Be the Elephant - Steve Kaplan

This book is a fabulous follow-up to Bag the Elephant, also by Steve Kaplan. In this elephant book Kaplan talks about becoming the elephant we were targeting. He discusses, "why growth is not only desirable, but necessary." We started a good business and we need to map its growth, in which Kaplan points out the three essential factors for sustainable, successful growth. When you answer the question "Think you're ready to grow?" you are in for some real work. This is not a sit-down book, this is a "do-something book" and like running a business, there are rewards for doing it right. After all, as Kaplan notes, "To last, you have to grow" and we all know that to grow you have to be willing to put in some effort.

I got to page 23 "The Guts of the Model" and had to stop to identify some core functions of my company before I read on. The information required is detailed and getting it is not a small task. Yet, I kept thinking to myself, "this is a book I can go back to later. I know this, but I will estimate that." It still took quite a bit of time and I got through it but I know I could have been more specific with my answers.

I had 6 pages of notes and details about my company when I finished. Next I moved on to the risk analysis. In the chapter "What's the downside?" I reviewed and reveled the risks of running my business. Again this required some time to complete but I had a reward at the end because directly after this chapter is the assessment of the health of your company in the form of the Business Success Quotient (BSQ).

So, one-and-a-half months later I am finally doing my BSQ. Often I just shrug off this type of assessment as being too superficial, like the surveys in Cosmo, but I am still driven to see the results. In this case the assessment is clearly based on data and other key elements (like assumptions, risk, values, my personality, passion, and experience) that made the outcome a much truer, revealing look at my core business. Just so you know I am fairly competitive and I like to do well on these assessments, which may mean that the outcome is as expected or better than expected.

Well, I got a rude awakening to the idea that I am running a healthy, sustainable business. I did not fall a little below the bottom level, I fell a lot below. In fact the exact working in Kaplan's book is "This is a very high-risk business and is not likely to work. You should seriously consider moving on to a different opportunity." All is not lost because it is possible change your scores by going back and putting in the 100% effort to complete the information as well as evaluating where the weaknesses are and shifting the business to make it stronger.

This was quite disheartening news and I will have to spend some time determining whether to evaluate and reassess or to move on. I have always been aware that something is not working right in my business and I have been struggling to find a way to identify it. This assessment just gave me the tools to see it more clearly. The very next day I am in the office of Mario Perek of Industry Canada. He has been in the medical device and biotech sector for well over two decades, which is the industry my company targets. In his own words he feels that "companies [in Canada] have to export. They cannot survive selling in Canada." It was definitely a different perspective than the rosy outlook painted by the industry. Although I do know that it is a difficult industry to flourish in I do believe there is a very healthy market for growth. So, should I spend time looking for that market or should I "move on" as Kaplan would say.

Well since this is a book report I will say that this is the end of Part 1. I am 65 pages into the book and I will read no further until I can make the first 64 pages valuable to my company, what ever that may be.

I do recommend reading this book and going through the exercises. I think it will help you determine where your strengths and weaknesses are and possibly change the direction of your business. By knowing this information you will give your company a strong base in which to support your elephant.

Steve Kaplan - The Difference Maker