TOP & BOTTOM LINE!

Five Resiliency Tips

2012-02-04T09:12:00.002-05:00

People who soar are those who refuse to sit back, sigh and wish things would change. They neither complain of their lot nor passively dream of some distant ship coming in. Rather, they visualize in their minds that they are not quitters; they will not allow life's circumstances to push them down and hold them under. - Charles Swindoll

While both personal and professional lives don't always turn as expected, I find resiliency to be a key component to handling adversity. The following are five resiliency tips to consider:

Stay Calm
Keep watching the long term vision
Understand change can be stressful
Focus on the present
Trust yourself

There are a number of others things to consider. What are some of your tips?

Character

2012-01-21T16:00:00.000-05:00

Everyone tries to define this thing called Character. It's not hard. Character is doing what's right when nobody's looking.

Customer Service - 5 Key to Success

2012-01-07T11:59:00.000-05:00

“Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them." - W. Edwards Deming

In reviewing what separates companies today, it comes down to customer service. Technology has leveled the playing field where differentiation is more challenging and service is the key. The following are 5 characteristics:

Don't make promises unless you will keep them

Listen to your customers

Deal with complaints

Be helpful - even if there is no immediate profit in it

Train your staff to be always helpful, courteous and knowledgeable

A few examples of companies that I have found meeting this definition are Amazon, Marriott, and Apple. Conversely companies that have not met the proceeding definition are Best Buy, Home Depot, and Sprint.

As Peter F. Drucker states, “Quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for. A product is not quality because it is hard to make and costs a lot of money, as manufacturers typically believe. This is incompetence. Customers pay only for what is of use to them and gives them value. Nothing else constitutes quality.”

Bank Debit Fees - Only part of the Equation

2011-10-16T08:25:00.000-04:00

When Bank of America announced the $5 fee for using the debit card it opened up the visibility to another fee that is paid by consumers - interchange. This is a 2% fee charged a merchant and ultimately passed on to the consumer.

Let's review Interchange Fees - a term used in the payment card industry to describe a fee paid between banks for the acceptance of card based transactions. Usually it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank") however there are instances where the interchange fee is paid from the issuer to acquirer, often called reverse interchange.

In a credit card transaction, the card-issuing bank in a payment transaction deducts the interchange fee from the amount it pays the acquiring bank that handles a credit or debit card transaction for a merchant. The acquiring bank then pays the merchant the amount of the transaction minus both the interchange fee and an additional, usually smaller fee for the acquiring bank or ISO, which is often referred to as a discount rate, an add-on rate, or passthru.

For cash withdrawal transactions at ATMs, however, the fees are paid by the card-issuing bank to the acquiring bank (for the maintenance of the machine).

These fees are set by the credit card networks, and are the largest component of the various fees that most merchants' pay for the privilege of accepting credit cards, representing 70% to 90% of these fees by some estimates, although larger merchants typically pay less as a percentage. Interchange fees have a complex pricing structure, which is based on the card brand, regions or jurisdictions, the type of credit or debit card, the type and size of the accepting merchant, and the type of transaction (e.g. online, in-store, phone order, whether the card is present for the transaction, etc.). Further complicating the rate schedules, interchange fees are typically a flat fee plus a percentage of the total purchase price (including taxes). In the United States, the fee averages approximately 2% of transaction value.

Read more at Baltimore Sun and LA Times.

FCPA Risks - Misconceptions

2011-10-15T14:01:00.000-04:00

“Have the courage to say no. Have the courage to face the truth. Do the right thing because it is right. These are the magic keys to living your life with integrity.” -- W. Clement Stone

FCPA, short for the Foreign Corrupt Practices Act. Enacted in 1977, the FCPA generally prohibits U.S. businesses and their employees from bribing foreign government officials to win business or to obtain improper competitive advantage. For public companies that file reports with the U.S. Securities and Exchange Commission, the FCPA also was the genesis of the now-familiar laws that require accurate accounting entries and effective internal controls.

