A-Team Outside the Box

Outsdie the boxYour ‘Outside-the-Box’ A-team

Every business has its challenges, yet most private companies do not engage a board of advisors. So let’s look at your options a little more carefully to see how you might want to set up such a board. Creating an Advisory Board (BoA) is making use of a group of outside experts, in other words, an “A-Team outside the box”! I am playing a bit with words here, but I want to emphasize that you should try to think unconventionally and gain some perspective by adopting an approach that’s essentially “outside your business.”  Have this group bring you business knowledge that you don’t currently have access to, information of the sort that will encourage profound questioning and probing.

An advisory board will provide you with non-binding strategic advice. This option gives you greater flexibility in how you might structure and manage this group than a traditional board of directors. Your selection of senior-level business leaders, experts and thought leaders to serve on your BoA will be very important. It might be easy to ask your accountant, lawyer or best friend to serve on your board, but that will be a mistake. A board with a completely outside perspective will bring you a refreshing new way to view your challenges and problem-solving, and get you out of your four walls to help you concentrate on working ON your business.

You’ll want to have high-level advisors who can advise you on all things business.  Every one of them should have an appetite for forward-looking opportunities and bring a strategic mindset to the tasks at hand. The BoA should have a good cross-section of expertise, such as talent retention and acquisition, strategic finance, sales and distribution, leadership coaching and operations/productivity, to name just a few of your BoA’s skill sets.

Starting the process, you’ll need to focus on 4 steps:

  1. Selection of Advisors

You want advisors who complement your own skill set, but also understand the need to keep the conversation strategic and “big-picture.” Look for advisors who are excited about your business and industry and see in it the potential and opportunities.

  1. Commitment and Compensation

Decide what the rate of compensation for your BoA hires should be. For a lower middle-market company, make an investment based on the frequency of meetings. An advisory board member may earn between $1,000 – $5000 per meeting.

  1. Discovery Process

At the first meeting, introduce your company to the board. Give them a good background summary of how you have built the company, where you are today and where you may want to be in the next three years.

  1. Deliverables

For the first meeting, draw up an agenda yourself.  After that, the chair should create an agenda with specific action items for each meeting. Discuss deliverables in each session, whether they were achieved or not, and if not, why not. Based on that information, make appropriate adjustments and identify additional resources and support if needed.

Advisory board work is a long-term solution for your business and your executive team. View it as a long-term strategy to help ensure the future health of your company. The benefits of such an investment are that you gain access to a group of thought leaders and business experts who will brainstorm, help you define a better solution and add to your thinking power. If they are effective, they will hold you accountable for finding solutions and applying them to your business.

Several times in my work with business owners and CEOs, I’ve heard them tell me they don’t want to pay for “thinking.” I always tell them that while they might consider themselves as being very strategic and smart risk takers, having another set of brains on hand might just get them “outside the box” in terms of ideas and problem solving that will help them advance beyond their competition.

Developing an advisory board to support the future of your company is one of the best investments you can make, as long as the goals and deliverables are clearly stated and you see yourself and your company making progress. Never under-estimate the power of outside the box thinking and advising. You have an opportunity to assemble an A-team to help you sort out your priorities and challenges, all for a relatively small investment of $30-$75,000 a year. The return on this investment is a factor of many, not excluding the fact that you are becoming a true leader for your business.

Want to know more?  Contact Rudi Scheiber-Kurtz for more details at 617-449-7728

 

Every CEO Faces Agility Issues

Our 3rd CEO Leadership Event of our 3-part Series at the Lanam Club, Andover

Wed, May 18th from 12noon – 2pm- JOIN US!

HOW DO SMART COMPANIES GROW?

What can we learn from fast growth businesses and why you need to know?  What is the fundamental path to growth in a fast paced business environment? Here are the 3 Reasons:

  1. The economic picture will continue to change, both internationally and nationally, affecting all businesses small and large. EVERY business needs to understand how to become more adaptive and agile against this volatility to survive.
  2. How do fast growth businesses adapt daily to these external changes and how do they keep their businesses agile? The CEOs will describe the different stages of growth and how it affects their culture; how they go about finding the right people, a challenge we all face.
  3. Come and hear how the digitized world helped them and what YOU can apply to your business today!  An industry agnostic approach.

REGISTER TODAY TO HAVE A SEAT AT THE TABLE!

PANELISTS:

CloudLock   Gil Zimmermann, CEO & Co-Founder, CloudLock

Mobiquity   Bill Seibel, past CEO, Mobiquity

CTP   Chris Greendale, Founder & CEO, Cloud Technology Partner

MODERATOR:            Rudi Scheiber-Kurtz, Founder & CEO, Next Stage Solutions, Inc

WHERE:  The Lanam Club, 260 N Main Street, Andover, MA 01810

Register Today!

Rudi Scheiber-Kurtz of Next Stage Solutions, Inc. | 617. 449. 7728

Andy Snider of Snider Associates | 617. 947. 1170

SniderNSS

How Fast Growth is Achieved

Addressing the Challenges of Succeeding the 21st Century

Spiral Wednesday, May 18th  12-2pm   Part 3

Approaches that worked in 2000 are not enough to succeed in 2016.  Digitization of things is upon us. What can we learn from fast growth businesses who live and provide the latest technology and what opportunities can we create when we are ready to embrace the new state of doing business?

