The flywheel effect is a key differentiator between excellent companies and good/mediocre ones. In this post, I share a simple method in 6 steps to create your flywheel.
In previous articles, I shared the outcome of 5 years of research by Jim COLLINS and his team on what makes a company excellent when compared to its counterparts, and further described one of the differentiators called turning the flywheel. Today, I am going to guide you to develop your own one in 6 steps.
1. Identify the key steps
First, you need to identify ideally up to 6 critical steps in your own business. Start with post-it to allow flexibility for your brainstorming. Keep it simple.
2. Put them in the right order
The idea is then to put them in the best order, where each step is influencing the following one. Feel free to try different options.
3. Create secondary flywheels if needed
You can create secondary flywheels if needed to further describe key steps. This will be highly beneficial to further dissect blocking steps and hence unblock them.
4. Share with experts or knowledgeable friends
It is always good to share and get some insights, especially from people with experience and most of all open-mind and kindness.
5. Test it
Then put it to the test. Does it work ? If so, continue to turn it. If not, figure out if you are not missing any critical step, or if there is a blocking point somewhere.
6. Repeat from step 1
Whether the flywheels turns or not, it can helpful to revisit it from time to time to see if you can improve it or if you should adapt it (should the environment be changing and impacting your business).
Questions and comments are always welcome ! I will answer them as soon as possible.