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scaling part 2 > flashcards > Flashcards

flashcards

1
Q

Which global executive coaching company developed the 4D framework to grow a successful business?

A

The Gazelles Team

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2
Q

What are the 4D’s of successful scaling in business?

A

Drivers, Demands, Discipline, Decisions

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3
Q

What role should a company’s managers play in driving personal and economic growth?

A

That of one-on-one coaches

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4
Q

How do employees benefit from one-on-one coaching?

A

It helps them stay focused and motivated.

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5
Q

What are two ways companies can drive personal and economic growth?

A
  1. Provide one-on-one coaching through managers to keep employees focused and motivated.
  2. Offer additional training to enable constant learning.
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6
Q

What are two competing demands that business leaders need to keep in balance?

A
  1. Those of stakeholders

2. Those of the actual work process

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7
Q

How can a company effectively balance its competing demands?

A

By creating a custom-tailored strategy

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8
Q

What is the first element of discipline within a company?

A

Making the entire company aware of the number-one priority for each quarter or year

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9
Q

How will a defined target help a company create its model of discipline?

A

It allows the company to prioritize effectively

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10
Q

What are the two main elements of discipline within a company?

A
  1. Identifying priorities

2. Establishing a regular meeting routine with constant data review

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11
Q

How do regular meetings and data review benefit a company?

A

They allow the company to detect problems immediately and address them as quickly as possible.

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12
Q

Which issues should a company address first as it makes decisions?

A

It should start with its largest issues, and then address its smaller ones.

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13
Q

What are the four major categories of problem areas/opportunities that growing companies face?

A
  1. People
    1. Strategy
    2. Execution
    3. Cash flows
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14
Q

What percentage of U.S. companies will become high-impact firms?

A

2-3 percent

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15
Q

: How does Up Scaling define high-impact firms?

A

Those that last over 25 years and contribute substantially to overall economic growth

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16
Q

What four elements of a business have to grow along with the company to allow for long-term success?

A
  1. The team
  2. The strategy
  3. The organizational infrastructure
  4. The physical infrastructure
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17
Q

What is the “growth paradox”?

A

Companies do not become easier to run as they grow. The more employees a company has, the more effort it takes to organize them effectively.

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18
Q

Why would a business choose to subdivide teams into smaller groups?

A

Smaller teams help to keep information flowing. When teams get too big, communication is hindered.

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19
Q

: What is the optimum size for a group in allowing for effective communication?

A

7-10 people

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20
Q

What needs better organization if a company seems stuck in its grown process?

A

Team structure and size.

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21
Q

What kind of mindset is required for long-term business growth?

A

Expansion needs to be viewed as a long-term process.

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22
Q

What helps people within a company feel accountable for their performance?

A

Clearly defined responsibilities

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23
Q

What is a common result of lack of accountability within a company?

A

Business collapse

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24
Q

What two charts have been developed to create accountability and make it visible?

A

The Function Accountability Chart (FACe) and The Process Accountability Chart (PACe)

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25
Q

What does the FACe measure?

A

Success

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26
Q

What does the FACe define?

A

Who is responsible for what

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27
Q

What are the five steps of using the FACe?

A
  1. List all of the company’s functions.
  2. Identify who is responsible for each function.
  3. Identify which key performance indicators can be used to measure success.
  4. Identify team members who are responsible for more than one function and those who
    don’t have clear accountability.
  5. Delegate tasks more specifically if necessary.
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28
Q

What does KPI stand for?

A

Key Performance Indicators

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29
Q

What did Google’s people analytics team identify as the most important factor in effective management?

A

Personal coaching

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30
Q

What are four aspects of managing a team?

A
  1. Delegating tasks
  2. Supervising processes
  3. Leading
  4. Inspiring team members to grow and improve
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31
Q

What are four benefits of employee training?

A
  1. It helps employees boost their strengths.
  2. It helps employees learn from their weaknesses.
  3. It increases employee productivity.
  4. It increases employee loyalty.
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32
Q

What percentage of payroll funds would be appropriate to spend on employee training?

A

An additional 2-3 percent

33
Q

List three ways regular meetings help improve employee performance.

A
  1. They allow employers to listen to employees.
  2. They help employers discover what motivates employees and what doesn’t.
  3. They allow employees to discuss what could make their jobs easier and what
    resources they need.
34
Q

What are two ways employers can strengthen employees’ problem-solving abilities?

A
  1. Set clear expectations and priorities, then let team members decide how to achieve
    them.
  2. Modify tasks and responsibilities occasionally to give employees the challenges they’ll
    need for personal growth.
35
Q

What are two ways that establishing core values can benefit a company?

A
  1. Employees will have clear guidelines for every decision they make.
  2. Employees have an accessible summary of the company’s vision.
36
Q

What four elements should a company include in its vision summary?

A
  1. Core values
    1. Core purpose
    2. Brand promises
    3. BHAG
37
Q

: What does BHAG stand for?

A

Big Hairy Audacious Goal

38
Q

Q38: When should employees refer to their company’s vision summary?

A

During any decision-making process

39
Q

Why should employees refer to the vision summary during the decision-making process?

A

To ensure all of the company’s actions satisfy customers’ expectations

40
Q

How can a company help employees internalize its core values and vision?

A

Make copies of its vision summary available in common areas

41
Q

What are brand promises?

A

The things a company guarantees its customers

42
Q

Ideally, how many brand promises should a company make?

A

Three, with one key promise at the forefront

43
Q

How should a company’s BHAG be broken down?

A 
20-25 years for full completion
Smaller goals every 3-5 years
Annual goals
Monthly goals 
Weekly goals
44
Q

How can a growing company retain a sense of purpose, similar to that which motivates smaller businesses?