PANELISTS:

Mobiquity   Bill Seibel, past CEO, Mobiquity

CTP   Chris Greendale, Founder & CEO, Cloud Technology Partner

CloudLock   Gil Zimmermann, CEO & Co-Founder, CloudLock

MODERATOR:   Rudi Scheiber-Kurtz, CEO, Next Stage Solutions, Inc.

Learn about techniques that the most advanced companies are using to achieve extraordinary results and to make their organizations more adaptive.

WHERE:  The Lanam Club, 260 N Main Street, Andover, MA 01810

Register Today!

Rudi Scheiber-Kurtz of Next Stage Solutions, Inc. | 617. 449. 7728

Andy Snider of Snider Associates | 617. 947. 1170

De-Risk Your Business

Why De-Risking Your Business is a Smart Move!

By Rudi Scheiber-Kurtz, CEO of Next Stage Solutions, Inc.

No matter what your next stage for your business is, whether you want to grow and acquire or sell in the next year or so, de-risking your business will only bring you benefits.

Business risk

Let me share with you parts of our methodology and structure that we use with our clients. We have defined 6 areas of Enterprise Risk included in our assessment tool and implementation plan.

Enterprise Risk is generally high among midmarket, private and public businesses, yet with the proper management and forecasting tools, they can be reduced or eliminated altogether.  Doing nothing will definitely hurt the value of your business. Having a process and a plan in place is a worthwile investment.

Here are the 6 areas of Enterprise Risk for your consideration:

  1. Lack of a Formalized Strategic and Operational Plan
  2. No Alignment with Goals & Objectives
  3. Underperformance with Low Productivity and Utilization Rate
  4. Silo Mentality and Thinking
  5. Inadequate & Antiquated Procedures, Processes and Policies
  6. Overreliance on Key Employees

Over the years, NSS has found patterns of hidden risks typical in midmarkets. These issues come to surface when the company typically wants to engage in a next stage, such as acquisition financing or planning to get their company to market, then are surprised when the realistic value does not match the perceived value.

The good news is that the above six factors are all internally focused and under your control.  With the right management tools, awareness and a relatively small capital investment, they can be fairly easily mitigated. Once implemented, it becomes part of an ongoing process/policy called Enterprise Risk Management or ERM.

External risks are also to be considered and should be incorporated in your ERM plan.  To start the process, talk with your CFO to get support with the following steps:

  • Look at 2 Types of Risks – External, mostly uncontrollable and    Internal, mostly controllable
  • Create a structured process to identify risks
  • Identify patterns of hidden risks
  • Recognize, understand and develop a comprehensive plan to mitigate these risks

Companies confront different types and levels of risks over time and there are many common threads that define risks and how they impact critical decisions routinely made by organizations.  Having an ERM plan in place will position you for greater strength and increased value no matter what your next step is for your company.  This is not fluff, but a necessity, so begin the discussion today.

For more details on the 6 areas of ERM, watch our 6-minute  RudiTuesday Video!  It will provide you with additional thoughts and criteria to consider. Yes, we have done it many times over and would love to help you, but most importantly to me is that you get it started!  It’s all about value creation and choices.

Enterprise risk

Call us if you have questions or if you need our support in de-risking your business! 

617 – 449 – 7728

4 Things to Scale

What is Scalability?

We define scalability roughly as a way to transform your business for profitable growth. It should not be confused with economies of scale which result in lower unit costs as you increase the quantity of units produced or purchased. Economies of scale alone do not guarantee that your operating margins improve as revenues increase, whereas scalability does.

Scalability is about Processes, People and Technology.  To effectively scale a business four key elements must be in place:

  1. A Strong Management Team
  2. Well-defined Business Processes
  3. An Integrated Business System
  4. Fully-Documented Operating Procedures

Creating a business model that incorporates the capabilities to address increased demand will result in increased profit margins.  Top line growth is important, but equally, if not more, important is the bottom line growth.

For more details on the four elements, watch our short Rudi/Tuesday Video on Scalability.

In order to fully optimize this transformation, it is vital to consider each of the above points.  Difficult to achieve?  Not if you have a plan in place and set your priorities and timelines.  What is important is that you address all four areas on a continuous basis to fully realize scalability.

As a start, begin by looking at the following in your organization:

  • Flow of Work Performed
  • Current Approach and Methods
  • Timeframe for completion of each process

Examine the flow of work performed and how information is delivered in Finance, HR, IT, Legal and Sales.  Identify and review current written procedures and determine what is adequate and appropriate and what is no longer relevant. Look for lack of coordination and departmental silos and use the cross-functional approach that goes across your business disciplines.   This is where you will gain higher savings and broader benefits.  Consider how best to shorten each process to reduce time to market.

