Examples of Needle Movers – Part OneMay 24, 2009
Monday Q&A – Writing a Marketing Plan to Attract VC’sMay 25, 2009
Okay, now let’s show an example of some ACTIONS required to achieve each needle moving RESULT. Remember, along with FUNDING, this is a HUGE topic that will be covered on June 5 and 6 at my Results Now Summit.Example 3: Steven has a consumer retail product that he sells directly from his web site, through hotels, and through gift shops. His revenue has been a steady $1mil per year, but he last year it dipped down to $900k. He wants to reach $2mil this year and will have to start managing by needle movers to make that happen. Here are his annual needle movers with a few of the actions he’ll have to take (which will keep him busy for the year!):
1. $2mil in revenue – add retail channels, build more solid online sales, recruit 2 new pay for performance sales people, forge alliances with 5+ companies with complementary products for bi-directional web sales.
2. Weekends off – train up team to be self-managed, delegate more to office manager.
3. Cut costs by 20% – work new terms with existing or find new manufacturing sources, streamline internal processes with an online self serve helpdesk, use SOPs across all departments.
Example 4: Jane is an intrapreneur, and entrepreneur in a large corporation. She is super frustrated by the bureaucracy and feels she can’t get much done. Sales are flat and she is sitting on some unfinished products, and her team isn’t engaged either. Her 30 day needle movers are:
1. Develop a product path for 3 complementary offerings and present to management.
2. Teach staff how to use needle movers, create contest for executing needle movers each month, with dinner out for 2 as reward.
3. Increase use of SOPs for all common tasks, have SOP contest for who can spend least time doing repetitive tasks. Winner gets to spend 3+ hours each week on new product development.
See how key it is to have specific and measurable needle movers? And see how you can have annual, quarterly, monthly needle movers? This is what EVERY ONE OF US should be doing. Whether we’re an entrepreneur, an intrapreneur or the CEO of the biggest biz on the planet. There’s just no way to focus on the revenue-generating success points unless we first DEFINE them and then clear away everything else.
THIS is a HUGE topic that will be covered on June 5 and 6 at my Results Now Summit in
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author