Management Newsletter ~ March 2008
NOTE: For a printable PDF version of this Newsletter click-here. |
Donald's "Quote of the Month"
"Your Brand is your reputation....slowly built and quickly damaged. It is a promise to deliver and live by a specific set of values and standards that your target customers want in their lives.
Everything you do affects your Brand and, therefore, your future. Everything you do either honours and builds your Brand...or dishonours and damages it. Guard it with your life."
|
Greetings and welcome. This month's Newsletter delivers lots more helpful business insights and the name of a delicious, award-winning low-fat cheese from Holland that will delight your taste buds while keeping your arteries from clogging.
The entire Newsletter will take about 6 minutes to read.
1. Two "Brands" took a beating this past week...don't let it happen to you:
(time to read this piece is about 45 seconds)
There are corporate Brands and personal Brands and one of each took a major beating this past week...and there's a lesson here for all of us.
Of course, the personal Brand that has gone down the tubes is that of Eliot Spitzer, former Governor of New York, and future Presidential hopeful, who, after building a Brand image of "Mr. Squeaky Clean Crime Fighter", apparently spent about $80,000 on hookers.
Ironically, the young lady involved in this mess has been offered $1 million to pose for Hustler Magazine, just for starters, while Mr. Spitzer's Brand and, I suspect, his home life are tragically and permanently damaged.
The corporate Brand that took a big beating last week is Southwest Airlines. Long the darling and envy of North American air carriers, they were forced to ground 41 planes following their admission that they missed required safety inspections for some of their fleet. At the same time the US Federal Aviation Administration fined Southwest $10.2 million for continuing to fly the planes after missing the inspections.
Now, we don't have all the facts in this case, and Southwest claims that no passengers were at risk as result of their oversight...but the damage to the Southwest Brand is done. Southwest will survive and carry, but their Brand is tarnished.
Mr. Spitzer, on the other hand, will likely not survive as a public figure. He'll probably have to reinvent himself as a criminal lawyer, defending the very people that he previously prosecuted as New York State's Attorney General. As a high profile criminal defense lawyer, consorting with hookers will likely not work against him. It might actually add to his "street cred" in the hood.
So, what's the lesson here for all of us? The lesson is that our "Brand" is our reputation and the key to our successful and profitable future. It is slowly built and quickly damaged...so, guard yours with your life.
2. Are you a member of YPO?
(time to read this section is about 10 seconds)
Many YPO (Young Presidents' Organization) members have told me, over the years, that my no-nonsense, bottom-line presentations on management, leadership and customer ownership would be a huge hit with YPO at a local, national or international level. But, YPO is a tough organization to crack.
So, here's the deal...if you're a YPO member and a fan of my work, you can "earn" some free one-on-one coaching time with me in exchange for a successful introduction to YPO. Just email me at donald@donaldcooper.com and we'll get the ball rolling.
3. Is your boss holding you back...and, if so, what's your plan?
(time to read this article is about 90 seconds)
NOTE: About half of our readers are business owners and the other half are managers or front-line people. If you have a boss who's holding you back, this article is specifically for you.
If your boss won't let you do what needs to be done to move the business and your career forward...how long are you prepared to hang around being unhappy and unproductive while your career and your life go down the drain?
I recently did some speaking and biz coaching in both Singapore and Hong Kong...two extraordinary cities that you should experience. In Singapore, I worked with the VP of a large insurance company that has been losing market share for a number of years. I asked him what the key problems were and what needed to be done to fix them. This very sharp VP, in his mid-forties, was able to answer both of those questions with wisdom and clarity.
"So, what's stopping you from getting on with it?" I asked. "The people at the top." he replied. "They're actuaries by training and have little knowledge of how to manage the business side of things...and they won't listen to those who do." Yet another example of mediocrity sinking to the top!
So, I asked him three more simple questions...
1)
|
"Is the situation rescuable? What are the odds that you will get the people at the top to either change or listen?" He thought probably less than a 10% chance of that happening. |
2)
|
"Are there other opportunities out there for you with companies that 'get it'?" The answer was "Yes". |
3)
|
"Do you have a specific date written down somewhere by which, if you can't do what needs to be done to fix what needs to be fixed, that you will move on?" The answer was "No". |
So, I challenged him to come up with a specific date by which he would face reality and act on it ...and to let me know when he had done that.