Key levers such as business systems, processes, talent, organizational structure and governance need to be addressed.  Be broad in your approach.  Many of these activities can be centralized.  Always ask yourself “Do we still need this and why? Is it still necessary?”  Engage your employees to determine why they are performing certain functions and procedures. A scalable administrative infrastructure by centralizing G&A will eliminate redundant activities.

Another area to consider is reducing your fixed costs as much as possible.  You want to have as much Operational and Workforce Agility as possible.  High fixed costs force you to move like an ocean liner rather than a speed boat, essential in today’s economy.  Variable costs you can control as they are directly related to sales.

Companies that embrace scalability, efficiencies and effectiveness are generally more focused on market opportunities and outward looking.

A scalable business model increases the value of your business so it is well worth the investment of your time and resources. Most important is to understand that you want to change from a Founder-driven organization, working IN the business in charge of it all, to a Process-driven organization, working ON the business and establishing a strong management team to support you.  Growth is a desire and Scalability is a capability to fully take advantage of sustained growth.

Join us for the upcoming CEO Workshop on Thursday, 29 October at 11am and listen to three exceptional Executives who have taken their business to the next stage by scaling.  Click HERE for more information and to register.  We are in a small but intimate setting, so secure your place by signing up now!

Email us at info@nextstagesolutions.com or

call 617-449-7728

De-Risk Your Business Today

Why De-Risking Your Business is a Smart Move!

By Rudi Scheiber-Kurtz, CEO of Next Stage Solutions, Inc.

No matter what your next stage for your business is, whether you want to grow and acquire or sell in the next year or so, de-risking your business will only bring you benefits.

Business Risk 2Let me share with you parts of our methodology and structure that we use with our clients. We have defined 6 areas of Enterprise Risk included in our assessment tool and implementation plan.

Enterprise Risk is generally high among mid market, private and public businesses, yet with the proper management and forecasting tools, they can be reduced or eliminated altogether.  Doing nothing will definitely hurt the value of your business. Having a process and a plan in place is a worthwhile investment.

Here are the 6 areas of Enterprise Risk for your consideration:

1)      Lack of a Formalized Strategic and Operational Plan

2)      No Alignment with Goals & Objectives

3)      Underperformance w/ Low Productivity and Utilization Rate

4)      Silo Mentality and Thinking

5)      Inadequate & Antiquated Procedures, Processes and Policies

6)      Over Reliance on Key Employees

Over the years, NSS has found patterns of hidden risks typical in midmarkets. These issues come to surface when the company typically wants to engage in a next stage, such as acquisition financing or planning to get their company to market, then are surprised when the realistic value does not match the perceived value.

The good news is that the above six factors are all internally focused and under your control.  With the right management tools, awareness and a relatively small capital investment, they can be fairly easily mitigated. Once implemented, it becomes part of an ongoing process/policy called Enterprise Risk Management or ERM.

External risks are also to be considered and should be incorporated in your ERM plan.  To start the process, talk with your CFO to get support with the following steps:

  • Look at 2 Types of Risks – External, mostly uncontrollable and    Internal, mostly controllable
  • Create a structured process to identify risks
  • Identify patterns of hidden risks
  • Recognize, understand and develop a comprehensive plan to mitigate these risks

Companies confront different types and levels of risks over time and there are many common threads that define risks and how they impact critical decisions routinely made by organizations.  Having an ERM plan in place will position you for greater strength and increased value no matter what your next step is for your company.  This is not fluff, but a necessity, so begin the discussion today.

For more details on the 6 areas of ERM, watch our 6-minute  RudiTuesday Video!  It will provide you with additional thoughts and criteria to consider.

Yes, we have done it many times over and would love to help you, but most importantly to me is that you get it started!  It’s all about value creation and choices.

Call us if you have questions or if you need our support in de-risking your business! 

617 – 449 – 7728

Addressing Scalability Issues

MDG Logo MDG partners with NSS with a NSS LogoCEO Breakfast Series on Growth Strategies for Small to Mid-cap Companies in the MedTech Industry

REGISTER TODAY!

GROWTH STRATEGY III | Scalability Issues

Wednesday | June 10 | 2015

7:30am—9:30am | Place: Constant Contact | 1601 Trapelo Road | Waltham

Join CEOs Mike Tamasi and Gordon Craig addressing Scalability Issues

Mike Tamasi Gordon

In this third installment of a 3-part Breakfast Series, we will be addressing the challenges and opportunities of mid-market companies to achieve profitable growth. Our interactive panel discussion will address the various organizational, infrastructure, and cultural changes required to scale their business and provide examples of successful strategies executed by their respective Companies in achieving real growth objectives.

The topic will be approached from different points of view provided by the experts and will look at the “Business of doing Business”. This holistic approach will include the Technical as well as the Human Capital side in the dialogue.

Discussion Leaders: 

Bob Weber, Managing Director, Next Stage Solutions, Inc.

Dick O’Brien, Principal, Nagog Hill Partners

David Danehy, Senior Product Manager, Philips Healthcare

Rudi Scheiber-Kurtz, CEO, Next Stage Solutions, Inc.

For more information: Bob Weber 617-449-7728 at Next Stage Solutions, Inc. | 67 South Bedford Street, Suite 400 West, Burlington, MA 01803