Tools by Rob Tyrie , Advisor and Systems Designer — IronstoneAdvisory.com
Build Business Tools
Every business person should have a tool chest of quick tools that they can use to build either plans to act or react to business situations. I’m talking about business situations like having a drop in Revenue by over 50% in a quarter we’re having a new entry to your marketplace and experiencing new competition from a direction you did not expect.
Sometimes, I come up with pretty generic business tools that are useful to shock the system and change things as you plan the next quarter. When I plan things and I look to The Future I’ll consider the present and the past. I look hard at current conditions and then consider the future. I literally use different lenses to dial into the right level of detail and to set up creating a plan or map that I can use to organize my teams and myself, and then monitor progress. Every business is a project, and every CEO is a project manager amongst their other compendium of roles.
The basic patterns here come from strategy texts that include Sun Tzu, Machiavelli and Christiansen. I also use thinking texts, from the likes of Lao, Tzu, Socrates, Seneca, Marcus Aurelius, much like Jung did.
The balance here is one has to be simple enough that I can teach first year consultants and business operators how to use them. This is by intention. Anyone can use fancy jargon and language after they do a PhD. There's fewer people that can turn complex ideas into action using regular language.
This is one of the patterns of I have developed based on the idea of lenses used in planning in the creation of new ideas to work with.
The Mirror and Telescope Pattern
The basic metaphor is to use a mirror to look at your current business with new eyes… things reversed and clear, and then looking out to the Future using a telescope to draw the things that you've seen through reflection, to things you need to do to meet your goals and aspirations.
Here's a sample of the pattern in action.
The problem is that revenue is not expanding smoothly enough, and right now there are too many opportunities that have overlapping resource requirements and you need to focus.
### Present: The Mirror- Reflect Inward 🪞
**Interpretation:**
- **Opportunities and Choices**: A you a multitude of choices and opportunities, but also the potential for distraction and illusion. In business terms, this card suggests that while you have several promising options (proposals, joint ventures, offers), not all of them may be as beneficial or feasible as they appear.
- **Prioritization and Clarity**: It's essential to discern between the truly valuable opportunities and those that may drain your resources or lead to dead ends.
**Strategy:**
1. **Evaluate Opportunities**: Conduct a thorough analysis of each option. Consider factors such as potential return on investment, alignment with your long-term business goals, and resource requirements.
2. **Prioritize**: Rank these opportunities based on their strategic fit and feasibility. Focus on a few high-impact initiatives rather than spreading yourself too thin.
3. **Seek Clarity**: Gather more information where necessary to clear up any uncertainties. This could involve additional market research or consultations with stakeholders.
### Future: The Telescope - Look Forward 🔭
**Interpretation:**
- **Challenges and Constraints**: The Telescope lens represents facing constraints, potential over-commitment, and the risk of becoming tied down by material or superficial pursuits close you. Use the telescope took past your term problems and goals.
- **Risk Management**: This card warns against becoming trapped by short-term gains or being swayed by enticing but ultimately detrimental deals.
**Strategy:**
1. **Risk Assessment**: Carefully assess the risks associated with each choice. Identify potential pitfalls and develop mitigation strategies.
2. **Maintain Balance**: Ensure that your pursuit of business opportunities doesn't lead to over-commitment or burnout. Balance work with personal well-being, taking necessary breaks to recharge.
3. **Focus on Long-term Goals**: Avoid being seduced by immediate rewards that could compromise long-term success. Stay aligned with your core values and strategic objectives.
Practical Steps to Improve Your Business
1. **Break Down the Options**: Create a decision matrix to objectively evaluate the six opportunities. Criteria could include potential revenue, strategic alignment, resource allocation, and risk.
2. **Delegate and Automate**: To handle the influx of work and avoid burnout, delegate tasks where possible. Consider automating routine processes to free up your time for strategic decision-making.
3. **Take a Strategic Break**: Plan a short break to rejuvenate. Use this time to reflect on your business goals and return with a refreshed perspective.
4. **Implement a Risk Management Plan**: For each chosen opportunity, develop a detailed risk management plan. This should include identifying potential risks, assessing their impact, and creating mitigation strategies.
5. **Set Boundaries**: Clearly define the scope and expectations for each venture. Avoid taking on projects that may overextend your resources or deviate from your core competencies.
In essence, your focus should be on discerning the most valuable opportunities while being wary of potential pitfalls. Balance ambition with practicality, and ensure that your choices support your long-term business vision without compromising your well-being. Taking strategic breaks and managing risks effectively will help you sustain and enhance your recent success.
