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Mindfit and Goricos. ver 3
- 1. Its not business as usual ANYMORE!!!! Lets start with Making Your Start-up a Success? For the most part, Mind Fit as a companyworks with larger organisations that havemany employees,and work with teams focused on business growth and improving performance. The process starts (Mind Fit Foundation Programme)with changes that individual players make and then proceeds towards team performance and business goals. However, start-ups are no different as its all about people beingthe best theycan be. So this document has a focus on start-up businesses,or as we would hope to encourage the preparationyou need for consideringa new business start-up. History of start-ups New businesses are startingup at an unprecedented rate and yet experience/historytells us that 80% or 4 out of every 5 start-ups will not succeed. The excuse for failure when it happens is usuallyput down to a lack of cash we ran out of money is the cry. Of course its easy to blame one thingat the end when you ran out of your savings,the banks wouldnt lend you anymoney or somethingelse around the same thought. But the reality is, running out of money was the consequence of a combination of other things and most of the time its the lack of planningand an understanding of what makes businesses tick and succeed that is the root cause. So heres what we would say are the important foundationsthat you need before you start your new business. The 3 Keys to Start-up Success Financial Acumen MarketingProwess Mindset Financial Acumen;
- 2. Its your start-up,however anybusiness,new or old requires a lot of financial thinkingfrom you. You may have gone into business, because you had special knowledge in an area that has little to do with finance, but you must make sure you become adept at dealingwith money. Even if you dont start out with well-developed financial acumen,you need to be willingto learn and grow when it comes to understandingand executingfinancial matters. When someone is said to havefinancial acumen,experience is the one thingthat comes into play. You have to havesome experience at dealingwith data,tracking expenses and income, understandingsales revenues and KPIs. Any small business owner,has to gain experience in handlingfinancial calculationsso that you know howwell your business is doing.Its the same for a department manager,or divisionaldirector, you always need to understand the financials. Neville Gaunt has a saying dont blame running out of cash businesses and projects fail because the cause is always something else Expertise in financial matters can be expanded to how to invest,buy assets,reduce costs or expand your payroll. For anyone, me, you or your competitor, all ofthis knowledge comes with self-studyand training. In other words, it must be somethingyou consciouslypursue. But knowingabout breakeven, cash flow, profit,discounts etcare only useful if you have a product or service that someone wants. So the 2nd Key is Marketing Prowess . This is somethingthats much misunderstood as many see it as selling.In manyrespects if you master this is can overtake the importance of the 1st Key (its not heresy! Just beingpractical). Marketing Prowess; Many businesses would havebeen better had they never started. Why? # Because its that same 80% of start-ups that fail.If you watch Dragons Den youll regular hear a dragon saying, You havent got a business,Im out! But why is that,when there are so many marketingbooks out there talkingabout the 5Ps and the 7Ps of marketingand tellingyou exactlyhow to do market research to see if you have a product or service that will sell.
- 3. In other words, whether you have a business or not? Start-ups are no different from any other business and the simple facts are there are only 3 questions to you haveto answer: Is there a problem? Has your solution for it that you can differentiate from others? Is there a market for your solution? It may sound surprising but, just because youve a unique alternativeto others alreadyin the market doesnt mean there is a market for yours. Take an example of fixing a laptop or desktop computer there is certainlya need to have great technicians fixingPCs, most high streets will have a shop offeringthe service. But market conditions where PCs are so cheap to replace and other cloud based options currentlyavailable just maymake your repair offer redundant or worse still in a declining market, we sayworse still,because you may join a decliningmarket before you realise it! This TedTalkby Amy Lockwood reinforces the simple point know your customer Theres a point when everyone laughs in the video,because its funny. But why are they laughing?Its a key point so you may just want to thinkon that. A lot more can be said about marketingbut lets lookat the next and final key. But just a note of interest before none of the abovecan be taken in isolation.You get Financial Acumen byexperience and doingsomethinguntil you havethat expertise. Likewise, you get Marketing Prowess by understandingyour market,your customers and clients and testingand practisinguntil you master it. theywill havean impact on each other. The one that is always bringingFinancial Accumen and MarketingProwess together is the third and final key Your Mindset. Your Mindset Notice its not just Mindset Its Your Mindset This is where the Henry Ford saying is so apt;
- 4. Whether a youngperson,a start-up,an employee, an owner or a director, you will be successful if you are able to thinkflexiblyand appropriately emotionallycompetentand resilient driven with a real sense of purpose able to connect meaningfullywith others havingthe right mindset or being Mind Fit MindFit will be underpinned bya sense of purpose and a passion that will driveyou to get the Financial Acumen and MarketingProwess you need to be successful. And if you need more, youll have the drive to go and get what you need. Now you may be thinking Ive not been trained to do it, where can I get the training? Our answer to that is simple what trainingdo you want? Why not start practising somethingnowand when youre readyyoull get the trainingyou want. it has been said Business is a marathon not a sprint Not because you cant get quick wins in business,but plan for the longterm havinga plan reallyhelps.But the realityis most people are not readyto progress,as they havent the right mindset to start with. But when you haveit, you will eat knowledge for breakfast. This is a playon Ken Blanchards feedback is the breakfast of champions. Lastly what happens ifyour start-up fails? Well,if youvetaken the advice aboveit shouldnt.however ifit does ask the experts on this A practical Guide to what happens when Businesses Faildownload Now the choice is yours. So what key do you want to improve? Financial Acumen,MarketingProwess or Your Mindset Were happyto help you find out. Its always a choice and you can start today.