A

Establish core values

45
Q

How can a company make its mission clear?

A

By formulating a summary of its core purpose

46
Q

How should a core purpose be expressed to employees and customers?

A

Simply; it could be as brief as a single word

E.g., Disney: Happiness

47
Q

How can a company speed up the process of reaching its goals?

A

Identify its greatest strengths

48
Q

What are two ways to discover where a company’s greatest strengths lie?

A
  1. Researching words customers associate with its brand E.g., Volvo: Safety
  2. Identifying its X factor E.g., Outback Steakhouse: Consistent quality
49
Q

What is an X factor?

A

An aspect of the company that differentiates it from its competitors

50
Q

How did Outback Steakhouse create its X factor? (List 3 steps.)

A
  1. It created a unique training program for managers, requiring them to invest their own
    money.
  2. It developed incentives for managers, including competitive wages and bonuses for
    meeting milestone criteria.
  3. Better managers led to more consistent quality and better customer experiences.
51
Q

What does OPSP stand for?

A

One Page Strategic Plan

52
Q

What is a One Page Strategic Plan?

A

A framework to help a company visualize and achieve its goals and clearly state its rewards for meeting those goals.

53
Q

What are two benefits of employing an OPSP?

A
  1. It helps companies know whether or not things are running smoothly.
  2. It helps companies respond rapidly to new challenges.
54
Q

What three questions will an OPSP answer?

A
  1. Who is responsible for each step?
  2. What is your top priority for the next year?
  3. Which metrics can you use to track progress toward your goal?
55
Q

What are two examples of actions that might make HR more effective?

A
  1. Hiring an additional HR manager

2. Improving the onboarding process

56
Q

What is a critical number?

A

A specific number used to measure progress toward a goal

57
Q

What would be an example of a critical number for improving a company’s HR?

A

Reducing the hiring and onboarding process time from 6 months to 3 months
(or any other specific time frame).

58
Q

What does an executive checklist like the Rockefeller Habits Checklist measure?

A

All important factors that indicate a company’s effectiveness. It helps a company to recognize any missteps or potential issues quickly.

59
Q

How can a company make achieving goals more enjoyable for employees? (List four ways.)

A
  1. Make fun challenges for annual, monthly or weekly goals.
  2. Turn goals into a game.
  3. Identify a theme for company goals.
  4. Design a scoreboard where teams can see their achievements and rewards.
60
Q

What are two ways a great firm is like a jazz band?

A
  1. Team members can work together with confidence, even without a strict plan.
  2. Team members know their parts and practice together.
61
Q

What are three benefits of a steady meeting routine?

A
  1. It allows information to flow accurately.
  2. It prevents communication barriers.
  3. It allows team members to stay on top of current activities and issues.
62
Q

How often should a company hold team meetings?

A

Daily or weekly

63
Q

How often should executive members participate in full days of learning?

A

Monthly

64
Q

How often should a company offer offsite strategic meetings?

A

Quarterly

65
Q

According to Rosanne Badowski in In Managing Up: How to Forge an Effective Relationship with Those Above You, what percentage of a work week should be made up of meetings?

A

No more than 10 percent for senior leaders and 5-7 percent for middle managers

66
Q

How does a company’s rapid growth affect its meeting schedule?

A

Faster growth requires a denser meeting rhythm. E.g., A company growing between 20 and 100 percent a year should treat each quarter as a year and organize meetings accordingly.

67
Q

In addition to holding regular meetings, what three things can a company do to strengthen its decision making?

A
  1. Gather data (quantitative and qualitative)
  2. Ensure everyone in the company knows his or her KPIs and the team’s critical numbers.
  3. Seek customer feedback
68
Q

What are two things a company should do if its data shows a gap between its goals and performance?

A
  1. Ask what the current barriers are and tackle them

2. Observe data closely to respond to difficulties as soon as possible

69
Q

How can neglecting financial statements keep a company from expanding?

A

It might not have the necessary funds to expand.

70
Q

According to Jim Collins and Morton T. Hansen in Great by Choice, what separates outstanding companies from mediocre ones?

A

Outstanding companies have 3-10 times more cash in reserve.

71
Q

What cycle can help a company identify how to expand its cash reserves?

A

Cash Conversion Cycle (CCC)

72
Q

What does a Cash Conversion Cycle show?

A

How long it takes until a dollar you invest comes back as turnover

73
Q

Is it better to have a longer or shorter Cash Conversion Cycle?

A

Shorter

74
Q

How can a company shorten its Cash Conversion Cycle?

A

Break it down into its four components and work on them separately, reducing mistakes and improving their business mode

75
Q

What are the four components of a Cash Conversion Cycle?

A
  1. Sales
  2. Delivery
  3. Billing/payment
  4. Production/inventory
76
Q

What are three examples of how a company could modify its financial levers to boost its cash flow?

A
  1. Increase the price of its goods
  2. Reduce the stock in its inventory
  3. Slow down the payment of creditors in its accounts payable
77
Q

How can a company use the Power of One to identify which financial levers to change to improve its CCC?

A

Calculate how one percent or one day’s change of each of its potential leavers would affect its cash flow.
E.g., Calculate the effect of reducing operating costs by one percent or reducing stock
days by one day, then do the same for each lever until it identifies the most financially
efficient one

78
Q

How should a plan for change within a company be presented?

A

In a formalized structure of KPIs and targets, with clearly assigned tasks and responsibilities

79
Q

How can daily executive team meetings benefit all levels of a company?

A

Executives meet together, then meet with their individual teams, passing the meeting structure down through the company.

scaling part 2 (1 decks)

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