FCPA liability may be a risk at your company. In a recent article at CFO.com regulators identify five fallacy's about the anti bribery law that false comforts are being taken by executives.

Our foreign sales are too immaterial to create FCPA risks.
None of our foreign customers are governmental department or agencies.
Our employees never interact directly with anyone from foreign governments.
We're better off not knowing what our foreign personnel and agents do to get business done.
Everybody else does it and never gets caught.

Business awareness mitigates risk and as William Shedd states, “A ship is safe in harbor, but that's not what ships are for.”

Six Traits of High Performing Teams

2011-08-28T22:09:00.000-04:00

“Coming together is a beginning. Keeping together is progress. Working together is success.” ~ Henry Ford

The book, "The Orange Revolution" identified six traits of a high performing team.

Dream truly ambitious goals
Believe in each other and what they can accomplish together
Take calculated Risks
Closely Measure their results
Persevere despite problems or internal conflicts that arise
Tell Stories to celebrate successes and exemplify what they are trying to achieve

Measure to Achieve Goals

2011-07-09T17:44:00.001-04:00

"Measurement is the first step that leads to control and eventually to improvement. If you can't measure something, you can't understand it. If you can't understand it, you can't control it. If you can't control it, you can't improve it." - H. James Harrington

The book "How to Measure Anything" by Douglas Hubbard is a great read to understanding the measurement ability we all have to estimate even when they can seem challenging and daunting. The following are four useful insights:

First, your probably not the first person to attempt any particular type of measurement. Research may throw up some useful examples of how others have previously done it.
Second, you probably already have more information than you know. Most of us don't realize how much data we already track in our organizations.
Third, you may not need as much data as you imagine to reduce uncertainty behind a particular decision. The first few observations are usually the highest payback in uncertainty reduction for a given amount of work.
And finally, additional information is likely more accessible than you realize, by just thinking outside the box about possible measures. An orchestra, for instance, was able to measure its improvement in performance merely by counting the increase of standing ovations it received.

Hubbard also shares his measurement process:

Project preparation, including initial research, the identification of experts who will contribute to the process and the setting up of workshops to explore the subject.
Identifying the problem to be analyzed and the factors that will matter in making a decision.
Calculating the value of information on each variable to decide which ones are worth focusing on.
Agreeing on the measurement techniques, including decomposing, sampling and experiments.
Performing the measurements and updating your understanding of the problem and decision variables.
Implementation of decisions that flow from the measurements.

Mission - Do It Right

2011-06-12T07:33:00.001-04:00

Character is what you know you are and others think you have. As J.C. Watts stated, “Character is doing the right thing when nobody's looking. There are too many people who think that the only thing that's right is to get by, and the only thing that's wrong is to get caught.”

A company's mission statement can speak volumes about the organization. Perrigo has a clear mission with character - to provide quality, affordable, healthcare products. An essential part of that mission is quality.

"Quality" is more than a concept at Perrigo, it is our most important priority. That is why we continually invest our time and resources in the quest to achieve ever higher levels of quality execution and quality products - for you, our own family members and everyone who uses our products.

Super Manager - People Run the Business

2011-06-11T20:18:00.000-04:00

"No matter how good or successful you are or how clever or crafty, your business and its future are in the hands of the people you hire". - Akio Morita

The book, "The Supermanager", by Greg Blencoe is a quick read that demonstrates the basics of leadership with great examples of human understanding utilizing the service industry as an example.

The book identified the following seven principles:

Surround yourself with high-quality employees
Train employees well
Communicate the end result you want, then empower employees to achieve it
Lead by example
Listen to employees
Praise good work
Manage each employee differently

I recommend this book to leaders at all levels in their career.

