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Welcome to August 2007 Mindshop Senior Management Network (SMN) Newsletter THIS EDITION: Members Profile - Kyle Paten - A G Coombs Member's Profile - Kyle Paten - A G Coombs Can you explain a little about your business?
Why did you get involved with the SMN? How have you used the Mindshop tools in your business so far? What has been one of the outcomes? I/we are focusing on team building and development at all levels from apprentices, to foremen to project managers Individually the tools are assisting me on where I want to head career wise and to work on the strengths, opportunities and weaknesses to assist me in getting there. Senior Management Network reaches 100 Members Globally In July 2007 the Mindshop Senior Management Network passed the 100 member mark globally which was an exciting milestone to reach. Many thanks to the continued support of our experienced Chairpeople and all members. With 5 new groups launching over the next few months and groups now in place in Australia, United Kingdom and North America we are confident to be exceeding 200 members very soon. Senior Management Network (SMN) has a Global Name Change Since the last update newsletter, all SMN groups have gone through a change of name / focus. Since the beginning of the Senior Management Network concept, the SMN was always known as the Mindshop Senior Management Network however this was found to cause confusion over what Senior Management's focus was and the role of the Chairperson. Therefore, Mindshop asked each Chairperson to use their own brand, ‘powered by Mindshop’. For example Peter Longhurst from BKR Walker Wayland in Sydney, Australia now calls his network the: BKR Walker Wayland Senior Management Network Mindshop’s role can then be seen as the backbone to each Network in the provision of strategic and personal development solutions to business leaders and advisors. Members Training Days Throughout August / September 2007, most groups will have their next Training Day on the topic: “Being an effective leader – getting the most from your people and yourself” The day will cover topics such as:
Feedback has been fantastic from groups who have already run this topic so be sure to register for your group training if you haven’t already through the ‘Events’ tab in the Online Resource Area. If you are not a member and would like to attend one of the Training Days in your region, please contact Emily Mason (emason@mindshop.com) who will put you in touch with your local Chairperson. Upcoming Senior Management Network Launch in Geelong Experienced Mindshop Facilitator, Richard Coumans, from Coumans Chartered Accountants in Geelong, Victoria, Australia is preparing to launch his first Senior Management Network on the 21st August on the topic, “Discovering your hidden Growth and Profit Opportunities”. This group will be made up of a maximum of 20 Senior Managers and Executives from SME Businesses across the Geelong Region who are all focused on achieving greater growth and profit. Sales Rockets Preparing to Launch The Sales Rockets Senior Management Network, run by Mindshop Facilitator and experienced Sales Trainer, Mike Boyle, is off to a ‘flying’ start with already one internal group of 20 members from AGR Matthey in Melbourne, Australia confirmed to start in September 2007 and another group with Sales Managers from a mix of businesses launching this August.
A special launch event is being held on Monday 20th August in Melbourne, Australia for Sales Professionals looking at being a member of this exclusive network on the topic “Selling is Dead...or is it? Discovering your hidden Sales opportunities”. If you, or someone you know, would like to attend a Coumans Senior Management Network or Sales Rockets Network meeting, please do not hesitate to contact Emily Mason (emason@mindshop.com). GH&I GPS Success Network Gaining Momentum in North America The first North American Senior Management Network group, the GH&I GPS Success Network, is filling up fast with already 6 Members from a range of companies in Atlanta, Georgia, and plans in the works to start a second group in the coming months! To reserve your spot in the group today, please contact Tanya Chapman (tchapman@mindshop.com). Revamped Members Online Resource Centre Released The Mindshop Members Resource Center is specifically designed for Senior Managers and Executives as an interactive, online area to provide rapid access to leading business tools, collaboration with hundreds of fellow members around the world and 24/7 experienced support. The 'new look' Resource Center was released to the global network at the end of April 07 with the added features / benefits being: - Ease of navigation through new windows style structure Members can go directly to the Resource Center now by following the link below: http://www.mindshop.com/smanagement.nsf
Five NEW Mindshop Online Courses are now available FREE to members!
