Igniting Success: EO Accelerator/Key Executive Learning Day on Strategy

In November, the dynamic energy reverberated through Creative Cubes South Melbourne's MicDrop Room, setting the stage for our eagerly awaited EO Accelerator/Key Executive Learning Day focused on Strategy. Entrepreneurs and business leaders converged to explore the nuances of profit strategies, navigate emerging trends, and gain profound insights into genuine customer needs.

The event commenced with an exhilarating workshop led by EO Melbourne Member Jeni Clift, our EO Accelerator Trainer for the day. Participants immersed themselves in the value, purpose, and benefits of strategic planning, with a specific focus on crafting a One-Page Strategic Plan for clear and effective business growth. The workshop covered essential concepts like Core Customer, Brand Promise, Sandbox and Differentiating Activities, and the Business Model Canvas, also delving into Michael Porter's perspective on "What is Strategy?"

Injecting a dose of reality into the learning experience, a panel of EO Melbourne Members, featuring John Anderton, Dean Cherny, and Carlo Santoro, alongside Strategic Alliance Partner Debra Chantry-Taylor from Business Action-EOS, shared their insightful experiences from the Accelerator journey. Their narratives provided valuable insights into the pragmatic application of strategic principles.

Concurrently, the chapter unfolded an Accelerator Strategy Day & Membership Session for those eager to join the EO Accelerator Program. This exclusive event offered a sneak peek into the secrets, tools, and strategies that have propelled leading entrepreneurs to remarkable success. Accelerator Chair Anthony Lam adeptly guided participants through this invitation-only event, tailored for Melbourne's ambitious entrepreneurs, introducing them to the Accelerator Program.

The day wasn't just a learning opportunity; it served as a platform for entrepreneurs to connect, engage, and deepen their understanding of the EO Accelerator Program and how it can propel their businesses to greater heights. The collaborative atmosphere fostered meaningful discussions, networking, and the exchange of ideas crucial for entrepreneurial growth.

In the heart of South Melbourne, the chapter witnessed more than a learning day – it became a celebration of entrepreneurial spirit and the pursuit of excellence. As the echoes of insights and experiences lingered, inspired participants departed armed with knowledge and strategies to propel their businesses to new heights. The EO Accelerator/Key Executive Learning Day wasn't merely an event; it marked a milestone in the entrepreneurial journey, unlocking the doors to future success for all in attendance.

EO Melbourne holds quarterly Accelerator and KE Learning Days

Starting a business is no easy feat, much more than accelerating its growth in a short period of time. Though it is a challenge for many entrepreneurs to speed up their business growth, it is quite achievable, as long as they have the necessary tools and people to help catapult their businesses to greater heights.

Such is the purpose of the quarterly Learning Days that EO Melbourne offers to its members and those in its Accelerator and Key Executive Programs. The Learning Days are part of its Accelerator Program's curriculum, which catalyses first-stage entrepreneurs to propel their businesses to the next level. Materials are available for pre-work and Learning Day proper exercises.

Each Learning Day is centred on a particular topic: Strategy, People, Execution, and Cash.

Recently, EO Melbourne held its Accelerator and Key Executive Learning Day - Strategy, wherein participants learned to create sustainable top-line growth. The keys to this are knowing one’s core customer, having a clear brand promise and developing one’s BHAG® (Big Hairy Audacious Goal) for sustainable revenue growth.

Another Learning Day is coming up in January 2023, which will focus on People. It will enable participants how to become a magnet for A-players who are dedicated to results. Growth companies’ most difficult decisions involve getting the right people in the right seats. One of the big questions is: Is everyone in the company aligned, pulling their weight, and contributing as they should?

The succeeding Learning Day will be on Execution, which allows participants to develop a strategic advantage over their competitors, and on Cash, which will tack on cash acceleration strategies to fuel growth.

Participants of the recent Accelerator and Key Executive Learning Day - Strategy gave positive feedback on the learning event.

“There are great tools for overviewing strategy,” one said. “The organisational checklist was the most useful tool presented today,” a participant commented. “Strategy is, for me, the hardest thing to get started on and get right out of the four focus areas of the scaling-up process,” another remarked. Another participant added, “It gave me a new perspective on some existing thoughts.”

