The book review for this week is Growth IQ by Tiffani Bova.
Bova has written a powerful book that describes the optimal paths to business growth in today’s marketplace. She backs up her theories with excellent case studies using relevant businesses and their current levels of success and/or failure.
My takeaways from this book are the ten paths to business growth shown in the list and diagram below and the knowledge that most of these paths are not stand alone. Most business growth comes from applying a number of these paths in a strategically informed sequence. In fact, context, combination, and sequence can be the key to success!
A few weeks ago, I wrote a post about the 30 Things Your Customers Care About Most. I summarized a study that was published in the August 2018 issue of Rotman Magazine where the authors presented “The Elements of Value” model for consumers and for business to business.
That post described the Business to Consumer model while this post summarizes the Business to Business Elements.
The B2B Value Pyramid
According to the authors and their research, there are 40 fundamental building blocks of value in the B2B model. These 40 elements organize nicely into a four level Maslow Hierarchy of Needs pyramid. They are shown in the diagram below and, for the most part, the model is quite easy to follow.
We have all heard it said that people are the most important asset your business has. In fact, it is said so much that now we have become somewhat numb to it!
Do we really believe this? Are people truly the key to your organization’s success? What about innovation or leadership or cashflow or customers?
According to Tom Peters in The Excellence Dividend there are seven steps to sustaining success. These seven steps start with taking care of your employees. If you can take care of them and treat them with excellence, they will address all the other components of an excellent business!
This week’s book summary is a podcast link. I was recently featured on the “Ideas and Stuff” podcast episode 50! We covered a lot of ground in about 30 minutes, including:
- Vision, Mission, Values
- Managing risk
- Business failure
- 15 Minute Business Blueprint
- Mastermind Groups
Check it out here and let me know what you think in the comments below!
I attended a “Jamie Clarke” keynote earlier this year and was struck by a number of things he said and how they apply to business.
Clarke is a fellow Calgarian who has summited Mt. Everest twice, climbed the Seven Summits, written a few books, and is the CEO of Live Out There Ltd. He was a very engaging speaker with a ton of life experience and wisdom.
Of the topics he covered in his keynote, there was one statement he made that every business leader needs to practice:
“Be urgent with the tactic and patient with the strategy”
It is really easy to get stuck on one side of this equation and forget about the other. Some people gravitate towards tactics and are always busy but never really “move the ball forward.” Other people are so focused on creating a legendary strategy that they don’t get anything practical done!
About 10 years ago, my son and I decided to build a remote-controlled submarine. We talked through some ideas, drew up a few conceptual plans but never really had a solid strategy in place before we went a bought a bunch of parts from Lowes. Once we had the parts, we went into full-on build mode.
We had a ton of fun while we created an amazing submarine prototype that ended up having so much buoyancy it probably could have floated a full-sized car! We were too focused on tactics and should have stepped back and built a solid design strategy!
In the end, after a lot of discussion and some quick Google searches, we discovered it was way cheaper to just buy a remote-controlled submarine online. However, we still have yards of white PVC pipe glued together somewhere in the shed as a reminder of our glaring failure!
We often hear that execution eats strategy for breakfast or that action without strategy pointless . . . So what is the answer?