Mindshop Online Courses also available to Clients and Staff No barriers to fundamental learning of Mindshop tools / processes? Mindshop firmly believes that the future of most fundamental training can only be in an online environment with the assistance provided for its ‘implementation’ being where the value is added and this is done by Mindshop in a face-to-face environment. We see that by providing no barriers to fundamental training via the new online training environment, members can learn new Mindshop tools/processes and skills at a rapid rate. They can then use Mindshop’s regular face-to-face training days and experienced coaching support to assist them in the ‘real world’ as they implement their new learning’s with their business. This is where the REAL learning will occur and ensure that members are even more successful and well trained in the future. The benefits / features of the new Online Courses were:
Benefits of using an online training program with STAFF or TEAM MEMBERS:
Just recently, one member set up many of their team on the Personal Improvement Course as part of their annual Performance Reviews Mindshop has adopted the online meeting platform, WebEx, to enhance the Mindshop value proposition to members globally. WebEx allows attendees to participate in live training sessions, product demonstrations or meetings without the need for any special software on their PC and all FREE of charge. It is a great way to monthly receive short / sharp, 45 minute training sessions from experts around the Network in new innovations and tools, all from the comfort of your own office. Download previous webex presentations "Making best use of the wealth of Mindshop resources at your fingertips" "Where to look for profit opportunities and how to use Mindshop to make them a reality" Upcoming WebEx Training Events 
August 2007 - Harry Kras (Australia) Harry has been associated with the Mindshop organization since its inception in 1992. Since 1998 he has focused on working with family owned and managed businesses and has adapted Mindshop tools and processes to meet the unique challenges faced by this sector. Please Note: For members not able to make this time slot, a recording will be available to view from the website once it has been run. New Members The team at Mindshop would like to send a warm welcome to our newest members who have joined the Senior Management Network recently! The new members are listed below:
TOOL OF THE MONTH - PROFITABILITY DIAGNOSTIC (Designed by Barry Jenner) Purpose Time Taken to use:
1. High. Identify your high profit customers. These are the ones who generate a high net profit for your business. This is a very important process and will take some time. Identify them and list them under ‘High’ in a table similar to the example shown below. 2. Average. Using the same process as above identify and list your average profit customers. 3. Low. Next you need to understand those customers who actually generate a low profit for your business. Various customers consume different amounts of resources. You will find this out when you really analyze it and have to make a mental allocation of the consumption of all resources and overheads from the Managing Director downwards. Activity Based Costing is one term used for this process. 4. Loss. Finally identify your loss-incurring customers. These are the ones that when you really understand the direct costs and indirect costs (resources, energy, consumption of time, etc) associated with providing the service or product to them, you find that you actually incur a loss. For example, some customers are slow to pay, query paperwork, delay pick-up and deliveries and generally waste time and resources. When you take all this into consideration and find you still lose money on them then they belong in this category. Step 2. Total up the total revenue generated by each grouping of customers Example:
Another way of looking at this is on a percentage basis. In this example 50% of our profit comes from ‘High’ profit customers, 30% comes from ‘Average’ profit customers and 10% each from ‘Low’ and ‘Loss’ customers. Using the Pareto Analysis you can see that 20% of our customers produce either a low profit or loss. The money you make, the profits you generate from the ‘Low’ profit customers may actually be cancelled out or consumed by the ‘Loss’ incurring customers. The end result may be that 20% of your sales actually generate no profit. You are in business to make money and have fun. It is vital to the success of any business that you do a Profitability Diagnostic on customers and/or products twice a year because they are subject to change. Step 3. Action Plans When you have completed your Profitability Diagnostic you need to have a process as part of your Business Plan, to increase your profitability. You need to move your ‘Low’ customers up to ‘Average’, your ‘Average’ customers up to ‘High’. With your ’Loss’ customers you need to move them up to at least ‘Low’ profit or, if you cannot make a profit, you need to stop working with them. When you identify these cases you need to go to the customer and have a look at how you can change the process or service for them so they change and become low profit customers. The end result may be that you need to put the prices up and if this does not work or you can’t get a price increase then you should stop doing the work. There is no point incurring losses. The only time to continue to have a ‘Loss’ customer is when they are very good at referring business to you and the loss is actually a marketing expense. If you have any queries regarding this tool please contact Barry Jenner (Victoria - Australia) - bjenner@mindshop.com For more information on any aspect of the Senior Management Network please contact: Emily Mason: emason@mindshop.com
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