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CEPA Term - Session 3 Questions and Answers
What are the elements of Relentless Execution (VAAR)? o :## Vision, Alignment, Accountability, Rhythm What are S.M.A.R.T. Goals? o :## Specific, Measurable, Aspirational, Realistic, Time-Based What are the three main areas of Goals in Exit Planning Assessment? o :## Personal, Financial, Business How do you test your Vision (BPOF)? o :## Belief, Passion, Opportunity, Focus What three value systems tend to conflict when determining success (FOM)? o :## Family, Owner, Management What is the ideal timeframe when considering goals and vision? o :## 3 - 10 years What is the "fourth gap" that many companies face, that results in a failure to achieve their plans.
o :## Failure to Execute What are 6 features of Workshops that distinguish them from normal meetings? o :## 1. Gathers the right people
- Time constrained (2-3 hours)
- Encourages input and outcomes
- Facilitates buy-in
- Conversational/mindshare
- Promotes decision making and ACTION What two workshops typically occur after the conclusion of a triggering event? o :## Personal Envisioning workshop, and Business Envisioning workshop. What are 5 drivers of your personal vision? o :## 1. Personal Identity
- Financial Security
- Health Status
- Family Responsibilities
- Partner and Family situations When it comes to developing personal goals, what does the acronym S.T.E.P. stand for?
Viability Predictability What are the benefits of a start-stop workshop? o :## - Let's us get a deeper look into the company culture (or the culture of the family behind the business).
- A start-stop workshop is useful to determine inside versus outside reality
- A start-stop workshop can help you understand informal politics and leadership in the company
- A start-stop workshop determines what things you do well from a customer standpoint What are the 7 Action Plan workshops? o :## 1. Envisioning - Owner (upper management/key family)
- Team Education
- Strategic Framework I (3 - 10 years) (management/family/champions)
- Strategic Framework II (1-Year, 90-Day Big Rocks) 5.Team Alignment (details/milestones/resources) 6.Key Performance Metrics (dashboard design) 7.Rhythm (communication protocols) What are some basic features of a bonus "Start-Stop" workshop
o :## - Done with middle management, these are the folks who will impacted greatly by the changes made going forward as determined in the Prepare stage. Allows them input into the process.
- 2 - 3 hours like normal
- Answers 3 questions
- What three things do we already do well? •What three things should we start doing? •What three things should we stop doing?
- Team then votes on suggestions in each category.
- Then, the questions are revisited from the customer's point of view. What main question does a Start-stop workshop truly answer? o :## How well does our inside reality/perception of the business match up with the customer's experience and opinion. What is one large benefit of "Start-Stop" workshop (independent of specific workshop results)? o :## Allows us to see the culture within middle management at a company. The front line people! Allows us to see the culture of a family beyond those involved in the business.
"_______________ is the great unaddressed issue in the business world today. Its absence is the single biggest obstacle to success." o :## Execution What is the best definition of relentless execution? o :## "A specific set of behaviors and techniques that companies need to master in order to have a competitive advantage. A systematic process of rigorously discussing the how's and what's, questioning, tenaciously following through, and ensuring accountability. A core element of an organization's culture. A relentless pursuit of reality, coupled with processes for constant improvement." What kind of workshops can be used to reinforce action? o :## Monthly 1:1 Workshops Monthly team accountability workshops Quarterly renewal workshops Annual retreat workshop When conducting a series of post-Triggering Event workshops, which workshop would an owner share their vision with their management team or family? o :## Strategic Framework I When it comes to creating action plans, one reason many business strategies fail is _______________________________.
o :## They stop at the Goals and Objectives phase without going into enough detail. Protecting value is actually the first step to ______. o :## Building value When it comes to planning vs execution, Value Acceleration best practices suggest you should ______________ backwards and ______________ forward. o :## Plan backwards and execute forward On the spectrum of low vs high-value projects, which are considered strategic vs. non- strategic? o :## Low value projects are typically non-strategic, and high-value projects are strategic. When is a good time to establish goals and objectives with a business owner within the Value Acceleration Methodology™? o :## After discovering and discussing themes from the Triggering Event with the business owner When is an Opportunity Assessment completed?
