IMPATIENCE IS A VIRTUE!
Tags: Business
Momentum begets momentum, and inertia begets inertia. Did you know that the rules of exercise apply just as much to your business as they do your body?
In my experience… I’ve found that moving organizations tend to keep moving. Ones that rest on their laurels, or otherwise, actually atrophy, grow weaker and die young. Regrettably, “not moving” never seems like a bad idea… “at first.” Because nothing immediately goes wrong… and furthermore, nothing signals the dangers of standing still.
“Hey… we waited to see if we were “right,” and nothing bad happened… so waiting is good… right?”
If they only knew.
As a result, not moving inspires more not moving. Employees become dormant too, and are no longer faced with exciting new challenges and positions. A few employees tolerate this condition. And others…creatures of habit and opponents of change, actually relish it.
But dynamic people require dynamic environments. Go dormant, and your action-oriented team will bolt, and take your greatest source of vitality with them. Without these people, your organization becomes even “more waiting oriented,” and you grind to a halt… and so many times… even shift into reverse.
Exercise works for business too. Keep stretching. Keep pushing!
WHEN MARKETING… MAKE THE INVISIBLE, VISIBLE!
Tags: Branding, Business, Charles Schwab, Colonel Sanders, Dave Thomas, Henry Block, Joel Hyatt, Marketing, Wolfgang Puck
Potential buyers are hesitant to consider products and services that they cannot see, so they emphasize what they CAN see. As a result… visual symbols of a service become important.
Many services recognize this principle… that services are simply relationships amongst people. Visualize the following business leaders that focus on the person behind it. Charles Schwab, Henry Block, Colonel Sanders, Dave Thomas, Joel Hyatt and Wolfgang Puck. Ad agencies have consistently visualized their services through their people.
Consider the leather binders that financial firms use to symbolize prosperity, the dark columns that many law firms use to symbolize tenure and longevity, or the padded shoulders in military uniforms… and colorful medals that the armed services use to symbolize strength and honor.
Prospects look for visual clues for a service, and if they have none… they tend to look to services that do provide clues. So, provide clues in all you say and do. Make sure people see who you are throughout all of your marketing and promotional efforts… as well as in the experience you provide. You must create these visual surroundings, from the parking lot to the last page of your proposals… that will enhance the client’s perception of your quality.
Watch and perfect the visual clues that you send.
I LOVE INEFFICIENCY!
I recognize that the term “inefficient” typically holds a negative connotation. For example, the “inefficiency” of an architectural structure is measured by the sqare footage in which the structure’s style and thruways reduce or prevent day-to-day usage and/or functionality. The inefficiency of a factory or assembly line is quantified by the total hours of downtime due to repairs, equipment malfunctions or personnel failures.
Certainly we want our homes to be energy efficient and our vehicles to be fuel efficient… but is an extremely efficient business model a strength or a weakness?
Most business models I’ve encountered require extreme efficiency of their staff and labor force. Businesses live in a perpetual cycle of having more work to be done, than there are people or hours in the week to facilitate that work. This; of course, is due to a highly competitive marketplace that requires business owners to lower their fees in the bloody war of price erosion, which ultimately demands the need to closely manage, or even micro-manage costs.
In a slavery effort to manage costs, business owners are forced to hire fewer people than the actual workload requires… which leads to pressure-cooker work environments in which nobody is happy or fulfilled. The business owner is always frustrated because the staff could be working harder. The employees aren’t happy because their work is never done, they feel under-appreciated, and they’re constantly under the gun to get more work done than is humanly possible. Both the business owner and the employee are ultimately setup for failure. The employee faces the impossible task of ever pleasing their boss, and the business owner is never able to develop a true sense of employee loyalty and longevity, resulting in low morale, which inevitably and ironically results to lower productivity and greater human resource costs.
COMPARE MACY’S AND WALMART
Inefficiency can be a GREAT thing! Compare retail giants, Macy’s and Walmart. Walmart’s “efficient” floor plan has smaller aisles and more shelves and rack space per zone to fit more products in less space. Macy’s intentionally widened their aisles and reduced the number of shelves and racks per zone to create additional customer space and reduce the perception of a claustrophobic shopping experience. Which store would the average consumer cast their vote for the best, most relaxing and enjoyable shopping experience?
