BentoBox is a website e-commerce and marketing platform just for restaurants. Their mission is to empower the world’s restaurants to succeed in their mission of hospitality.
While thousands of restaurants are using BentoBox to power their digital experience for customers, including websites, online ordering, gift cards and more, BentoBox uses Process Street for key processes like customer onboarding and employee onboarding to smoothly scale their operations.
“Partnering with Process Street has ultimately enabled us to help our team move quicker, as well as create transparency with our customers; and the features that they’ve been adding since then have just kind of proved that it was the right choice.” – Chelsea Lynch, Customer Operations Team Manager, BentoBox
Every decision in an M&A is dependent on a number of variables. Making the right decision in the moment may not be the right decision down the road, but making no decision at all is worse.
The most impactful decision, though, is how the two companies will integrate (or not) once the deal closes. To some extent, this will be determined by your motivation for starting the M&A process to begin with. The similarities and differences between your business model and the business model of the company you’re acquiring will play a large role as well.
In this Process Street post, I’ll do a quick rundown of the two primary strategies, tuck-in and bolt-on, as well as everything you need to know in order to determine which is the strategy for your business.
As your marketing team’s content manager, you want to be able to know your content engine is working for you at maximum efficiency, and have a clear overview of the important work being done.
This is perhaps easier said than done, when there can be countless systems and processes to keep track of, from marketing operations, onsite content, offsite comarketing relations, email correspondences, to SEO reporting – it can all become overwhelming.
But it doesn’t have to be!
Wouldn’t it be great if you could benefit from detailed reporting without having to bend over backwards restructuring your meetings and how you collect data?
Well, that’s more or less how we’ve set up reporting in our marketing team at Process Street. In this post I’ll briefly summarize how our marketing team saves time and effort with a nifty workflow that utilizes Automations and native integrations, and allows us to:
Coordinate dozens of comarketing relationships while maintaining clear record of communications;
Track the number of guest posts we’ve accepted and published;
Highlight top priority action items;
Quickly & easily analyze referring domains of target pages;
Automatically push everything into Google Sheets;
Automatically generate graphs and charts;
Automatically post a Slack message with key marketing reporting metrics;
“Running a business and integrating two companies is like having two different jobs and both are equally important.” – Chris Barbin, CEO, Founder, Entrepreneur
Only one-third of mergers and acquisitions successfully create shareholder value. More often than not, this is down to failures during the post-merger integration (PMI) process. Cari Windt, who specializes in organizational design and change management, pins this on a lack of planning; CEO Christ Barbin claims it’s a lack of execution.
These two problems, however, are not mutually exclusive. Executing a poor plan can be more harmful than not executing a plan at all.
Value capture is, in essence, the end-all, be-all of a company’s life-cycle. Yes, you likely have other motivations for starting your company, but without capturing any value, your company will have a very short lifespan.
When it comes to acquisitions, if you don’t have a good strategy to drive value capture, you’re not only wasting your time, but hobbling your future potential in the process. If you look at some notable examples like Daimler Chrysler and Sprint/Nextel, it’s pretty clear that a bad deal will stick to you for a long time.
You might even end up as a cautionary tale for future M&A executives. No one wants that. Aspire to be the Apple of acquisitions. You can do that by focusing on four distinct levers that drive 80% of value capture.
Four things. They’re not even difficult things.
So in this Process Street post, I give you the rundown of the four levers you need to prioritize during your acquisition, and exactly why they make such an impact:
AOL and Time Warner. Daimler Chrysler. Sprint and Nextel. Quaker Oats and Snapple.
You see where this is going, right?
I admit: the role of Monday morning quarterback is not very challenging – particularly in these four cases. If nothing else, they serve as a prime reminder that even the highest flyers can – and do – fall, and fall hard.
There was a small amount of pure bad luck – the dot-com bubble burst AOL’s value, high gas prices stopped Chrysler’s SUVs in their tracks – but a large number of merger integrations fail for completely foreseeable reasons – and a good dose of human error.
