rules for reinventing your business and your life

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 Rick@RickGoodman.com

www.DrRickGoodman.com