tag:blogger.com,1999:blog-23593629680691359032024-03-19T01:55:10.112-07:00Excellence in Financial ManagementA collection of best practice articles to help grow companies with an emphasis on finance. The goal of the blog is to explain how these best practices work, enabling anyone to put these ideas to immediate use. Articles are written by Matt H. Evans, CPA, CMA, CFM exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.comBlogger79125tag:blogger.com,1999:blog-2359362968069135903.post-37890192253195245372016-12-30T07:49:00.003-08:002016-12-30T07:49:51.111-08:00How to Acknowledge Reality<!--[if gte mso 9]><xml>
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Staying
grounded in reality is not easy these days. We are bombarded with so much
noise, misinformation and flashing news alerts. It’s easy to get distracted
from what is truly important. Getting grounded in reality requires a very sound
principle known as Critical Thinking. If more people would simply think in a
critical way, they would break through the clutter and see the truth. </div>
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<br /></div>
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It all
starts with listening to various viewpoints and asking questions. A good
framework for asking questions is to cover the W’s and the How: Who, When,
Where, Why and How. Your goal is to aggressively dissect the issue from various
sources and through a series of questions you filter out what is false and
retain what is true.<span style="mso-spacerun: yes;"> </span>Take for example a
small child who is always asking questions about how things work – they have a
natural curiosity of seeking the truth. Decisions are deferred until you
compile enough evidence to reach an objective and rational conclusion. The
challenge is to remove your prejudice feelings and just like a child, remain open-minded,
finding your way to the answer. </div>
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<br /></div>
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In order to
reach a sound conclusion, you will have to apply reasoning. This typically
takes two forms: </div>
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Deductive Reasoning
(top down) and Inductive Reasoning (bottom up). Deductive reasoning is when you
arrive at an answer and you decide to apply it. For example, you have concluded
that nasal spray is a better way of treating your allergies as opposed to
taking pills. When you get an allergy you try it and see if your deductive
reasoning is correct. Inductive reasoning is the opposite – you are not sure
why the problem is taking place and you try to identify the reasons. Perhaps
you develop a list of things that could be causing your allergies. One by one
you test and work through the list until you find the items that are causing
the problem. </div>
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<br /></div>
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Reasoning is
not easy. There are so many ways of getting derailed. Here are 18 areas to
watch out for per <u>The Thinker’s Guide to the Art of Strategic Thinking</u>
by Linda Elder and Richard Paul:</div>
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<br /></div>
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1.<span style="mso-tab-count: 1;"> </span>Jumping to conclusions</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
2.<span style="mso-tab-count: 1;"> </span>Failing to think about the
implications of your decision</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
3.<span style="mso-tab-count: 1;"> </span>Not staying focused on the goal or
objective, wandering off</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
4.<span style="mso-tab-count: 1;"> </span>Not grounded in the reality of your
current situation, too idealistic</div>
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5.<span style="mso-tab-count: 1;"> </span>Not recognizing contradictions or
evidence that says the opposite</div>
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6.<span style="mso-tab-count: 1;"> </span>Asking vague questions or giving
vague answers to questions – If you don’t know, just say so</div>
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7.<span style="mso-tab-count: 1;"> </span>Reliance on information that is
incomplete, inaccurate or not relevant</div>
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8.<span style="mso-tab-count: 1;"> </span>Inferring something about the
situation from your own experiences, but it doesn’t fit this particular
situation</div>
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9.<span style="mso-tab-count: 1;"> </span>Distorting information or evidence
to advance an agenda</div>
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10.<span style="mso-tab-count: 1;"> </span>Not recognizing your assumptions </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
11.<span style="mso-tab-count: 1;"> </span>Spending too much time on things that
are minor or insignificant to the decision</div>
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12.<span style="mso-tab-count: 1;"> </span>Not aware of your own bias or short
comings</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
13.<span style="mso-tab-count: 1;"> </span>Unable to communicate effectively</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
14.<span style="mso-tab-count: 1;"> </span>Improper use of words</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
15.<span style="mso-tab-count: 1;"> </span>Key ideas were not recognized</div>
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16.<span style="mso-tab-count: 1;"> </span>So called experts are not qualified or
really experienced with the subject</div>
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17.<span style="mso-tab-count: 1;"> </span>Over simplifying what is essentially
very complicated</div>
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18.<span style="mso-tab-count: 1;"> </span>Forming concepts that are too
theoretical and not practical enough</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
If we
leverage this list and distill it down, then it becomes important to follow a
set of principles. These principles include:<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
1.<span style="mso-tab-count: 1;"> </span>Clarity – Remove the ambiguity to
put focus on the problem. You can better understand a problem by comparing it
to similar problems or re-phrasing the problem.<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
2.<span style="mso-tab-count: 1;"> </span>Accuracy – Don’t accept what someone
tells you. Make sure it is true or false before accepting it. You want your
decision to be based on accurate evidence. In some cases, you may have to
validate it. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
3.<span style="mso-tab-count: 1;"> </span>Precision – It can help to be
precise with statements. For example, by quantifying a statement you bring
increased precision to what you are saying. For example, it is accurate to say:
All human beings have a limited life span. It is more precise to say: Human
beings have an average life span of 69 years. By providing more details, you
become more precise.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
4.<span style="mso-tab-count: 1;"> </span>Consistency – When you take a
position, it should not be in conflict with known facts. Your decision should
be consistent with the evidence that supports the decision. For example,
Politicians are often criticized for making statements to one group and then
changing the statement to fit another group. You need to be consistent in what
it is you say or decide.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
5.<span style="mso-tab-count: 1;"> </span>Relevance – You should focus on
those things that are relevant to the decision. It is not unusual to spend
excessive time on noise and other information that has nothing to do with your
problem or issue. There should be a connection or relationship with the
information that is under consideration regarding a decision. You also may have
to consider the significance of the evidence to your problem. Some variables or
factors are much more important than others.<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
6.<span style="mso-tab-count: 1;"> </span>Sound Evidence – Critical thinkers
look for good evidence and ask: Why should I accept this? Examples of evidence
include: Samples, Observations, Testimonials, Comparisons, Research,
Experiences, Subject Matter Experts and Expert Witnesses. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
7.<span style="mso-tab-count: 1;"> </span>Good Reasoning – When you make a
decision or take a position, you should have good reasoning behind the decision
or position. Your thinking has support behind it based on observations and
factual evidence. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
8.<span style="mso-tab-count: 1;"> </span>Depth – Your viewpoint, position or
decision should speak to the problem or issue. It must be deep enough to
explain it or possibly solve it. You sometimes may fall short of not going far
enough. Perhaps your analysis was cursory and incomplete. You have to speak to
the issue and not avoid it. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
9.<span style="mso-tab-count: 1;"> </span>Breadth – Critical thinkers consider
various viewpoints. They seek to remove bias by considering other opinions. A
wide net is cast in how a problem is viewed – we enlisted Engineers, Artist,
Women, and others to uncover different perspectives.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
10.<span style="mso-tab-count: 1;"> </span>Fairness – It is important to be fair
to all sides. For example, if you spend all of your time listening to liberal
viewpoints without listening to conservative viewpoints, then you are not being
fair. You cannot let your own personal feelings or viewpoints cloud your
decision.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Finally, as
you gain more experience and knowledge across a wide range of situations, you
can start to act on intuition. This is the advanced level of decision making
whereby you have mastered the principles described in this article. This
requires a lot of experience with decision making across a wide range of
situations. Two books that can help give you insights behind intuition are: <u>Blink</u>
by Malcolm Gladwell and <u>The Go Point: When It’s Time to Decide</u> by
Michael Useem.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-74244828275509006672016-12-13T07:24:00.000-08:002016-12-13T07:33:13.268-08:00To Understand Leadership, Understand Followers<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUchD01zSJzwquDO4sm59xWM1PQ1h3E5td-ps84PXWHkdn9Y9HUydzWNbXn6lYjCttwu1wAAcD7CC6eWS42loWfX08OH7jP3idKXptYU_2nT1VbVxBJSU1jOoRprEajU1sL14SLe5XKEA/s1600/Leaderes-Followers.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUchD01zSJzwquDO4sm59xWM1PQ1h3E5td-ps84PXWHkdn9Y9HUydzWNbXn6lYjCttwu1wAAcD7CC6eWS42loWfX08OH7jP3idKXptYU_2nT1VbVxBJSU1jOoRprEajU1sL14SLe5XKEA/s320/Leaderes-Followers.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
People want
to be led and not controlled. Anyone involved in managing people should be a
leader. This is what your people are looking for. You can start by communicating
the direction for others to follow with an emphasis on delegating and
supporting their efforts. <span style="mso-spacerun: yes;"> </span>You want
people to be motivated and productive, reaching their full potential in the
work place. This requires staying out of the way and not being a micro-manager,
but still holding people accountable for performance.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
You want
good employees to become great employees. Your job is not to tell people what
to do, but to show them how to do it.<span style="mso-spacerun: yes;">
</span>Leaders guide and direct people, keeping them on a path of excellence
aligned to the goals of the company. Leaders listen and learn, connecting with others
so they operate within a zone of reality. The key to becoming an effective
leader is tapping into the feedback of your followers. Encourage them to speak
up – ask them what they think. Decisions should be participatory since people
want to have a say in how they go about doing their job. The leader and the
follower respect one another in a joint effort. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Given the
fact that we now have over 5,000 books written on leadership, there should be
no doubt that the discipline of management has been replaced by the discipline
of leadership. However, one thing that has not gotten much attention is the
<b>Follower</b>. Instead of focusing so much attention on what it takes to be a great
leader, what really matters is how you can bind others into your vision through
an understanding of what followers are looking for. According to Gallup, there
are several needs that followers are looking for from their leaders:</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">Trust</b>
– If you expect to be a leader, you must absolutely be as trust worthy as
possible. Never make a promise that you cannot deliver on.</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">Integrity</b>
- You must be reliable and open in how you deal with people. Your character is
on the line, being watched by others. People will size you up based on how you
make decisions – did you make the right decision?</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">Caring</b>
– You should have an authentic concern for others who you work with – if you
expect people to trust you, you have to have their best interest in mind and
not just your own. </div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">Stability</b>
– People are human and they have a basic set of needs that you must meet. They
want a sense of place and security for the future. If you can’t provide this,
then you will have a hard time getting people to commit to your direction and
vision.</div>
<div class="MsoListParagraphCxSpLast" style="margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">Hope</b>
– We all want to be optimistic about the future and when people have hope about
what is to come, they will follow and commit to the challenges ahead. <span style="mso-spacerun: yes;"> </span>You have to go way beyond the day to day and
give people a sense of how the organization and everyone has a future.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
If you
expect to become a leader, then you better know how to connect with others.
This requires an openness whereby others can provide feedback to Managers
without any adverse consequences. In order to make this process work, you
should consider some form of anonymous evaluation of your managers. There are
several models to make the process relatively easy to implement. One such
example is the Leadership Practices Inventory Model, developed by Barry Posner
and James M. Kouzes. This model relies on observation by followers, up to ten
participants who complete an assessment of the leader. You need to have a
well-defined process in place whereby the leader has objective and honest
feedback enabling awareness of how to become highly effective with followers. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Self-discovery and self-awareness are
essential to developing our capacity to lead.<span style="mso-spacerun: yes;">
</span>And a core component in that process includes personal reflection and
analysis of our own behaviors as leaders. Equally as valuable is insight and
feedback from those around us who know us well, who have experience of us in
our role as a leader, and who are committed in their support of our personal
development to provide honest input into the behaviors we exhibit to others.
Combined, these essential perspectives provide invaluable insight into how we
view ourselves as a leader, how others view us, and what actions we can take to
improve our effectiveness.” – <u>Leadership Practices Inventory</u> by Barry
Posner and James M. Kouzes<span style="mso-spacerun: yes;"> </span></i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Becoming a
leader should be every Manager’s mandate and this requires a commitment to
meeting the needs of your workers. Because there is a wealth of tools,
templates and other leadership development materials now available, there is no
excuse why every company should not be doing this – developing your leadership
capabilities.</div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-48128176704289005472016-11-28T07:31:00.000-08:002016-11-28T07:36:35.613-08:00From Shareholder Value to Stakeholder Value<!--[if gte mso 9]><xml>
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The most
significant sources of value for an organization are elusive, non-quantifiable
and not easily discerned. They include things like talent, leadership and
reputation. In order to get aligned around these elusive sources of value,
companies should take a broader view of value – how do we add value to our
stakeholders and not just the shareholders. The more traditional view of value has
a narrow focus on the numbers and can include things like:</div>
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<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Short-term reactions to valuations which are
sometimes dramatic such as mergers or layoffs</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>A bottom-line focus on earnings from quarter to
quarter</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Slow to respond to change where new ideas are
not aggressively developed</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>A culture where value through intellectual
capital is not widely practiced</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Business success is highly centered around how
we increase shareholder value</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Sources of value are isolated or fragmented and
not coherent across the entire company such as having the right culture</li>
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Let’s
contrast this to a broader stakeholder view of value:</div>
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<br /></div>
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<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Sustainable, competitive thinking drives the
vision and the company has much more long-term strategic focus</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Value cuts across all parts of the company
including the entire value chain</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>There is an easy flow of ideas and a culture of
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<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>People who drive value for others (inside and/or
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just about meeting the numbers</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>There is an incremental approach to rational
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<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>The bottom line is more about value and not
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<i style="mso-bidi-font-style: normal;">“A value is a belief in action. It is a
choice about what is good or bad, important or unimportant. Values shape
behavior. Until a value is acted upon it remains an aspiration. Values are hard
to detect; yet they underpin organizations like the foundations of a house. If
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all levels of the organization so that eventually, everyone is asking the
question: How does my behavior or actions impact value and what can I do to
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<i style="mso-bidi-font-style: normal;">“What people value causes organizations to
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electronic systems, and database management, but their reputations all come
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while using technological and management systems and tools. One of the critical
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values, interests, goals, and objectives of the organization, and the values of
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on Investment, etc. However, the biggest sources of value (things like leadership,
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Value-creation
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important drivers of value are not measurable. Therefore, it may be appropriate
to focus on only a few key drivers of value since organizational resources are
limited. For example, one of the ultimate drivers of value resides in your
people. So if you want to start at one single point on real value creation,
begin with your human resource capital. One reason this is important is because
people transcend and help you meet the value-proposition required by your other
stakeholder groups – customers, suppliers, partners, etc. People represent the
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<i style="mso-bidi-font-style: normal;">“We don't believe in the word ‘measurement.'
