Build Your Business Podcast: Episode #17 Summary
Title: Your Business GAMEplan: Goals, Actions, Metrics, Execution
Release Date: February 28, 2025
Hosts: Matt Reynolds & Chris Reynolds
Network: Barbell Logic, The Radcast Network
Introduction
In Episode #17 of the Build Your Business: From Fear to Freedom podcast, hosts Matt and Chris Reynolds delve into creating an effective GAMEplan—an acronym for Goals, Actions, Metrics, and Execution—to strategically grow and manage business operations. This episode provides listeners with actionable insights on setting clear objectives, defining measurable actions, and executing plans to achieve sustainable business growth.
Understanding GAMEplan: From OKRs to GAMEplan
The duo begins by exploring the origins of their GAMEplan framework, which is an adaptation of the widely recognized OKRs (Objectives and Key Results).
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Background on OKRs:
- Matt shares, "The original concept of this is called OKRs, Objectives and Key Results... [Episode #21]" (07:44).
- They reference influential figures like John Doerr and Andy Grove, emphasizing the robustness of the OKR system.
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Transition to GAMEplan:
- "Five, six years ago now was we modified OKRs... we made minor modifications so that the staff of my team, and now your team, can more easily understand exactly what they're doing." (15:09)
- GAMEplan simplifies OKRs by making terminology more accessible and reducing complexity.
Real-Time GAMEplan Development for Marketing and Sales
Matt and Chris walk listeners through a practical application of the GAMEplan by developing a strategy for Chris's company, Certain—a B2B service-oriented business.
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Setting the Primary Goal:
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Defining Actions:
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Action 1: Content Creation and Distribution
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Action 2: Lead Conversion Mechanisms
- Transitioning from content reach to qualified leads through strategies like newsletters and premium giveaways.
- Matt outlines, "Action two after the top of the funnel piece... fully activated utilizing certain services." (62:23)
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Action 3: Nurturing Leads to Conversion
- Implementing sales teams and personalized outreach to convert nurtured leads into paying customers.
- "How do I nurture that lead? You're probably gonna have to expand your team..." (61:57)
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Establishing Metrics:
- Reach: Number of people exposed to the content.
- Qualified Leads: Percentage of reach turning into potential customers.
- Conversion Rate: Percentage of qualified leads converting into paying clients.
- Example Metric: "If the total reach is 50,000, then the qualified leads are 10,000." (62:23)
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Execution Plan:
- Detailed SOPs (Standard Operating Procedures) for each action to ensure accountability and progress tracking.
- Assigning ownership of specific tasks to team members to facilitate execution.
Leading vs. Lagging Indicators
A significant part of the discussion centers around distinguishing between leading and lagging indicators to better manage and predict business performance.
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Leading Indicators:
- "Actions that are leading indicators... like making content." (69:22)
- These are controllable activities that drive future results.
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Lagging Indicators:
- "I can't force X amount of revenue to come through the door." (69:22)
- These reflect the outcomes of past actions and are less controllable.
Matt emphasizes the importance of focusing on leading indicators to predict and influence future business success effectively.
Rolling Forecast and Dynamic Target Setting
The hosts discuss implementing a rolling forecast system to continuously align business actions with real-time performance.
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Implementation:
- "We have a real-time rolling forecast where our expected ROI is compared against actual ROI." (70:07)
- Adjusting targets based on monthly performance to stay aligned with business realities.
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Impact:
- Enables quick pivoting of strategies, such as reallocating budget from underperforming channels to those with higher ROI.
- "That's alignment with reality, basically." (72:58)
Leveraging Strengths to Address Weaknesses
Recognizing Certain's strong activation and retention rates, Matt suggests leveraging these strengths to bolster their weaker acquisition strategies through referral programs.
- Referral Strategy:
- "Leverage current clients who are happy to promote in exchange for discounts or free services." (65:43)
- Utilizing satisfied customers to generate new leads organically.
Conclusion and Recommendations
Matt and Chris conclude the episode by reiterating the importance of a well-structured GAMEplan in achieving business growth. They encourage listeners to:
- Identify and Prioritize Goals: Focus on a limited number of high-impact objectives.
- Define Clear Actions: Break down goals into actionable steps with measurable outcomes.
- Monitor Metrics: Use leading indicators to guide execution and adjust based on performance.
- Execute Systematically: Implement detailed SOPs to ensure consistent progress towards goals.
Recommended Resources:
- Undoing Urgency by Matt Reynolds
- High Output Management by Andy Grove
- Measure What Matters by John Doerr
- Software as a Science by Dan Martell
Notable Quote:
- Matt Reynolds: “Goals at the top, actions to complete the goals right underneath them. No more than three or four.” (69:03)
Takeaways
- Simplify Strategic Planning: Adapt existing frameworks like OKRs into more accessible formats like GAMEplan.
- Focus on Leading Indicators: Prioritize controllable actions that drive desired outcomes.
- Dynamic Strategy Adjustment: Utilize rolling forecasts to stay agile and aligned with business performance.
- Leverage Strengths for Growth: Use strong areas, such as customer retention, to enhance weaker aspects like lead acquisition.
For more insights and actionable business strategies, tune in to future episodes of the Build Your Business podcast.