In my 20+ years consulting business owners, I identified a certain “framework” that sets successful business owners apart from others. Even more importantly, I see how this 3D framework can be applied to help improve investment results.
The 3D mindset builds, monitors, and adjusts planning throughout a business owners’ journey. It is the foundation required to provide clear and effective decision making.
Regardless of company size, success is ultimately dependent upon the teams operating the business model. What follows is a high-level overview as it applies to all types of businesses.
The 3D framework usually includes three parts:
Part 1 –Building
- The Team.
The individuals on the team must possess the knowledge to build infrastructure, build relationships, incorporate CPAs, Accountants, Banking, Financial Advisors, Developers, Operators, Mentors, etc.
Often times the founder wears many of these hats at the beginning. Over time one must learn how to document, train, delegate, and in some cases, outsource help. This process is difficult, but crucial, as it frees up the owners’ time and energy to focus on growth. Remember, without sales, nothing happens.
- Key Systems.
Here you will identify the critical systems needed to accomplish tasks. Think of these systems as "funnels". These often are daily, weekly, and monthly systems to accomplish specific tasks.
Examples – Marketing, Sales, Operations, HR, Training, Accounting, etc.
- Streamlined Processes.
These usually happen automatically and need to support the tasks defined within the system. The team sits down together and identifies the systems and processes that are going to be used and monitored on an ongoing basis. Processes should be streamlined as much as possible. These processes protect companies from execution mistakes, can be in checklist form, and help everyone be “on the same page”. Processes will grow as the company grows.
Examples of processes that usually can be streamlined included email campaigns, marketing schedules, blogs, videos, social media posting, etc.
Part 2 – Monitor
- Track and Monitor.
Tracking and Monitoring are essential to know if what we are doing is effective. We should consistently be asking ourselves: 1) What are we doing with systems and processes? 2) How are they working? 3) What is our benchmark for those things?
Key thought. If you don’t track it, you can’t monitor it and your business is blind.
Part 3 - Adjust
- Adjust and Maneuver.
Teams collaborate on a scheduled basis to analyze the output, including team feedback. The team must find out what and who isn't working as planned and make adjustments. And the team should put more attention and effort into those things that are working.
Key thought – Who’s on your team and are they all in the correct position delivering the results the business needs? If not, stop the game and fix it.
Most learned skills in life are transferable. Transferable skills are valuable because they help you compound your results in amazing ways, like compounding investment returns. The above-mentioned steps represent a financial and economic tracking “ecosystem” for a business. When these skills are transferred and applied to the areas of investment, estate, business succession, and retirement planning a huge “ah-awe” moment happens for most business owners.
Our 3D planning process (create, protect, and transfer) compliments a company’s 3D business framework. This is significant as business owners have many competing demands on their time and energy. We help them learn the pros and cons of available options by leveraging an analysis framework that is relatable to them. The goal is to help them improve follow through and implementation of our advice.
If you have a question that you’d like to see us address, you can do so by visiting www.caprm.com, or you can email your question to email@example.com. Remember that there are no dumb questions, but unfortunately there are plenty of poor answers out there. Our hope is that in giving you straight answers to your questions, it will bring a sense of calm and allow you to apply what you’ve learned in pursuit of good decision making.