Imagine reading a book in which the text was printed from the very top of the page to the very bottom of the page… from the very left side of the page to the very right side of the page, leaving no margins. We all want the margins. We need the margins! Margins are healthy, even though they cost more.
Maybe a healthy balance of business inefficiency is a good thing… or a GREAT thing! Imagine the following…
1. A work environment in which there’s plenty of employee work force to consistently get the job done.
2. A business model in which the cashflow and profitability actually allows its leadership and employees to “enjoy” their lives instead of resenting them.
3. A business or organization that has little to no turnover, and where high caliber college graduates and experienced industry professionals would walk through fire for the opportunity of working for you.
4. A business that attracts and cultivates an environment of dreamers and thought-leaders rather than hostility and defeat.
While this post is too limited to address the “how-to’s” for creating this ambitious business model and environment… I can tell you with great certainty that you’ll never just stumble into it. This only happens with deliberate thought, intentional planning, a recognition that it’s possible, and the desire and motivation to see it through fruition.
I hope I’ve challenged your thought-process and heightened your awareness to this blissful possibility.
THERE IS STRENGTH IN WEAK TIES
In my journey through the book, The Tipping Point, by Malcom Gladwell… I drew some pretty solid insights. In this book, he shares the following…
Mark Granovetter; an American sociologist, once performed a 1974 study that became a classic… “Getting A Job.” He studied hundreds of professional and technical workers that lived in a Boston suburb. He discovered that 56% of people in this community who found jobs, found them through a personal connection. 18.8% found their jobs through formal means… newspaper classifieds, advertisements, headhunters, etc. Another 20% roughly applied for their jobs directly.
This is not surprising. The best way to get in the door is always through a personal connection. Granovetter found that of these personal connections, the majority were weak ties. Of those that used a contact to find a job… only 16% saw that contact often. 55.6% saw their contact only occasionally, and 28% saw their contact rarely. People weren’t getting their jobs through their closest and dearest friends… they were getting them through their acquaintances. What’s the point?
When it comes to getting information, leads, ideas, and business connections, weak ties are always better than strong ties. Afterall, your friends occupy the same world that you do. They might work with you, or live near you… and go to the same churches, schools and parties. How much then would they know that you don’t already know? On the other hand, your acquaintances occupy a very different world than you. They’re much more likely to know something or someone that you don’t.
To capture this apparent paradox… Granovetter coined the phrase, “The Strength In Weak Ties.” The more acquaintances you have, the more powerful you become, especially in your business position. Understand the importance of familiarity, and ties to other connectors. Don’t underestimate the power of relationships, even the seemingly insignificant ones.
ARE YOU A RAINMAKER?
There’s been a lot of discussion around our office lately around the topic of being a RAINMAKER. The term RAINMAKER is more strictly defined as one… specifically someone in sales, who consistently brings in large clients and significant streams of revenue.
Clearly this term is also used more loosely to describe those that seem to rise to the top, as opposed to those that settle for mediocrity. I’ve taken a few of hours this morning to run a comparison analysis… on the differences between a RAINMAKER and an AVERAGE EMPLOYEE. The following comparisons are based solely on my own experiences and observations.
A RAINMAKER: does whatever it takes to get the job done right & on time.
AN AVERAGE EMPLOYEE: settles for delays, poor performance and inferior standards due to justified obstacles and personal setbacks, and typically cloaks their laziness with the appearance of virtue.
AN AVERAGE EMPLOYEE: identifies problems.
A RAINMAKER: introduces solutions.
A RAINMAKER: measures success by the progress itself.
AN AVERAGE EMPLOYEE: measures success by an honest effort towards progress.
AN AVERAGE EMPLOYEE: says… “I hope we don’t fail.”
A RAINMAKER: says… “Failure is not an option.”