We don't supervise or manage people here; we lead. And we don't have employees;
we have people. We don't have human resources; we have a people department. Our
emotional contract with people is to treat them with respect, allow them to
have input into the company, and allow them to self-actualize within their
jobs.”</i></div>
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<br />exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-73602508611450521152016-11-17T13:00:00.002-08:002016-11-17T13:00:57.824-08:00Three Elements of Sustainable Growth<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0PHiwykNkGahRRnFXdWBHZKnwynag4lwdCN3lgryXrRnfNcQgCHfAmIvs9rR2kcOEJGZmNYjV2wz9f0kcrsk0G_v6pZNyEm-vOpxkoWiDOgi4rQJNB23JN2Q5EenfGLYdneT_MIwqhi4/s1600/sustainable-growth-344.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0PHiwykNkGahRRnFXdWBHZKnwynag4lwdCN3lgryXrRnfNcQgCHfAmIvs9rR2kcOEJGZmNYjV2wz9f0kcrsk0G_v6pZNyEm-vOpxkoWiDOgi4rQJNB23JN2Q5EenfGLYdneT_MIwqhi4/s320/sustainable-growth-344.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Long-term
survival of any organization requires successful execution of strategies that
secure or “lock-in” elements of sustainability. Unfortunately, not all
organizations have made the distinction between sustainable strategies vs.
short-term tactics that undermines sustainability. For example, the business
model of Walmart is somewhat predicated on becoming the lowest cost provider of
consumer products. In order to grow the business and make a profit, Walmart
must continuously increase volumes. This approach to strategy is not
sustainable since it chases a lower and lower profit margin while at the same
time, Walmart must desperately try to make-up for the loss through higher
volumes. A sustainable strategy tends to “lock-in” a company's future by doing
things that don't exhaust the company, but set it apart from the competition.
Hanging your strategy on easy to duplicate tactics such as lower costs usually
doesn't work since the barriers to competitors are minimal.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Contrast
this to a company that hangs its strategy on strong relationships with its
customers, building loyalty and retaining existing customers. This “customer
relationship” approach does a much better job of securing a company's long-term
future. Therefore, elements of sustainability tend to be harder to execute on,
but have much more lasting and enduring effects, adding to a company's
long-term survivability.</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Today the world of business is inescapable
– businesses are no longer just local providers of goods and services, but
extend to vast corporate enterprises operating on a global scale. Whether
businesses are small or large, public or private, for-profit or nonprofit, they
each play a key role in supporting the global economy, and together they form
the backbone of the modern world.”</i> – <u>How Business Works: A Graphic Guide
to Success</u>, Georgina Palffy, Senior Editor for DK Publishing</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Another
important element of sustainability is branding of the business. As competition
increases, it becomes increasingly difficult to get the attention of the customer.
Therefore, strategic branding is now very important to many businesses. Without
name recognition in the marketplace, holding on to market share is considerably
difficult.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Perhaps the
single most important element of sustainability is the ability of the
organization to change. An organization must adopt and move with changes in the
marketplace. When a company can react and suddenly run in a different strategic
direction without significant lead-time, then it has a much higher chance of
prospering within the changing marketplace. For example, years ago Microsoft
dismissed the internet as insignificant. However, once Microsoft realized that
the internet was the future, the company adapted to marketplace changes and
responded quickly by changing its overall strategy. What makes this remarkable
is that Microsoft is no small company – it was able to shift suddenly, becoming
a leader of internet technology. This type of fast strategic redirection is
truly one of the key elements of sustainability. After all, strategy is
conditional on other things happening. And if what you think doesn't happen,
then you have to move quickly in a new direction.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“In a world where many of the most valuable
products can be produced in infinite quantities at no additional cost, where
money is lent by central banks at zero interest rates (or less), and where
innovation is the only thing that provides sustainable value, talent is key.” –
Fortune Magazine, March 15, 2016</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
This article
has touched on three elements of sustainability – customer relationships,
strategic branding, and the ability of the organization to change. Each
organization is unique and elements of sustainability will vary from
organization to organization. The common theme behind sustainability is to
secure a future through strategies that move a company away from the
competition; i.e. competitive advantages that are difficult for others to
replicate. Too often companies make decisions that undermine their
sustainability – cutting costs in areas like research, marketing, and product
development or embracing strategies that are easy for competitors to duplicate.
Sustainability is more about making “value” decisions that are right for all
stakeholders over the long run and carefully observing trends and changes in the
marketplace, giving the company insights into how it can outlast the
competition.</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Value can be anything. It can be something
you write, a link to an article or video you find interesting, an intriguing
question you pose, or some other information you share that means something to
you and to your life. When you share something that has value for you, it will
create value for your crowd. Value can be something that makes people laugh,
makes people cry, or makes people marvel at the mystery of life.”</i> – <u>MindSharing</u>
by Lior Zuref</div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-48779626252694496162016-11-02T07:42:00.001-07:002016-11-02T07:42:37.143-07:00Don't Go It Alone<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYyBPLoDa6BSbhXKKjnvN8-cD7AG-kPzlpaWVumr7ULS1TSBZzT8u0pWJXzZTyMYfcIeOQZTgjiWtKoTFqJi_x_tES_Mict7NKjutFRtdSek0Y1xdmevIwK9ZU931mDKNNPrjD0t5b88o/s1600/dont-go-it-alone.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYyBPLoDa6BSbhXKKjnvN8-cD7AG-kPzlpaWVumr7ULS1TSBZzT8u0pWJXzZTyMYfcIeOQZTgjiWtKoTFqJi_x_tES_Mict7NKjutFRtdSek0Y1xdmevIwK9ZU931mDKNNPrjD0t5b88o/s320/dont-go-it-alone.jpg" width="320" /></a></div>
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More and
more cities across the United States are recognizing how important it is to support
new startups for growing the local economy. We now live in a great
entrepreneurial age where people recognize they must control their own destiny
and solve the world’s pressing problems. Unfortunately, many people seeking to
start a business are not tapping into the wealth of resources available
throughout the United States. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Nearly four out of five small business
owners admit that they have not taken full advantage of national and community
resources dedicated to helping small businesses develop and grow.” – Survey
Conducted by Fifth Third Bank </i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
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Let me start
with one simple example which is SCORE – Service Corp of Retired Executives.
Each month, I spend about four to five days a month as a mentor in the
Washington D.C. office of SCORE. SCORE consists of 11,000 retired business
executives who mentor those wanting to start a business. You have access to experts
in marketing, product development, design, business planning and finance. You
have access to workshops, webinars and templates to guide you through the
entire process. For people in remote locations, you can request email mentoring or video mentoring
in lieu of face-to-face mentoring. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Another
great resource are the incubator and accelerator groups. These groups usually provide
technical support and workshops in areas such as Minimal Viable Product or UX
Design. Here in Washington D.C. you have 1776, Startup Grind and General
Assembly. Go to any major city in the United States and you will find some
collaborative group that directly supports startups. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
This
collaborative approach to helping startups can even get reinforced by the
offices you rent. Almost every major city has some form of co-work environment
for sharing ideas and growing together – OfficePort in Kansas City and Chicago,
IgnitedSpaces in Los Angeles, NextSpace or WeWork here in Washington D.C. where
I work. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Another real
source for startups is the every growing world on online equity financing. This
includes the growth of crowdfunding platforms and the more liberal regulations on
how startups can issue stock. Take for example Kickstarter (a crowdfunding
platform) which has raised over $ 1.5 billion for over 50,000 startup projects.
For highly innovative and cool products that can be demonstrated using a video,
the startup project can be extremely significant. A good example is the Pebble
Time Watch which raised over $ 20 million on Kickstarter to compete directly
with the Apple Watch. Online sources of equity funding are becoming the new
norm for how startups get funded. Crowdfunding is exploding – from $ 2.7
billion in 2012 with a projection of $ 100 billion by 2025. Crowdfunding will
surpass all forms of venture capital according to the World Bank.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
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<i style="mso-bidi-font-style: normal;">“In my opinion, we are now at the knee of an
exponential growth curve in equity-based crowdfunding that will empower
millions of entrepreneurs globally to start new businesses, create new jobs,
and to solve some of the world's toughest challenges with backing from the
crowd.”<span style="mso-spacerun: yes;"> </span>Peter H. Diamandis, Co-Founder
and Chairman of Singularity University</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
All of this startup
funding has not gone un-noticed in Washington D.C. and with the Securities and
Exchange Commission (SEC). The SEC has approved rules (Regulation A+, under
Title IV of the JOBS Act) allowing private companies to raise up to $ 50
million from non-accredited investors (people not considered to be wealthy per Rule
501 of Regulation D). You can go public on a small scale without all the
formality of an initial public offering through a stock exchange. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
We are truly
in an entrepreneurial age where people now recognize that our problems must get
solved by ourselves and not the big institutions that have dominated our lives
in the past. This world of abundance is readily available for those willing to
take the risk of becoming part of our future solutions. There is no reason for
anyone to go it alone in today’s world – start thinking about your own
potential and start tapping into all the resources that are now readily
available. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-17347763806238608992016-10-20T07:00:00.000-07:002016-10-20T07:00:40.113-07:00Removing Distractions by Design<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizaLFYUihxEwOBInVBUP6drWtQ7yNDXksnchtWf2yHYpAsfWbxxZnUNluKb5y1_f4nbzHVaFh1vs4BVvbzq5um-v9H0N02KdN56AtL1gFXCTtLPOx3YBzE8kbcsOI4iGR2D6__DMeoGlw/s1600/design.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="191" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizaLFYUihxEwOBInVBUP6drWtQ7yNDXksnchtWf2yHYpAsfWbxxZnUNluKb5y1_f4nbzHVaFh1vs4BVvbzq5um-v9H0N02KdN56AtL1gFXCTtLPOx3YBzE8kbcsOI4iGR2D6__DMeoGlw/s320/design.jpg" width="320" /></a></div>
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Today’s
world is full of distractions and noise that can inhibit one’s ability to focus
and apply serious attention to the most challenging issues. Take for example
the proliferation of social media or how the media relegates important topics to
one-minute sound bites. Couple this with the barrage of ads that inundate you
from all angles and it’s no wonder that most of us lack the ability to put deep
thought into our work and daily lives. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Religious
people often engage in something called fasting – a deliberate act of removing
one-self from those things that poison the mind. Fasting is not about starving
yourself, but more about how you purify yourself from all those things that
prevent you for realizing your true potential. Therein lies a lesson for all of
us when it comes to things like innovation and creative thinking. It is
important to take a walk, get away from the office, and clear the mind for improved
focus. Embedding a wide range of fasting type activities can lead to higher
levels of productivity. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
One way of
attacking this issue is to put great design into the work environment whereby
you minimize distractions and noise. Think about how great design can improve
productivity – just look at the Google search page. It’s very clean, simple and
fast – you are not bombarded by pop-up ads and numerous distractions from the
single task at hand. Great design is about putting the few things in front of
you at that particular moment so you can maximize your productivity. This
concept can be incredibly liberating and it should become a major focus of how
you design your work environment. <span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Lack of private space in the office
interiors is constraining the creativity and productivity of workers, according
to data from two UK workplace surveys. At the same time, the What Workers Want
survey reported that less than two-thirds of employees were satisfied with the
amount of quiet space for focused work.” – Open Plan Office Design is
Preventing Workers from Concentrating, Dezeen Magazine, July 21, 2016</i></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Great design
requires attention to a wide range of issues – making sure office furniture is
highly adjustable for people, giving people views of nature to recharge the
mind, higher ceilings for a greater sense of freedom or glass walls in busy
areas to encourage collaboration. The standard run of the mill office is
woefully out of date when it comes to innovative type thinking. The over-riding
goal here is to give the person the best possible experience so they can
contribute at the highest level.<span style="mso-spacerun: yes;"> </span>For
example, it is important to have small private rooms for one-on-one
conversations; but it’s also important to have design that facilitates capturing
chance moments. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“There’s a huge movement to design for human
potential . . for intellectual and emotional intelligence. We see staircases
are now designed to be in the center of offices and not in the back exits.” –
Kay Sargent, Director of Workplace Strategies, Lend Lease</i></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Most studies
seem to confirm a very simple fact: Physical environments are the most
important factor behind an employee’s ability to focus. And unfortunately, many
companies do not consider workplace design to be an important investment. As a
minimum, there are certain basic factors that you should not compromise on such
as: Lighting, Temperature, and Air Quality. If you can get past the basics,
then you should look at providing a range of environments around attributes
such as:</div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;">Location</b> – From access for everyone to
access for a very few number of people</div>
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<b style="mso-bidi-font-weight: normal;">Enclosure</b> – The degree to which you
restrict exposure through walls, doors and ceilings</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;">Exposure</b> – The degree to which you
restrict noise and visual intrusion</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Design is
not getting the attention it deserves when it comes to work flow, processes,
and employee productivity. The best companies, such as Google, are all about
design from the products and services they provide to the environment they
create for their workforce. Just like every company is a technology company,
every company should be a design company. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“The data from our survey this year suggest
that the more importance an organization places on design thinking and the more
ready it is to embrace it, the faster the organization grows. Companies growing
by 10 percent or more per year are more than twice as likely to report they are
ready to incorporate design thinking, compared to their counterparts that are
experiencing stagnant levels of growth.” – Deloitte University Press</i></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-52594911235411854482016-10-06T08:49:00.001-07:002016-10-06T08:49:32.522-07:00I Prefer to Deal with Facts<!--[if !mso]>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiwnxFyvaFdzbHd2nRtlmsFwSI1oCxkC9sAvTk2VCPIeFUSYv-qNL6iMuB4dFCur6nXPV6K8fcbe2QSezFBWgZaY85gQrTFMm07DXu74qEsFF_p-dsXepd4_DxGJ5UpJWbBT8OILw_97c/s1600/Facts-vs-Fiction-atheism-23492247-500-192.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="122" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiwnxFyvaFdzbHd2nRtlmsFwSI1oCxkC9sAvTk2VCPIeFUSYv-qNL6iMuB4dFCur6nXPV6K8fcbe2QSezFBWgZaY85gQrTFMm07DXu74qEsFF_p-dsXepd4_DxGJ5UpJWbBT8OILw_97c/s320/Facts-vs-Fiction-atheism-23492247-500-192.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Today’s
world is full of talking heads, all professing some degree of expertise across
a wide range of issues. What seems to get lost is a solid understanding of the
facts and how to deal with hard evidence in a meaningful way. Part of the
problem is that facts are dry and boring, not very appealing to a mass audience
thirsting for entertainment. And needless to say, many media sources fuel the
problem by elevating extreme viewpoints to obtain ratings.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Additionally,
facts can be very disturbing or threatening, forcing dramatic change on people.
