Archive for Entreprenuership
Is It Time for a Makeover for Your Business (A Lesson from BusinessWeek)
Posted by: | CommentsWhen was the last time you did a website makeover? Or changed the interior design of your workspace/office/store? Or more importantly, changed the way you do business? Or changed the way you market what you offer? Or even changed what you offer?
Most leaders underestimate the power of a makeover–and the speed at which they ought to be undertaken these days. It’s not unusual for someone to be surfing the web these days and think, “Wow! That site looks so … 2009,” and we’re only four months into 2010 (as of the writing of this post).
Next week (starting April 26th) marks the public makeover of a business icon–BusinessWeek (which was bought by Bloomberg back on December 1, 2009). They’ve even created a section on their website describing all the changes.
http://inside.businessweek.com/
Now, I haven’t seen the new remade version, but I do love what they’ve done to prep readers about the makeover. So, here are four lessons worth learning from them about creating a makeover.
1. Teaser campaigns still work. The Bloomberg team has done a great job of promoting the change. If you’re a reader of BusinessWeek, then you know they’ve been talking about “change is coming,” for awhile. And while it’s nothing more than an old school teaser campaign–it’s working. I’ve been reading BusinessWeek for years–and I haven’t been this interested/excited in years.
2. Use video to tell the story of the change. If you go to their website, you’ll see a series of videos from the editor describing the change. Vision casting is usually done best with video (actually it’s best done live, but that’s not an option here). So having Josh Tyrangiel share his vision that, “We take people on journeys … and introduce them to concepts and people that will impact their lives for years, even decades …” was the right decision.
3. Use powerful, short image building phrases to describe the changes. Rather than impress us with their vast vocabulary skills, the design team has done a great job of picking up key phrases we can all understand immediately.
* Reinvented. Redesigned. Reimagined (the tagline for the change)
* More Clarity. More Energy. More Impact (each with four short sub-points defining the changes)
4. Remember that “Look and Feel”/Design matters. While story will always be first and foremost (and should be for a magazine), the Bloomberg team understands that the look and feel of a site or magazine (or whatever you’re producing for the public) does matter. The vast majority of people bring their eyes with them. And whether they want to admit it or not, within seconds, they’ve “judged the book by its cover.” Within seconds they’ve either decided, “culture current” or “old school,” or …
So, as you look at what you and your company are producing and offering, are you in need of a makeover? Is your website or are your other marketing materials in need of a makeover? Is your business model in need of a makeover?
If so, then you may want to take a page from the Bloomberg BusinessWeek playbook in order to make sure that your makeover works for you and your purposes.
To your accelerated success!
P.S. When was the last time your website had a new design. If it’s been more than 12 months, chances are it’s time for a face lift. One of the reasons I’m such a huge fan of WordPress (besides the fact it’s free and that it’s easy to edit) is that WordPress separates out the content and the theme/skin/template. So with one click of a button, you can change the whole “look and feel” of a site without having to change any of the content. In around five seconds you can have a whole new look. Then, you can update the content and layout when you have time.
The Quickest Way to Enhance Any Communication You’re Having
Posted by: | CommentsIf you could find one idea or technique that could quickly and “almost miraculously” transform any communication you’re engaged in–from speaking at a community event to leading a team training or meeting to talking with a loved one to writing a letter or blog post–what would that be worth to you?
Or if you could avoid the pain of missed communication–from frustration and conflict to lost opportunities and sales. Or if you could avoid doing or saying something that might injure a key relationship–what would that be worth to you? I’m guessing a lot. Well, get ready because you’re about to get that one idea/technique–and it won’t cost you a thing.
I learned this idea/technique from a minister and author from England named John Stott. In his classic book on pastoral communication (also known as preaching :-), Stott introduced a concept he calls quadruple thinking–and it’s brilliant! The basic idea is this. It occurs in four parts (hence the phrase, quadruple thinking).
1. You think of what you want to say
2. You think of how the person you’re communicating to will hear what you have to say
3. You rethink what you have to say
4. So they will hear what you want them to hear.
Brilliant! In other words, if you or I want to be more effective communicators (and as a leader of a small or medium-sized business or organization you ought to want to be), then
We don’t have the luxury of ever just saying what we want to say.