A few days later, I spoke to the Canadian Chamber of Commerce in Hong Kong. The topic was my dynamite new presentation titled "Myths, lies and management...the simple truth about how to lead your business, your market...and your life."
After my presentation, a gentleman in his early 40's came up to thank me for helping him decide to quit his job. He told me that in just 90 minutes I had described perfectly how a business should be run, what's typically preventing businesses from doing that...and how to fix it. Apparently, I had described perfectly what was wrong with his employer and why things probably won't get better. He told me that he had wrestled within himself for two years whether to face reality and move on...or to stay and hope that things would improve. He had now decided to develop a plan to take charge of his life and move on.
So, what does all of this mean to you? Well, if you're the boss, it probably means that you should ask yourself how many of your good people are formulating such an exit plan right now...and why. And, if you work for a boss who will not let you do what needs to be done to move the business and your life forward, and to be productive and fulfilled, you should probably have a specific date written down by which you will face reality, create an exit plan...and move on.
Bonus: Here's how to get a promotion and a raise this year.
If you have a boss and you want to grow your career and your paycheck by proving your value to the business, here's a simple plan.
Every month, take one article from my E-Newsletter, sit down with your boss, explain the main point that I make and tell your boss why you think that the business needs to do this. Then, give your thoughts on how to go about implementing it and what the benefits will be.
Do this every month and you'll look like the brightest, most valuable person in your department, or the entire company. You'll prove your brilliance and your commitment to the business and that has to be great for your career. On the other hand, if your boss finds your newfound brilliance to be threatening, this is a sure sign that it's time for you to move on.
4. Do NOT attend one more conference or trade show before reading this:
(time to read this article is about 45 seconds)
Will the next conference or trade show that you attend help you to be "light years" ahead of your competitors, or just two days further behind at the office?
I'm constantly amazed at how many business owners and managers invest lots of time and money to attend trade shows and industry conferences without first making a list of things that they need know more about to improve in their business.
As a speaker at 100s of conferences and trade shows, I often ask audiences how many of them came to this event with a list of 4 or 5 specific things that they need to know more about in order to...
| - |
grow your sales, |
| - |
create more customer value, |
| - |
buy smarter, |
| - |
find and keep great staff, |
| - |
update your facilities or systems, |
| - |
improve your selection, |
| - |
advertise more effectively, |
| - |
be a more effective manager...or, |
| - |
get a better handle on your costs, your inventory or your bottom line? |
...and nobody ever puts their hand up. Apparently, nobody has a list!
Here's a thought...if you're not going to go to a trade show or conference with a list of four or five specific objectives and a plan...don't bother going. On the other hand, how tough would it be to take a few minutes to quietly think about how all that knowledge, gathered together in one place, could help you and your business?
Last year at the huge Pizza Expo Show and Conference in Las Vegas, a number of folks gathered around to chat following my presentation and one lady started to tell me about how she had increased sales by 30% and just about doubled her bottom line by adding a "drive through" to her pizza restaurant in Portland, Oregon.
As she related her story, the man standing beside her started hyperventilating with excitement. He said, "I've been thinking about adding a drive-through to my pizza business for years...and I've just never gotten around to it." They sat down on the side of the stage and she spent 20 minutes telling him everything he needed to know about how to make a drive-through work.
But, the point here is that it happened accidentally. It was just dumb luck. So, for you the question is, "Are you proactively managing your time at trade shows and conferences to find out what you need to know...or are you just hoping that something good will jump out and stick to you as you walk around?"
Here's a plan. A few weeks before going to a trade show or conference, sit down and make a list of the major challenges that you need help with in your business. What needs fixing, improving or innovating? Next, call your industry association, industry trade magazine, suppliers and respected industry consultants to find out who already does that excellently. Then, call those people who already "get it", introduce yourself and tell them that "so and so" has recommended them as outstanding operators, brilliant marketers, great innovators...or whatever.
