Executive Summary
Building Business Impact Handbook
An Insight leader’s guide to measuring the ROI and demonstrating the business value of Insights EXECUTIVE SUMMARY Any design questions? Reach out to Nick Blanzy at [email protected]
Increase Your Impact, Grow Your Resources, Advance Your Career This Executive Summary of GRBN’s Building Business Impact Handbook is the product of years of effort from GRBN and Insights professionals around the world. From the work that formed the first edition in 2018 to additional research, workshops, and events on a global scale, with input from researchers in diverse organizations and industries, we’ve created, refined, and honed a framework and supporting tools to help you prove to your organization what we already know –Insights is a competitive advantage, with the ability to fuel customer-centric growth, and ultimately, business success. For too long, Insights Leaders have relied on their hard-earned reputations to establish the value of Insights. But today, as people change positions rapidly and customer- focused business functions multiply –our reputations just aren’t enough. Like many of you, at GRBN, we saw the writing on the wall –the cuts to budgets and headcounts, the push to produce more and more with less, the looming sense within organizations that Insights was expendable. Yet, in organizations where Insights is able to demonstrate their ROI, their Business Impact, their contributions to key decisions, Insights is not only valued, but resources are growing. That means increasing budgets, headcounts, and even money for innovation. That means having a seat at the table for key decisions. That’s why this initiative is so important to us –we want to help dedicated Insights Leaders reach their full potential. We want you to not only have concrete ways of assessing the work you’re doing and how it’s impacting your business, but also the tools to share that information more broadly so that the value of Insights is clear to your organization. The ultimate goal of the Handbook, is to help you put in place a strategy to build Insights’ Business Impact in your company. At the core of this strategy is the GRBN ROI of Insights Framework, which allows you to systematically implement a mechanism to measure and report the ROI of Insights –in other words, your value to the business. That implementation is a journey. To enable you to fully utilize the GRBN ROI of Insights Framework, we’ve put together tips, examples, and even a comprehensive set of templates that you can customize based on the needs of your organization. In short, we’ve gathered everything you need. What’s missing? You. We have the tools, the expertise, the experience, and the passion to help you measure and prove the value of Insights. All that remains is for you to commit. For you to decide that you’re willing to put in the effort to see this through. For you to decide that you’re unwilling to risk another budget cut, another team reduction. For you to invest now in the Insights of the future. As Insights professionals, we’re always asking our clients to invest in that long-term plan, that long-term pay-off. Now it’s our turn. This Executive Summary can get you started on your journey. When you want to go that extra mile and make Insights a source of competitive advantage in your company, access the full Handbook to learn the secrets to success. I’m very passionate about this work and am excited to share with you the labor of many years. As you grow the Impact of your own Insights function, our industry as a whole grows. So thank you for joining me to do this work and good luck! Cheers,AndrewCannon 2
BUILDING BUSINESS IMPACT Table of Contents P.4- WHERE DO YOU STAND?: INSIGHTS P.21- MEASURING IMPACT MATURITY + CUSTOMER CENTRICITY The 4 Stages of Maturity Model Measuring and Demonstrating Impact The Decision Intelligence | Customer Experience Assessment Current State P.7- BUILDING BUSINESS IMPACT Make It Happen: 7 Tips to Jumpstart Your ROI Measurement. Building a Strong Client-Agency ROI Partnership Bringing It All Together: Client Centricity, Function Maturity, ROI, and Business Impact P.29- SECRETS FOR SUCCESS: Why Measure ROI? THE COMPLETE TOOLKIT The Benefits of ROI Measurement The GRBN ROI of Insights Framework Barriers to ROI Measurement GRBN’sROI of Insights Tools P.16- PLANNING FOR IMPACT P.32- CONCLUSION Your Strategy Business Impact in 5 Steps: Building Your Strategy Conclusion Organizing for Business Impact Afterword Sponsors All Rights Reserved, GRBN. See full copyright here. 3
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INSIGHTS’ MATURITY + CUSTOMER CENTRICITY: WHERE DO YOU STAND? 4