This can invoke denial of the facts, giving the person a convenient way of not
having to change. It can also encourage “cherry-picking” of the facts from less
than authoritative sources to accommodate one’s own self-interest. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
If you look
at the best companies in the world, such as General Electric, it’s all about
the facts and analytics. Decision making is rooted in evidence from reliable and
trusted sources that have strong authority on the subject. For example,
obtaining facts from third party independent sources is often more reliable
than sources that have a vested interest in a decisions outcome. This is important
since opinions seem to dominate the air waves, often ignoring facts from the
best sources. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Let’s look
at an issue where facts have become distorted – climate change. Several
authoritative sources, ranging from NASA to the Union of Concerned Scientist
have all concluded that man-made activities are contributing to the warming of
our planet. Needless to say, we are hearing a wide range of opinions especially
from the conservative right. Here is what four authoritative sources have
concluded:</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-no-proof: yes;"></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim_FcD0YvH7jM3V2l_73pxFujzMj4yuL12-pLAn4ufy6gijuWuRwBqwYF4q1xzdUXJL8TmTpANHZTwFEoxHNmvCRloFFXO0xIb5CGRGjeX94m6N7OTNZKRYsTKRvHLjm-Jo_DiyFn9CAA/s1600/climate+change.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim_FcD0YvH7jM3V2l_73pxFujzMj4yuL12-pLAn4ufy6gijuWuRwBqwYF4q1xzdUXJL8TmTpANHZTwFEoxHNmvCRloFFXO0xIb5CGRGjeX94m6N7OTNZKRYsTKRvHLjm-Jo_DiyFn9CAA/s400/climate+change.jpg" width="400" /></a></div>
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<br /></div>
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It is a fact
that over the past 100 years, the planet has warmed. It is also a fact that
this warming has occurred due to the burning of fossil fuels. This fact is
confirmed in all models – even the U.S. Department of Energy models. It is also
a fact that the burning of fossil fuels is a man-made activity, not a natural
event on the planet. So why do people (primarily in the United States on the
conservative right) continue to voice opinions contrary to these facts? For
starters, we all have a bias when it comes to something that does not appeal to
us. We are guilty of showing favoritism when the alternative is extremely
challenging. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Let’s look
at another issue that was once controversial - smoking cigarettes. Years ago, we
all didn’t think much about smoking cigarettes. But an emerging consensus grew
from authoritative sources that smoking is harmful to your health. Over time,
people in the United States came to accept that smoking is bad and we must
change. This is why it is important to pay attention to factual data coming
from multiple authoritative sources. Those who recognize these facts early-on
are better positioned for future opportunities. And yes, I’m sure I can still
find a doctor who thinks smoking is not harmful to one’s health; but you have
to listen to what the authoritative consensus is telling you. This is part of
how you effectively deal with factual evidence, recognizing what the best
sources have all concluded. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It is also
important to distinguish opinions from fact. Opinions are not the same as
facts. Opinions are rooted in emotions, beliefs, and feelings. Opinions are not
easily validated. However, facts are proven and if you disagree with the facts,
then go out and test the facts. See if climate change is real or see if smoking
doesn’t harm your health. In the case of climate change, companies like
Exxon-Mobil have gone out of their way to test the facts since these issues
have profound implications on their future business. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It seems
dealing facts is not easy in today’s changing world; perhaps because facts
are challenging us to change in a very dramatic way. But if we fail to deal
with facts and continue to digest nothing but opinions and elevate extreme
viewpoints, then we will get it wrong.<span style="mso-spacerun: yes;">
</span>The best companies and the smartest people realize the importance of
dealing with facts in the right way; such as looking for consensus from the
most authoritative sources. It is those companies and people who deal with
facts that will own the future and those who continue to ignore facts will
increasingly become irrelevant. </div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-8588572262585218642016-09-18T14:22:00.000-07:002016-09-18T14:22:24.070-07:00Feeding and Starving the Right Parts<!--[if !mso]>
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<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhd-WrjljmoMpA-bznU8ninUapeA1Clin15P2Calv1SgJVf3_orNi4noVZj4qxP1ZAjbmA9WB4s58oWRiDsWj5sttVYaC9kfHaTJAYzzUsW6qlNr5K09MBlMWkLGLldYkxLdFKwYwopRx8/s1600/feed-starve.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhd-WrjljmoMpA-bznU8ninUapeA1Clin15P2Calv1SgJVf3_orNi4noVZj4qxP1ZAjbmA9WB4s58oWRiDsWj5sttVYaC9kfHaTJAYzzUsW6qlNr5K09MBlMWkLGLldYkxLdFKwYwopRx8/s320/feed-starve.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Getting a
business owner focused on value requires some basic logic that for some reason
is incredibly difficult. It has to do with the fact that no-one likes being
told their baby is ugly. Many business owners are too attached to certain parts
of the business, making it hard to grow the company. Think of it like a garden
which produces different vegetables. Some vegetables are more profitable than
others. Those vegetables that sell the most fail to get fertilizer and
attention because the gardener is so in love with his tomatoes, but tomatoes
make no money. Farmers who are good business people change crops according to
what will bring in the highest income.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Business
owners need to think the same way about all parts of their business – pursue
those parts that will grow the company. Your business consists of a set of
value activities. Each has its own return on capital and each has its own needs
for capital. You can plot each on a bar chart in relation to rate of return and
capital requirements. Each bar should rise above your required rate of return.
The short fatter bars are consuming capital and not adding value. And what
typically happens is business owners will not let go of the bad (fat) bars on
the chart; thus dragging value and growth down. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSDnUG2Fswo13tc__NQX_B8z_RtkGATdSOrbJlCgpC3AMCnhqwkC1AE1VTXvLjyGaKfGaCyRlixvz77PKKMApft_LIQhQzdnSj7iyblSROSQfhukDWjuTrAZ2H38X5n2Ie09Nk_5Vv2FA/s1600/feed-star-chart.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSDnUG2Fswo13tc__NQX_B8z_RtkGATdSOrbJlCgpC3AMCnhqwkC1AE1VTXvLjyGaKfGaCyRlixvz77PKKMApft_LIQhQzdnSj7iyblSROSQfhukDWjuTrAZ2H38X5n2Ie09Nk_5Vv2FA/s320/feed-star-chart.png" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-no-proof: yes;"></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
If you are
challenged at looking at each part of your business this way, then at least
look at your marketing activities. Where are you getting the best leads that
convert into profitable sales? This is a good indication of where you need to
allocate more resources in growing the business. It’s also important to ensure
others can run your business when you are out of the office. This is one of the
biggest reasons why business owners cannot exit or sell the business; lack of a legacy team for
running the business once the owner is gone. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“We surveyed more than 1,000 business owners
over the past five years, and our findings revealed that if the average
business owner became incapacitated and couldn't work, their business would
fail in less than 30 days.” - Why the Best Way to Do Your Job Is Not Doing the
Job by Jeff Hoffman and David Finkel, Inc Magazine</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Business
owners need to recognize the payoff that comes with value and growth. As Chris
Snider, President of the Exit Planning Institute points out – Business owners
need to become enlightened about the different stages of value. It not only
involves identifying different value parts, but knowing how to build it and
harvest it. Snider reminds business owners that your business is worth nothing
(zero), if you can’t harvest the value of your business. This alone should jolt
business owners into understanding valuation and how best to grow the business.
</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Astute
business owners set targets on what compels them to exit and the best
strategies tend to be highly strategic, i.e. the business continues under new
ownership, but can grow and prosper in more meaningful way. This process takes
considerable time and effort. So it’s important to plan for both growth and a
transfer of ownership. Additionally, there are tools to help facilitate the
process such as the Entrepreneurial Operating System, CoreValue, Value Builder
System or Value Opportunity Profile. Even simple tools such as Finagraph can
help illuminate key issues for the business owner. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
A final
point concerns your people. If you want to grow a business, you need to grow
your people. Employees should understand plans for the company going forward.
The best employees are those who think and act like the business owner. This
usually requires some form of incentive so employees are not just showing up
for work to collect a paycheck, but instead have a vested interest in the
future of the company and understand the benefits of growth including the exit
event. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;">Recommended Reading</b>:</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>Scale:
Seven Proven Principles to Grow Your Business and Get Your Life Back</u>
by<span style="mso-spacerun: yes;"> </span>David Finkel and Jeff</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>Scaling
Up: How a Few Companies Make It...and Why the Rest Don't</u> by Varne Harnish</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>Traction:
Get a Grip on Your Business</u> by Gino Wickman</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>Built to
Sell: Creating a Business That Can Thrive Without You </u>by John Warrillow </div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-35727719601248677132016-08-24T06:21:00.000-07:002016-08-24T06:21:30.478-07:00Improving the Budgeting Process<!--[if gte mso 9]><xml>
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<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
One of the
most non-value-added activities within financial management is budgeting.
Budgets are prepared to allocate and control how resources will be used in the
future. Unfortunately, the future is hard to predict and upper-level management
doesn't always communicate with people who prepare budgets. Because of poor
communication, budgeting becomes an exercise in futility. Some of the problems
associated with budgeting include:</div>
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<a name='more'></a><br />
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- Poor
communication from decision-makers.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
- Too many
people involved in the process.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
- Budgets
don't help manage our business.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
- Budgets
are outdated by external events.</div>
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- Budgets
are difficult to revise.</div>
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<br /></div>
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Since
upper-level management often circumvents the budgeting process, the first thing
to do in budgeting is to find out what does management expect from the
budgeting process? Next, make sure management decision making is linked to the
budgets. You can accomplish this by creating budgets within the strategic
planning process. Don't forget to include external factors when preparing
budgets. Outside events and issues that are likely to occur in the future and
these have budget implications. <i style="mso-bidi-font-style: normal;">Example:
Our five year lease on our office comes up for renewal next year.</i> </div>
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<br /></div>
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Budgets
should be easy to revise. When new planning data pops up, your budgeting
process should accept the new data and cascade out revised budget reports. If
budgeting is to have any meaning, then you should hold your cost centers
responsible for meeting their budgets. If there is resistance, then capture feedback
from end-users to improve the budgeting process. If you find yourself always
revising a budget, consider preparing several budgets or setup a contingency
budget if you expect changes. It sometimes helps to start at the top - prepare
the basic outline or summary of a budget and get approval before you spend lots
of time preparing detail budgets. Or better yet, try to reduce the detail in
your budgets to streamline the entire process.</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Budgeting
should be a dynamic process within strategic planning. The more your budgets
can react to change, the closer budgeting will be to a value-added activity.
You may want to consider automating the process. This will require budgeting
software.</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Budgets are
often prepared with the use of spreadsheets. As organizations grow and becomes
more complex, the use of spreadsheets must give way to formal budgeting
applications. A database of spreadsheets with increased functionality can sometimes
help improve the budgeting process where everything is handled through Excel. </div>
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<br /></div>
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Finally,
when it comes to formal budgeting software, take a hard look at these features:</div>
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<br /></div>
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<u>Database
Functionality</u>: Each budget dimension (cost center, general ledger account,
business segment, etc.) should stand separately so that data can be mapped
against each dimension. This allows the user to view budgets by whatever x and
y dimension he or she chooses.</div>
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<br /></div>
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<u>Bi-Directional
Calculations</u>: It should be easy to make random changes to budgets within
any level of the organization. Changes should be made from the top and the
bottom at the same time. For example, a 5% cut to all departments is made and
at the same time, the Marketing Department Budget increases its line item for
research.</div>
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<br /></div>
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<u>Multi User
Sharing</u>: The budget system should not be restricted to any single user. By
allowing users to share access to the same database, duplicative procedures are
eliminated. Obviously, the budgeting system should include line item security
controls for each dimension within the system.</div>
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<br /></div>
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<u>Easy to
Learn & Use</u>: The budgeting system should be simple and data entry
should be self-explanatory. A spreadsheet like feel can help reduce learning
time since most professionals are very familiar with spreadsheet programs.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>Customizable:</u>
The actual calculation logic should be subject to modification by the user
since one size does not fit all. Users need the ability to customize how
budgets are prepared to meet the needs within the organization.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>Audit
Trails:</u> It should be easy to tell who made a revision to the budget. The
amount and variance associated with the revision should be easy to identify
within the budgeting system.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>External
Importing of Data</u>: The budgeting system should be able to import data from
external systems. This can streamline the process and make budgeting more of a
value-added activity.</div>
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<br /></div>
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<u>What If
Analysis</u>:<span style="mso-spacerun: yes;"> </span>Good budgeting programs
should include features like "what if" analysis and customization
options at each budget control point. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<u>Enterprise
Wide Data Consolidation</u>: The real power of automating the budgeting process
can be found in consolidating large volumes of data and integrating all budget
control points into a single, unified budgeting system.</div>
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<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
This article has touched on something very fundamental to business - budgeting. If your current process is not adding value for decision makers, then you need to improve the budgeting process. </div>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span>exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-53829933479001618542016-08-07T08:54:00.000-07:002016-08-07T08:54:14.180-07:00Gamification 101<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCB3QqyDjkevojuF-uHUi_qVf57S9VFO2c6sFR3zspty5v5pkZpOorkKdMHxq3GLxJEkoJW0jXcOvib8IrPxp2jHaWL5F39T_BlX-XXl4oCOwr-DkI9TK-_fCr-dDVHA85eDIvTOv2lK8/s1600/gamification.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCB3QqyDjkevojuF-uHUi_qVf57S9VFO2c6sFR3zspty5v5pkZpOorkKdMHxq3GLxJEkoJW0jXcOvib8IrPxp2jHaWL5F39T_BlX-XXl4oCOwr-DkI9TK-_fCr-dDVHA85eDIvTOv2lK8/s320/gamification.png" width="320" /></a></div>
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According to
the Gartner Group, over 70% of the global 2000 companies now have at least one
gamified process. Gamification is a way of improving how you engage with
end-users. This typically takes place on some type of online platform – making
the experience more fun and rewarding for customers, employees, or business
partners. Many gamification applications will issue badges, points or some
other incentive for active participation. A simple example is to allow users to
vote thumbs up or thumbs down or Likes on Facebook. </div>
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</div>
<a name='more'></a><br />
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<i style="mso-bidi-font-style: normal;">“Gamification has emerged as a significant
trend in recent years. Gamification uses game mechanics and game design
techniques in non-gaming context – it's a powerful tool to engage employees,
customers and the public to change behaviors, develop skills and drive
innovation.” – Gartner Group</i></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
One of the
real benefits of gamification is the extension of your workforce. You are engaging
with people who become part of helping you run your business, but they are not
officially working for the company. For your regular employees, you can use
gamification to manage and develop the human capital of the company through
e-learning, recruitment, referrals, wellness and motivational techniques. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Part of the
appeal of gamification comes from the fact that people are being bombarded with
traditional techniques of engagement – popup ads, calls to action, and other
techniques that are increasingly less effective because of the huge volume of
digital clutter pushed onto the end-user. Gamification enriches the experience
in a more subtle and accepting way for the end-user, enlisting active
participation without selling the person something they don’t want. This “trust
environment” of gamification comes from the large level of participation by
other end users. Additionally, people are willing to participate when they are
recognized by other participants as opposed to the corporate organization
behind the process.</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It is
important to structure the gamification process with user recognition at
different levels of accomplishments. Air Canada denotes participation levels
between gold, bronze and silver customer status. The use of reward cards is a
common example of how this is done. It also helps to visually show people the
progress they are making – what is my score or ranking? More advanced forms of
gamification allow the user to picture themselves in a virtual reality world –
trying on new shoes or cloths and picturing themselves in this new outfit. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">"Games are one area of life where
failure isn't taken personally. In games, failure is expected, and there's
always a way to play again; games help us appreciate the story of our failures
and successes as an entertaining narrative rather than as a story about how you
just aren't good enough for this or that." </i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">- Gabe Zichermann, CEO of Gamification.co.</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
We live in a
very interactive and connected world. Part of your strategy for flourishing in
this new world should be some form of gamification of your online processes.
