The problem with revenue-generating strategies, or Winning Moves, is that you don’t feel you need to work on them when things are going great. You are too busy working in the business and harvesting sales from existing Winning Moves. Then the day comes and BAM! Your current winning strategies begin to slow down. Growth slows. But just like the characters in Spencer Johnson's Who Moved My Cheese, we are slow to go out and innovate new Winning Moves. Why is it so hard?
Rhythm Blog | Patrick Thean
by Patrick Thean and the Rhythm Team
SMART goals provide clarity and can accelerate your success. Conversely, poorly written goals will waste time and resources and frustrate and demotivate teams. SMART goals are critical to achieving execution success. They allow you to begin with the end in mind and have clarity about your goals. They also allow you to communicate in such a way that quickly aligns other team members to help you achieve the these goals. So why are there so many goals not written to be SMART? Could it be because it is difficult and hard to remember what SMART means, let alone how to write a goal that is SMART? SMART goals are powerful tools to help you achieve your dreams and goals.
I recorded a short 5 minute video to help make it simpler to write SMART goals.
Last summer, Nicole, my 14-year-old daughter, walked into my home office and asked “Daddy, can I intern with you this summer?” I replied “Sure!” She continued, “OK, what would you like me to do for Rhythm Systems this summer?” I laughed and said “I don’t know. You just popped the question. You are the one who wants to intern with me, so how about you think about what you would like to learn, come back, and we can discuss further and decide. Whatever you choose to do, just make sure it gives me and our company value.” Nicole makes a face “OK, Daddy. I'll think about it and come back with some ideas.”
In a recent Annual Planning session, one of our clients asked us to help them review and renew their Winning Moves. They wanted to make sure that their growth strategies were still powerful enough to drive growth over the next 3 years. We highly recommend reviewing your Winning Move strategies every year. During good times, it is easy to neglect working on your Winning Moves. Then when growth begins to slow, we realize that we are already late to the game at developing new revenue growth moves. If you want consistent year over year growth, you must review and renew your Winning Moves.
It is best to only have a few Winning Moves. Otherwise, the team might be spread too thin as resources get allocated across too many initiatives, causing teams to inadvertently compete for some of the same resources. Competition for internal resources often causes negative stress and reduces team productivity, even to the extent of building silos.
I’d like to share our Winning Move Process so that you can have an objective way to discuss, debate and agree on the best 2 or 3 ideas for growth.
It’s that time of year again when executives are thinking about their annual plan and asking themselves, “where do I start?” A lot of companies out there start their process with budgeting. Then once they have their budgets set, they move to developing their annual plan. This may sound like a smart idea to ensure you don’t blow your budget, but it may be keeping you from executing strategic growth moves.
Leading indicators and results indicators are both key performance indicators (KPIs). I love leading indicators. The right leading indicators will guide you towards your desired outcome. If you pay attention to them, you can't help but think of necessary adjustments if you start veering away from your desired results.
I have received a lot of feedback from folks using the Rhythm softwaresharing how turning every quarter into a 13 Week Race™ has really improved their execution and company results. Forecasting their ability to succeed every week appears to be a key differentiator in using Rhythm's Red-Yellow-Green® method. Every quarter, they have a strong and clear vision for execution. Then week by week, they forecast the probability of achieving their goals for the quarter. They make adjustments when necessary every single week. They try to anticipate where the challenges and obstacles may come from, and pounce on those challenges. They meet them head on, solve them and go on to win every quarter!
The common mistake many companies make is to start designing a bunch of KPI's for their company. They start with a burst of energy, gather together the team and work on KPI's in an offsite planning session. They ask "what do we need to measure in each department?" This produces 18 to 25 KPI's, a couple for each key executive to work on. Convinced they have changed the company, they dash off excited to see what results they will generate in the upcoming quarter. A quarter later, many are demoralized and not much progress has happened regarding measuring these KPI's. They lose steam and by the 3rd quarter, it's back to business as usual.
Yesterday was a big day for Michael Praeger, CEO of AvidXchange. No… Sorry, it was a huge day! Yesterday, Michael had press conference at their newly opened Charlotte campus. They were announcing not one but three great wins towards his dream of building Charlotte into the “Silicon of the South.”
Win #1: MasterCard announced that they are partnering with Avidxchange to create a B2B hub that brings AvidXchange technology to their network of banks.
Every quarter has thirteen weeks. It goes by fast. Before you know it, the quarter is over. And then the year is over. You are left with the question, “Did we accomplish what we set out to achieve?”
Now that you have your 13-week race, how do you run it and achieve success? Unfortunately, nothing happens unless you do the work. To be successful, you need to do the work, inspect what you expect, and help yourself or your team makes the right adjustments to succeed.