again. It’s about creating a story with our market which is irresistible and then inviting people to be a part of it. Marketing must be valuable content which helps people in that market. Marketing is some basic steps, but it’s much more than this! The lead magnet – the reason anyone would inquire with you. The ‘ethical bribe’ to entice someone to inquire further into your coolness. The story – what unfolds next is the reveal of what solutions they want. The offer – what you offer them to say yes to join you or purchase from you. The upsell – the offer you have for them to become even more involved. The repeat business – what you do so that they want to come back, again and again. The referral – they’re not just clients, but raving fans who recommend you to others. Our innovations:
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The market is always saturated with discounters, competitors watching you for what they can copy, and imitators. Being one of them is not the place to be. You’re then stuck competing on price. Whilst the market is crowded with sameness, you need to be innovating the next disruption that no one saw coming. A disruption is the thing which changes the game. The idea is not be one of the many, where brand differentiation is difficult, but to create your own movement, where you are the brand.
THE FOUR PILLARS TO BUSINESS SUCCESS
OUR CULTURE
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OUR MEMBER EXPERIENCE
OUR MARKETING
OUR INNOVATION
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