In this Process Street post, I’m going to look at the three pitfalls and why they have such a huge impact on the success (or lack thereof) of your post-merger integration.
If you just came for the free template, you can grab it below:
This workflow is designed to walk you through every stage of the post-merger integration process from pre-planning to post-mortem. While the step-by-step process will ensure nothing gets forgotten, it also provides ample space to document important decisions and data. Features like Dynamic Role Assignments, Due Dates, and Approvals keep everyone on the same page and make it immediately apparent if something is headed off course.
Unexpected obstacles will always pop up, but the PMI Process Checklist will help you prepare for the worst and make your integration run smoothly.
With that out of the way, let’s go through the most common ways it can all go wrong:
No one knows where they got this number from, though it is widely quoted by Inc., Huffington Post, and even academics. The fact is, a majority of decisions are made subconsciously, so even if we counted every decision we were aware of, we still wouldn’t have an accurate number. Suffice it to say, our brains field more information than is fathomable.
So how do you know you’re making the right decisions?
There aren’t likely to be severe consequences if you choose roast beef over grilled cheese for lunch (though there may be if you opt for that service station sushi), but the decisions made by your company are a whole different kettle of fish.
That’s why you need a decision support system (DSS). This Process Street post will break down the top 3 proven DSS for business operations, making your decision process just a bit easier.
Content Allies is a B2B podcast networking service which seeks to empower clients by helping them build meaningful relationships and grow their customer base. Podcasts are used as a key marketing channel.
Procurement directly impacts an organization’s bottom-line and can be responsible for 70% of revenue. With this in mind, it’s important to get procurement right.
The world of procurement has undergone tremendous changes in the past couple of years. Changes of particular importance when thinking about procurement management include:
Digital transformation: With 85% of organizations believing that this digital transformation will change the way they deliver services over the next 3-5 years.
Thinking about suppliers beyond price: With a greater focus on supplier synergies. The importance of supplier visibility regarding the procurement steps is realized.
Moving to effective change management: Organizations focus on a smooth change management plan, with procurement leaders agreeing change management is the biggest roadblock to achieving procurement goals.
Risk management and preparing the unexpected: With transparent procurement systems reducing risk exposure. Only 65% of procurement leaders have little or no visibility in their supply chain.
With this in mind, in this Process Street article, we explain how you can create a procurement management solution that leverages a digital transformation (using Process Street as your procurement management software), thinks about suppliers beyond price, and incorporates effective risk and change management.
Click on the relevant subheader below to jump to your section of choice. Alternatively, scroll down to read all we have to say on procurement management.
Every 20 seconds, $1 million is wasted globally through poor investments that don’t align well with a given organization’s goals and strategy.
This is according to a 2018 Pulse of Profession (PMI) report. The report also indicated that organizations waste 9.9% for every dollar invested due to poor strategic goal delivery.
Yet, as a solution to these business woes, 89% of executives say BizOps could significantly improve strategic decision-making by improving collaboration between IT and business teams.
The startup bizOps buzz is reimagining older, already pioneered bizOp practices used by the likes of Yahoo, Google, and LinkedIn. Startups are using bizOps (otherwise knowns as business operations) in a more generalist role demanding rapid execution and a larger scope of responsibilities.
Tech startups such as Slack, Dropbox, Ziprecruiter, and (of course) Process Street, are recruiting for and building out their Bizop teams.
But what exactly do we mean by bizOps in this modern world, and how has the concept been reimagined for the startup culture and mentality?
In this article, you’ll learn what bizOps is, from the day-to-day operations to the core activities. We’ll then discuss the importance of bizOps, using real-world examples to display the role in action. Find out how to apply BizOps as a startup or as a large enterprise to significantly improve strategic decision-making in your business.
Click on the relevant subheader below to jump to your section of choice, alternatively scroll down to read all we have to say: