Barclays: 74% Of Small Businesses Hopeful Or Excited

On August 26, 2009

Barclays: 74% Of Small Businesses Hopeful Or Excited

Maybe small businesses (or at least the small businesses Barclays Commercial is in touch with) aren't so bad off, after all.  A survey of firms in the UK found that a lot of companies are either experiencing positive trends and/or optimistic about the future.

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On August 26, 2009

Wide Range of Opinions on Sugar ‘Crisis’

Who should we believe on sugar? On one side, we have sugar buyers like General Mills, Mars and Hershey warning that we could "virtually run out of sugar" if we don't change our sugar policy aimed to restrict imports. On the other side, we have sugar growers assuring us everything is fine and talking as if we have more sugar than we know what to do with. Of course, these parties are just fighting for their own interests -- growers benefit from our protectionist policies that keep sugar prices artificially high, while buyers would benefit from a larger supply. So what is the reality? Well, we're not going to run out of sugar. Sugar's stocks-to-use ratio is forecast to be...
On August 26, 2009

Sustainable Business Truths: The Least Your Employees Need to Know

In hard times, focusing your company on environmental challenges and opportunities — or "greening" your business — can be a terrific source of employee motivation. But I make the case in my new book Green Recovery that increasing engagement and knowledge around green issues isn't just about pumping up morale — it also gives your people a solid foundation to innovate and create value in new ways.

The world is changing, and fast. Profound shifts are under way as the world mutates demographically (more, younger, less white), politically (new bases of power to the East), and perhaps most importantly, physically (climate change, water stress, resource constraints). How can your company prepare for markets that will be driven, unavoidably, by a quest for sustainability? As I argue in the book, you need to get all your employees on the same page on three essential realities:

  1. Resources are not infinite. This goes against everything we've experienced as a species for millennia. We are reaching limits in resource availability, from fossil fuels to water. You know it's serious when Forbes Magazine casually mentions that Exxon is going to natural gas because it's "running out of oil."
  2. The value is in the value chain. In most industries, the largest part of a company's environmental footprint lies outside of its direct control, falling either upstream in the supply chain or downstream with customers using the product. The environmental risks (such as discovering lead in your toys like Mattel did in 2007) and opportunities (like creating energy-efficient products that consumers lap up) reside outside your four walls. Everyone will need to think more holistically.
  3. Climate change is a political and business reality regardless of what anyone thinks about the scientific reality. I won't belabor this idea, but getting lost in debates about whether Al Gore is plotting to take away your SUV is missing the point. Virtually every country in the world is joining international negotiations about climate or directly regulating carbon. Most of the world's largest businesses are actively tackling their own carbon emissions and demanding the same of their suppliers. The cost of doing business is changing permanently and being carbon-fat is getting much more expensive. These are critical business issues to understand and prepare for.

All green innovation success stories (and that's business success) flow from one or all of these critical mindset principles. DuPont, 3M, and others that have slashed waste and energy use are recognizing the long-term reality of #1: resources that are tight get more expensive over time. The Toyota Prius comes from #1 as well (gas will be more expensive), but also from #2: reduce your customers' environmental impacts to sell more product.

I know #3 will be the hardest for many to swallow, but focus on this: because of #1 and #2, the things we'd want to do to solve climate change — such as using less energy and cutting back on expensive fossil fuels — we should do anyway. It's just good business (and good for national security and competitiveness, but those are other arguments).

Continuing to deny these fundamental realities will spell disaster for most industries (think autos and Detroit). But with these foundational ideas percolating through all parts of your business, your people will find new ways to get lean and to deliver products and services using drastically less energy and resources. Your organization will be consistently innovative and ready for the future.

On August 26, 2009

Scammers Back Off Favorite Tactic – Phish Ain’t Bitin’

Internet criminals might be rethinking a favorite scam for stealing people's personal information. A report being released Wednesday by IBM shows a big drop in the volume of "phishing" emails, in which fraud artists send what looks like a legitimate message from a bank or some other company.


On August 26, 2009

How Ted Kennedy Got Things Done

It has been said that when Republicans wanted to drum up financial support all they had to do was invoke the name of Ted Kennedy in a piece of direct mail and the funds would roll in. That a man who was an anathema to some could over time become so revered by men and women on both sides of the political aisle is a tribute to Kennedy's ability to connect personally, as well as to his dogged perseverance in causes that mattered to him.