Why? Because communication always involves two (or more) people. And that means that the other person must ALWAYS be factored into the equation.
For example: You’re in a rush and under a lot of pressure. You call in one of your employees and say, “Here’s an assignment, just make it happen.” You don’t have a lot of time to spell out what you want done–after all, they’re an adult, they can figure it out. And furthermore, you don’t want to be known as a micro-manager. So you just hand out an assignment. Unfortunately, the person you handed that assignment to is, in Myers-Briggs language, an SJ.
SJs are great workers. They make up roughly 40% of the population. They follow assignments. They get things done. BUT ONE THING that SJs don’t do well is create from scratch. SJs like to do things right. However, if they don’t know what right is, they get stumped–which is why SJs LOVE DIRECTIONS. They like their leaders to spell out details.
So while you may think you communicated clearly to your employee, the reality is you didn’t. If, on the other hand, you were employing quadruple thinking, you might have thought. “Let’s see, Barb is an SJ. As an SJ, Barb is going to want lots of direction on this assignment. So, I better clear out 15 minutes to talk with her about this assignment today.”
On the other hand, if Bob is an NT (in Myers Briggs language–and NTs don’t like lots of direction) then your quadruple thinking conversation might go like this. “Let’s see, Bob is an NT. NTs hate to be straight-jacketed with lots of direction and control so I better just walk by Bob’s desk and give him this assignment and a due date.”
Remember, the goal of communication isn’t simply to process sounds out of our minds into words on paper, screen or air. The goal of communication is to connect with another human being for a specific result or reason. Therefore, they must always be factored into the conversation.
Now, in one sense, this seems so blatantly obvious, that it shouldn’t have to be stated. But it’s not. Common sense is not common practice. Every day in every workplace (or home), miscommunication takes place. And while neither you nor I can’t completely eliminate it, we can greatly reduce it by practicing this one simple technique: Quadruple Thinking!
1. You think of what you want to say
2. You think of how the person you’re communicating to will hear what you have to say
3. You rethink what you have to say
4. So they will hear what you want them to hear.
Go ahead, give it a try! If you really get it, this should change every conversation and communication you ever have from this day forward–that is, if you want to be an effective leader and communicator.
To your accelerated success!
P.S. Let me know what you think of this idea in the comments section below!
What’s the Difference Between Mission, Vision, Initiatives and Goals?
Posted by: | CommentsI was talking with one of my clients earlier today and we ran into a common problem that most organizations have when they engage in strategic planning–that is, confusion (or agreement) about what individual terms mean. For example, what’s the difference between a mission and a vision? Or what’s the difference between an opportunity and an initiative? Or how is a goal different from a tactic? Different people have different definitions—which is why there’s so much confusion about what each terms means.
To help un-complicate the process of defining these terms, here are the definitions I use when working with clients (along with an example or two of each).
1. Mission: This is what a company does. It should be short and easy to memorize. However, it shouldn’t be so generic that you can’t tell what business it’s in. Note: similar businesses may have very similar mission statements. Why? Because they essentially do the same things.
- To promote and develop the growth of tennis (The United States Tennis Association)
- To organize the world’s information and make it universally accessible and useful (Google)
2. Vision: This is what a company wants to become. Vision is a seeing term. Therefore a vision statement should be future-oriented. It’s an image of what a company wants to create. It isn’t what a company is, it’s what it wants to become. While mission statements may be similar, vision statements should be very different. They should be motivating and inspiring. And they should drive decision-making.
- Be the safest, most customer-focused and successful transportation company in the world (Norfolk Southern)
- To be the preeminent publisher and provider of self-improvement resources that inspires and empowers individuals to lead the lives they most desire (Nightingale Publishers)
Note: For a video blog post on this subject of mission and vision click here >>
3. Values – Values are the foundational beliefs about how you want your employees to act. They are the beliefs that create the culture of an organization. They don’t need to be exhaustive. Nor should the simply be the same from company to company. While integrity, trust, honesty, etc. are good core values, they don’t need to appear on your list unless you believe they must. In many cases, they’re givens. I recommend no more than five core values for a company. Once you get past five, very few people can remember them.
