MICHAEL J. LOVE, JD
University of Miami Law School
Eight Strategies to a Successful Business Model.
1. Identify the Outcome (what do you seek to accomplish)
2. Identify the Stakeholders
3. Conduct a human capital needs assessment (poor management, talent acquisition, leadership development
4. Identify resource needs (Technology (ERP/CRM System, Consolidation Tool, Procurement Tools, Logistic Tools), Proper Financing, One or more viable core businesses, Effective Operators
5. Design Strategy for the Desired Outcome (Long Range Plan (3 years); Place it aside; 3 Month Plan/ Build Out to the 1-year plan; then marry the feasible steps to your 3-year plan.
6. Over Communicate - ‘always and often’ by a factor of 10 to your immediate team, their broader company team; and then the organization.
7. Get your team to Buy-In. Win Everyday.
8. Trust your team, but hold them accountable. Hold their hands through the first two months, so that the cadence is engrained in them. Always reinforce positively. Build them, develop them, and grow together.
Creating Intelligent Teams
Chose individuals who love the product
Chose individuals who enjoy the company
Chose individuals who know the current full product life cycle.
Chose technologically, competent individuals.
Chose individuals who are capable of working in a quicker tempo.
III. Inherited Teams
Always start from scratch.
Never review the notes of the previous leader, allow the team to teach processes/strategies instituted previously. The team understands the nuts and bolts of the operation.
Let the team know you are supportive of them and that they are the critical stakeholders.
Team conflict is addressed via deliverables, not individuals.
As a consultant, I build from a flat structured organization and progress to a vertical structure.
After four months of team building, the proper cadence is usually established. Gaps in the process identified. Is this a developmental gap or a capacity gap? Can we address the capacity gap with automation? Is additional headcount needed?