If you want to learn more about EO Melbourne’s Accelerator Program and how to join, you can check out our Accelerator page. On the other hand, only EO Melbourne Members can get their key executives to join the Key Executive Program. Read more about it here. 

How do you close a deal?

You may be selling a product, working on a partnership or bidding for a new client. For any of these, you need to make sure that you successfully close a business deal that will be mutually favourable for you and the other party. The negotiation process may take a while, but there comes a point when you already have to make the final move to accomplish your goal.

But how do you ensure that all the time and effort you invested in the talks will bear good fruit? Sometimes, a prospect stalling a decision may lead to a missed opportunity. You have to put a close to the transaction before it’s too late and someone else takes the prize of your hard work. There are a few techniques you can incorporate in your methods that may help you attain the result that you are hoping to get. Still, it is best to assess the situation and get the pulse of the prospect before you proceed with your strategy. Otherwise, you might end up totally losing the deal.

Having a sense of urgency

You can give your prospect time to think over your proposal. But don’t give them too much time. Two to three days of considering your offer would be enough for them to make a decision. Otherwise, the additional time might give them an opening to back down on your offer. Let them know that there are other people interested in your product, service or partnership and that the slot that may be allotted to them can be given to another prospect within two days if no they do not arrive at a decision. There may be other reasons for you to take back the offer, but it boils down to the sense of urgency to make your prospect sign on the deal.

Letting the prospects understand the solution to their needs

One of the factors that brought you and your prospect together is that you have a solution to their problem. Harp on that need that they have, wherein if they do not sign you up or accept your offer, their worries might pile up. Stress the need to avail of your offering immediately to minimise their worries and ensure that any further difficulties may be avoided.

Offering a limited benefit

One way to help your prospects sign the deal and take your offer is to provide a limited benefit that may expire in a few days. Such benefit may encourage them to consider your proposal within the given time and help you get through the finish line. It could be a discount, a free product or service or an exclusive benefit that they can enjoy should they accept your offering.

Taking them to the pros and cons of not closing the deal

There are prospects that need to fully understand the whole picture before they can make a decision. It is understandable, especially if a huge amount or value is at stake. Just take them through the pros and cons of your offer and let them know that you are there to help guide them in their decision-making process. Remember that your relationship with your prospect is important, and it’s something that you must preserve while conducting your negotiations.

Giving them a visual tour of enjoying the benefit

Some prospective clients or customers just need a little nudge to convince them to take your offer and sign the deal. A more positive approach is to make them imagine how your product or service can change their life or impact their future. They have to visually think of the advantages you can bring to them to encourage them to make their decision as soon as possible.

If you have zeroed in on a prospect, make sure that all your efforts will yield to a positive result. There may be many other more techniques that you can apply. The best way is to observe and learn from situations. Not all strategies may work to all prospects, so you have to feel the situation and find the best approach that will work with a particular client. Most of all, be sincere in your dealings with them and do not burn bridges. Always communicate and reach out to them.

Winning the startup phase the Jenga way

Playing Jenga, where you take a wooden block from any part of the tower and stack it on top, takes a lot of patience, concentration and control to win over your opponents. The objective of Jenga, which is a Swahili word that means “to build”, is to make a taller tower but stable enough not to topple during your turn.

It’s survival of the fittest. The way to win is not to lose. You have to do your best so that the tower will not fall on your watch. The aim is not having the tallest tower but building one that cannot collapse easily. Like in a startup stage, the way to get past that is to endeavour your business to survive the hardships that come with establishing it. It may be the most challenging phase in entrepreneurship, and you might get a pointer or two from Jenga on how to win this chapter of your business.

Maintain a stable foundation

Blocks may vary with slight differences in size and thickness. Take out first the lighter and thinner ones and pile them on top. A strong base is crucial in preventing the blocks to crash instantaneously.

If you apply this to running a business, a strong vision, mission and corporate values are necessary to keep yourself focused on your purpose. A good core team and core products or service offerings will also strengthen your enterprise. Don’t be distracted by things that may be disparate to your main business. Always keep your priorities in check and devote time and effort to more important points of your venture.

