In order to grow my business I have been working on building a Master Mind Group which according to Napoleon Hill is a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.” A couple of weeks ago I meet with a successful business person who is part of my Master Mind Group; and in our meeting we were talked about goal setting and the importance of having a balance between business, family, health and the spiritual within our personal goals. He told me the tactic he uses to help him manage his goals is to build four quadrants and then within the quadrants to build a matrix of information that includes his goals.
• Quadrants are the areas that are divided by an axis, there are 4 quadrants, one in the upper right (first quadrant), the upper left (second quadrant), the lower left (third quadrant), and the lower right (fourth quadrant)
• A matrix is a grid, with each location in the grid containing some information. For example, a chess board is a matrix in which every square contains a specific item of information: a particular chess piece, or the lack of a chess piece.
In each of the four quadrants he has a heading (example: health, business, family and spiritual) and under each heading are bullet points that include his goals and a brief description how he will achieve the goal. The reason that he likes using a matrix is everywhere he looks he sees squares (floor, buildings, roof tiles) and they remind him of his goals that he has set within his matrix. The other aspect of a matrix that he finds very powerful is he can move the quadrants to different positions within the matrix and define the meaning of the position (example: top right most important) allowing him to prioritize his actions.
Below are some examples of Quadrant based Matrix that I use within my business Today:
Product Market Matrix
Q1- MARKET PENETRATION – Relatively low risk strategy growth strategy directed towards selling existing products to existing customers primarily through well- known markets and products.
Q2 – MARKET DEVELOPMENT – Medium risk growth strategy to sell existing products to new customers.
Q3 – PRODUCT DEVELOPMENT – Medium risk growth strategy to introduce new products to existing customers.
Q4 – DIVERSIFICATION – Highest risk strategy that markets new products to new markets and requires acquiring experience in both sectors.
Seven Habits of Highly Effective People Four Quadrants of Activity Management:
Q1 – Important & Urgent
Q2 – Important & Not Urgent
Q3 – Not Important & Urgent
Q4 – Not Important & Not Urgent
Gartner Magic Quadrant (MQ)
Q1 – Leaders score higher on both criteria; the ability to execute and completeness of vision. Typically larger industry developed businesses with vision and potential for expansion.
Q2 – Challengers score higher the ability to execute and lower on the completeness of vision. Typically larger, settled businesses with minimal future plans for that industry.
Q3 – Visionaries score lower on the ability to execute and higher on the completeness of vision. Typically smaller companies that are unloading their planned potential.
Q4 – Niche players score lower on both criteria: the ability to execute and completeness of vision. Typically new additions to the Magic Quadrant, or market fledglings.