- Excellence – To do the best we can, with the resources we have, in the amount of time we have to do the tasks we’re assigned.
- Curiosity – To be insanely interested in knowing, yet never content with what we know. To be a life-long learner.
4. Growth Initiatives – From a strategic standpoint, what are the three to five most important things you can do to grow your organization? Note: a growth initiative differs from what I refer to as a strategic initiative because a growth initiative is usually related to one or two business units or people—and it can often be completed before the end of the year.
- To add five new joint venture partners by September 30th
- To open an office in Shanghai by July 31st
- To complete a merger or acquisition by December 31st
- To create a strategic partnership with Apple by May 30th
5. Strategic Initiatives – Strategic initiatives, if you want to keep your entire top team involved, should be initiatives that everyone can play a part in fulfilling. And they should be year-long initiatives. The main key thought of a strategic initiative is that it’s something everyone can contribute to, that will advance the organization. Also, strategic initiatives are usually designed to overcome constraints (whereas growth initiatives are often strength focused).
- To double the number of leaders who have completed our Level Three Leadership program and are ready to take on new assignments.
- To raise the level of execution excellence so that the number of errors rate falls to less than one per thousand.
- To train everyone in every department in effective customer service skills so that every customer has a more positive experience regardless of whom they’re interacting with from our company.
6. Goals – Goals are dreams with deadlines. They are quantifiable. You should clearly know if you hit them or not.
- To generate $5.7M by 12/31
- To raise our customer service rating to 4.75 by 9/30
- To raise our profit margin from 30% to 35%by 12/31
7. Tactics – Tactics are the individual activities an employee engages in to complete a goal/initiative/strategy/etc.
- To hire a merger specialist by 3/31
- To design a leadership development process by 6/30
- To recruit three college marketing interns by 3/31
- To renegotiate all vendor contracts by 6/30 to reduce our cost of goods sold by 40% (and saving us $1M)
Hopefully, those definitions and examples will help you get everyone on the same page as you work on (or refine) your strategic plan!
To your accelerated success!
P.S. For a clean pdf of the above definitions and examples, click here >>
P.P.S. If you’d like to go a little deeper on the difference between mission and vision, click on the videos below (which are from more current blog posts)
New Free Report on Fast Growth Released Today!
Posted by: | CommentsWant to Know How You Can Immediately Begin to Grow Your Business Faster Than You Ever Have Before—While Increasing Your Ability to Lead It More Effectively?
If so, you’ll want to immediately get your hands on the new free report I just released today entitled, “The Seven Secrets of Fast Growth Companies.”
Inside it you’ll discover,
• The number one differentiator between slow and fast growth companies
• The two key elements you need to use to create a fast growth culture
• A simple practice that can radically reduce the time it takes to implement anything
• A lesson from a Harvard professor that can change the way you think forever about your products and services
• A top team practice that can change any meeting you run—and make it more effective.
• The one metric you need to use before choosing any growth idea if you want to be an accelerated growth company
• How you can create a business that’ll scale fast
• How to avoid letting your market think you’re just like “everyone else.”
• How you can create a business that works 24/7, especially when you’re not around.
• And the number one mistake that most CEOs of small and medium-sized make
To get your copy immediately, just fill in the form in the right hand column entitled, “Interested in the 7 Secrets of Fast Growth Companies?” and then click the submit button, “Send it to me now!”
Then after you read it, post your comments below!
Want to Grow Your Business Faster?
Posted by: | CommentsHave you ever noticed that two companies can attempt to employ the same strategy or tactics and yet get different results? Or more importantly, have you ever been frustrated that you’ve tried the same strategy or tactics that someone else has–and yet haven’t seen the same kinds of results? Why is that?
My conclusion is that there are a series of drivers behind those strategies, tactics and procedures that determine whether or not one company is going to be successful at employing a specific strategy, tactic or procedure.