How Kennedy was able to bring sides together is a virtue that leaders at every level need to master. While leadership in the corporate sector can come largely from the executive suite, to get things done well you need to act more as a legislator. That involves working with and persuading people who don't agree with you. Regardless of what the CEO desires, initiatives do not happen until people on the ground embrace them; and that's where peer-to-peer leadership, the kind that occurs in legislative bodies, works.

Persuading a peer may be more art than science but there are some solid practices you can employ.

Stand on principle. No doubt Kennedy had personal failings, but as a legislator he was known as an advocate for the poor, the disadvantaged, and the working man. As a corporate leader, you want to grow the business, but how you do it matters. Maintaining integrity is essential. You want to be known as someone who works with others, seeks to develop the talents of others, and puts the team first.

Be responsive and responsible. Your colleagues need to know the issues that motivate you. For Kennedy it was poverty, unions, peace, and health care. As an executive, the choice of issues is never so clear cut, but you need to deal with what comes your way and do so in a manner that demonstrates conviction as well as credibility. Be known as one who can get things done.

Share the credit. Kennedy, as NPR's Tovia Smith reported on Morning Edition, often let others put their names on bills that he pushed for. On some, his his name may have jeopardized passage, but on others he wanted colleagues to receive the publicity, especially back in their home states. A leader can often accomplish more by taking a step back and letting others share in the glory of getting good things done. Those who hog the limelight are those who stand alone; those who stand in the shadows may have many friends.

Be a friend. Kennedy did not let political differences get in the way of friendship. He was personally close to colleagues on both sides of the aisle. If you work in a large organization, you need all the friends you can get. Don't let differences over issues mar personal relationships. You cannot be friends with everyone but you can agree to disagree. And if you remain amicable you can work together on future issues.

Reaching out to a colleague who doesn't agree with you is never easy, but still it is necessary to try. It's useful to recall how Orrin Hatch, a conservative Republican Senator from Utah, remembered one of his dearest friends, the liberal Lion of the Senate, Edward M. Kennedy, "Ted Kennedy, with all of his ideological verbosity and idealism was a rare person who at times could put aside differences and look for common solutions. Not many ever got to see that side of him, but as peers and colleagues we were able to share some of those moments."

Stand for your principles, but work together with others to achieve laudable goals, — it's a legacy that every leader should embrace.


On August 26, 2009

How to Use Your Mac in a Corporate Environment

Good news, Mac users: You no longer have to feel like the red-headed stepchild when you bring your MacBook to the office. Digital Inspiration outlines six ways to make Macs play nice with Windows networks. For example, here's how to access network drives from a Mac: To access a network shared drive (or a folder), open Finder and from the menu bar, select Go followed by Connect to server. In the popup window type: smb://servername/folder_name (e.g. smb://fileserver01/finance ) In some cases, you might have to use the IP address of the Windows server (e.g. smb://192.168.10.10/finance) or you can even see the server by clicking the Browse button. Click on the + icon to save a bookmark and press Connect. Repeat...


On August 26, 2009

Name the Greatest Business Partnerships

Asked by Forbes.com to name his top five historical partnerships, Harvard Business School Dean Jay Light produced this unlikely list: Marie and Pierre Curie Meriwether Lewis and William Clark Larry Bird, Robert Parish and Kevin McHale Bill Hewlett and Dave Packard James D. Watson and Francis Crick Lewis and Clark are highlighted, for example, because they are a fine example of complementary opposites. Writes Light: "Lewis and Clark bonded over a shared love for the outdoors, but they had markedly different personalities. Lewis was a moody, introverted intellectual with a deep knowledge of cartography and natural science. Clark was the gregarious extrovert with a natural flair for leadership. Lewis needed Clark to keep up the esprit de corps through three...


On August 26, 2009

The Personal Touch

Often, as our coaching clients begin designing and documenting systems they face a particular challenge: how do they replicate and document the personal touch they feel is theirs’ alone to give?

These business owners believe in the overall idea of systemization, but they become somewhat stymied when they realize that it means their personal touch, their “rainmaker status,” the patterns of behavior that attracted customers in the first place, must also be systematized in order for the business to function without them.

