Dr. Rick’s Rules for Reinventing Your Business
and Your Life
Strategic Forum Retreat Cheeca Lodge & Spa, Florida
May 5, 2012
My Story The Long and Winding Road
Is Reinvention for Me?
Reinvention Doesn’t Mean Starting from Scratch. It Means Updating, Refreshing, and Sometimes Retooling
Seven Signs It’s Time to Reinvent Your Business &
Your Life
1. You’re Doing Things Exactly the Same Way You Were Six Months Ago or Even Two Years and More!
2. What Your Customers Want to Buy from You Has Changed, but Your Offerings Haven’t!
3. Your Business Model Isn’t a Viable Business Model.
4. Your Sales are Lagging.
Seven Signs It’s Time to Reinvent Your Business &
Your Life
5. Your Niche is Declining or has Changed.6. You Haven’t Grown as a Person and Neither
has Your Business!7. You’ve Lost Passion/Interest in Your
Business.
Things to Look At and Evaluate for Improvement
• Poor Performing Products.• Employees Who Lack Passion and Creativity.• Market Segments that are Not Worthy of
Continued Resources.• What’s Working and What Isn’t.• Delivery Systems That Need to Be Trashed or
Changed.
Things to Look At and Evaluate for Improvement
• Your Fundamental Approach To People.• Your Compensation Philosophy.• Your New Product/Service Development
Approach.• Your Employee Development Philosophy and
Investment.
Four Business Models to Choose From to Dominate
Your Market
1. Operational Excellence2. Product Leadership3. Customer Intimacy4. Distribution Dominance
Operational Excellence These companies provide standard products
with the least inconvenience. They are defined by low prices and hassle free service.
Operational ExcellenceMain Features:
• Processes are optimized and streamline to minimize cost and hassle.
• Operations are standardized leaving few decisions to rank-and-file employees.
• Management systems and focus on integrated reliable high speed transactions.
• A culture that abhors waste and rewards efficiency.
Product Leadership These companies are product leaders and
innovators that are always pushing past the known. Their value proposition is very simple to produce the best products.
Product LeadershipMain Features:• A focus on core processes of invention,
product development and market exploitation.
• A loosely knit business structure that is able to adjust entrepreneurial initiatives.
• Results-driven management systems that measure and reward new product success.
• A culture that encourages individual imagination accomplishment and out-of-the-box thinking.
Customer Intimacy Customer intimate companies are highly
flexible and in tune to the needs of specific companies.
Customer IntimacyMain Features:• Solution development, results management
and relational management.• A business structure that delegates decision-
making to employees that are close to the customer.
• Management systems that are geared toward creating results for carefully selected and nurtured clients.
• A culture that embraces specific solutions and lasting client relationships.
Distribution Dominance
Distribution Dominant companies feature companies that thrive by dominating distribution channels in the category.
Distribution Dominance
Main Features: These businesses thrive by being in the
right place at the right time.
Seven Simple Rules
for Reinvention
Rule # 1 Do What You Love to Do.
Because You’re Not Coming Back!
Rule # 2 In Order to be Successful in
Business You Need to Have the Ability to Fulfill a Need!
Rule # 3 Pick a Lane!
“Begin with the End in Mind.”
Rule # 4
“Work On Your Business Not In Your Business”
- Michael Gerber
E-Myth Revisited
Rule # 5
Satisfaction Stops Creativity
Rule # 6 Keep Your Evaluation Simple Using the
Who, What and How Success Business Model
Who
How
What
Rule # 7
“Don’t Just Talk About It. Do It and Then Talk About
It!”
John Leone: Heineken St. Maarten
Yerucham
Entrepreneurs
Dr. Rick Goodman
7247 NW 22nd DrivePembroke Pines, FL 33024
888-267-6098 [email protected]
www.DrRickGoodman.com