There's a big problem with most flywheels, and it's the main reason they're destined to fail. The Flywheel Concept originated from Jim Collins' book Good to Great and outlines a series of actions that a business takes in order to build momentum in the business. The Flywheel Concept is designed to build ever-increasing momentum and growth in a business, thereby making the business more successful over time.
The successful flywheels that are provided as examples are built after a deep understanding of the business's fundamentals, and yet today we see many people showcasing flywheels that are never going to build momentum in a business.
In this episode two of two, we discuss five things to ensure that your flywheel will fire up and build momentum over time, and what to watch out for.
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Links:
*https://evolutionpartners.com.au/
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Additional episodes you might enjoy:
# 50 Jim Collins Flywheel Concept: How to build unstoppable momentum in your company
# 16 Jim Collins
# 84 The 7 common strategy mistakes from Michael Porter
# 43 The top 7 best practices for weekly meetings
# 69 What is a Topgrading virtual bench and why you need one
# 88 The hidden cost of not having a team of all A-Players
# 96 The three main barriers to consistent growth
# 83 Why strategy should focus on producing more profit - not market share