The First Step Is Recognition

The initial step is to recognize the reality. What results do you achieve in your business?  Yes, you created patterns of behavior (systems) that you’ve followed in order to achieve a degree of business success. You pride yourself on your abilities. You enjoy the fact that in your growing organization, nobody has the same personal touch with the customers that you have. I mentioned rainmaker status above, for often this is how this pride in the personal touch shows up; you feel recognized and special for your personal ability to achieve great results.

Of course, there’s nothing wrong with being good at what you do! It’s fantastic! You’ve found a particular way of doing business that has made you successful. But here’s the key concept: if the business is totally dependent on you – on how you do things – you’ll never be able to get away from the business. You can’t sell a business when you are the business. You can’t take a vacation from the business because when you go, the business goes too.

When you understand that, you understand that you have to let go of those rainmaker reigns and learn to replicate the processes you’ve used to deliver that stellar customer experience. If you systematize what has made you so close to your customer base, you will have a business that can function without you. You’ll have a business that can be sold or passed on to family members. You will be on your way to creating an E-Myth’d business.

Personalization is the Key

At E-Myth we know that the personal touch that you’ve mastered can be re-created as a system. A personalized system that communicates your values, vision, purpose and standards -- the heart of your company culture. Having a Strategic Objective and a set of “rules of the game” (your defined way of doing business), gives you the framework for creating the culture and necessary processes for your employees to achieve those same results.

So you must first create a clear vision and value statement, back it up with standards and structure that reflect your purpose and intention, then begin observing and analyzing the way that you personalize the relationship with your customers. Next, check any idea you have that it can’t be done, otherwise, you’ll fall back on the old way of just doing it all yourself.

Intense Observation and Self-Scrutiny

What will your systems look like for replicating the way you do business and interact with clients? It’s beyond the scope of this article to describe the process completely, but to begin, try capturing each leverage point of customer interaction. Then, create a repeatable system around that interaction. Become alert to interactions that you handle, especially those that, if asked about how you did it, you’d simply say “I just knew,” or “I did it, no problem.” Let others observe you in the midst of these activities and see if they can help you pick apart the actual steps you took to create that particular response.

One of my clients owns a bridal store, Mariel's Bridal Shop, who came to work with E-Myth because she could not handle the rapid growth that was occurring in her store. She had five employees who worked in the retail shop with her but the problem was, she was the only one closing the deals. Whenever there was an issue, a complaint or a client had a special request, they would ask to speak to Mariel because her name is on the sign. So in reality, although Mariel had five employees working for her, she was doing all of the work!  To help her streamline the responsibilities and train the employees on how she interacts with clients, she had one of the employees follow her around with a clipboard and recorder and document everything she did with a customer. What did she say with the clients to make them feel at ease, how did she describe the benefit of working with them, when did she take the clients to try on dresses, how did she fulfill the order request, in what fashion did she set-up the appointments, etc. After this stage of recorded observation, they were able to come up with the proper checklist of steps in the client experience at Mariel's Bridal Shop and created a script to follow for training purposes. All of which became the standard for working with clients at the shop. Sometimes, you are too close to what you do and how you interact with clients. Ask yourself, how would someone else recreate the process and achieve the same results?

Some business owners may find they need a more detailed client database to ensure all employess have access to the same information on your customers that you do. Maybe it’s a script that you create after carefully analyzing the key words you’ve used all these years to communicate the personal benefits to the customer. It might simply be annointing others to meet with those key clients, to partake in the overall engagement. Whatever’s required, use your innate entreprenuerial curiosity and beginner’s mind to scrutinize everything  you do and create procedures, processes and systems that others can use to replicate your success.

Pulling It Together

As suggested, the first step is often the most difficult… recognizing that the way that you’re conducting business may prohibit your growth. Realizing that because you feel you are the only one who can deliver the client experience in the way that you do, you’re the only one who can do the work of the business. Once you make a commitment to freeing yourself of that, don’t rest until you’ve created processes and systems around everything you do that creates that personal touch.

In this era of customized marketing, everybody wants to receive specialized treatment during the entire sales process and throughout every aspect of client fulfillment. Create personalized systems that make for that amazing WOW customer experience! If you do it right, your customers will continue to feel special long after you’ve turned the reins over to another or exited the company all together, since now your personal touch is part of the system solution.

Share Your Story

Is your business dependent on you? Could somebody else come in today and run your business delivering the same product/service that has made you successful thus far? Post a comment and tell us about your experience.