A RAINMAKER: has a spirit of urgency, and says… “Let’s get to it now.”
AN AVERAGE EMPLOYEE: has a spirit of hesitancy, and says… “There’s always tomorrow.”
A RAINMAKER: strives to “give” first, and “gain” later.
AN AVERAGE EMPLOYEE: wants to define “gain” first, and then decide whether to “give” later.
A RAINMAKER: learns and executes the goals & priorities of the company, over those of their own.
AN AVERAGE EMPLOYEE: ignorantly executes his personal goals and priorities first.
A RAINMAKER: takes leadership and initiative without being asked.
AN AVERAGE EMPLOYEE: waits for a directive, title or personal gain before acting.
A RAINMAKER: is passionate, enthusiastic, insatiably positive winner.
AN AVERAGE EMPLOYEE: is defeated, un-energetic and chronically negative.
AN AVERAGE EMPLOYEE: sees the obstacles.
A RAINMAKER: sees the opportunity.
A RAINMAKER: constantly evaluates his performance, tactics and strategies for the purpose of improvement.
AN AVERAGE EMPLOYEE: chooses to blindly walk through life, neglecting to evaluate… for the fear of discovering or acknowledging that he might be flawed.
A RAINMAKER: says… “We can!”
AN AVERAGE EMPLOYEE: says… “Can we?” or “We can’t!”
A RAINMAKER: can’t wait to cross the finish line.
AN AVERAGE EMPLOYEE: can’t wait for the whistle to blow, and the work day to end.
A RAINMAKER: offers no excuses, and takes full personal responsibility for his actions for his mistakes and losses.
AN AVERAGE EMPLOYEE: offers excuses, justifications, and takes little to no personal responsibility.
AN AVERAGE EMPLOYEE: takes more than he gives.
A RAINMAKER: gives more than he takes.
A RAINMAKER: inspires others.
AN AVERAGE EMPLOYEE: meanders about virtually unnoticed.
A RAINMAKER: can seem to accomplish the impossible.
AN AVERAGE EMPLOYEE: will sometimes fail at that which is easily possible.
A RAINMAKER: effectively manages large sums of stress.
AN AVERAGE EMPLOYEE: can barely manage small to moderate sums of stress.
A RAINMAKER: sees the prize.
AN AVERAGE EMPLOYEE: sees the price.
A RAINMAKER: lives for tomorrow’s successes.
AN AVERAGE EMPLOYEE: chooses to relish in yesterday’s victories and rest on their laurels.
A RAINMAKER: insists on having and being the very best.
AN AVERAGE EMPLOYEE: believes “the best” is unattainable.
A RAINMAKER: is an asset, and is sought after by others.
AN AVERAGE EMPLOYEE: is a liability, and is warned about to others.
A RAINMAKER: is a speeding blur, viewed by his competitors from behind.
AN AVERAGE EMPLOYEE: typically has his view impeded by the “Rainmakers” that are racing past, and that are in front of him.
A RAINMAKER: embraces challenges and overcomes.
AN AVERAGE EMPLOYEE: is resentful and defeated by challenges.
A RAINMAKER: craves freedom, and a higher financial ceiling.
AN AVERAGE EMPLOYEE: craves financial security, and a higher guaranteed floor of income.
A RAINMAKER: embraces change.
AN AVERAGE EMPLOYEE: is threatened by change.
A RAINMAKER: asks… “What can I do for my company?”
AN AVERAGE EMPLOYEE: asks… “What can my company do for me?”
A RAINMAKER: chooses progress over pain.
AN AVERAGE EMPLOYEE: chooses comfort over progress.
A RAINMAKER: speaks with his actions.
AN AVERAGE EMPLOYEE: speaks with empty promises.
A RAINMAKER: serves his team and those around him.
AN AVERAGE EMPLOYEE: waits to be served by others.
A RAINMAKER: seeks wisdom and knowledge.
AN AVERAGE EMPLOYEE: is intimidated by those more wise and knowledgeable than himself.
A RAINMAKER: leads others.
AN AVERAGE EMPLOYEE: is typically led by other “Rainmakers.”