This will require a different view of design that is extremely agile and a lot
more engaging with everyone you touch in running your business.<span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
<div class="MsoNormal">
This article has touched on a few basics of gamification.
There are plenty of resources to help you get started. One I would highly
recommend is the talk and books published by Jane McGonigal who has been a
pioneer on the subject. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Gamification is serious business. The
companies leveraging it are taking the essence of what makes games so alluring
(a shared sense of purpose, challenge and reward), decoding the mechanics that
make them work (personalization, rankings and leaderboards) and then applying
these mechanics in a multitude of imaginative initiatives to help enhance
customer loyalty, motivate shoppers to buy and provide more compelling
mechanisms for retaining and encouraging talent.” - Accenture</i></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-85838516570695817842016-07-21T07:27:00.000-07:002016-07-21T07:33:50.359-07:00Getting out of the Quantitative World<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtlVcKCYeJ3iA3_RPVw4I04DconsMlANUYnrlemWF1grvjnCM7AL1xb4NM9Eo63pwaDqD9PrXUNhE6akS2ye-l9WVg8DDosc8sPkXvNTuZMUhxHZp_S79X3Mo7BC0v4Fy73DN_q97PymE/s1600/qual_quant.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtlVcKCYeJ3iA3_RPVw4I04DconsMlANUYnrlemWF1grvjnCM7AL1xb4NM9Eo63pwaDqD9PrXUNhE6akS2ye-l9WVg8DDosc8sPkXvNTuZMUhxHZp_S79X3Mo7BC0v4Fy73DN_q97PymE/s320/qual_quant.jpg" width="320" /></a></div>
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The world is
highly quantitative – it’s all about the metrics and meeting the numbers.
Everyone is counting something – number of customer complaints, number of web
visits, percentage increase in sales, and the list goes on and on. With so much
emphasis on the quantitative side, the qualitative side gets lost and it is the
qualitative stuff that is becoming more important. One reason qualitative
information gets de-emphasized is that it is difficult to measure. If we can’t
measure it, then it gets ignored. This is one of the fallacies with financial
reporting; things like talent, leadership and brand recognition are no-where to
be found on the financial statement. But these qualitative characteristics are
the real drivers of performance and they warrant more attention in today’s quantitatively
obsessed world. <span style="mso-spacerun: yes;"> </span></div>
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So a key
question to ask is: How do I balance all of this hard quantitative information
against sources of qualitative information? You can start by spending more time
engaged in observations, conversations and other activities that allow you to
capture the qualitative information. As Yogi Bearer would say – <i style="mso-bidi-font-style: normal;">You can learn a lot by watching</i>. It is also
important to connect with a wide range of sources that provide reality checks
in conjunction with all of the numbers. For example, senior level managers
should spend time with employees and customers, identifying pain points and eliminating
barriers. This stuff is usually not quantifiable, but it eventually impacts the
bottom line. <span style="mso-spacerun: yes;"> </span></div>
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In addition
to listening to your internal sources (employees and customers), you should
observe and study the outside world. This can include something as simple as
attending an industry trade show to see what your competition is doing. The
point in all of this is to get out of the office and capture the qualitative
golden nuggets that compel your company to action. You’ll never see these
things in performance reports, financial statements or other hard quantitative
outputs. </div>
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<br /></div>
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One reason
why qualitative is important is because it helps you learn how people react and
behave when they use your products or services. Qualitative data seeks out
information about the needs and desires of people in the marketplace and thus,
it can be very insightful in planning and positioning your products and
services. Once again, this is not easy to quantify, but it is critical to your
future success. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
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Finally,
let’s make some distinctions between quantitative and qualitative. Quantitative
is highly numerical and you should use it as much as you can to put focus on
what you do. However, if you lack an understanding of an issue or topic, then
put emphasis on qualitative to gain insights into what is happening.
Qualitative is more exploratory – doing interviews and observing things. Your
focus is broad and you are not ready to conduct quantitative analysis. As you
learn more, then move into the quantitative world of collecting data and
applying statistics or other analytical techniques. </div>
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Because
information is exploding and things are getting increasingly complex, you need
to use a qualitative approach in conjunction with quantitative analysis to rank
or prioritize how you solve problems. Quantitative analysis alone will not
solve your problems. You need to apply physical measures to what is happening
and stay alert to changes happening around you. This is why qualitative
analysis should remain an important part of how you conduct overall
analysis.<span style="mso-spacerun: yes;"> </span></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-29098817952580990222016-06-30T07:20:00.001-07:002016-07-01T10:35:27.603-07:00Embracing UX Design<!--[if gte mso 9]><xml>
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<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Growing and
maintaining a product now requires recognition of User Experience or UX Design.
Even service oriented companies should pay attention to UX Design because the
world is so digital and connected – your online presence requires great UX
design.<span style="mso-spacerun: yes;"> </span>Regrettably, many companies have
yet to embrace the concepts of UX design.<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Great products are no longer good enough to
win in business. Success and the future of business is experiential and this is
the time to learn how to create and cultivate meaningful experiences. Without
defining experiences, brands will become victim to whatever people feel and
share. In an always on world where everyone is connected to information and
also one another, customer experience is your brand.” – <u>X: The Experience
When Design Meets Business</u> by Brian Solis</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
When someone
uses your product, you want them to have a great experience. This can cover
many perspectives:</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">How usable is your product</i>?</b> You want
to make it easy for the customer to use your product. Companies may take this
for granted, thinking that everyone knows how to use the product. You should
seek out better ways on how people can use your products.</li>
</ul>
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Does the customer want to buy your product?</i></b>
People often want to buy a product based on intangibles such as brand
recognition, perceived value, or other emotional factors.</li>
</ul>
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">How easy is it for the customer to buy your
product?</i></b> You want to make the buying process as easy as possible. </li>
</ul>
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Does your company and product convey a
positive image?</i></b> Reputations matter and if you have a bad reputation,
how can you expect the user to have a positive experience?</li>
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Because user
experience can involve so many touch points, you can jump-start your UX
commitment by referring to various UX Models. <span style="mso-spacerun: yes;"> </span>Take for example the Honeycomb Model,
developed by Peter Morville, which expands on the four elements we’ve just described:</div>
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The beauty
of a UX Model such as the Honeycomb is that it lets you set priorities around
the values that you can bring to the table. Value or Valuable is the target,
but this requires elements of Affordance and elements of Utility. Once you
master certain elements of the UX Model, you can expand to the full range of
values required. Without UX Models, creating the complete user experience can
be a guessing game. There are so many issues involved – how users interact with
the product, usability, visual aesthetics, brand recognition, technical
architecture,<span style="mso-spacerun: yes;"> etc. </span></div>
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Another view
of UX Design comes from the well-respected designer Jesse James Garrett:</div>
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Garrett’s
model consists of “S” planes of development with each plane requiring that you
go from Concept to Concrete. Each plane above builds from the plane below,
guiding the product development process. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
This article
has touched on two UX Design Models helping you start your UX Design journey. The
smartest companies such as Apple are all about user experience in their design.
This has become a critical mandate for almost every company that wants to
compete with the best companies. If you need more models, here is a recommended
article with eight UX Design Models:</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<a href="http://www.uxbooth.com/articles/8-must-see-ux-diagrams/">http://www.uxbooth.com/articles/8-must-see-ux-diagrams/</a>
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<br />
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<br />exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-18440545483506955092016-06-21T11:49:00.001-07:002016-06-21T11:51:08.726-07:00Putting Emphasis on Knowledge Assets<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLLcirkB7a2OiTDVbP28__Br5g-2JmGfxt7UvyzkndALKCYWFKcLQjhjByx4NkEJX3hg79oq9yhKUxXtLKzItfTD8bEPU85zUyuQqFSolYGuz1mhXAiZejgvQHvj7WSBV8BUxOYeNTAPY/s1600/knowledge-management.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLLcirkB7a2OiTDVbP28__Br5g-2JmGfxt7UvyzkndALKCYWFKcLQjhjByx4NkEJX3hg79oq9yhKUxXtLKzItfTD8bEPU85zUyuQqFSolYGuz1mhXAiZejgvQHvj7WSBV8BUxOYeNTAPY/s320/knowledge-management.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Knowledge
workers are a critical source of value and in today’s world of intellectual
assets, they represent your only competitive advantage. The fact that so many
companies struggle to attract and retain top talent attests to a much deeper
problem – your existing knowledge assets are poorly managed. There is enormous
waste every day in every company. It stays hidden out-of-sight with too much emphasis
on the day to day operational stuff. It has to do with not leveraging your
knowledge and people like you should. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Part of the
problem is not recognizing intangible assets. This is partially due to the
inability to measure and report these types of assets. We are continuously
bombarded with financial statements that have a narrow focus on the hard assets.
Consider this fact: In the past 40 years, intangible assets have grown from 17%
to 84% of total Standard and Poor’s assets. It seems to be a running joke on
CNBC TV – how many Caterpillar Tractors can we fit into Facebook; referring to
the market capitalization or value of a company like Caterpillar which was once
the envy of Wall Street and now, it is companies like Facebook and Google that
are worth ten times the value of Boeing Aircraft or Caterpillar Tractor. If you
think this stuff isn’t important, take a look at what the marketplace is saying
- intangible assets such as knowledge are everything – Google, Facebook, etc. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Now that
I’ve made my point about why it matters, let’s talk about what you can do about
it. First, you have to make investments in knowledge work and not just the
basic operational work. Many companies tend to put a lot of emphasis on day to
day operations. Growth of knowledge and intellectual assets is not emphasized. <span style="mso-spacerun: yes;"> </span>Budgets are tight and it’s hard keeping
operations up to speed. But if you fail to make investments in both, operations
and knowledge, you are going to pay the consequences. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Knowledge assets are the knowledge drivers
of an organization’s success. And they can be unstructured, tacit knowledge. So
as an example, there would be the deep expertise of key personnel. Or knowledge
assets can be structured, explicit knowledge, codified. Examples there would be
patents, copyrights and intellectual proprietary rights in codified form. What
is interesting with knowledge assets is that the more you structure, the more
you codify knowledge, the easier it is to share that knowledge, both internally
and externally…. Very structured knowledge can be shared in milliseconds via
the Internet, whereas deep expertise or experience, it takes more time to share
it with other people.” </i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">Martin Ihrig, Professor in the University of
Pennsylvania’s Graduate School of Education</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Knowledge boils
down to your people and this knowledge is developed in non-routine and highly
creative type work. Contrast this to the bulk of most work which is routine and
non-creative in nature. So is it no wonder that investments in knowledge are
extremely low. Your knowledge assets take many forms: Your workflows,
technologies, and communication. Take for example a Call Center Operation which
touches your customers every day. So much of this knowledge never circulates up
to Marketing, Product Design and other parts of the business.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
If you want
to develop knowledge, you have to connect all interested parties so they can
leverage it. Your job should be to set aside time for capturing knowledge,
sharing it, analyzing it and transforming it into intelligence for decision
making. You need to identify all of the competencies that generate knowledge
within your business – this includes not just the people, but the databases,
survey results, reports, and other artifacts that house your knowledge. The
real key in unlocking your knowledge assets is to fully understand what your
knowledge workers are doing and how can we leverage this for higher levels of productivity.
