I just had the good fortune to be a guest speaker at both the University of Arizona and at Arizona State University. The topic was Business Management 3.0 and the hot new trends in building a successful business. Both universities have thriving entrepreneurship programs and make-it-happen students.
Special thanks to:
Len Jessup, Ph. D., Dean of the Eller School of Management at the University of Arizona, and
Gerry, Polseky, Ph.D. Professor in the College of Technology & Innovation at Arizona State University
Predictive analytics is a concept beginning to permeate curriculum and teaching across America and was the centerpiece of my talks. As you probably know, the idea of using traditional P&L’s and Balance Sheets to see where a business is going is – well, old-school.
The idea of using trend lines, forecasts and ratios are the only way to run a business if you want to keep it lean and responsive to changes in the market. Industry benchmarks are key to understanding your competitive stance relative to your peers in your market. Real-time industry benchmarks also uncover changes in an industry and how they are impacting financial performance in your specific market.
All of the important analytical smarts is contained under-the-hood in our own Corelytics Financial Dashboard so that the entrepreneur doesn’t need to have the time or the know-how to crank the math, they just need to see the picture and decide how to respond.
Business Management 3.0 is really an entire framework including::
- Predictive analytics, trends and forecasts
- Benchmarking performance with peers
- Social media to engage customers and communities and get meaningful feedback
- Agile processes oriented around the customer (read The Lean Startup by Eric Ries or Management 3.0 by Jurgen Appelo)
- Virtual teams that can be productive anywhere and available anytime
- Virtual technology strategies using the cloud and outsourced technical expertise to minimize costs and to get lots of bang for the buck
- A business advisor to be a source of ideas, feedback and encouragement – do you ever see a professional athlete without a coach or trainer? Never! Building a business is a major undertaking and the chances of success can be significantly enhanced with the help of an experienced advisor.
I’m sure there are more great ideas out there to add to this list.
What other elements of business are new and accessible today? Please let me know your favorites. We may discuss them on our Small Business Road Tour kicking off in Seattle April 12. We have a sterling list of sponsors: Intuit, Microsoft, Cisco, Constant Contact, T-Mobile, Concur and several more that you might want to take a look at. Even the SBA will be there and adding their perspective on the Business Management 3.0 theme.