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Consumer/Customer Insights (“CI”) stages of maturity based on integration into business as well as influence and focus % of Companies 15% 5% 48% 33% STAGE 4: 4 Stages of STAGE 3: Source of STAGE 2: Strategic Competitive Maturity Model STAGE 1: Business Insights Partner Advantage Traditional Contributor Market • Focused on • Focused on foresight, Research innovative, and new It’s hard to support customer centricity or other strategic initiatives if Insights’ strategic, real-time, Provider • More strategic focus and improving launch role within the broader organization isn’t valued. • Focused on real- existing The BCG, Yale CCI, and Cambiar2015 Consumer Insights Benchmarking Study time and optimizing • Corporate leader identified 4 stages of maturity for an Insights function. • Mostly tactical existing • Trusted advisor for line • Learning organization; Very few Insights functions are at stages 3 or 4 – most teams are only at • Focused on • Collaboration with significant budget and stages 1 or 2. hindsight business • CI with knowledge control base, point of view, • Service provider • CI with input; Line and budget • Enterprise perspective Those functions in stages 3 and 4 are more likely to measure their ROI – with decision • Cross-functional • Strategic CI activities the impact Insights is having on the business. As a result, they’re also more • Order-taking in-house likely to have growing resources at their disposal and more respect within their without own • Commercial • Significant CI organizations. They have resources to deliver more value and a seat at the budget functions activities • Consistent ROI decision-making table. More Impact means career advancement, bigger • Mostly Marketing • Significant CI outsourced measurement and budgets, and success for the industry as a whole. scope activities continuous outsourced • Frequent measurement of So agencies, suppliers, and client-side Insights functions, have a stake in • Significant CI quantitative ROI continuous programs moving Insights teams up the maturity scale. activities • Inconsistent or measurement of outsourced qualitative ROI projects • Agencies/firms used in measurement measurement of CI • No/little ROI • Measurement by ROI measurement • Measurement by CI internal team team members outside Use BCG’s self-assessment to score your Insights function. Learn which stage you’re in, of CI what’s going well, and where to improve here. Source: BCG/GRBN ROI of Insights survey, May 2017 (n=187) 5
Customer centricity is perhaps the most THE DECISION INTELLIGENCE | important competitive advantage our CUSTOMER EXPERIENCE (DICE) organizations can build. ASSESSMENT Another aspect of Insights’ maturity is an organization’s embrace of customer centricity. Our 2019 research shows most companies have some form of customer-centric focus. The DICE research further explored the gap between aspiration and activation, pinpointing the organizational barriers to operationalizing customer centricity. 81% These barriers, for Insights functions, are largely tied to strategy. Have customer-centricity More specifically, 2019 research showed that an Insights-only audience presence (net) consistently ranked its organizational strategy lower than average: 59% • Less satisfaction with ROI on consumer information • Greater challenges in breaking down internal silos A clearly defined strategic priority • Long-term vision has less of a role in guiding near-term priorities related to customer centricity 48% KPIs related to customer centricity CROSS FUNCTIONAL INSIGHTS 43% ONLY A clearly identifiable culture of customer centricity But when it comes to following through – strategic priorities, KPIs, and culture – that customer-centric focus starts to crumble. Take the DICE Assessment here. How do we bridge that gap? GRBN Insights Leaders Survey, 2019. 6 Base: Client-side Insights Leaders (n=134)
BUILDING BUSINESS IMPACT 7
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BRINGING IT ALL TOGETHER: Customer Centricity, Function Maturity, ROI, and Business Impact THE ROI OF INSIGHTS IS ABOUT MAKING REAL AND MEASURABLE IMPACT ON BUSINESS PERFORMANCE USING INSIGHTS. It’s All About The Business Impact of Insights. Many Insights functions are measured by budget efficiency: • How many more projects are conducted for the same or less budget/headcount? • How much budget has been saved by in-sourcing? But, the Business Impact of Insights is not about “cheaper, faster.” It’s about effectiveness, not efficiency. It’s easier to measure budget efficiency than budget effectiveness. But don’t allow complexity to be the cause of your failure to measure the true value of Insights. The DICE assessments helps your organization identify gaps in its journey to operationalize customer centricity. Insights has the ability to play a key role – in both strategies and tactics – to close those gaps. But, in order for Insights to make that Impact, your function has to be embedded and valued within your organization. The 4 Stages of Maturity Model helps you figure out how Insights currently operates within your organization. Finally, The GRBN Building Business Impact Handbookwill help you measure and demonstrate ROI and Business Impact – leading to a more mature, respected Insights function, which is better placed to fuel your organization’s customer- centricity journey. NOW, LET’S LOOK AT THE WHYS OF MEASURING ROI AND IMPACT… 8