</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It was
summed up by Peter Drucker some 20 years ago; the most important work of a
company is to increase productivity through the application of knowledge. In
today’s connected world, we have an abundance of knowledge. If you look at how
most companies manage knowledge assets compared to other types of assets, it is
clear that most companies are not getting it right. Your time and investment in
knowledge and how you leverage it should be one of your highest priorities. Once
again, take a look at Google, Facebook or any other company that declares we
are all about knowledge and you will see enormous value.<br />
<br />
<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Improving the productivity of knowledge
workers through technology, training and organizational change….will be the
major boardroom challenge of the next 15 years.”<span style="mso-spacerun: yes;"> </span></i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">--The Economist: Foresight 2020 - Economic,
Industry and Corporate Trends</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-40352859859078807072016-06-06T16:48:00.000-07:002016-06-06T16:49:06.708-07:00BADIR: A Simple Approach to Analytics<!--[if !mso]>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYRZ3LAch3TuX-phFOTVZLf_JpjXp7RI51wau4eqUaQ2HD5lhxNkabSxk__yRTWkoibhBUz92SbIWIZjHw7567mpa9jpS8YknJyz_RnVQ3eXy75qpbAETNrzF6VsaUrIrenofDr93pvhw/s1600/badir.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYRZ3LAch3TuX-phFOTVZLf_JpjXp7RI51wau4eqUaQ2HD5lhxNkabSxk__yRTWkoibhBUz92SbIWIZjHw7567mpa9jpS8YknJyz_RnVQ3eXy75qpbAETNrzF6VsaUrIrenofDr93pvhw/s1600/badir.jpg" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The best
companies in the world have embraced data analytics. They know how to capture
and analyze data for continuously solving problems and improving the bottom
line. Unfortunately, analytics is often lacking for less sophisticated or
smaller companies. One way to put analytics into your business is to follow the
BADIR Formula:</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<a name='more'></a><br />
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">B</i></b>usiness Questions are Defined</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">A</i></b>nalysis Plan and Models are
Selected</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">D</i></b>ata Collection for Running the
Models</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">I</i></b>nsights are Gained by following
Steps 1 thru 3</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">R</i></b>ecommendations issued to Management</li>
</ul>
<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Let’s start
with defining the problem. This is important since some Analyst immediately
rush to apply analytical models that may or may not fit with solving the
problem. Instead, you want to clearly understand what you are trying to solve
and this leads you to selecting the appropriate analytical model(s). </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
One way to
define a problem is to use root cause analysis. It doesn’t have to be
complicated. Toyota invented a simple approach of asking <i style="mso-bidi-font-style: normal;">Why </i>several times until you identify the source. This is the
“business question” or Step 1 of BADIR - Why is this happening? Once you know Why,
then ask other questions for understanding the scope of the problem. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Now that you
have the problem defined, you can develop the plan and select the right models
for solving the problem. Perhaps the most popular of all analytical models is
SWOT – Strengths Weaknesses Opportunities and Threats. If you are trying to
assess what your current situation is, then this the analytical model you would
choose. If you are trying to understand your industry, then you most likely
will reach for Porter’s Five Forces. If you are trying to analyze your
different product lines, then you would use the Boston Consulting Matrix. Each
of these models has its own data needs. This is why we defer model selection
until Step 2 and this in turn drives our data analysis and collection plan.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
In Step 3 we
want to collect the data for the analytical models selected in Step 2. In the
case of SWOT, you need to collect information about opportunities and threats
in the marketplace. This may require research using other analytical models
such as STEEP – Social Technology Economics Environment Political. With STEEP,
you conduct research into trends impacting your company across these five
dimensions. There are all types of analytical models available – it’s important
for people involved in analytics to understand the full range of models
available.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
In Step 4,
you want to provide information to Managers – something they can act on.
Dumping data on people does not work. You want to show people what is happening
and compel them to take action. This requires giving decision makers insights;
i.e. intelligent information that is highly useful and informative. It may be
something that helps you understand your customers better or maybe it helps
identify a weakness in your operations or maybe you shed light on new
opportunities in the marketplace that the company is failing to address. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“You can never have too much insight. The
more you see, the better the decisions you make – and you never want to be in
the dark. You want to see what lies ahead, preferably before others do. It’s
like playing the game Let’s Make a Deal where you have to choose the door with
the hidden prize. Which door do you choose? They all look the same, so it’s
just your best guess – your choice depends upon you and your luck. But what if
you had an edge – the ability to see through the keyhole? Predictive analytics
can give you that edge.” - <u>Predictive Analytics for Dummies</u> by Anasse
Bari, PhD, Mohamed Chaouchi, and Tommy Jung</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
In Step 5,
your final step is to give people recommendations on how they can address the
issue. This expedites the process and delivers much more value to the decision
makers. In some cases you may have to present several options or high level
recommendations that require additional analysis. You may need to form a Tiger
Team for a rapid response or task a specific department to develop
recommendations by a certain deadline. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
This is
where the real benefit in analytics resides – searching and forcing something
new as opposed to just doing the same old thing. It’s about inventing and
re-creating something in a rational way, derived from collecting and analyzing
your data. We all want to be optimistic about the future, but it has to be
based on real data and analytics. This is why every company should be following
a mature process for analyzing their data.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<br />exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-60888137306284607582016-05-25T07:16:00.000-07:002016-05-25T07:18:42.700-07:00SEO: An Inconvenient Truth<!--[if !mso]>
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<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ0IeJt_fH_A6n3jQQaiDOpiJqXKpq1Y8-CqklRX21pbXUTHuW7tMnh3xtSdKYs9ruHHTl7bGHVZS21DEiLVTnDf_Fyglq_fG7gXjChUaAzQcu0VKXrst4S_6t6FI72gCkbIWAOxhYSCU/s1600/seo-is-dead-cartoon.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ0IeJt_fH_A6n3jQQaiDOpiJqXKpq1Y8-CqklRX21pbXUTHuW7tMnh3xtSdKYs9ruHHTl7bGHVZS21DEiLVTnDf_Fyglq_fG7gXjChUaAzQcu0VKXrst4S_6t6FI72gCkbIWAOxhYSCU/s320/seo-is-dead-cartoon.jpg" width="320" /></a></div>
If you expect to get
noticed in this global connected world, you are going to have to embrace something
called <b style="mso-bidi-font-weight: normal;">Search Engine Optimization</b> or
SEO. It seems every year someone declares SEO is dead. Yes, SEO is very
difficult and it does require a serious commitment of time and money. But take
a hard look at your competition and see how effective they are over the
internet. They haven’t updated their website in over six months, they still
have fixed tables for presenting content and they continue to ignore the mobile
world. Also think about the fact that there are over a half a trillion web
sites online. So even if you do just <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">basic SEO</i></b>, you are bound to realize
some big benefits that can help your company in the long run. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br />
<a name='more'></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Some of the
SEO fixes are not that hard. Here are a few examples:</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
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<![endif]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Join those professional organizations that are
respected and include a link to your website. Google is looking to see if other
“quality” sites are linking to your site – this is part of what goes into
ranking your website.<span style="mso-spacerun: yes;"> </span>A good example is
having your local business join the local chamber of commerce or paying to have
your company listed in a <b style="mso-bidi-font-weight: normal;">respected </b>directory
(not a low quality directory).<br />
<br />
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Get the title of your pages right. You should
have a string of five or seven words that describes the content of the page so
Google can properly index this page. <br />
<br />
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Include H1 titles in your web pages – Heading 1
is the highest level heading for a page and Google indexes your H1 lines to
help categorize your content for searching.<br />
<br />
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Include the vital key words that represent your
value proposition into the text of your web pages. Do it in a conversational
way and bold these words or do something so they standout so Google can index
these for improved search engine ranking. <br />
<br />
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Test your website and make sure you can pass the
Google Load Test and Mobile Test. Your site has to load quickly and be mobile
friendly if you expect to rank high with Google. The link for the Google load
test is <a href="https://developers.google.com/speed/pagespeed/insights/">https://developers.google.com/speed/pagespeed/insights/</a>
. The link for the Google Mobile Test is: <a href="https://www.google.com/webmasters/tools/mobile-friendly/">https://www.google.com/webmasters/tools/mobile-friendly/</a>
<br />
<br />
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Update your content and provide useful
information. Your site should not be just a marketing brochure - Google seeks
to index quality content that others want to find and use for making decisions.
<br />
<br />
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">7.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Include a Call to Action on your website. Ask
visitors to do something. Complete this form for a free initial consultation –
you want to have conversions:<span style="mso-spacerun: yes;"> </span>Visitors
convert to some outbound action (submit a form, order a product, book a
reservation, etc.). It’s all about conversions!<br />
<br />
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">8.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Don’t forget to include some <b style="mso-bidi-font-weight: normal;">video content</b>. After Google, the second
place people go to conduct searches is You Tube. People prefer content in the
form of videos. If you are not doing videos, then you are not paying attention
to online users. <i style="mso-bidi-font-style: normal;">This was affirmed by
Mark Zuckerberg of Facebook in February 2016!</i></div>
<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Having an SEO-compliant website entails
tailoring your website so that it follows search engine guidelines and
communicates clearly what it’s about and in a way search engines can
understand. Basically, you want search engine spiders to easily digest all the
juicy content in your website and not find any red flags along the way.
Communicating well with search engines includes optimizing your page titles and
metadata so that they contain relevant keywords for your subject. Also, make
sure that your web pages contain searchable text and not just pretty images,
and that all your images contain an Alt attribute with brief text that
describes the content of the image.” – <u>Search Engine Optimization for
Dummies</u> by Bruce Clay</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Fortunately,
there are a wide range of tools to help you do SEO. Here are a few good links: <a href="http://www.backedlinks.com/">www.backedlinks.com</a> | <a href="http://www.bruceclay.com/">www.bruceclay.com</a> | <a href="http://www.majestic.com/">www.majestic.com</a> | <a href="http://www.moz.com/">www.moz.com</a> | <a href="http://www.semrush.com/">www.semrush.com</a>
| <a href="http://www.seoclarity.net/">www.seoclarity.net</a> | <a href="http://www.similarweb.com/">www.similarweb.com</a> | <a href="http://www.yext.com/">www.yext.com</a> </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
So getting
it right is not as difficult as you might think. So why do so many people not
do SEO? Part of the problem is a lack of understanding of SEO and not
recognizing why SEO is important to the business? It reminds me of a recent
interview on CNBC with the CEO of Home Depot who explained that over one-third
of people who visit our stores study and evaluate our products by visiting our
website. More and more sales are led or touched by what you do online. You
should not under-estimate the power of a great digital presence in helping your
customers. Also think about how you acquire customers in the future – most of
your new customers will be Millennial’s who are all about being online. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
SEO should
be an on-going process led by people who keep up on the latest algorithms. Keep
in mind that Google now changes its algorithms once every 8 hours. The bar
continues to get raised because there is so much junk on the internet. If you
can somehow present high quality content that takes into account SEO, then you
are going to reap some real benefits that so many others are clueless about.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Google analyzes unimaginable amounts of
data from millions of websites and whittles it down to 10 to 20 results that
are most relevant for your search. As a website owner or marketer, you don’t
need to worry about the more arcane data points that Google analyzes. You
should focus instead on the two most important factors for ranking on Google:
Links and Page Title.” – <u>SEO Made</u> Easy by Evan Bailyn</i></div>
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<br /></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-43848565390215158642016-05-10T06:49:00.000-07:002016-05-10T06:49:37.038-07:00In Pursuit of the Micro Moment<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuQuSZCgG0MS15TwVaZgUQrI7yKG1XH68u3dhIx-YQQ5zCt7ChPVo_B8Wc8s97Jvpn-lFVyz1-_YISOebtRd9AwkOKqDqx_99Ul5uAmqlH0aEbX5qaUlbcLqMomcMecCPICoWk-mIjqwA/s1600/micro-moment.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuQuSZCgG0MS15TwVaZgUQrI7yKG1XH68u3dhIx-YQQ5zCt7ChPVo_B8Wc8s97Jvpn-lFVyz1-_YISOebtRd9AwkOKqDqx_99Ul5uAmqlH0aEbX5qaUlbcLqMomcMecCPICoWk-mIjqwA/s320/micro-moment.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
For the last
few years Google has been spending a lot of time trying to understand something
called the micro-moment. The micro-moment is the time between researching a
product or service and the time a person makes the buy decision. It is during
this slice of time that the brain tells the person; yes you should (or should
not) buy this product or service. Understanding the brain and a person’s
emotional response during these micro-moments has become very important for
marketers. This behavioral approach to marketing is often referred to as
Neuro-Marketing. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Micro-moments collect and use data to
predict consumers’ needs, delivering answers before one even asks a question.
Done well, marketers who can deliver value in the micro-moment have the
opportunity to create exceptional experiences that differentiate brands,
strengthening the bond consumers will have with those brands for years to
come.” – Why Micro Moments Will Require Magic, Business Trends, October 19,
2015 </i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The
traditional approach to marketing works hard at trying to convince someone to
act. This can be a drawn-out process, requiring a barrage of ads over time. Increasingly
people are not interested in evaluating and thinking about your products over
time. What Google and others are realizing is that the brain wants an easy and
quick way at making the buy decision. For example, simple value propositions
are preferred over complex presentations – the brain reaches an efficient
conclusion with little effort. Traditional marketing is flawed – it keeps
reaching out and trying to convince the brain to act or at least provide some
input. In the traditional marketing world, the brain finally gives in and takes
a guess at what to buy. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Neuro-Marketing has been applied
extensively in product and package design, in part because people find it very
hard to articulate why they like or don’t like a design, and in part because
people are very poor predictors of their future buying behavior.
Neuro-Marketing can help marketers and product designers answer three
questions: 1) How do new products get noticed; 2) What makes a product or
package attractive; and 3) Why do so many new products fail and what can be
done about it.” – <u>NeuroMarketing for Dummies</u> by Stephen J. Genco, PhD,
Andrew P. Pohlmann, and Peter Steidl, PhD</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
In this new
world of marketing, every single detail matters since we are emotional
creatures reacting to what we see. Visual communication is more effective than
reading through text. Knowing how to present with the right mix of visuals makes
the conversion exercise much easier. This is one of the key takeaways with
trying to convert people during these micro-moments. You have to make the
exercise extremely easy – we are lazy and we don’t want our brains spending a
lot of time trying to figure things out.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br /><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Larger
companies now make the study of micro moments a part of their marketing
programs. <span style="mso-spacerun: yes;"> </span>Microsoft studies users'
interactions with computers including their feelings of surprise, satisfaction
and frustration. Frito-Lay has studied female brains, learning to avoid any
pitch that may convey guilt and guilt-free when selling "healthy" as
part of its value proposition. Getting these micro-moments right makes the difference
between buy or no-buy decisions. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Part of the
lesson here is that people often do not react the way we think they will react.
So you can easily get fooled when you do traditional marketing, not understanding
micro-moments. Even simple things like color combinations can turn people off.
You have to run different versions or scenarios past people to truly understand
how they will react. For example, you may want to try different mixes and
presentations in different stores, compare the reactions and see what moves the
needle in a positive direction. This is part of how you pursue the
micro-moment. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Yet if you think about what people actually
do in an organization from day to day, the bulk of their efforts are spent on
what I call the ‘first mile’ problems. These include the efforts devoted to
thinking through the competitive landscape; developing strategies to address
it; designing processes of innovations; and coming up with new products and
services. Very little attention is paid to the ‘last mile’ – the part where a
potential customer actually gets to your website, walks into your retail store,
or talks to your sales representative, and then makes the decision to purchase
your product (or not).” – The Last Mile: Using Behavioral Insights to Create
Value by Dilip Soman, Rotman Magazine, Fall 2015 </i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Companies
that get their micro-moments (or last mile) right usually provide a set of basic
options. They include fallback positions for the brain to take, making the
conversion process effortless. For example, maybe you allow people to use the
product on a trial basis or free initial consultation. The key here is to
present a low risk option that the brain can default against. You should also
limit the options to no more than three; otherwise people will click away. It
can also help to present a set of preferences since you are not sure how people
will react. In order to get to profitable conversions, you will need to make a
compelling visual argument that converts the customer to a long-term
commitment. Keep in mind we are lazy and we do not want to commit at first, but
eventually we commit as we realize the benefits of your product or service. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
A final
point concerns social validation by others. If you can convey this as part of
your pitch, then you are more likely to get positive micro-moments. A good
example is high customer reviews from Yelp when compared visually against the
competition with lower ratings, triggering the positive reaction or conversion
you are seeking.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
This article
has touched on the very basics behind micro-moments or what many call Neuromarketing.