You Can't have too Many Friends

2011-06-07T05:50:00.000-04:00

"Friendship is the hardest thing in the world to explain. It's not something you learn in school. But if you haven't learned the meaning of friendship, you really haven't learned anything". - Muhammed Ali

3 Performance Measurements Traps to Avoid

2011-06-06T22:27:00.002-04:00

“Don't lower your expectations to meet your performance. Raise your level of performance to meet your expectations. Expect the best of yourself, and then do what is necessary to make it a reality.” - Ralph Marston

Few performance assessment systems measure what really matters: current and future performance. Here are three of the biggest sins when it comes to measuring your organization, and how to avoid them:

Focusing only on you. Don't compare your company to itself; you need to know how you are doing relative to competitors. If this data is not easy to come by, bring in an outside expert or ask customers for their perspectives.
Focusing only on the past. Beating last year's numbers is not the point. The numbers need to tell you whether the decisions you make today will pay off in the future.
Focusing only on the numbers. Numbers never tell you the full story. Enhance quantitative data with sophisticated, qualitative assessments that give you the human side of the story.

Leverage Career and Brand

2011-05-22T16:30:00.003-04:00

Social Networking for Career Success: This a great book to gain an understanding of the playing field in today's marketplace. With real life examples, Miriam Salpeter touches professionals at all levels in social networking.

Whether you are early in your career or a seasoned veteran I recommend this as a must read to bring your digital footprint to the next level. Other reviews of this book include:

Social Media Tools: You can Lead or Follow

3 Networks to Build

2011-05-15T09:58:00.001-04:00

“Call it a clan, call it a network, call it a tribe, call it a family: Whatever you call it, whoever you are, you need one.” - Jane Howard

We all know how important networks are to succeeding in business. There are three separate networks to build, including operational, developmental and strategic networks.

1. Your operational network is comprised of the people you rely on to get work done: your peers, direct reports, bosses, and external contacts. Often times you don't choose these folks, but you still need to cultivate them.

2. A developmental network is a group of individuals whom you trust and to whom you can turn to for advice. Select people who bring a diversity of perspectives.

3. Your strategic network helps you prepare for and succeed in the future. In this group, include people who work and live at the edge of your current world and can help you see what's on the horizon.

Read more @ HBR

Substitute Good for Great

2011-04-17T16:09:00.001-04:00

Change is essential to the survival of business and life. At times a leap of faith where you give up the known comfort will lead to great paths previously not known. The risk reward formula is true in our daily endeavors. The more risk you are willing to take the greater rewards.

As Jim Rohn stated, “You cannot change your destination overnight, but you can change your direction overnight”

Decide What You Think First

2011-04-16T15:08:00.001-04:00

When working on a challenging task — writing a speech, preparing an important presentation, or developing a new idea — it's helpful to get feedback from others. Do they think it's any good? In what direction do they think you should take it? But sometimes, too much feedback can drown out the most important opinion: your own. If you feel like you're getting too much input or are no longer sure what you think of your own work, take a break from the feedback. Decide what you think.

This will build your confidence and trust in yourself. Once you've articulated and refined your own perspective, reach back out to your trusted advisors to get theirs.

Read more @ HBR

Expand Your Skills to Stay Relevant

2011-03-12T09:23:00.002-05:00

“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change .” Charles Darwin

The world of work changes quickly. The skills that make you successful today probably won't be the same forever.

This means that whatever your specialty, it's at risk of being outdated soon. You don't need a crystal ball to see what skills you'll need in the future. Instead, actively seek out opportunities that allow you to develop new skills, gain different experiences, and expand your networks.

You may not need to open multiple career paths right now, but doing this will create more alternative futures. Don't forget to think about what value these new skills bring to your organization. Being valuable is another way to expand your future options.

Read full article at Harvard Business Review - CEO of your Career

Hard Work - Luck

2011-03-06T16:08:00.001-05:00

“I think the harder you work, the more luck you have.” - Dave Thomas

2 Ways to Make the Most of a Crisis

2011-02-20T22:25:00.000-05:00

Spectacular feats seem to happen in a crisis: people step up, productivity increases, and politics and red tape take a back seat. Unfortunately, this type of energy can't be sustained once the crisis dissipates. But, there are important lessons to take from this elevated mode of operation.