A RAINMAKER: measures themselves against the best, even when it hurts.
AN AVERAGE EMPLOYEE: inflates their self-worth & value, and personal accomplishments, due to insecurity… and the inability to see themselves as they actually are.
A RAINMAKER: will surround himself with others that are better, smarter & more talented than himself.
AN AVERAGE EMPLOYEE: will surround himself with only those that are inferior.
A RAINMAKER: says… “I could do more.”
AN AVERAGE EMPLOYEE: asks… “Haven’t I done enough?”
VALUE IS NOT A POSITION
If your primary selling and branding position is “good value” — then you have no position. Value is what every service promises. The price of your service must fairly reflect its value to your prospective client or customer, or your business will fail.
In services, value is a given, and givens are not viable competitive positions. If good value is the first thing you communicate, you won’t be effective. If good value is your best position… IMPROVE YOUR SERVICE.
MAKE SURE YOUR DUCKS ARE IN A ROW
Imagine this… What if you were to highlight the details of a business problem to the executives of a particular organization. What do you think their response would be?
The CFO would likely say… “It’s a resource problem.”
Human Resources would likely say… “It’s a people problem.”
R&D would likely say… “It’s an information problem.”
Marketing would likely say…“Let’s double the marketing budget.”
While I fully advocate that marketing is an absolute necessity for any business or organization to thrive… more marketing isn’t always the answer. To be successful, any organization needs to have their ducks in a row. Marketing; however, is just one duck.
Better marketing is good. A better reality is even better! Evaluate your business, your service, your systems, your leadership, your marketing. Keep getting better at what you do.
Your brand is the perception your clients and prospects have of your business or organization. Keep improving your brand.
THE LOW COST TRAP
I’ve known business owners that have made a strong marketing case for becoming and/or being the low cost provider… but it’s been my observation that the low cost position can kill a business.
The great low cost providers are vulnerable from multiple angles. Just when the system for lowering costs has been fully refined… somebody else inevitably comes up with a better system and cheaper suppliers. And as if this problem isn’t enough… these business owners find it virtually impossible to inspire their employees due to limited budgets, meager surroundings… and a constant need to recruit under-paid and under-appreciated workers.
Always remember, your clients and consumers can almost always find a cheaper way to get your products and services, and few efforts are less rewarding than trying to compete with the cheaper ways of those bottom-dwellers.
Stay away from the rock bottom.
IT TAKES A LIFETIME TO MOVE MOUNTAINS
Tags: Business, endurance, Inspiration, Lance Armstrong, Leadership
I regularly find myself being frustrated and discouraged by what “seems” to be insufficient progress in my efforts to make a significant impact in life, in business… and even my own personal leadership. My guess is that from time to time… you do too.
Lance Armstrong once said… “When we make incremental change, we are on our way to monumental change.”
Max Weber (pronounced maks vaybere); one of the founders of the modern study of sociology and public administration, once said… (paraphrased) “Progress is the slow boring of hard boards, and anyone who seeks to do it must risk his own soul.”
Doesn’t life, business and leadership seem to take on that same challenge? Change comes in excruciating increments to those that want it. If you want to move mountains, it takes a lifetime.
KEEP IT CASUAL AND SEE CLIENTS FLOCK TO YOU
Listed below is in article I received in my AdAgeDaily newsletter. This article is written by Troy Dunn, President and Creative Director of a major ad agency based in Tampa, Florida. I thought you’d enjoy it.
Traditional networking is a bit out of my comfort zone. As a business owner, I know that networking is critical to business development. I appreciate the value of professional-association meetings, but I don’t believe attending such formal settings is the only successful approach to prospecting and obtaining new clients. Personally, I prefer to be less formal. Because I love what I do, this seems to be the purest way of delivering my message, and, as we advise our clients, we have to play to our strengths. READ FULL ARTICLE
PART 2: MICHAEL GERBER’S TOP 10 EXPECTATIONS FOR AN EFFECTIVE EXECUTIVE LEADER
As stated in the last post, I’m through Michael Gerber’s newly published book… Awakening The Entrepreneur Within.