- 5. How by using tools What is the meaningof the word tool? There are anynumber of definitions,however let us lookat 2 A device that aids in finalisinga task Something( instrument)used in performingan action, or a pre-requisite in the practice of a vocation,profession,or your job Why do we need tools to perform our vocation, profession and or job? Some responses noted belowas to why we need tools Tools help us get work ( more) done Tools help us get to do jobs,quicker,faster, easier, more efficientlyor more effectively Tools help us to do some tasks,that could not be achieved at all without them Tools extend our skills in anynumber of ways and for any number of reasons Tools can be re-used,once you are aware of them such that you can use them again and again and evolve those tools into newways of usingthem hence makingyour work load easier and more productive Consider a few more observationsabout tools that mayhelp you understandthe nature and importance oftools? First, tools usuallyhavea specific purpose and or function o They havebeen designed and constructed with a specific task or function in perspective o An expert treats his or her tools with respect, knows what they are intended to do and does not try to force them to do a taskthat is not suitable Secondly,becoming proficient with some tools mayrequire deliberate attention and effort with some training,practice and support Thirdly,tools havespecific names and often a certain vocabularyand or terminology associated with their use o Knowing the tools names and beingable to use them the vocabularyof the tools are amongthe indicators that ofproficiencyand or expertise What are some of the familiar tools for todays business (no matter a start-up or major corporate?) Lap top,Mobile Phone, Brief Case, Cloud Computing,Linked In, Mindfit,Goricos,Skype, Answerphone, Microwave,blender,mowingmachine. Scissors, dishwasher. Everyone has learned to use manydifferent tools,some common tools that we as adults use around the house for instance, answer machine, scissors,blender,microwave, and dishwasher.
- 6. Learninghow to use these tools,is not usuallyan end in itself,but as a means to other important ends,byknowingand using them people can undertake a variety of tasks more readilyand effectively To paraphrase Thomas Friedman If your business aspires to be successful in making and marketingits products and services and you have not dealt DELIBERTATELY with the challenges of creativity,problems solving, and innovation, YOUARE NOT PAYING ATTENTION This document is about tools that we havecan offer to people in business to make and use in two main groups One set of tools ( Mindfit)for generating ideas and uses One set of tools ( Goricos)for supportingand focussingpeople and companiesto achieve and ensure conformityboth within the local market place as well as internationally The two sets of tools ensure the followingattributes and positives outputs with a small capital outlay 12% increase in customer retention, 25% reduction ofemployee turnover, Reduction ofHealth and Safety concerns, 16% increased profit, 18% productivityincrease, 60% reduction in qualitydefects, 37% ( up to) less absenteeism, 60% reduction in preparationfor ISO costs, 50% (up to)reduction in operationalcosts, 40% (de minimus)reduction in cost of certification, Re-certification costs reduced to minimum, Reduction in underperformance, Outlines disengagement passiveor active, Reduction in conflict, Reduces and or eliminates poor leadership, Identifies avoidance and resistance games people play, Generating Tools (Mindfit) Attribute Listing(state the tasks that you would like to change, modify,improveor enhance) such as How might I improveand or enhance my office work station? Brainstorming(generatingoptions) Force Fitting(state the tasks that you would like to change, modify, improveor enhance) Such as How may we improveemployee loyalty?