Next time your organization has an emergency, do these two things:

Hold a post-crisis clinic. Ask everyone who was involved in the response what happened differently and why. Help people identify the new ways of working they adapted.
Focus the energy on a critical initiative. Ask people to apply the energy and dedication they mustered in the crisis to a stretch goal that you want to achieve in 100 days or less. This will help you determine which new ways of working are sustainable and can be integrated into a more routine way of doing business.

“When you have a crisis, the crisis itself becomes one of your biggest asset if that crisis is bad enough. Everyone get very modest and humble and listens.” - Carl-Henric Svanberg

Read Article @ HBR

3 Tips for Reacting to a Crisis

2011-02-09T06:41:00.003-05:00

Whether it's a snow storm or a power outage, disruptions to your company's service can be devastating. Responding effectively can often be the difference between an interruption and a disaster. Next time you are faced with a crisis, try these three things:

1. Figure out what happened. Too many leaders leap into action without assessing the situation first. Find out exactly what is going on and what's causing it.
2. Act promptly. Don't wait for all of the data to come in. Once you have a firm grasp on the situation, begin taking action. Don't act frazzled — that only worries people. Act with deliberateness and speed.
3. Adapt. Don't be wedded to a single strategy. Circumstances will change and new information will come to light. Be prepared to alter the course if necessary.

Read Harvard Business Review Article

Green Bay Packers Quote

2011-02-06T07:41:00.000-05:00

"The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand." Vince Lombardi

Pittsburgh Steelers Quote

2011-02-05T08:21:00.001-05:00

"The key to a winning season is focusing on one opponent at a time. Winning one week at a time. Never look back and never look ahead." Chuck Noll

Cash is King - Growth Potential

2011-01-23T09:04:00.002-05:00

FACEBOOK has raised $1.5 billion in new financing led by Goldman Sachs, and will continue to invest in its business.

Facebook's CFO, David Ebersman, said: ''Our business continues to perform well, and we are pleased to be able to bolster our cash position with this new financing. With this investment completed, we now have greater financial flexibility to explore whatever opportunities lie ahead.''

Cash is the key to survival of a business and this signals a good direction for the social media giant.

“Cash is an asset that sits on the sideline and waits to be invested,” - Howard Silverblatt

Read Article

2011 - Year to Buy Electronics

2011-01-21T05:30:00.000-05:00

While pricing continues to rise in food and fuel, 2011 appears to be a year to see considerable pricing decrease of electronic goods. Deal News put out predictions on 12 items decreasing in price to include the Kindle, Laptops, iPhone, etc. As Henry Ford stated, “Competition is the keen cutting edge of business, always shaving away at costs.”

Deal News Article

HBR - 3 Ways to Manage Your Online Identity

2011-01-20T20:16:00.001-05:00

People are learning things about you from the internet, whether you like it or not. Instead of hiding (and who can really hide on the internet these days?), try these three ways to manage what others see and think about:

Search your name online regularly. Compare your results with those of your peers to be sure you are displaying the public image you want to.
Post public content. If you want more returns, or perhaps more relevant returns, put content out there. Comment on a blog, start tweeting, and update your Facebook page.
Create a business profile. Facebook shouldn't be your only presence. Choose a broad network like LinkedIn and create a profile highlighting your professional experience.

State Your Mission in 8 Words or Less

2011-01-19T06:28:00.001-05:00

Whether you are a non-profit organization or a for-profit company, a crisp, clear mission statement can help you attract investors, rally your employees, and win customers.

Unfortunately, those statements are often riddled with jargon and grandiose pronouncements that are too abstract to be acted on. Try to state your mission in eight words or less. Use the format: verb, target, outcome. For example, "Improve African children's health." Keeping it simple will help others understand what it is you do and get behind it. It doesn't end there though. Once you know precisely what your company is good at, you need to measure it to prove your worth.

Read Article @ HBR.org