It’s all about understanding customer behavior and designing around this
behavior to get a conversion. And this behavior has a lot to do with how the
brain responds to what is being presented. These tiny micro moments can make a
huge difference. </div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-67958208677780314362016-04-27T07:21:00.001-07:002016-04-27T07:21:59.183-07:00Hand Shakes vs. Lawyers<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTxMxZ0oAx516lqteMitV_wMZ6Ab5JosqeLBuw_vf_921o5ws16lMAHVKWkyBl7L_vb1IqbIWIutBkXqzT-bn1zQQMMRoWBNayZpvSFyoa8BE-PaFZBM5jfqCytYPtxUzSpTjniizvrBo/s1600/hand-shake.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTxMxZ0oAx516lqteMitV_wMZ6Ab5JosqeLBuw_vf_921o5ws16lMAHVKWkyBl7L_vb1IqbIWIutBkXqzT-bn1zQQMMRoWBNayZpvSFyoa8BE-PaFZBM5jfqCytYPtxUzSpTjniizvrBo/s320/hand-shake.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
We live in a
world where timely execution is critical. Obstacles and delays can be detrimental
to many businesses in this fast paced changing world. What helps is when you
can trust someone based on a handshake and get things done quickly before
having to execute legal agreements. Yes, this may fly in the face of a more
cautious and traditional view of business which advocates, get everything in
writing and make sure you hire a lawyer. However, this traditional view of
business is increasingly not grounded in the reality of how people need to get
things done. <span style="mso-spacerun: yes;"> </span></div>
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</div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
An obvious
challenge is to find people who you can trust, enabling this fast-track
approach to execution. This requires several actions on your part, including: </div>
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<br /></div>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Identify those who you can trust – Seek out the
most reliable people who have honored their past commitments on a consistent
basis. These kinds of people are critical to seamless execution.</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Be realistic with your expectations – Don’t make
it too difficult for others to get the job done. Set achievable targets of
performance that meet your business needs and align with the capabilities of
what others can do. </li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Willingness to take some risk – If you are an
extremely cautious person who has been burned in the past, you may have to be
more open to trusting others that have a proven track record of past
performance. </li>
</ul>
<br />
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“All my parents wanted, was for us to be
trustworthy citizens. And there's a responsibility that goes with that, and it's
not something I take lightly.” - Robin Roberts, host, Good Morning America</i></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Depending
upon your physical location in the world, a hand-shake may be appropriate for
doing business. People who know one another in rural settings often provide
business based on a word and not a formal contract. If you plan on doing
business based on a hand-shake, try and meet the person face-to-face, observing
their tone and body language. They should convey confidence and trust. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
You should
have some ideas on exactly what you want, what price and over what time frame.
Do not go into a negotiation without having the basic terms worked out in your
head. You should also confirm your understanding by email communication.<span style="mso-spacerun: yes;"> </span>In some cases, you may want to have the
parties execute immediately to see if they are in fact trust worthy.<span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">"I'm a big believer that a person's
word and handshake is the best signature you can have. If you keep it simple
and clear ... the only reason you get screwed is because the other person is
lacking in character. But if someone is intent on screwing you, they're going
to do it whether you have it down on paper or not." - Marcus Lemonis of
CNBC's The Profit.</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The
undeniable key to making a hand-shake work is trust. When you have high levels
of trust, you are going to get things done really fast. When you have low
levels of trust, things are going to crawl along through the legal process. And
don’t forget, there is a cost associated with this legal process including
hidden cost such as longer times to getting your products to market. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It is
regrettable that we have lost the art of how to do business based on a
hand-shake. There are distinct advantages to this approach, mainly in getting
things moving quickly. This is why business based on a hand-shake has become
more important than ever. It sets everything in motion and conveys the building
blocks for the final agreement to follow. Yes, it is true that business has
become less personal and everything is about the written contract. But if you
have simple and clear task that can be performed by someone you can trust,
don’t be afraid to initiate the process with a hand-shake. Keeping the lawyers
out of the room, at least on a temporary basis, can sure go a long way in
helping you execute. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“The handshake depends on who you`re dealing
with. If you`ve known the person you`re dealing with all your life and he`s
been honest and all, there`s no question about a handshake. If he`s a
fly-by-night coming in here, you`d better have your contract out.”<span style="mso-spacerun: yes;"> </span>– Lifelong Rancher A.E. Whaley of Kissimmee </i></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-79735566712150622942016-04-18T13:33:00.001-07:002016-04-18T13:33:21.845-07:00Is This Person Right for Your Company?<!--[if gte mso 9]><xml>
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<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLw0SHkMLMJwDyQvZoEggTv653n121sNIgC2rGyF3pTfFRAb4QcLDaW7-_ViagH3dlUyh13PECuc610UDNvJs3wbkzBp10BDSodEQzlXD-i7cDvqkAVpnsox8X_1eGOqyyxyUe0ugTGQg/s1600/hire-women.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLw0SHkMLMJwDyQvZoEggTv653n121sNIgC2rGyF3pTfFRAb4QcLDaW7-_ViagH3dlUyh13PECuc610UDNvJs3wbkzBp10BDSodEQzlXD-i7cDvqkAVpnsox8X_1eGOqyyxyUe0ugTGQg/s320/hire-women.jpg" width="320" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It
represents one of the most important decisions a company will make – should we
hire or not hire this person. Bringing the right person on board goes a long
way towards growth and value for any company. So how can you tell if you have
the right person? You can start by comparing the person against your culture
since this represents an immediate show-stopper. If the person doesn’t fit your
culture, then the person is most likely not a good fit for the long-run. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Think of
culture as how work gets done in combination with acceptable and unacceptable behavior
within a company. This includes values and policies that people follow in the
workplace. And every company has a culture which may or may not fit with the
person you are interviewing.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
For example,
the Military has a control authority type culture that requires order. A free
entrepreneurial spirit will not fit vs. someone who respects authority and
believes in the mission of the organization. A collaborative sharing type
culture requires someone who can work well with others. You want to recruit
people who enjoy working in team environments. A highly introverted person may
not fit with this environment. Some companies have cultures based on high
standards of excellence. These companies usually excel at producing high
quality products and services. You will need people who pay attention to
details and the quality of what is delivered to the customer. Software
companies tend to have these types of cultures. Or perhaps your company has a
culture where you want to change the world – Google and Apple. You will want someone
less analytical and more creative who sees the bigger picture.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Once you get
past the culture fit question, then look for someone who has characteristics
common for those who have been successful within your company. For most
companies, these include: </div>
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<br /></div>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Action Oriented – The person is motivated and
takes the initiative when given a job </li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Decisive – The candidate demonstrates the
ability to reach conclusions and makes a decision in a timely manner</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Resiliency – The person has endured through
change and bounces back from failure</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Flexibility – The person can adapt to changes in
work, location and organization</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Follow Through – Once the person has a green
light to act, they follow through to completion with minimal supervision or
intervention</li>
</ul>
<br />
<ul>
<li><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Learning – The person is always in learning
mode, growing their knowledge and remaining highly employable</li>
</ul>
<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Companies
that get it right in hiring usually put emphasis on the interview over the
resume. For example, Google takes the recruitment process very seriously,
subjecting candidates to numerous interviews. The hiring decision comes from a
consensus per multiple viewpoints, ensuring that the right hiring decision is
made. The interview is the key in how you ultimately hire the right person.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Interviews
should ask candidates about how they applied their experience in real world
situations. Ask the person to give examples of how they used their skills to
solve problems. In some cases, you should include simulations where you ask the
candidate to resolve a situation. Some companies use assessments to help gain
insights into a person’s strengths and weaknesses. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Open ended
questions that require an explanation are usually more insightful than Yes or
No type questions. Make sure the candidate provides a complete response to your
questions. And don’t forget that talent can sometimes override experience. If
you are lucky enough to stumble upon a great talent that doesn’t have the right
experience, then you should consider finding a place for this person since
these diamonds will translate into value for your company and they are rare to
find. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
A final point
concerns referrals. Referrals can help reduce your risk during the recruitment
process since your own employees are recommending someone as a potential good
fit. This article has touched on some key points that you should consider in
your hiring practices. This is one of the most important business decisions a
company makes and it should be taken very seriously. By putting emphasis on the
interview process using different people and techniques, you will increase your
chances of bringing the right person on board. </div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-19171519314169162012016-04-06T08:31:00.000-07:002016-04-06T08:31:23.330-07:00Do You Know Your Algorithms<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgcB7KAancZrrb8u_5OUtnp0DxIdm6gyOrKv5u9_18RNWn70WYK5iGcbdL0Q8kI8RvGE1GFf_WsJl8wGUXaJKQwA6-q4Vuzn4JtGTeDjXBFWWVpbZiutUiH9g0WFTsj5AyTggRm_jboQo/s1600/do-you-know-your-algorithms.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgcB7KAancZrrb8u_5OUtnp0DxIdm6gyOrKv5u9_18RNWn70WYK5iGcbdL0Q8kI8RvGE1GFf_WsJl8wGUXaJKQwA6-q4Vuzn4JtGTeDjXBFWWVpbZiutUiH9g0WFTsj5AyTggRm_jboQo/s320/do-you-know-your-algorithms.jpg" width="320" /></a></div>
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If you want
to drill down to the root cause behind what drives so much value in today’s
world, then you need to know your algorithms. An algorithm is a set of
instructions that processes inputs and provides some output. Companies that
master their algorithms unleash incredible value. Take for example Uber which
relies on algorithms to locate available drivers for customers, processes locations
and times, and then delivers online progress and statistics of the ride. When
you couple algorithms with great design, then you have a value proposition that
others will want. Therefore, getting your algorithms right has profound
implications on your business. </div>
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<a name='more'></a><br />
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One of the
reasons algorithms are so powerful is that they help predict things in advance.
This is usually accomplished by running a series of ‘if then’ statements to
discern patterns. For example, algorithms tell Home Depot and Lowes which inventory
items to stock and how much according to weather forecasts. When a hurricane is
expected to make landfall, algorithms measure the intensity and size of the
storm, match the target location in terms of population and other demographics
and turn out forecasted inventory requirements so every store can maximize meeting
future demand. </div>
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One popular
type of algorithm is the pricing algorithm. These algorithms alter and change
prices according to existing capacity and demand. Airlines use these algorithms
to maximize revenues for open seats on planes. This same approach is used by
other companies who can only produce so much, but want to place and sell their limited
products at the right time and place for maximum revenues. </div>
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Every
company that operates on the internet is run by algorithms. For example, when
you visit Amazon and review a product, other similar type products show up
giving you alternative choices. Amazon uses algorithms to display the types of
products you are likely to buy, generating more sales. According to i2
Technologies, a company that develops algorithms, their clients will save $ 75
billion through the use of algorithms over the next ten years. <span style="mso-spacerun: yes;"> </span></div>
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<i style="mso-bidi-font-style: normal;">“Algorithms increasingly run our lives. They
find books, movies, jobs, and dates for us, manage our investments, and
discover new drugs. More and more, these algorithms work by learning from the
trails of data we leave in our newly digital world. Like curious children, they
observe us, imitate, and experiment. And in the world’s top research labs and
universities, the race is on to invent the ultimate learning algorithm: one
capable of discovering any knowledge from data, and doing anything we want,
before we even ask.” - <u>The Master Algorithm: How the Quest for the Ultimate
Learning Machine Will Remake Our World</u> by Pedro Domingos</i></div>
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Most of us
know nothing about algorithms. They operate in the background of our lives,
impacting everything. Execution algorithms are used by large brokers (such as
Goldman Sachs) to re-allocate money using TWAP (time weighted average pricing)
and VWAP (volume weighted average pricing) algorithms. Behavioral algorithms
figure out the rules of competing companies and exploit the behavior in order
to realize a profit. Algorithms are critical for sorting, searching, parsing
and working through mounds of data for optimal solutions. The world’s financial
markets, including stock exchanges, pension funds, and banking transactions are
largely run by algorithms that access and interpret personal data.</div>
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<i style="mso-bidi-font-style: normal;">“The single greatest instrument of change in
today’s business world, and the one that is creating major uncertainties for an
ever-growing universe of companies, is the advancement of mathematical
algorithms and their related sophisticated software. Never before has so much
artificial mental power been available to so many—power to deconstruct and
predict patterns and changes in everything from consumer behavior to the
maintenance requirements and operating lifetimes of industrial machinery. In
combination with other technological factors—including broadband mobility,
sensors, and vastly increased data-crunching capacity—algorithms are
dramatically changing both the structure of the global economy and the nature
of business.” - The Algorithmic CEO by Ram Charan, Fortune Magazine</i></div>
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Algorithms
are not without issues. Take for example how the European Union has challenged
Google that its search engine algorithms are a violation of anti-trust laws.
Results from the algorithms allegedly show a bias in favor of products and
services provided by Google. And because algorithms are not subject to
independent scrutiny, any errors in the logic or data can inflict major errors
that no-one detects. Increasingly, everything we do is influenced by algorithms
and given the fact that so much of your business is riding on the integrity of
your algorithms, it begs a simple question – Do you know your algorithms? </div>
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Watch TED Video for more insights: </div>
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<a href="http://www.ted.com/talks/kevin_slavin_how_algorithms_shape_our_world?language=en">http://www.ted.com/talks/kevin_slavin_how_algorithms_shape_our_world?language=en</a>
</div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-47411932218894708772016-03-29T07:46:00.000-07:002016-03-29T07:46:49.464-07:00People Need Coaching - Part 2 of 2<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLa-ppPKuXlQFvS6zFQBCmM7LI_n0217KCx3itb2dh8emyBt6DGv602vgs7U6nIhq2cf_n-Gl-ZS6nJgWIeyO0NR4GR3MxQOkkboo6YGUz7zcP0Kn9BFSZnlgqnjPHhZeHV6vJVmE6LRY/s1600/People-Need-Coaching-Part-2.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLa-ppPKuXlQFvS6zFQBCmM7LI_n0217KCx3itb2dh8emyBt6DGv602vgs7U6nIhq2cf_n-Gl-ZS6nJgWIeyO0NR4GR3MxQOkkboo6YGUz7zcP0Kn9BFSZnlgqnjPHhZeHV6vJVmE6LRY/s320/People-Need-Coaching-Part-2.png" width="320" /></a></div>
Part 1 of this article laid the groundwork for transforming managers
into coaches. Part 2 of this article will focus on what every manager
can do to become a great coach. Much of this transformation from manager
to coach is rooted in the relationships a Manager has with co-workers.
