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   Collection: Complete guide to Biz Ops



Try Almanac
Collection: Complete guide to Biz Ops
by Kaytlin Louton
Use this doc 34


COLLECTION: COMPLETE GUIDE TO BIZ OPS


WHAT IS BIZ OPS?


BIZ OPS’S GOAL

Business operations aims to optimize business functions for profitability and
performance.


NORTH STAR METRICS

 * Return on investment (ROI). The investment return (gain from investment -
   cost of investment) divided by the investment cost.

 * EBITDA. A proxy for operating profit, this accounting measure calculates net
   earnings before interest, tax, depreciation, and amortization.

 * Gross margin. Net revenue minus the cost of products/services sold divided by
   net revenue.

 * Net profit margin. Net profit on each dollar of revenue.


SECONDARY METRICS

 * Average revenue per account (ARPA). The average revenue per customer measured
   in a defined period (months or years).

 * Net revenue retention rate or dollar revenue retention (DRR). Starting
   revenue minus revenue lost from down-sell or churn plus increased revenue
   from up-sell for these customers, divided by starting revenue.

 * Gross revenue retention rate. Starting revenue minus revenue lost through
   down-sell or churn, divided by starting revenue.

 * Monthly recurring revenue (MRR). A measurement of predictable and recurring
   revenue components of a subscription business. MRR is the sum of the monthly
   fee paid by every paying customer.

 * Annual recurring revenue (ARR) or annual run rate. An annual version of MRR
   that helps to project future revenue in the year ahead. ARR assumes no
   changes (e.g., no churn, no new customers, no expansion).


WHAT DEFINES THE BIZ OPS FUNCTION?

Biz Ops drives a company's business model by working with management to
determine which metrics are most important. When critical decisions need to be
made, Biz Ops provides analytical support to help make the right call by asking
the hard questions: Is this particular initiative working for us? Should we
invest more here? Throughout this cycle, Biz Ops analyzes data and runs metrics
to ensure the successful completion of a business plan and to ready the cycle
for a new plan.





KEY CONCEPTS IN BUSINESS OPERATIONS

Almanac contributors have highlighted six key concepts essential to working in
Biz Ops.




Concept

Description

Incubation

A successful framework that follows these five steps cyclically: identify
problem and define success; test theory for how to solve problems; apply
solutions; prove out solutions; hand off solutions to be executed.

Strategic planning

Involves introducing and building a strategic vision, developing a plan to drive
strategy, and running KPIs/metrics that guage the success of that strategic
plan.

Operations design

Involves creating a system (platforms, templates, tools, heuristics, etc.)
through which an organization can understand their role in that system,
prioritize initiatives accordingly, and reconnect to the overall business
strategy.

Initiative execution

At a project level, this involves assuring that the right team(s) are in place,
that roles are clear within the parameters of the project, that everyone is
aligned with the strategy, and that support systems (platforms, templates,
tools, heuristics, etc.) are in place.

Business intelligence

Involves the measurement of the overall health of the organization,
understanding how each strategic initiative impacts the wellbeing of the
organization, and providing visibility into the organization’s work by making
informed decisions.





BIZ OPS ACTIVITIES

At its core, a Biz Ops team is responsible for optimizing business functions for
maximum profit, performance, and growth. That involves six key steps:




Activity

Almanac articles

Strategic process

 * Scenario planning playbook (coming soon)

 * Cost reduction playbook (coming soon)

 * Benchmarking process playbook (coming soon)

 * Resource allocation process (coming soon)

Strategic analysis

 * Analytics fundamentals (coming soon)

 * Diagnosing product performance issues

 * Unit economic analysis (LTV & CAC)

 * Retention analysis

 * Cohort analysis

 * Calculating statistical significance

 * Understanding CAC by channel

Systems building and information

 * Managing analytics events

 * Analytics 101 (coming soon)

 * Picking an A/B testing tool (coming soon)

 * Guide: Referrals attribution and tracking (coming soon)

 * Guide to defining your attribution model (coming soon)

 * CRM fundamentals (coming soon)

Communication

 * Weekly product report

 * Daily product engagement report

Cross-functional processes

 * Ticket escalation process (coming soon)

 * Email security checklist (coming soon)

 * GDPR compliance playbook (coming soon)

 * SOC 2 compliance playbook (coming soon)

 * Using RACI framework (coming soon)

 * Business continuity planning (coming soon)

Change management

 * Change management playbook (coming soon)

 * Mapping key influencers in a change process (coming soon)

 * Getting stakeholder buy-in during a change process (coming soon)





SUPPORT SYSTEMS FOR BIZ OPS

We’ve included these topics to help build your Biz Ops team.




Topic

Articles

Biz Ops strategy

 * When your company needs Biz Ops (coming soon)

Leading the Biz Ops team

 * Management 101 (coming soon)

 * KPIs for managing the Biz Ops team (coming soon)

Biz Ops team & org

 * Run a cross-functional meeting without being in charge

 * How to lead with influence in Biz Ops (coming soon)

 * How Biz Ops changes as the org grows (coming soon)

 * How Biz Ops interacts with the rest of a company (coming soon)

 * How to structure your Biz Ops org (coming soon)

 * Tactics for working with Engineering (coming soon)

 * Tactics for working with Product (coming soon)

 * Tactics for working with Sales (coming soon)

Recruiting for Biz Ops

 * Recruiting 101

 * How to interview Biz Ops candidates

 * Hiring Guide: Business Analyst (coming soon)





PERSPECTIVES IN BIZ OPS

Issue

Perspectives

Career

 * How to climb the ladder in Biz Ops

 * How to be a smashing success in Biz Ops

 * How to start a career in Biz Ops (coming soon)

 * What's it like to work in Biz Ops (coming soon)











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