To give you a taste of the ten, here’s a video sample from a talk I did this past weekend in Phoenix for the Association of Information and Image Management (AIIM). Enjoy!
Get a Daily Cash Report
Posted by: | CommentsOne of the more common weaknesses for most owners and CEOs of SMBs is money management. It’s not that they don’t like money, it’s that they don’t feel confident managing it. So, instead of managing it, they focus on the things they like doing–like selling or marketing or creating products or solving problems or creating strategy etc.–hoping that the money thing will just take care of itself–which it won’t. So, what can you do?
Well, one simple practice you can engage in, that’ll keep you focused on managing the money, is to get a DAILY cash report. Not a once a week or worse, once a month cash report, but a once a day cash report. You can have your bookkeeper or CFO or accountant send you the amount or you can create a dashboard that automatically updates that number every day, but regardless of what system you use, you really ought to set one up.
A great example of the power of this practice can be found on Verne Harnish’s blog this week. He writes about John Ratliff, the founder of Appletree who for years had relied on a big line of credit that he would access two or three times a month to get his company through each month. For years he had heard Verne talk about getting a daily cash report, but hadn’t acted on it. Finally annoyed by his company’s practice, he decided to start receiving a daily cash report. He then wrote the following to Verne.
“I started getting cash reports daily (only took 15 years!) and wow what an insight that is. Today is September 30th, close of the 3rd quarter (hard to believe) and we just finished the best quarter in our history, and maybe more importantly our best cash position ever! No LOC use this month and a killer cash position. Thanks for finally getting the cash message through my thick head.”
So, if you’d rather not wait fifteen years or keep dipping into your LOC, why don’t you try this simple practice of receiving a daily cash report. It’ll force you to think about revenues, expenses and cash flow on a daily basis–and that will take you to a new place that not knowing won’t. Avoiding or not knowing is almost always a bad strategy. However, knowing and being able to act quickly are almost always winning strategies.
To your accelerated success!
Thinking Long Term Still Wins (Amazon)
Posted by: | CommentsWhile there’s always a tendency to think short-term, especially during an economic downturn, there are plenty of compelling reasons to not do so. Major test case: Amazon.
If you didn’t read the Business Week article (Sept. 28, 2009) on “At Amazon, Marketing is for Dummies,” you missed a compelling argument for thinking long-term, especially during a recession.


Over the past three years, Amazon’s stock price has doubled, while the S & P has gone down 20%. Over the past six months, Amazon revenue has been up 16%, while most retailers have been negative. And, as per the section in BW that the article ran (the 100 Best Global Brands), Amazon has moved up 13 spots this year to No. 43.
So, what’s behind this magic? Bezos’ commitment to invest in infrastructure and technology. In fact, I thought the best paragraph from the article was,
“The performance is something of a vindication for Chief Executive and founder Jeffrey Bezos. After the dot-com bubble burst, critics hammered him for investing so much in technology and physical distribution centers. Some investors called for Bezos to pull back and produce more short-term profits. Now, those heavy investments are paying off big time, helping the company sell an ever-widening range of products to more than 94 million customers.”
Did you catch that? During the last downturn, rather than give into short-term thinking, Bezos opted for the long-term approach–even though his critics and other investors were urging him to focus on short-term profits. It was that decision, during a market that was fixated on the short-term, that has allowed Amazon to do so well now–during this economic downturn.
So, as you look at the decisions you’re making this month, are you thinking short-term? Or long-term? Are you allowing the siren song of the recession to keep your eyes and investments off the long-term? And finally, do you need to make any adjustments to how you’re currently operating so that you can prosper, not just in the coming months, but for years to come?
To your accelerated success!



Cirque du Soleil wasn’t the first circus. Southwest wasn’t the first airplane company. Curves wasn’t the first health fitness facility. Etc.
The iPod wasn’t the first mp3 player. And the iPhone certainly wasn’t the first cell phone. But Apple, usually referred to as, “the most innovative company on the planet,” usually has winners when it looks at what people already want and then makes something original in that field.