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WHY MEASURE? BUILDING IMPACT SHOULD BE THE ULTIMATE THE VIEW GOAL OF INSIGHTS, FROM THE TOP yet most Insights teams are still not actively measuring What CEOs Want More of from CI their Impact. If you’re not systematically measuring the ROI of Insights, and creating a compelling story about the Impact of Insights for the C-suite, you’re risking budget, headcount, and even survival. MEASURABLE ROI All it takes is a change in CEO or CMO to lose hard-earned trust THINK LIKE BUSINESS OWNERS overnight. Measuring ROI is how your Insights function can translate MORE STRATEGIC THINKING the work it’s done in the past and lay the groundwork for its future. PROPRIETARY POV STILL NEED MOTIVATION? It’s what the C-suite wants. BUDGET PRIORITY ALIGNMENT CEOs don’t like making investments without a known return or forecast, and they want Insights to deliver a measurable ROI. BCG CEO Study, 2016, n=High-performing CI companies 99
WHY MEASURE? BUT THERE’S MORE… Around the world, the competition for budget is intensifying. Growing customer-centricity is great news for Insights, right? In theory. But the demand for functions focused on the customer is growing just as quickly. In Insights, we no longer have the monopoly on customer data or customer understanding. Others like CX, CA, and Digital Marketing are staking their claims to customer knowledge and budget. ACT NOW Draw up a master customer data planto integrate all the data Those who can measure ROI and demonstrate value are most likely to win the resources. sources available to your business. Create maximum impact by positioning all available data sources for each business decision, and synthesizing that knowledge into a strong point of view. 1010
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Measuring ROI and demonstrating Business Impact will take a bit of effort. But the rewards will certainly make up for it: THE BENEFITS OF ROI INCREASED SEAT AT THE GREATER STAKEHOLDER STRATEGIC BUDGET MEASUREMENT SATISFACTION TABLE MORE BUDGET MORE FREEDOM TO INCREASED CONTROL INNOVATE + INITIATE RESOURCES STRATEGIC WORK Source: BCG/GRBN ROI of Insights survey, May 2017 (n=187) 11
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BARRIERS TO ROI MEASUREMENT So if the benefits are so impressive, why aren’t more of us measuring ROI? Here are some of the common barriers we help teams overcome: PROBLEM: It’s difficult to measure ROI With our Handbook, measuring ROI/Impact is SOLUTION: relatively simple. But many Insights teams get caught up in Actual financial ROI measurement is great when perfection. While it may be good for our possible, but when it’s research, perfectionism is bad for ROI not, we must find measurement – which is half science, half art. alternative measures of Impact to use. 12
BARRIERS TO ROI MEASUREMENT PROBLEM: The long lag-time between insights delivery and Impact SOLUTION: Advantages to using forecasting Embrace that Impact and ROI can to show Impact: (and should) be forecast and measured. • Shows C-suite that investing Modelling and the availability in Insights = investing in of analytics data make this long-term business success relatively easy. • Helps Insights team see their long-term value to the business CASE STUDY • Gets Insights teams away from PROBLEM: Client struggled with senior management requiring quarterly impact statements, because Impact “complete projects” mindset rarely happened in the same quarter as the work. SOLUTION: Creating quarterly impact reports with ALL current impacts, even those from older work. RESULT: Improved team motivation, senior management reminded of the ongoing benefits of Insights work. 13
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BARRIERS TO ROI MEASUREMENT PROBLEM: Insufficient staff to measure Go in depth on these (and more) barriers to SOLUTION: ROI measurement (and solutions!) in the complete GRBN Building Business Impact Our templates make the Handbook. task as easy as possible. When used in a normal project workflow, the time added will be negligible (as little as 30-60 minutes). You can copy+paste+tweak from previous work, without reinventing the wheel every time. 14
BARRIERS TO ROI MEASUREMENT What about the emotional barriers to measurement? THE PRACTICAL BARRIERS ARE VERY REAL, BUT THEY CAN ALSO BE EASILY OVERCOME. OUR EXPERIENCE TELLS US THAT ATTITUDE IS ACTUALLY YOUR BIGGEST BARRIER TO SUCCESS. As an Insights leader, if you don’t have the right attitude, change won’t happen. How can the you facilitate these important changes? • Have the attitude of a business leader. • Example: Insights resources don’t go to projects without clearly defined objectives – measured by value to the business • Have a “we will do this” attitude. • It’s easy to fall into old patterns. But measuring Impact needs to be prioritized in every project and not put off. • Example: Ensuring quantifiable business objectives and measurement metrics. 15