In their book <u>Stop Managing, Start Coaching</u>, authors Jerry W. Gilley and
Nathaniel W. Boughton describe nine key components behind a
manager-employee relationship: <br />
<br />
<a name='more'></a><br />
1. Freedom from Fear (think outside the box) <br />
2. Communication (two way, not one way communication) <br />
3. Interaction (Spend time with your employees) <br />
4. Acceptance (non-judgmental) <br />
5. Personal Involvement (get to know your people personally) <br />
6. Trust (sharing, respect, openness) <br />
7. Honesty <br />
8. Self Esteem (focus on what a person is good at) <br />
9. Professional Development <br />
<br />
One of the key drivers behind an effective coach is being able to
influence and teach others. Likewise, the best employees for the team
will be those who are life-long learners; i.e. they enjoy having the
coach teach them, learning new concepts, and applying knowledge to
problem solving. Therefore, quality-coaching environments will require
the right kind of manager (willing to spend the time on coaching) and
the right kind of employee (very receptive to learning). <br />
<br />
One of the key foundations behind coaching is the evaluation of
performance data. Coaches use very quantifiable benchmarks of
performance, comparing current performance against these benchmarks of
excellence. Therefore, in order for a manager to be highly effective as a
coach, the manager will have to: <br />
<br />
<ul>
<li>Establish a set of quantifiable goals in terms of time, money, or some other specific metric </li>
<li>
Collect measurement data on a regular basis to evaluate performance.
Things like surveys or even casual observations can help. More
sophisticated approaches such as the 360 Degree Evaluation Model can be
used for consistency throughout the department or organization. </li>
<li>Analyze the performance data, identifying the gaps in performance
and areas for improvement. Working with the employee to close the
performance gap. </li>
<li>Once goals have been reached, establish a new set of goals and go through the process again to continuously make progress. </li>
</ul>
Perhaps the single biggest driver behind coaching is leadership.
Coaches tend to have outstanding leadership skills. The legendary coach
Vince Lombardi summed it up as follows: <br />
<br />
The Lombardi Rules – The Winning Model <br />
<br />
1. Know yourself – You can't improve on something you don't understand. <br />
2. Build your character – Character is not inherited, it is something that can be, and needs to be, built and disciplined. <br />
3. Earn your stripes – Leaders earn the right to lead, they manifest character and integrity, and they get results. <br />
4. Think big picture – big picture is your roadmap and rudder. It
can't change in response to minor setbacks, but it must change as the
competitive environment changes. <br />
<br />
- <u>What it Takes to be #1: Vince Lombardi on Leadership</u> by Vince Lombardi, Jr. <br />
<br />
In conclusion, coaching is about assisting and collaborating with
others to improve their performance in a one-to-one, personal
relationship. Coaching is about becoming passionate over performance and
results, conveying this performance in very measurable terms to people,
holding them accountable for these measurements, and above all else,
helping them get there. Coaching exemplifies the best qualities in
managing since it offers what people need for optimal performance. <br />
<br />
To be successful as a people manager, you must recognize three very basic facts about your role as a manager:<br />
<br />
1. Management is the intervention of getting things done through others. <br />
2. You need your employees more than they need you. <br />
3. You get paid for what your employees do, not for what you do.<br />
<blockquote class="quotes">
<i>If you
accept these three basics, you will come to some very important
conclusions about the most appropriate interventions necessary for you
to become a successful manager. It also means that the more successful
you wish to be in the business world, the harder you must work to do
everything possible to help your employees achieve, rather than fail.
- <u>Coaching for Improved Performance</u> by Ferdinand F. Fournies</i></blockquote>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-72280715307049067512016-03-18T06:27:00.001-07:002016-03-18T06:27:26.907-07:00People Need Coaching - Part 1 of 2<!--[if gte mso 9]><xml>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuZUEmmH0DsSe37RZmtywqoYcF4A9UhLDin6cNs91smhF1C63dnFYHtJ3F8luMY7C_jcWtoyvhKieleyqOwTEcEPQ1q5vcGlavUAF6xOs6qVlDZGCUXFRHTHGBOLoy5OC5xiDanyUCoHs/s1600/People-Need-Coaching-Part-1.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuZUEmmH0DsSe37RZmtywqoYcF4A9UhLDin6cNs91smhF1C63dnFYHtJ3F8luMY7C_jcWtoyvhKieleyqOwTEcEPQ1q5vcGlavUAF6xOs6qVlDZGCUXFRHTHGBOLoy5OC5xiDanyUCoHs/s320/People-Need-Coaching-Part-1.png" width="320" /></a></div>
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There are
plenty of programs to help build and develop human resource capital within the
organization; things like personal balanced scorecards, emotional intelligence,
and the 360 Degree Evaluation. However, trying to implement these solutions is not
easy. Additionally, many of these initiatives involve considerable effort with
somewhat mixed results. What we need are very informal, straightforward
approaches to managing people for higher levels of performance. The answer may
reside in <b>coaching</b>. Coaching has been very evident in sports – we've all seen
how great coaches can turn a team of players into champions. And now coaching
has emerged as a rapid, easy and sure-fire way for managing people.</div>
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<br /></div>
<a name='more'></a><br />
<br />
<ul>
<li>Coaching is
a form of supportive relationship that elevates the employee to a level of
maximum performance. </li>
<li>Coaching is about interacting with people, teaching them
to produce exceptional results for the business.</li>
<li>Coaching is for anyone who must
manage someone else.</li>
</ul>
<br />
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<i style="mso-bidi-font-style: normal;">“The business community is finally realizing
what sports experts have known and practiced for years: individual attention
from managers is the surest way to unlock an employee's potential. The payoffs
for becoming a manager-coach are clear: productivity, efficiency, reliability,
and profitability.” <span style="mso-spacerun: yes;"> </span>- <u>The Coaching
Revolution: How Visionary Managers are Using Coaching to Empower People and
Unlock Their Full Potential</u> by David Logan and John King </i></div>
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<br /></div>
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Coaching
runs contrary to the traditional manager, things like control, rules, and
heavy-handed mandates. Coaching is much less formal and more collaborative.
Just like in sports, veteran (more experienced workers) are mixed with the new
recruits to make sure people have a chance at success. Contrast this to the
current sink or swim environment that many are thrown into, only to burn out
under the intense demanding workload.</div>
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<br /></div>
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With
increasing pressure to do more, not to mention the high levels of change,
employees now more than ever before need high quality coaching.
For example, in sports the coach immediately intervenes when he or she detects a
player not performing to his or her potential. Coaches transfer their knowledge
of the game, showing the player how to execute. Coaching exemplifies some of
the best characteristics in leadership – a personal relationship between
manager and employee, tapping into the emotions of the worker to drive high
levels of performance, and effectively communicating and transferring the
knowledge so the worker can apply it on the playing field.</div>
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<br /></div>
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<i style="mso-bidi-font-style: normal;">“Organizations are the ongoing creations of
people who work in them. Treating organizations as if they were huge machines,
as is done with command and control, badly misunderstands the nature of the
phenomenon. To sum up and simplify what I'm saying, coaching is a way of
working with people that leaves them more competent and more fulfilled so that
they are more able to contribute to their organizations and find meaning in
what they are doing.” </i><span style="mso-spacerun: yes;"> </span>- <i style="mso-bidi-font-style: normal;"><u>Coaching: Evoking Excellence in Others</u>
by James Flaherty </i></div>
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<br /></div>
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Coaches
often motivate and compel people to exceptionally high performance levels
through great communication. There is great power in the spoken word and
coaches use this technique all the time. Some of the best coaches use extremely
powerful words to reach players in a language that makes sense. And they say it
with passion.</div>
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<br /></div>
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<i style="mso-bidi-font-style: normal;">“To be successful, you've got to be honest
with yourself. Success rests not on ability, but upon commitment, loyalty, and
pride. Success in anything in this world is 75 percent mental. In our league,
most times the teams are evenly matched in ability and physically. And it is
usually the team that is best mentally prepared on that particular day which
wins the ballgame. Success is paying the price. You have to pay the price to
win – to get there and to stay there. Success is not a sometime thing; it is an
all-time thing. You don't do what is right once in awhile, but all of the time
– success is habit, winning is habit.”</i></div>
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<i style="mso-bidi-font-style: normal;"><span style="mso-spacerun: yes;"> </span>-
Coach Vince Lombardi of the Green Bay Packers (from the book: <u>The Essential
Vince Lombardi</u> by Vince Lombardi, Jr.)</i></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Coaches are
very engaged with their players, teaching them to think smarter and do things
better. Coaches are very good listeners; they also learn and love to teach others
what they know. Coaches dig deep into the emotions of others, creating a bond
between the coach and the player. Coaches are extremely deliberate and forceful
when it comes to:</div>
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1. Seeking
out the most talented people</div>
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2. Defining
results and holding people accountable for their results</div>
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3. Providing
immediate feedback on how people can produce the desired results</div>
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4. Rewarding
and recognizing people for their successes</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
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<i style="mso-bidi-font-style: normal;">“We must see people in terms of their future
potential, not their past performance. Coaching delivers results in large
measure because of the supportive relationship between the coach and the
coachee, and the means and style of communication used. The coachee does
acquire the facts, not from the coach but from within himself, stimulated by
the coach. Of course, the objective of improving performance is paramount, but
how that is best achieved is what is in question.” <span style="mso-spacerun: yes;"> </span>- <u>Coaching for Performance: Growing People,
Performance and Purpose</u> by John Whitmore</i></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
One of the
most significant dilemma's facing almost every organization is a lack of
leadership. People desperately need leadership in order to perform. And
coaching represents the essence of leadership. As author Ferdinand F. Fournies
points out in his book <u>Coaching for Improved Work Performance</u>, Managers
are not paid to get results, they are paid to get results out of other people.</div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Coaching is
one of the most potent management techniques for improving performance. This
approach to managing (coaching) is what drives performance in sports; so why
not use it in the workplace? Coaching is what people are looking for from
management and as a result, coaching fulfills the basic performance needs of
employees. Coaching is truly one of the best ways to manage people. Part 2 of
this article will outline some specific characteristics for transforming
managers into coaches.</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Coaching lies at the heart of management,
not at the edges. Coaching is everything you do to produce extraordinary
results in your business with colleagues amid change, complexity, and
competition. Coaching is everything you do to improve your strategic thinking
about the business future you want to create. Coaching is everything you do to
ignite personal and team learning in solving business problems while building
the organization capability you need to succeed. It is everything you do to
give you and your entire organization an edge and advantage.” <span style="mso-spacerun: yes;"> </span>- <u>Masterful Coaching Fieldbook</u> by
Robert Hargrove</i></div>
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<br /></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-13554284342192808802016-03-07T06:56:00.000-08:002016-03-07T06:56:00.642-08:00Lessons from the Shared Economy<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdOghXoPyXdRkbjNPd438q2fuHLpCznS__qKbFQA4Jdsz5UhRALPskCku96wXFcLKkfLTG-ME37cuOlyBVRw6eghfIyun1A877zzOdq-6ApckVAVPhMZaHkLOW1bew2iFaqvN8oNMJM_Y/s1600/shared-economy.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdOghXoPyXdRkbjNPd438q2fuHLpCznS__qKbFQA4Jdsz5UhRALPskCku96wXFcLKkfLTG-ME37cuOlyBVRw6eghfIyun1A877zzOdq-6ApckVAVPhMZaHkLOW1bew2iFaqvN8oNMJM_Y/s320/shared-economy.png" width="320" /></a></div>
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The shared economy has become very real and can no longer be
ignored by all businesses. According to PriceWaterhouse Coopers, the shared
economy is likely to grow from $15 billion in 2013 to $335 billion by 2025. Part
of this growth is out of necessity. Cities are becoming very urban and this is
where everyone is migrating to; thriving in a world that increasingly is
getting very crowded. You can’t continue to add more cars, hotels, and other
infrastructure. Instead, people are adjusting and accepting the fact that a
better way is to share the infrastructure in highly concentrated environments. Businesses
will need to adjust to this new reality and recognize several lessons from the
shared economy.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The first
lesson has to do with the enabling drivers behind the shared economy; one of
which is the digital economy. Consider the fact that 60% of all online time in
the United States now takes place on a mobile device. Much of this time is
spent looking and searching for local businesses. If you run a small local
business, you must pay attention to local search optimization as part of your
marketing strategy. And keep in mind that your future customers are Millennials.
Millennials are very much about being online in a mobile environment. Also
think about the fact that China with its growing middle class is all about
mobile and Africa with the largest youth population is all about mobile. So
this trend is not going away – you better become serious about your mobile
presence. This is the tool customers will use both locally and globally. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Americans know that the economy is changing
at its core. We are in a time of fundamental economic disruption. The resulting
transformation of our economy – including changes in technology and
globalization – holds peril and promise. Piecemeal proposals that tinker at the
margins of our current economic structure will not be sufficient to get our
economy back on track.” – <u>Rewriting the Rules of the American Economy</u> by
Joseph E. Stiglitz</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Another
important lesson from the shared economy is the flexible workforce. In the past
companies would hire almost all full-time employees. This is changing in the
form of the Gig Economy – on demand labor as needed. According to a survey
commissioned by Elance-oDesk and Freelancers Union, there are now more than 53
million freelance workers in the United States. Companies need to embrace a
more diverse way of managing the workforce. This not only includes more
part-time or interim personnel, but more flexible working arrangements for your
full-time staff. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
A third
lesson is the rise of the Micro-Business. Anyone anywhere can startup and
create a business to compete with the “tired” looking businesses that dominate
an industry. This creates an opportunity for disruption and we all know what
has happened to the taxi cab business; an incredibly “tired” looking industry disrupted
by Uber. Business owners must be very observant of how they stand-out from the
crowd; especially in relation to how the shared economy works. All it takes is
someone with a great mobile application, empowering people at the local level
with a much better value proposition to create a business.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“The 20th century model doesn’t work in an
age when you can monetize your parking space.” – Senator Mark Warner,
D-Virginia</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The shared
economy is also about making the transaction easy – hassle free and instant.
