This week our VFD Mastery Programme delegates were looking at two critical topics which apply to most businesses:
- Business Analysis & Opportunity Identification
- Business Start-Ups & Volatile Trading
The led to a healthy debate about how to get clients to engage with the process. Engaged clients will see the value and be enthusiastic about doing their part.
Here are the top tips that came out of that discussion:
- Offer to structure the agenda:
a. Agree accuracy of the notes from the last meeting, (correct detail, do not discuss the issues at this stage).
b. Celebrate success: We aimed to get from A to B, and need to celebrate the successes/progress before then talking about the underperformance, (key books to read: The 4 Disciplines of Execution, and The Gap and the Gain by Dan Sullivan)
c. Key points arising from the last meeting, ideally in priority / importance order:
d. Review financial performance – the actual and desired impact of activities on the business performance and priority KPIs
E.g. improving cash flow, increasing gross margin, reducing client attrition by X% to deliver a €XXXX impact which combined will deliver YYY by the end of the period
e. Include non-financial KPIs in the management review
f. Any other business at the end – but ideally ask that all AOB be tabled before the meeting and will ideally be added to point C.
- Offer to circulate the Agenda before the meeting (saves everyone a job and gives you more power and influence in the relationship) – ideally circulate at least 72 hours before the meeting, highlighting the key issues and who should have done what by the time of the meeting to increase the probably they will do it.
- Send each named person (with a key task to perform and report on), a ‘Friendly reminder’ that they are going to be called upon to present an update at the upcoming meeting.