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PLANNING FOR IMPACT 16
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PLANNING FORIMPACT You need a strategic plan – focusing first and foremost on how to achieve and measure Impact. So you’re ready to take charge of building Business Impact. As customer Insights become NOWWHAT? increasingly critical to customer-centric growth, your strategy will ensure maximum Impact and continued investment. 17
Your strategic plan must build BUSINESS on corporate strategy – 1.specifically your organization’s strategic priorities. IMPACT IN Why? • Drive business success. • Get Insights on the C-suite radar; earn a seat at the table. 5STEPS: Map out decision-making 2.processes. BUILDING • Understand how your organization makes decisions and evaluate where Insights could have the most Impact. YOUR STRATEGY Assess Insight’s potential Impact in terms of existing – 3.and potential – tools. DIDYOUKNOW? • This can show performance of current resources and help Top management’s bonuses are usually linked to achieving make the case for acquiring new tools. goals/metrics related to strategic priorities. 18
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Use our templates to assess your team’s Impact over the last year 4.(even if the research happened BUSINESS before that point). • You’ll be able to generate a report to estimate the current IMPACT IN business value of Insights. Set a Business Impact KPI. 5STEPS: • When the real and perceived success of the Insights Leader and 5. team are measured and rewarded based on Impact, the team’s BUILDING core focus will follow. YOUR STRATEGY BABY STEPS Your first Impact reports won’t be apples to apples – with pre-ROI procedures and inconsistent implementation. But, they’ll give you a starting point – revealing where impact is strong/should improve. Over time, they will get more accurate. REMEMBER! The ROI of Insights can (and should) be measured in terms of value to the business, not just budget efficiency. 19
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PLANNING FOR IMPACT Organizing AFTER YOU HAVE CREATED A PLAN, THE NEXT STEP IS TO MAKE SURE INSIGHTS IS SITUATED FOR HIGH IMPACT WITHIN THE COMPANY. ORGANIZING YOUR DEPARTMENT INVOLVES MULTIPLE CONSIDERATIONS. CONSIDERATION: Who controls Insights’ budget? Only one-in-four Insights Leaders have total BUDGETS, INNOVATION, AND IMPACT control of their budget, while nearly one-in- ten have no control. BUILDING BUDGET BUDGET INSIGHTS BUSINESS SO WHAT? CONTROL GROWTH INNOVATION IMPACT Budget control is one consideration in Organizing Insights for Impact. Others include: organizational structure/seating; reporting lines – in particular, collaboration with Customer Analytics (CA) and Customer Experience (CX) teams; time allocation; and skill sets. For an in-depth look at organizing your team for Impact, see the complete GRBN Building Business Impact Handbook. 20
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MEASURING IMPACT 21
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MEASURING AND DEMONSTRATING BUSINESS IMPACT If you don’t measure it, it isn’t real. There is a clear correlation between the measurement of Impact and the level of maturity of the Insights function. Insights leaders – even in mature functions – are generally dissatisfied with the degree to which they are currently measuring Impact/ROI. We talked about the benefits, but measurement shouldn’t be just a piece of your plan. TRACKING AND REPORTING OF INSIGHTS Measurement should be BUSINESS IMPACT the foundation for your strategic plan. It should be both guide and compass for ensuring successful implementation. Measurement is also key to demonstrating the Impact of Insights to key stakeholders (like those who affect resources). Reporting the overall Impact your Insights team had on the Systematically tracking business in a given Reporting the fiscal year the team’s Business ROI/Business Impact Impact (either on a of your projects to the project or business- GRBN Insights Leaders Survey, 2019. decision level) projects’ key stakeholders 22 Base: Client-side Insights Leaders (n=117)
