Are you ready for an iPo?
For many companies, the IPO is the culmination of years of hard work and low pay. Everything has been risked for this big exit strategy for the early investors and the founders. But, that’s not what I am talking about. I did not misspell it with the lower case “i” and lower case “o.” In the Tech-I-M enVISIONing Process™, a company is asked to look at all the influences on the business from the outside, as well as the channels of distribution. As I have been working to help a company move from design-as-a-service to being a product company, and working with an aerospace Tier 2 manufacturer to move from build-to-print to establishing design capability, they are both wrestling with establishing processes to show they are quality organizations upon which you can rely. All of the many documents related to system engineering and software development are based on a simplified version of the Tech-I-M enVISIONing Process™. It’s simply a small box with an arrow pointing into the box on the left and an arrow pointing out of the box on the right. It’s called Input–Process–Output. It’s at the core of what each and every machine or person does on the factory floor, as well as the work that engineering does to move a product or service idea from creation to production. It’s at the heart of the many start-ups I advise related to creating a pitch deck or even a one page description of their company to submit to an angel investor group. You have to clearly know what your company is doing–what do you take in, how do you transform it, how do you get it to your customers. My wife and I often watch a cooking show on the Food Network, Chopped. Each of 4 contestants is given a basket of goods–identical inputs. They each use their experience and creative minds to create a dish that will pass muster of their customer–the three judges. Identical inputs, different processes, different output, same customers. It’s really no different than what we do in business every day, competing against other companies that have the same inputs, the same customers, but different processes. So, is your business ready for an iPo?