Zach Hoskins, Squared 2024 Speaker - Building the Foundation for Business Success: Answering the 7 Key Questions

Apr 2

Speakers from the 2024 STC Squared conference are featured on our blog. Zach Hoskins is the CEO of The Efficiency Conductor.

In the ever-changing world of business, success is a journey that requires a solid foundation. To lay that foundation, I believe there are seven fundamental questions that form a solid business infrastructure.

Let's dive into these questions and understand why they are crucial for any organization's growth and sustainability.

#1 Why do we exist (Mission):

Every successful business begins with a clear sense of purpose. Your mission statement is not just a collection of words; it's the guiding star that defines why your organization exists. It serves as a compass, keeping you on track, and aligning your efforts toward a common goal.

#2 What do we stand for (Core Values):

Core values are the moral and ethical principles that define your company's culture. They are the guiding principles that shape your organization's behavior, decision-making, and interactions. These values are the heart and soul of your business, influencing how you engage with team members, customers, and the community.

#3 Where are we going (10-Year Big Hairy Audacious Goal):

A 10-year Big Hairy Audacious Goal (BHAG) serves as a beacon of inspiration - the summit of the mountain you are climbing. It's an audacious vision that propels your organization forward. A well-defined BHAG fuels innovation, fosters determination, and encourages everyone to strive for greatness.

#4 How are we going to get there (Reverse Engineering the Roadmap):

Strategic planning is the bridge that connects your vision to reality. It involves breaking down your long-term goals into actionable steps. From the 3-Year to the 1-Year and the 90-Day Priorities, each component of your plan propels you closer to your destination. Flexibility and adaptability are essential here, as the business landscape is ever-evolving.

#5 Who's Going to Help (Right People & Right Seats):

No organization can thrive without the right people in the right seats. Building a talented and motivated team is a strategic imperative. Identify those who share your vision and values, and ensure they are in positions where they can excel. This concept is often referred to as having the "right people in the right seats."

#6 What systems do we need in place (Processes & Technology):

Efficiency is the lifeblood of business. Processes and technology are the tools that enable it. Implementing effective systems streamlines operations, minimizes inefficiencies, and sets the stage for scalability. Embrace innovation and automation to stay ahead in today's fast-paced business environment…especially AI.

#7 What's on the Scoreboard? (Metrics/KPIs):

You can't manage what you don't measure. Key performance indicators (KPIs) are the compass by which you gauge your progress. They offer a clear view of whether you are on course to achieve your goals or if adjustments are needed. Keeping a simple list of the 5-15 most impactful numbers that keep your business in the “green” is all you need to track.

By addressing these seven fundamental questions is not just a theoretical exercise; it's the cornerstone of building a solid business infrastructure. Each question contributes uniquely to the strength and resilience of your organization.

Take a moment to reflect on your own business. Are these questions answered and integrated into your daily operations? If not, consider this your opportunity to strengthen your business's foundation. By doing so, you pave the way for growth, innovation, and long-term success.

I'd love to hear your thoughts and experiences. Have you faced challenges or seen benefits from addressing these questions in your business? Your insights and perspectives are valuable, and they can help others on their entrepreneurial journey.