Speed and convenience is really important in the shared economy. This is why a
lazy company can get disrupted – someone else delivers the product or service
much faster and easier from a mobile device. All of these lessons dove-tail
back to what the shared economy is about and what people now expect from
business. People increasingly want the process to be effortless, fast, and
benchmarked with customer satisfaction ratings such as Yelp. Additionally, they
want to buy products and services that represent something more than just the
product or service. For example, putting a social cause into your business can
help solidify your position in the shared economy. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
A final
point that should be noted is that the shared economy does have a negative
impact. We all want to do the right thing and share resources, but there is
also a dark side on how it puts enormous pressure on lower wages, part-time
work over full-time work, and less benefits. Income inequality in the Unites
States is now as bad today as it was during the Great Depression. So it is
important for businesses to also recognize how the shared economy can adversely
impact those who directly participate. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“This is the new economy: contracted,
freelanced, automated, Uber-ized, 1099-ed. The sharing economy is hot, a
darling of venture capitalist investors as well as the media. . Increasing
numbers of workers find themselves on shaky ground. Even many full-time and
professional jobs are experiencing this precarious shift. Add to that the
steamroller of automation and robots replacing millions of workers and the jobs
picture starts looking grim.” – <u>Raw Deal: How the Uber Economy and Runaway
Capitalism are Screwing American Workers</u> by Steven Hill<span style="mso-spacerun: yes;"> </span></i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
There are
many lessons here for all of us – you must get serious about your digital footprint
in the mobile world. You must collaborate with a wider range of players to get
it right and earn trust. All of these underlying drivers, be it digital, mobile,
or a flexible workforce, will require major change for all businesses. And when
I walk around Main Street today, I continue to see a lot of very tired looking
businesses unaware of the Uberization of the local economy. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“The true innovative spirit of collaborative
consumption can be found in start-ups like Brooklyn-based SnapGoods, which
helps people rent goods via the Internet. Or Airbnb, which allows people to
rent their homes to travelers. There's a green element here, of course: sharing
and renting more stuff means producing and wasting less stuff, which is good
for the planet and even better for one's self-image. And renting a power drill
via SnapGoods for the one day you need it is a lot cheaper than buying it. It's
a perfect fit for an urban lifestyle in which you have lots of neighbors and
little storage.” - Today's Smart Choice: Don't Own. Share by Bryan Walsh, Time
Magazine</i></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-78396323383923047172016-02-26T07:13:00.001-08:002016-02-26T07:13:19.680-08:00The New Math for Pricing<!--[if gte mso 9]><xml>
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It
represents one of the most difficult decisions you will make: <i>What price do I
charge for my products?</i> Many people, including myself, have always held that
pricing should be based on covering all of your costs with some allowance for
profits. However, thanks to Robert Dolan of Harvard Business School, there is a
new math for calculating price that goes beyond the financial numbers. <span style="mso-spacerun: yes;"> </span></div>
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Dolan argues
that what matters more is what people perceive as value. Dolan calls this the <b style="mso-bidi-font-weight: normal;">Incentive to Buy</b> and this is where you
have leverage. The problem for most of us is that we are focused solely on the
<b>Margin Gap</b> (Price vs. Cost); what Dolan calls the Incentive to Sell. It is
exceedingly difficult to make money when everyone is focused on margins alone
and not the value perceived by customers. <span style="mso-spacerun: yes;"> </span></div>
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Your goal
should be to increase the <b>Incentive to Buy</b> gap; i.e. give your customers better
choices, allow them to customize their products, add features not provided by
your competition, or give people different grades of products (low, medium and
high). This is what enhances value and drives people to buy based on things
other than price. Trying to compete based on price alone is a losing battle – you are chasing the lowest common denominator. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Take for
example plane fares: First Class vs. Coach. By providing some additional value,
airlines charge a higher fare that certain people are willing to pay. Higher
pricing allows customers to judge quality and perceive value on their terms.
Luxury items from perfume to cars often follow this value-based approach to
pricing. Bundling is another way of raising perceived value. Offer several
related products or services for a lump sum price to raise perceived value. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
One place
where value-based pricing seems to work well is with heavy users. People who are strong
buyers of your products are usually interested in other features or
complimentary products. Companies should connect with their best customers,
finding new ways of presenting their current products based on more value.</div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Customers do not buy solely on low price.
They buy according to customer value, that is, the difference between the
benefits a company gives customers and the price it charges. More precisely,
customer value equals customer-perceived benefits minus customer-perceived
price. So, the higher the perceived benefit and/or the lower the price of a
product, the higher the customer value and the greater the likelihood that
customers will choose that product.” - Setting Value, Not Price</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">by Ralf Leszinski and Michael V. Marn,
McKinsey Quarterly</i></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Your power
to influence pricing has dramatic implications on the profitability of your
business. Your influence over pricing is best gained through a new math to
pricing that is more value-based and less margin-based. Yes, it is true that
most people most of the time will look at price as a major factor,
but increasingly the best customers are those who are looking for value. It is
not easy to increase perceived value, but if you can differentiate based on
value, you can conquer a niche as opposed to going head on against everyone
based on price. A value-based approach to pricing requires a lot of
analytics about how customers view features and functions; how their buying
decision was influenced by value. <span style="mso-spacerun: yes;"> </span></div>
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<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The bottom
line is that if you analyze your pricing by looking at financials, then you are
going to have to increase volumes (similar to Wal-Mart) in order to make money. In
today’s hyper-competitive world, this is a perilous journey that will not
distinguish your business. You have to address value and not just price if you
expect strong profits in the future. </div>
<br />
<br />
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-spacerun: yes;"><a href="https://vimeo.com/73640081" target="_blank">Recommended Video</a> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-37650017995806932662016-02-15T07:04:00.000-08:002016-02-15T07:04:03.955-08:00Welcome to a World of Structural Change<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYKaSafMbijeeLiNVRYQrh57YYFax7zYFXj9cib2ft6ZuzzyVQG_BqDgwwplfA3FqtFo_1kWJfUOvW86Nc8lAKy9n8wkd4MjTyUiRjB1V5KbpM9Om1XykBUhTYsi4HhlGoH6R63HPIrbw/s1600/structural-change.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYKaSafMbijeeLiNVRYQrh57YYFax7zYFXj9cib2ft6ZuzzyVQG_BqDgwwplfA3FqtFo_1kWJfUOvW86Nc8lAKy9n8wkd4MjTyUiRjB1V5KbpM9Om1XykBUhTYsi4HhlGoH6R63HPIrbw/s320/structural-change.jpg" width="320" /></a></div>
It used to
be economic change would run in cycles. We would experience periods of high
inflation followed by tight monetary policy that led to an economic slow-down.
Today, we have cheap money, no inflation and below average economic output that
is continuous. Economists and the Federal Reserve are perplexed about a key
question: <i style="mso-bidi-font-style: normal;">Will we ever experience a full
recovery?</i> The answer is No – we are in an age of structural change where
there are clear winners and losers. It’s like having an economic boom for some
and a depression for others. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br />
<a name='more'></a><br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Structural
change represents a shift or trend that becomes permanent. Those who can adjust
do extremely well while those who can’t find themselves in survival mode. <span style="mso-spacerun: yes;"> </span>Several authors have touched on this
phenomenon – <u>Tipping Point</u> by Malcolm Gladwell and Nassim Nicholas Taleb
who popularized <i style="mso-bidi-font-style: normal;">Black Swans</i> in his book
<u>Fooled By Randomness</u>. </div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Most people living normal lives are unaware
of what’s coming, how extreme changes and trends disrupt every aspect of our
world and lives. Most people are not prepared for the drastic changes on the
horizon that will change work, business, health, or population. They have not
run the scenarios, evaluated the risks, thought about the possibilities, or
fully understood the drivers of change. They are not future ready.” – <u>Future
Smart: Managing the Game-Changing Trends that Will Transform Your World</u> by
James Canton </i></div>
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<br /></div>
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Part of our
problem is the failure to address change that should be cyclical. You have to
act in a very decisive and strong way with measures that can be extremely unpopular.
Additionally, today’s institutions are too big or divided to deal with such change.
Think of it this way – People on the left side of the political spectrum should
be very aggressive about dealing with our deficit and people on the right side should
recognize the threat of global warming. Because of prolonged periods of
inaction on critical issues, change now becomes structural and this leads to
tipping points or black swans. And once this happens, there is no going back
and any remedies used in the past (such as more government spending to create
jobs or lower interest rates to stimulate the economy) are not going to have
much impact. </div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
Additionally,
there are a number of factors driving structural change. For example, the
United States and Europe have aging populations that will demand higher social
services. This will lead to “Greece” like problems for many countries. Besides
demographic changes, you have major technological change. Imagine a world where
we treat cancer through immunization or computers that are as smart as people. All
of this equates to big time structural change. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
In order to
manage in this age of structural change, you will need to have a high capacity
for change. You can improve your capacity for change by remaining small, not
owning a lot of stuff and recognizing that your future is not tied to an
employer. For example, education is now a life-long commitment for everyone.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
It is also
important to embrace technology. <span style="mso-spacerun: yes;"> </span>We all
need to become a nerd in our own way. <span style="mso-spacerun: yes;"> </span>Remember,
everything we do in this world is run on software – computer programmers are
the folks behind our global digital world and it helps to be tech savvy. Consider
the following: <i style="mso-bidi-font-style: normal;">Your smartphone today gives
you better communication than the President of the United States had 25 years
ago and gives you better access to data than he had 10 years ago</i>.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Emerging technologies — quantum computing,
cloud computing, intelligent and inexpensive sensors and augmented reality —
are moving into widespread adoption faster than most people had predicted.” <u>Technology
Will Change Your Job</u> by Tom Groenfeldt, Forbes Magazine</i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
For
organizations, your capacity for change resides in your leadership. You must
have strong leadership that listens and learns in this age of structural
change. You can no longer guarantee long-term employment, but partner with
employees helping them remain employable. And you will have to look beyond the
bottom line in how you serve customers and stakeholders. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;">“Two thirds of the companies on the Fortune
500 list for 1970 have disappeared from it (and some, like Pan Am, Arthur
Andersen and Bear Sterns, have disappeared entirely). The average job tenure
for the CEO of a Fortune 500 company has declined from ten years in 2000 to
less than five years today. The average job tenure of American retail workers
(who now outnumber manufacturing workers) is even shorter, three years, and
does not come with a golden parachute attached. The ground is more treacherous
than ever.” <span style="mso-spacerun: yes;"> </span>– <u>The Great Disruption:
How business is coping in turbulent times</u> by Adrian Wooldridge </i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
A final
point concerns the Millennial Generation. They seem to be adjusting and to some
extent, they are creating structural change. Millennials (ages 18 to 34 in 2015)
are much more entrepreneurial than older generations. They recognize that one’s
financial future cannot be tied to any single employer and that bigger is no
longer better. They have embraced the shared economy and dispense with
corporate mass marketing, seeking more local and authentic sources. They also
have a very high degree of social tolerance and recognize the importance of education.<span style="mso-spacerun: yes;"> </span>So if you are not sure how to deal with all
of this structural change, start thinking like a millennial. This is your
roadmap for survival in the future. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<i>
“Millennials have talents different from those earlier generations. The way they look at the world and business is different from the way any other generation of
professionals looked at them. This is because they grew up with the Internet
from a very early age, many even from the day they were born. Some people even
claim that research shows that millennials’ brains are different from those of
earlier generation, allowing them to do more parallel processing of small
pieces of information.” – <u>Think and Grow Digital: What the Next Generation
Needs to Know to Secure and Thrive in Any Organization</u> by Joris
Merks-Benjaminsen</i>exinfmhttp://www.blogger.com/profile/02319348968749815021noreply@blogger.com0tag:blogger.com,1999:blog-2359362968069135903.post-58972998391770650552016-02-05T05:31:00.001-08:002016-02-05T05:31:12.209-08:00Focus on the Process - Part 2 of 2<!--[if gte mso 9]><xml>
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The words “business process reengineering” still leaves a negative impression for many in the business world. Years ago companies rushed to reengineer their processes to
improve quality and efficiency. However, the end result was less than desirable
– new processes were layered on top of existing processes resulting in more
work with fewer people. Costs were temporarily lowered benefiting investors.
However, other stakeholders in the process, such as employees, were victimized
by reengineering.<br />
<br />
<a name='more'></a><br />
Real reengineering is more about including everyone involved, so that there are no
losers and winners from reengineering. The words collaboration, connecting all
players, more transparency, and more openness are now part of the reengineering
vocabulary. The buzzword for this new or real approach to reengineering is X
Engineering. The “x” refers to crossing; i.e. reengineering must cut across all
organizational boundaries. Author and consultant James Champy pioneered this
more human approach to reengineering in his book: <u>X Engineering the
Corporation</u>. Author and e-commerce expert Thomas Koulopoulos refers to this
as the x-factor, creating communities whereby people can collaborate.<br />
<br />
<i style="mso-bidi-font-style: normal;">“X engineering is about optimizing
relationships so that companies can tap the full sum of the intelligence and
experience of all of the people in its network of customers, suppliers, and
partners. To accomplish this goal, the processes in which these people participate
must be arranged to work smoothly both within an organization and between the
organization and its customers, suppliers, and partners.”- <u>X Engineering the Corporation</u> by James Champy</i><br />
<i style="mso-bidi-font-style: normal;"> </i>
<br />
Processes are no longer tightly controlled and restricted from view. Processes are now
easily accessed over the internet. If a process is performed in isolation from
others, then management must determine if the process is really isolated. How
do we open it up to outsiders so that we can improve it and lower its costs?
Are we leveraging technology to transform this process?<br />
<br />
One obvious obstacle to x-engineering is resistance. Many partners may not want open-up and change; they will refuse to share information. The challenge for management is to break through this deadlock by deploying a single, standard process that allows everyone to work together seamlessly. One reason this is so important is
because customers are increasingly sophisticated and demanding. In order to
properly serve the customer, everything within the supply chain must be
connected and coordinated. Everyone takes ownership, assuming specific
responsibilities for making sure their part of the process is managed
flawlessly. Supply Chain Management (SCM) now evolves into Supply Chain
Relationships (SCR). And we can complement these processes with Customer
Relations Management (CRM) and Employee Relations Management (ERM).<br />
<br />
The reasons behind reengineering remain the same – increased competition, the need to improve customer service, the need to lower costs, and the need to keep up with technology. However, the significance of these drivers is becoming more demanding. As a consequence, many companies are becoming exhausted, run-down and giving up on these incredible demands to reengineer the business. However, instead of admitting defeat, management should view these challenges as new opportunities. And by connecting all
players through technology, real reengineering (or x-engineering) can become a
real value-adding proposition. It will require a new mindset whereby management
is openly sharing their processes with others in a way that allows
reengineering to take place for the benefit of everyone. And with technologies
like the internet, there is no excuse for not making it happen
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