What exactly are the 4 M’s?
Method: What do we want to achieve and how do we get there?
Management: Tracking, monitoring, risk management, time management and accountability
Momentum: Set the pace. How fast do we want to get there? What opportunities do we need to be strategically aligned for?
Money: Know your numbers. Revenue goals, budgets, net worth and financial understanding of the business.
What is Method?
- Smart strategic planning
- Vision for next 10 years
- Goal setting
- Product development
- Leveraging of people, intellectual property
- Expansion (area, nation, etc)
- Business plans, marketing plans- solid platform to accelerate vision
- Business development
- SWOT (Strengths, Weaknesses, Opportunities, Threats)
- Succession planning
- Working with passion and enthusiasm
What is Management?
- Caring about the outcome
- Controlling the outcome and execution of the plan
- Project Management and monitoring
- Analysis, assessments
- Risk management – What happens if: key people leave, bad clients stay or come, biz explodes/implodes, protection from unforeseen circumstances, back-up plans
- Applying the ideas
- Staying on track
- Communications with staff, vendors, distributors, customer service
- Promotions, incentives, strategy
- Contracts, procedures, policies
- Managing scalability and growth
What is Momentum?
- How fast or slow do we want to grow?
- Pace and positioning for optimum opportunities
- Working the plan
- Planning for vacations or lack of vacations
- Order of priorities
- What are the bottlenecks?
- Where are you getting in your own way?
What is Money?
- Proactive money management
- Break even analysis
- Planning for revenue and earnings
- Profit margins
- Cash flow
- Tax implications to be aware of
- Position on the pricing landscape