In that post, I shared Michael Gerber’s top 10 principles for recruiting new talent to his team. Today’s post shares his top 10 expectations for a COO, or any effective executive leader. Enjoy.
MICHAEL GERBER’S TOP 10 STANDARDS FOR LEADERSHIP:
1. Learn how to produce results with little or no capital.
2. Learn how to produce results with little or no information.
3. Learn how to produce results with little or no experience.
4. Learn how to produce results with little or no likelihood of success.
5. Learn how to do the impossible.
6. Learn how to inspire people without money, motivation or options.
7. Learn how to manage people without making them wrong.
8. Learn how to communicate your dream, vision purpose and mission so that 90% of the people you share it with, will buy into it. Do not spend any time with the 10% that don’t.
9. Learn how to replicate your successes and rise above your failures.
10. Learn how to become a world-class leader you can be proud of.
PART 1: MICHAEL GERBER’S TOP 10 PRINCIPLES FOR RECRUITING
I’m nearly finished with Michael Gerber’s newly published book… Awakening The Entrepreneur Within. While there are several inspirations to draw from as it relates to your business, I thought you’d benefit from the following nugget.
Michael Gerber; who’d recently recruited a COO that didn’t pan out well for one of his companies, expounds upon the importance of not repeating that moment in history. About to hire yet another COO, he shares his top 10 principles for recruiting new talent to his team. I thought I’d share them with you. Enjoy.
MICHAEL GERBER’S TOP 10 STANDARDS FOR RECRUITING:
1. Lead with purpose, commit yourself to your mission.
2. Once committed, never alter your commitment until it’s achieved.
3. Create clear operating standards and live by them.
4. Create clear operating results and commit to them.
5. Surround yourself with people who believe in your mission.
6. Surround yourself with people who are committed to your mission.
7. Surround yourself with people who believe in your standards.
8. Surround yourself with people who are committed to your standards.
9. Surround yourself with people who are committed to your results.
10. Surround yourself with people who are faithful to their commitments.
BEING GREAT VERSUS BEING GOOD
I’ve met people in professional services, that are prone to think that the bigger they get, the better their business will be. But there is proven evidence that superior performance is not critical to success in the services industry.
In one particular survey, clients rated “track record” 9th out of 17 attributes, rating it BELOW a sincere desire for a long term relationship.
Typically, neither your prospects or ours buy how good you are at what you do… but rather they buy how good you are at who you are.
ROI IS NOT THE SINGLE MEASURE OF MARKETING SUCCESS
Everyone loves to talk about ROI. The benchmark has firmly planted itself in the soil of marketing doctrine, widely accepted as a measure that makes it simple to evaluate marketing programs and gauge spending levels. “Return On Investment” enables financial types to evaluate marketing initiatives with the same approach they use to evaluate capital expenditures and acquisitions.
There is a fundamental problem with overemphasizing ROI as the single measure of marketing success: It is often impossible to accurately quantify the impact. Although the world of marketing has come a long way in terms of analytic capabilities, applying financial numbers to the marketing equation is not always possible or preferable.
Take branding, for example. For many companies, brands are their most valuable assets. Determining the precise value of a brand at any given moment is nearly impossible. If the value of a brand cannot be precisely calculated, then it’s impossible to solely use ROI to evaluate the decisions that impact the brand.
Click Here to read this article in its entirety, written by Dr. Tim Calkins and Dr. Derek D. Rucker for AdAge.com. Dr. Tim Calkins and Dr. Derek D. Rucker are both professors of marketing at the Kellogg School of Management.
MARKETING ISN’T A DEPARTMENT
It simply doesn’t matter how much marketing and media you produce… If the clerk at the end of the line fails, everything fails.
The buyer [client] doesn’t return, and tells all of her friends about her experience. Marketing is EVERYBODY’S job. Review every step from how your receptionist answers the phone, to the message at the bottom of your invoices.
Every act is a marketing act! Every employee is a marketer for your company!