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GOODNEWS: Most Insights Leaders get alignment with internal stakeholders on business objectives before a project starts. BAD NEWS: Only half get those business objectives quantified. CURRENT PLANNING/FEEDBACK ACTIVITIES UNDERTAKEN ON MOST/ALL CI PROJECTS STATE It’s clear there’s plenty of room Have strong alignment with business Follow up with business partners Collect quantitative for improvement. partners (i.e., internal clients) on (i.e., internal clients) to feedback from your business objectives/decisions to be understand decisions that were made for a given research project made as a result of the research projects’ key stakeholders Plenty of room for Impact. ARE YOU READY TO DIG IN? Before a After a Project Project Starts Ends Use internal Use documents briefing containing Ask project key stakeholders documents for quantified business for open-ended feedback your projects objectives for your (either as part of a survey or projects separately) GRBN Insights Leaders Survey, 2019. Base: Client-side Insights Leaders (n=119) 23
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It doesn’t have to be perfect, MAKE IT 1.but decide to start, and do it! How? • Use our templates to get the ball rolling. HAPPEN: • Bring a key internal stakeholder along on the journey. Map out decision making in your 7 TIPS TO organization, based on processes 2.used in key business units and decision areas which use JUMPSTART Insights. • Engage key decision-makers to find out how Insights could best YOUR ROI contribute to their meetings, goals, and work. Start there. You need a C-suite champion – 3.make it the CFO. MEASUREMENT Why? They: • Understand numbers DIDYOUKNOW? • Can support measurement efforts • Appreciate forecasting + risk reduction in decisions Next to the CEO, the CFO is likely to have the longest tenure in the C-suite. • Have the CEO’s ear 24
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(Re)Define ROI – using MAKE IT 4.measures already in use within your organization. • Don’t try to introduce new metrics and complicate the process. HAPPEN: • Using familiar terms and measures will make your ROI reports easier to understand, and more useful to others in your company. 7 TIPS TO Get feedback from JUMPSTART 5.stakeholders. • Our templates make this easy. YOUR ROI • Collect anecdotal feedback (quotes, audio, video) and quantified feedback – both are critical to the ROI measurement process. MEASUREMENT UH-OH… Currently, getting systematic feedback from internal stakeholders is not a general practice. 25
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Get comfortable promoting Insights, both the work Insights MAKE IT 6.has done and the value it has, or could bring. • Budget competition is increasingly steep and you will need to HAPPEN: fight to defend/gain in this area. • ROI measurements will help you, but you have to be ready to 7 TIPS TO sell “I see my job as a marketer of research, not a market researcher.” JUMPSTART -Insights Professional Share the glory. • Insights doesn’t solely control outcomes, so instead show how it YOUR ROI 7. contributes to key decisions. • This helps others, including the C-suite, connect Insights to their MEASUREMENT business value. “It’s a win-win situation; for ourselves, being able to say that this is the value that we essentially add, and then also for the business to say that as a result of the initiatives this is what has been delivered to the business.” -Head of Insights, Banking Ready for more? Access the full GRBN Building Business Impact Handbook for complete access to our detailed framework, templates, instructions, and tips for every stage of your measurement journey. 26
BUILDING A STRONG CLIENT- AGENCY ROI PARTNERSHIP A key piece of delivering ROI and Impact is: who is doing the work. Insights teams and leaders are spending a When you do opt to outsource, measuring your ROI means more satisfactory agency huge amount of their time on project relationships. management activities (low-ROI activities). THE NEED FOR A CLIENT-AGENCY ACT NOW ROI PARTNERSHIP Do an ROI analysis of your team’s time. Use a proper hour-rate Satisfaction with ROI in external market research partners equivalent (your CFO can help here if you don’t know it). This will give you the real cost of DIY so you can compare against the opportunity cost of doing other activities, allowing you to smartly evaluate insourcing vs. outsourcing. Source: BCG/GRBN ROI of Insights survey, May 2017 (n=187)
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BUILDING When evaluating your A STRONG agency vendors, look for these signs of a strong ROI partnership: • Resource outsourcing –you delegate CLIENT- project management work to an agency to free your team up for higher-ROI work. • Project-level Business Impact focus – they share and prioritize your Impact focus from AGENCY ROI RFP through execution. • Annual ROI review –you both assess what is/isn’t working and why, so they can PARTNERSHIP improve next year. • Proactively bringing in external expert partners – your agency brings in outside experts and manages cohesive teams and reports. • Curated thought leadership – they keep you on top of key issues, trends, and methodologies so you can be in-the-know in less time. • Performance metrics –build a mutually- beneficial reward system that supports an Impact focus. 28
