It’s exhilarating to start a company. You have a dream, you wear many hats, you have the constant challenge of managing time from one duty to another, you get to watch your progress brick by brick, and so on. It’s also exhausting. There's never enough time or energy to focus on one thing and complete it well, a feeling of never being caught up, no one to cover you for a day off, limited resources for new opportunities, etc.
Rhythm Blog | Think
by Patrick Thean and the Rhythm Team
I have helped many companies identify their core competencies through the years, and doing this can really make a difference in the products or services you provide to your customer. Core competence is a concept introduced by C.K. Prahalad, professor at the University of Michigan, and Gary Hamel, management expert and founder of Strategos. They define it as “a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace.”
The fast growing Charlotte-based YPO company, AvidXchange, has grown from $12 to $48 million in the past three years and is shaping the future of the electronic payment industry for the middle-market. A major part of the company’s success is attributed to discipline and a series of regular rhythms:
- A rhythm to work on growth strategies;
- A rhythm to plan what the business is going to do every quarter;
- And a rhythm of communication, making sure the work is done every week and every day.
In Jim Collins' book Good to Great, he calls your core ideology "the extra dimension of enduring greatness." He puts forth the idea that a company's Core Values & Core Purpose are the things that remain constant throughout a company's existence. At the same time, the strategies and practices are adjusted and adapted to keep up with a changing world; you keep setting new BHAGs (Big Hairy Audacious Goals) every 10-25 years, but your Core remains the same. Collins calls it "preserving the core and stimulating progress."
This is my final post based on John Warrillow’s The Automatic Customer: Creating a Subscription Business in Any Industry. We have already explored the five reasons you want subscribers and six different business models covered in Blog 1 and Blog 2 that you may also want to check out. Today we’ll examine Warrillow’s final three business models ripe for consideration of your new subscription business.
A Think Rhythm is the most efficient way to work through just about anything – developing a product, documenting a new process, working on your Brand Promise – the possibilities are endless!
In working with hundreds of teams using Think Rhythms, we have seen some definite patterns for success.
In an upcoming post, I will explain the five reasons why exploring a subscription model within your business makes sense. Today, I will provide some more information regarding the nine models outlined in John Warrillow’s The Automatic Customer: Creating a Subscription Business in Any Industry. The main premise of the book is that subscribers are better than customers, as subscribers pay month after month, year after year and improve the overall value of your greatest asset: your customer base.
As a write, I am on my way to Chicago to meet with my forum group. A forum is a small group, usually 8 to 12 like-minded CEOs and entrepreneurs, who get together on a regular basis. Business leadership organizations, like Entrepreneur’s Organization (EO), Young President’s Organization (YPO) and Vistage, all provide forum groups as a way for members to share challenges and successes, both personally and professionally, in a trusted confidential setting to help each other get better.
If you have ever downloaded any tools or other resources on our site, you know that we usually ask you about your Biggest Business Challenge in our forms. In response to your feedback, we are featuring a series of blogs on your biggest business challenges! This post is a response to the challenge “Forecasting and prediction."
How many times have we been disappointed by an inaccurate weather forecast? The local news meteorologist smiles and says in a cheesy voice, “Get out your golf clubs and dust off the barbecue pit; Saturday will be sunny and 70 degrees. A perfect day…” Then, we wake up to thundershowers that bring in a cold front.
"No matter how much you’ve achieved, no matter how far you’ve gone, no matter how much power you’ve garnered, you are vulnerable to decline” (How the Mighty Fall, p. 8)
I don't know how it makes you feel, but to me, this is not a comforting thought.
Here are Jim Collins’ 5 Stages of Decline as he outlined in How the Mighty Fall along with some questions to consider whether you are showing any of the signs: