Recently, I had the pleasure of attending a Verne Harnish talk. Verne Harnish is the Founder of the global business network Entrepreneur’s Organization. He is the Venture Columnist for Fortune Magazine, and he’s the author of the bestseller Mastering the Rockefeller Habits. His latest book Scaling Up has also been very successful winning seven major international book awards including the prestigious 2015 International Book Award for Best General Business book. And these are just a few of his many major accomplishments! Verne has spent the last 30 years using his expertise to help companies improve.
What I Learned
Attending this talk had me asking myself some important questions that I believe all businesses should be asking themselves if they are looking to ‘scale up’. Here are 5 things that I learned:
- Honestly ask yourself where you get your energy. These are the tasks you should focus on and delegate or automate the rest.
- Start thinking about Artificial Intelligence (AI). It is here to stay and companies already using AI today will be the ones to stand out tomorrow. Think about various aspects of your business. What are some ways you predict AI will save you time and/or money?
- What 25 relationships do you need to achieve your business goals? Write down names and go seek those relationships and nurture them regularly.
- Every business should have a guarantee. Exadata’s great example is 5x faster than IBM or we give you $10,000,000. Domino’s is 30 minutes or it’s free. What can you guarantee your clients?
- Are you familiar with the 7/70 Rule? Go after 7% of a market segment and then dominate 70% of that market. For example, Ikea is only 6% of the furniture market but owns over 70% of the ready to assemble niche. Start researching how you can get your business there.
Looking at the bigger picture in this way will help you rearrange your business’ goals so that you are not just planning to improve or expand, but also analyzing how you can be ahead of competition and dominate your industry.
In addition to Harnish’s own publishing’s, he recommends a Book Bundle List to encompass all aspects of your business. These recommendations are his top book pics that will help you take your business to the next level!
- Relationship Marketing by Regis McKenna
- Am I Being Too Subtle by Sam Zell
- The Wisdom of Crowds by James Surowiecki
- Teeming by Tamsin Woolley-Barker
- Outrageous Empowerment by Ron Lovett
- Uncommon Service by Frances Frei
- The Goal by Eliyahu Goldratt
- The Customer-Funded Business by John Mullins
Don’t be afraid to have bold goals and big dreams! With the right steps and planning, anything is possible for you and your business!
Emily @ Back Office Betties