Business Concept #08. The 3 Rivet Test
What it means
In manufacturing, a rivet is a metal
bolt or pin used to fasten something securely. Airplanes are
built with thousands of rivets - rivets are strong and they reduce
drag, given the "bolt end" doesn't stick out.
In business (or
in life), the 3 Rivet Test can be employed as a way to ensure a
'tight and strong fit' between what the company already has working
with anything significant that a company is considering adding or
changing. Basically, before making a big change or introducing
something new into your business (a new product, service, policy),
you would ask yourself something like:
"Does this (new
product/change) significantly strengthen, in 3 distinct ways, the
core of the enterprise, in addition to whatever value it will bring
on its own?"
If the answer is yes, we move forward with the
idea/plan.
If the answer is no, we tweak the idea/product
until we can find 3 places to rivet it to, in order to strengthen
the organization. And if, after trying to tweak, we cannot,
then we do not proceed. But we usually can.
This is
more than asking "What are the 3 benefits of this new
product/service or change?" That's also a great question but
it's a different question.
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An Example at CoachVille
At CoachVille, we use the 3 Rivet Test at least once a
week.
We even applied the 3 Rivet Test before we decided to
craft this Biz Concepts for Coaching Course. Here are the 3 rivets
we found -- the 3 ways this course would strengthen CoachVille --
far beyond the direct benefits of crafting the
ecourse.
Rivet #1. This ecourse catalyzes unexpected
revenue streams
As a training company, we have been wanting
to move toward offering business and corporate coach training.
Starting an ezine like this one gets us focused in that direction by
developing coaching-oriented business concepts.
Benefit to
the organization:
We are now building the
Graduate School of Corporate Coaching and the 100 Most Important
Concepts of Our Time Program (both in development) coming out in
early 2003. Both are significant and strengthen the financial
base of our company and will position our brand well in the
marketplace of highly intelligent coaches.
Rivet #2.
This ecourse strengthens the coaching industry
I feel
strongly that personal coaches need to learn business concepts to
increase their knowledge base as well as to better position them to
serve the small or larger business client. My view is that many/most
coaches are more financially successful offering business-related
coaching. And, by coming up with user-friendly business concepts,
these coaches can find a way to expand the focus of their coaching
beyond the traditional personal coaching field.
Benefit to
the organization:
Stronger, more successful
coaches increase the viability of CoachVille. Their strength
virtually guarantee our long-term viability. That's
strengthening, even in the short-term.
Rivet #3.
This ecourse helps us to the company better
A side benefit
researching and crafting these Business Concepts ecourse is that we
learn better how to run our own company and to keep it fluid.
And special.
Benefit to the
organization:
With knowledge, people can do
better. And with learning concepts and principles, people can be lot
more effective because they know where and how to focus their time,
and what to do when something blindsides them. Knowing these
concepts increases our productivity without us having to focus
directly on productivity.
Bottom line:
The 3
Rivets are like "3 birds, one stone." (We like birds, so
please forgive the analogy.)
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"Hey, wait a minute...
Isn't
what you just described merely a list of benefits of crafting the
ecourse? What's the difference between benefits and
Rivets?"
Benefits are what you can identify you'll receive as
a direct result of what you're doing. For example, the
direct benefits of crafting these Business Concepts include
the fact that:
1. We are creating/adding to our collection of
valuable intellectual property.
2. More folks will join the School of Coaching as a
result of being exposed to these concepts. ($250,000 in revenue over
5 years is our educated guess/evidence thus far.)
3. We often
create stuff because we enjoy doing so; it's fun.
4. It furthers
our company mission.
5. Subscribers pass along the lessons and
more folks hear about CoachVille/School of Coaching than we could
have ever reached directly.
6. This course may morph into a MBA
type of course of coaches.
The Rivets described in the
examples area above refer to how the entire, existing organization
will benefit and be strengthened, not just the direct/obvious
benefits that come from creating a new product.
That's a
critical distinction. |
Moral of the story?
Whenever you have a new idea or are making a change in
how your business works, ask yourself:
"Does this (new
product/change) significantly strengthen, in 3 distinct ways, the
core of the enterprise, in addition to whatever value it will bring
on its own?"
If the answer is yes, you can move forward
with a degree of confidence.
If the answer is no, or if you
are not sure, then tweak the product, project or change until it
strengthens your organization in 3 distinct
ways.
Or, find something else to do with your
time that can.
In a world of many opportunities and a zillion
ideas, we've found the 3 Rivet Test to guide -- and evolve -- us
well.
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Comments from coaches
We are seeking comments from coaches who have
successfully used this concept themselves or with clients.
Please email your 1-4 sentence comment to thomas@coachville.com
with 3 Rivets #08 in the subject
line. | |