Build a structure with good balance

Watch out for every move, and concentrate on your turn and those of your opponents. A good way to keep the balance is to take out the middle blocks first because the risk of getting a block from the side is higher than that from the centre. However, if you need to remove a block from the sides, stack it on top at the opposite side from where you took it. Eliminate loose parts first rather than those that are tightly connected.

In business, you have to check the loose parts and eradicate those that may cause your enterprise to tip over. Retain things, such as people, products, equipment or process, which help hold your company together. Identify your strong points and use it as your “centre of gravity” that will keep your venture on balance even when changes or challenges come your way.

Take risks with care

To add another layer on top, you have to move blocks from the bottom. It’s a must to get the game going. During your turn, take your time and do not rush things. Tap and move a block gently. If you do it well, your turn will go successfully, while it may put your rival at the edge, as there’s a possibility of the other to lose the game.

Calculated risks are not uncommon in the business world. Entrepreneurs make a plan and also listen to their gut-feel. Review possible scenarios of the outcome of your actions. Create alternatives in an event when things do not go as expected. Be wise in your decisions. Also, experience and added knowledge can help you pull some tricks up your sleeve.

Expose yourself to various situations as much as you can. If you think you don’t have enough experience yet to bring you to your goal, you can always listen to stories of other entrepreneurs and learn from them. That’s how EO members support each other. Then work towards winning the startup phase the Jenga way.

Checkmate your goal: on chess and entrepreneurship

Strategy and winning. These are two words that best describe the game of chess and entrepreneurship. However, in business, winning is not necessarily associated with competitors. Rather, it is winning your goals by challenging yourself.

The business space and the chess board may be two worlds apart, but there are concepts behind the sport that you can use to navigate on your entrepreneurial journey. Like a chess player, you have to sit down and carefully look at all the pieces before you decide on the play you plan to employ to get to your target.

Define your goal

Bear in mind that it’s both offence and defence. Aim at capturing the other player’s king while protecting yours. If you know what that king you need to capture represents, it will be easier for you to plot out your moves. It could be your target market, a position in the industry, or the objectives you set for yourself. Focus on that goal, don’t be distracted and work your way towards getting the prize that comes with it.

Study your opponents and team members

Chess pieces, yours and that of the opposing player’s, are important elements of this board game. Some have more powerful moves and important positions, so you should know how to use them wisely. Be attentive to your adversary’s style and frame of mind. In business parlance, know your competitors and your market. How do you capture the interest of your prospects? Market research will be a useful tool that can provide you with the answers. Look into the proficiency and talents of your team members, which can be helpful to your planning.

Plan a strategy

A mind game like chess requires strategising so that you can outdo the other contender. Before you place your next piece on the square you are eyeing, review all possibilities and anticipate worst-case scenarios. As they say, you should be two moves ahead of your rival. Victory is within sight when you have proper preparation, planning, practice and execution.

Use perception and change moves, if necessary

Although you have crafted your plans, intuition also plays a significant role in the game. There are circumstances when an entrepreneur’s hunch leads him to success. It’s not always a guarantee, as perceptions may go wrong, but there are times when intuition can save you from danger. Entrepreneurship is all about risks, so always be prepared to pivot when needed. Don’t be afraid to change directions midway if it can lead you to your goal.

Prepare to make sacrifices

Pawns are frontliners that get sacrificed in the play. There are several things you have to forego when you take the business journey. Time, resources and effort are poured into your endeavours to make them a success. When it comes to your people, circumstances call for you to let go of those who may not fit in your corporate culture. If you need to give up something, look at the bigger picture and the long-term effect of it to you and your venture.

Consider the importance of time and the right timing

A professional match may require a time element per move you make. While you need to contemplate carefully your next steps, don’t dwell too much on one strategy as well as don’t rush to get to the next square. Certain actions work best when done at the right timing. Be sensitive to your surroundings, particularly to the market you serve and the industry where you belong. In making decisions, discern well when you have to take a long pause before you take action or when you have to immediately act upon it.

Over time, your experiences will help you navigate through more difficult passages with confidence. Just keep playing and practising. To be a master, you have to learn from more experienced players. Joining clubs can help you hone your skill and capability, such as becoming part of EO where you get to interact with and learn from other entrepreneurs and business owners. In the end, you’ll be able to plot your strategy to arrive at a checkmate to your goal.