- 7. Scamper ( Substitute, Combine, Adapt,Modify,Put to other uses, Eliminate, Rearrange or Reverse) Morphological Matrix (tasks that you would like to change, modify,improveor enhance)such as How might we launch a new low power consumptionChristmas Light? Focussing Tools (Goricos) EvaluationMatrix ( state the roles and responsibilities for employee sign off on process and or payments and or ordering) Hits and Hot Spots (Focussingon best practice, drawingon values and risks to companyand its personnel and the impact on revenue, net contribution,growth, customer retention) ALoU ( Advantages,Limitations,UniqueFeatures) Sequencing S-M-L ( Short Term, Medium Term, Long Term) Business Continuity In summary creativity,problem solvingand innovation thatis the basic tools for which Mindfit and Goricos represent,are widelyviewed as criticallyimportant in our rapidly changing and increasinglycomplex world because they enable individuals,teams,and organisations to attain ; Competitiveness Long term survival Strategic Advantage within an international community Management ( by implication leadership)at the speed of change Innovation withinthe companys products, services and marketing Profitability Financial Health CSR Risk Reduction Outlines for Generating Options Defer Judgement Strive for Quantity Freewheel Seek Combinations
- 8. Defer Judgement; This is the most important part ofgeneratingoptions,in that simplyoutlined,that when attemptingto generate ideas,then the team should deliberatelyrefrain from judgingand or evaluatingthe ideas that either you or the team havegenerated WHY ? Judging each idea as they are thought about slows down the thought process,it tends to lead to dismissal ofpossibilitiesand or inhibition ofyourselfand or the group members Seeking Quantity; The more ideas generated then the greater the likelihood that at least some of them will be promisingand or useful,remember there is no such thingas a bad idea, it just may not fit into the companystructure at that point in time and or has been dismissed as noted above Freewheeling; Encourage team members to give anyand all ideas that come to mind and not hold back and or censor any ideas no matter how sillythey ( the team member) thinkthe idea is or maybe. People are frightened to mention ideas as theyare concerned about beinglaughed at. However these ideas may well be walking on the wild side, these ideas can point to other ideas which act as a fount of knowledge, in addition the funnyideas often assist in helpingthe team to thinkin a creative more positiveaspect,it also engenders communal respect within the team and its workings,In addition the wild side of thoughts can act as a catalyst /stimulus for innovation and change Combinations; Many times new possibilities result from a combinationoftwo or more ideas,the way that Mindfit and Goricos works is to enable you to be alert for new opportunities and possibilities Focussing Options; AffirmativeJudgement Be deliberate Consider Novelty Stay on course Affirmative Judgement; the first and fundamentalcoveringguideline is the importance of a constructiveapproach to critical thinking,some people confuse criticism and critical thinking we must note they are not the same. Critical thinkingshould be towards guidingbeliefs and actions within the business,its clients,its employees,its investors Be deliberate; This is for the use of specific strategies and to inform and support critical thinking.Critical analysis or convergingis not just a matter of settlingon an idea or course of action as a matter of whim or an arbitraryrandom choice, Knowing and usingstrategies
- 9. deliberatelyalso helps individuals and ofcourse the business to keep focussed on options and goals, it helps prevent conflict and interpersonal problems. ConsiderNovelty; In critical thinkingpeople are concerned about the qualityofthe ideas and choices which are made. However, in productivethinkingthe business and individuals are concerned about the ideas which are new and or original,these are possibilities that provide new and better ways to proceed and for the business to moveforward! Stay on Course; When focussingon the business /individual thinkingit is always important to keep to the goals and objectives that are within the business plan. There is an old saying if you dont know the where you are going, then any road will take you there It is much easier and more productiveifthe business is clear about its goals,aspirations,and objectives both in a corporate role as well as for all the individuals who are employed within the business,Goricos assists,supports and reports on this whole ethos within the business The business and employees can test the progress by asking Are we moving in the right direction? Are we moving closer toward where we want to be? Will the ideas and concepts we have created/discussed help the business and employees move forward in a positive constructive direction? Applying the formats and guidelines noted above; Why, When and How With Mindfit and Goricos remember to applyand the guidelines duringthe whole process of ensuringthat the business and as important the employees are productiveand settled. This should include when generatingmanyand varied ideas,or unusual process of thoughts and objectives,the process of Mindfit and Goricos is focus thinking,and moveforwards in a clearly effective decision with clarity and thought through Always use the tools provided when working on and around the business and for the employees to use for the betterment of both the business as well as themselves Use the word of and around How might we? rather than sayingwe cannot because off? or it cannot be done! Within the tools there are prominent reminders ofhowto work together within Goricos the whole process and outputs are cloud based and easilyamended and adjusted to suit the current and future business and employee development Remember; both criticism and praise are judgements,when deferringjudgement,it is wise and constructiveto hold backon both praise and criticism, the negatives are obvious however the positives are also as negative in that it can stop the rest of the team from contributingand participating,finallyemployeesmight well start to give copycat answers to attain praise!!
- 10. Affirm; and encourage the whole employee productivityand creativeefforts (after all they are the people who will contribute 100% towards the progress of the business) Encourage; all employees to monitor and support/comment on the structure and the procedures after all they are the ones who are in contact with each other, clients,suppliers,government departments,remember that the Managing Director/Director/Manager is NOT the police man who is solely responsible for enforcing the rules. As important do not allowthe abovepersons to dominate and influence the whole process Insist; If there are members of the team who will not defer judgement.Ask the person to write down all their so called objections,(do not be bullied) do not allow the persons to dominate and influence the whole process The focussing guidelines; can be very effective in establishing,and maintaininga climate in which there can be lively debate and discussion without interpersonal stresses and conflict, this will help the business set and sustain a positivetone and climate for productiveand profitable business expansionand success Finally Generating and Focussing; tools are important for all the employees of the business to learn and applyno matter what their age and or qualifications