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- 🟠 SMBs can be Freedom or a Prison: KPIs, People, and Accountability
🟠 SMBs can be Freedom or a Prison: KPIs, People, and Accountability
Great operators have freedom & control, bad operators live in a confined prison hoping one day to be set free.
Small Business operational excellence is where rubber meets the road - the difference between dreams & reality. Great operators have freedom & control...bad operators live in a confined prison hoping one day to be set free.
The difference between 'great' operators and 'bad' operators is people + process. I'm a fan of business operating systems (EOS, OKR, etc) to solve and improve both parts of this equation in your small business.
1. Use the People Analyzer to understand your own small business OR to vet a potential acquisition:
I recently did this with a company under LOI & it was the most valuable 30 minutes so far in the entire diligence process.
How do you diligence 'people' and 'culture' when assessing a business acquisition?
Extremely important, hardly ever talked about: 🧵
— Ben Tiggelaar 🟠 (@bentigg)
Mar 9, 2023
2. How to create an Accountability Chart:
In the book Traction, they recommend the Accountability Chart as the first tool to implement within EOS
At first I didn't understand why, I thought something like Vision should come first
Here's a learning from my last role that I think plays into this👇 1/
— Tom Birchard (@birchard_tom)
Dec 24, 2022
3. How to setup KPIs (Key Performance Indicators) for your business:
Very few SMBs actually do this with their management team. It's pretty easy & helps you identify what's really important to you and your team:
Financial statements have a big problem:
They tell you about your company's past.
But...
How do you predict the future of your business?
You need a KPI (Key Performance Indicators) system.
Here’s how I do them.
— Michael Girdley (@girdley)
Mar 17, 2023
Investors: Want to invest passively as an LP in cash flowing SMB deals? 1-2 off-market deals per week. Accredited investors can apply to be an investor on the SMB Capital Connector email list here.
Raising capital for an SMB deal?: Have a deal under LOI and looking to raise capital: Submit your deal to the SMB Capital Connector here.
Looking for debt financing (SBA + lower middle market) for an upcoming acquisition or add-on? I have a short-list of preferred lenders. Reply to this email what your purchase price, amount of leverage desired, and industry...and I'll tell you who to speak with and who to avoid!
The SMB Scoop
🟠 Ben Tiggelaar