SECRETS TO SUCCESS: THE COMPLETE TOOLKIT 29
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Our Framework for measuring the ROI and Business Impact of Insights has 3 dimensions you should account for when building your own ROI measurement mechanism. GRBN’S ROI OF THE FRAMEWORK: INSIGHTS FRAMEWORK This Summary was designed to get you well on your way to measuring and demonstrating Impact. We understand that you and your team probably already feel overburdened – scrambling to execute projects and deliver value to your organization, with ever- diminishing resources. And taking on a project like this may seem daunting or even impossible. That’s why we created the GRBN Building Business Impact Handbook – including our framework, templates, tools, and expertise from helping Insights professionals from around the world. Because we want to make sure you have all the resources and tools you need to succeed. As well as a process that is as easy and painless as possible. 30
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GRBN’S ROI OF INSIGHTS TOOLS Benefits of our Excel Because we’re committed to helping you measure measurement template include: Other tools include: and grow your team’s Impact – in addition • Collected ROI measurements and associated data • How to set up an effective briefing document in one place to our framework, we’ve • Briefing, tracking, and reporting tools to ensure created a number of tools • Ability to link database info to report templates goals/outputs align with stakeholders/C-suite and customizable templates to make this • Semi-automated report generation • Tips on forecasting and modelling process as easy as • Easily-filtered reports for different stakeholders • How to build strategic partnerships to support possible. this work • Surrogate metrics for ROI/Impact • How to measure ROI for different decision areas But this is only the start. To make life even easier, we can work with you on both planning and implementation – providing as little or as much help as you need to start maximizing your Impact ASAP. 1 Measure your Impact now with our templates and tools in the complete GRBN Building Business Impact Handbook. 31
CONCLUSION 32
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Afterword I hope that you have found this Executive Summary to be both informational and inspirational. I hope you now have an ‘I can do this!’ attitude. So, what now? Put simply, now is the time to act, now is the time to take the first steps to actually changing behavior. So, grab a cup of coffee, turn off your phone, and spend a couple of hours on creating your Business Impact Strategy. If you’ve already done that, or you’re ready for more, head over to the complete Building Business Impact Handbook and get everything you need to start creating change today. Now that you’ve taken the first steps, the next steps shouldn’t be so hard. But you’ll need to commit. You’ll need to be vigilant that the day job of running around chasing your tail and putting out fires doesn’t get in the way of making progress on this important change process. If you need someone to keep you on track, or if you want to go further, more quickly with ANDREW CANNON implementation, we are here to help you develop your Business Impact strategy and put in place Executive Director, GRBN your ROI measurement/reporting system. We’d be more than glad to assist, so don’t be shy about getting in touch. Whether you decide to work with us or go it alone, I hope that over the coming weeks and months you will be well on your way to increasing your influence, growing your resources, and advancing your career. Carpe Diem,AndrewCannon 33
203.324.2420 email: [email protected] 35
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READ ME: I AM IMPORTANT COPYRIGHT © 2019 GRBN The copyright on this Executive Summary of the GRBNBuilding Business Impact Handbook is owned by The Global Research Business Network (GRBN). Parts or the whole of this Executive Summary may only be reproduced with written permission from GRBN. Parts or the whole of this Executive Summary may only be distributed or transmitted if GRBN is clearly acknowledged as the copyright owner. In addition, when referencing material contained in this report, the source “The GRBN Building Business Impact Handbook -Executive Summary © 2019 GRBN” must be acknowledged. DISCLAIMER The information provided within this Executive Summary is for general informational purposes only. There are no representations or warranties, expressed or implied, about the completeness, accuracy, reliability, or suitability with respect to the information, products, services, or related graphics contained in this Executive Summary for any purpose. Any use of this information is at your own risk. GRBN neither assumes nor accepts any liability to any party for any loss, damage, or disruption caused by applying the information shared in this this Executive Summary. 37