Extraordinary Business

There is a lot of talk about our economic situation in the media these days. What is your business doing to change its future? Many businesses use economy as an excuse for growth. The theory is in a poor economy you should hold back and wait for the environment to improve.

I would challenge this philosophy as there is more wealth created in a down economy than in a booming one. People and businesses who are ready to grow take advantage of the market when others are retreating. Now is no different. In any market, there are highly profitable businesses. The excuse you have to sit back and wait doesn't fly. To me, it also doesn't make any sense.

If you are running a race and you are in the lead, you do not stop to catch your breath when the run gets difficult. If you are in the middle of the pack, you would never think of stopping because the people behind you would pass you up. If you are in last place and stop, you will never even compete.

What can you do to take ownership of your business and grow now. Waiting could give someone else the advantage and leave you well behind the pack.

Labels: Business, Business Coaching, Dan Paulson, growth, InVision Business Development, Leadership, Money, Strategy

Football season is here and many companies are dealing with the impact of Fantasy Football. With many places online to track your teams, companies are dealing with staff working on their leagues during company time. The consulting firm Challenger, Gray & Christmas stated that fantasy football could cost companies up to $10.5 billion over the entire season. This number relates to lost time spent by staffers managing their teams.

How do you deal with fantasy football in your company? Is it a tool used as a morale builder or do you place strict policies on using company time for personal reasons?

Labels: Business, Communication, costs, efficiency, fantasy football, Leadership

I recently read an article in the Wisconsin State Journal that shared a list of most valued qualities sought by employers. They are as follows:

• Communication Skills
• Honesty/Integrity
• Interpersonal Skills (Relates well with others)
  
• Motivation/Initiative
• Strong Work Ethic
• Teamwork Skills (Works well with others)
• Computer Skills
• Analytical Skills
• Flexibility/Adaptability
• Detail-Oriented
• Organizational Skills
• Leadership Skills
• Self-Confidence
• Friendly/Outgoing Personality
• Tactfulness
• Well-Mannered/Polite
• Creativity
• GPA (3.0 or better)
• Entrepreneurial Skills/Risk-Taker

(Source: Wisconsin State Journal/UW-Madison School of Engineering)

Almost 90% of the traits listed are not technical skills. Communication skills and other "soft" skills, as they are commonly called, have become so critical in our job functions. It is important to develop these skills early on in your career.

Business leaders: It is important that we recognize the traits we are seeking we are not born with. we need to take action to develop these skills with our staff. Many of these traits are not provided by traditional education. If you own a business, take the time to mentor and coach your staff. Empower them to become the employees you want and give them room to grow.

Labels: Business, Business Coaching, Coaching, Communication, employees, Leadership, Organizational Development, Work

How would you go about saving millions in costs in your business? Would you hire a consultant experienced in 6 Sigma or Lean? Who would be the best at helping you? At Stanford Hospital it turned out to be the employees.

Stanford's employees have so far helped the hospital save over $14 million in expenses. Cost reductions occurred in everything from trash collection to de-linting towels for surgery.

So how do you get so many people focused on cost reduction? It has to mean something to the staff. They need to clearly understand the vision and direction of the business. One difference is they were empowered to make a difference because management didn't have all the answers and the results have been tremendous.

Who are you willing to empower and how would it make a difference in your organization?

Labels: 6 Sigma, Business Coaching, Coaching, Health care, Hospitals, Leadership, Lean, Strategy, Vision

In recent weeks we have heard announcements regarding the airline industry. It's been everything from charging extra for baggage, going out of business, flight delays, repair issues that led to flight delays, etc. My question to you is how has it affected your travel by flight?

Airlines are not known for their service record or reliability (at least not in a positive light.) Do you avoid air travel? What should the airline industry do to improve service?

Labels: airlines, customer loyalty, customer service, FAA, flight delays, flying, Leadership, Strategy, transportation

I recently read the article in Inc. Magazine called "The Success Gene" by Adam Bluestein. The article highlighted the following businesses for having existed for over five generations: Hussey Seating Company, C.F. Martin & Company, Iwan Reis & Company, Harden Furniture Company, A. E. Schmidt Company, and NP Dodge.

First I want to congratulate each company for surviving so long through good times and bad. It's impressive to see that many generations keeping business in the family. One thing that can be said for each business is the similarity in their beliefs.

Each business lives by the belief that they are the best in their industry. Being the best separates those who want to be number one in their industry from those who are just trying to compete. Also, each company mentioned their willingness to change. Change is an important factor in business, and many businesses, family or otherwise, fail because they are unwilling to change. While there aren't a lot of secrets to how they have survived the times, it is still and interesting and inspirational read. If you have the April copy of Inc., please check it out.

I recently read an article in Inc. magazine called Paradise Lost by Bo Burlingham. What caught my attention was the story was about Reell Precision Manufacturing. This company had been recognized for its culture and now was struggling for its life.

Reell was a successful company with a strong employee focus. In fact, all decisions were made in the best interests of the employees. For more than 30 years, the company had worked through good times and bad. When times got tough, the leaders took pay cuts to avoid reducing staff. The company was ran by three CEO's that made decisions based on consensus. The formula worked. The company experienced unflagging loyalty while having turnover well below the industry average. So what caused the dramatic turnaround in performance?

Reell's industry was changing. Responsible for making laptop hinges, they found their markets moving overseas. While they were able to make changes and compete for a while, they became burdened by keeping up with increasing sales. Those sales forced capital investments that forced the company to focus on generating more sales to pay for the equipment. Reell became forced to compete on price and reduced margins. In the short term, Reell's decision to globalize their laptop hinge product prevented layoffs. In the long term it nearly destroyed the company because of its failure to balance out the needs of the employees and the needs of the business.

The moral of this story is looking at all aspects of your business no matter how well you are doing. Too much emphasis in any one area can be disastrous.

Article:
Paradise Lost
By Bo Burlingham
Photographs by Mike McGregor
Magazine: Inc.
Issue: February 2008

Labels: Business, Business Coaching, Change Management, Coaching, Leadership, Management, Planning, Sales, Strategy