Next, ask if you can buy them breakfast, lunch, dinner, or a drink, and chat with them about their success. Most people will be so flattered that they just can't say "no". Just don't call a direct competitor in your immediate market. When you meet with them, be prepared. Not to be prepared is an insult. Politely ask them important questions and ask them if they mind if you make a few notes.
You don't have to "reinvent the wheel" to improve your business. You just have to know what needs improvement, who has already done it and then proactively search them out and learn from them. So, never go to another conference or trade show without a list.
5. Bits and Pieces:
(time to read this section is about 60 seconds)
Item #1: Blackberry crackdown:
Frank Palmer, the Chairman and CEO of award-winning ad agency DDB Canada has banned BlackBerrys from all company meetings.
Aside from posting signs warning employees that they're in a "BlackBerry free zone," Palmer has instituted a warning card system (similar to that used in soccer). Caught using the device once and you'll be slapped with a yellow warning card. Two yellow cards will get you a red, which means you'll be paying your phone bill that month.
Item #2: The limitations of customer research. Henry Ford, founder of the Ford Motor Company, commenting on the limitations of customer research, said, "If I had asked people what they wanted, they would have said a faster horse." And, that's why many of the world's great innovations have come, not from customer research, but from the minds and hearts of passionate visionaries.
Item #3: Signs of prosperity. The average Chinese wedding in cities like Beijing and Shanghai is $25,000...the same as in America.
Item #4: Looking for a healthier low-fat cheese with real flavor? I know that this is a "Business" Newsletter, but remember that my commitment is to help you create an extraordinary business as part of your extraordinary life. So, in the "extraordinary life" department, if you love good cheese like I do, want to cut down on your intake of animal fat, but can't stand the "low-fat" cheeses that taste like rubber, try delicious Cantenaar cheese from Holland with only 17% fat content and low sodium. It won the 2007 Gold Award in the world Cheese Awards. You may have to go to a specialty cheese store to find it...but it's worth it. No more rubber pretending to be cheese.
Item #5: Interesting quote from fired Obama advisor, Samantha Power. "The United Nations is a building in New York where nations come to advance their national interest."
I don't think that's what the UN was supposed to be. I believe it was supposed to be an organization through which nations would come together to pursue the common good of the planet and its inhabitants. Somehow, we've lost our way...once again.
6. Are you going out of your way to add value and build customer loyalty?
(time to read this article is about 50 seconds)
Marriott Hotels has come up with a wonderful way to add value and build customer loyalty. Earlier this month I was booked to stay at the Singapore Marriott for four days as part of an around-the-world speaking tour. On February 27th, I received an email from the Marriott E-Concierge telling me how much they were looking forward to my visit. The email confirmed all the details of my reservation and delivered valuable information to make my visit more productive and less stressful. They included information about...
| a) |
The facilities, amenities, restaurants and services at the hotel. |
b)
|
Transportation from the airport including the cost of a taxi or train, plus car rental info with special rates for Marriott guests. |
| c) |
A 10-day weather forecast for Singapore. |
d)
|
What's happening in Singapore during my stay, including info on concerts, theatre, festivals, events, night clubs and restaurants....along with a reminder that the hotel Concierge will be happy to make reservations or book tickets for me. |
At that point I was still five days away from my stay with these folks and I was loving them already. I felt important, special and appreciated. I could plan my time in Singapore more effectively, make sure that I had the right clothes for the weather and I didn't have to guess which was the best way to get to the hotel from the airport. Very neat.
So, the question for your business is what information, help, coaching, services, support, amenities or assurance do your customers need to have a complete, extraordinary and stress-free experience with you and what you sell? And, then, will you go out of your way to proactively deliver that in a way that makes your customers feel important, special and appreciated?
7. Helpful tip for frequent air travelers. Learn simple airline jargon and get better service:
(time to read this piece is about 30 seconds)
I fly a lot and what I find is that when you ask questions using simple airline jargon, you get much more helpful answers. For example...
|
a) |
When you don't see your plane at the gate, don't ask the agent if the flight is on time. Ask, "Where's the equipment now?" That will force the agent to go into the computer and find out exactly where your aircraft is and when it will actually arrive. |
|
b) |
If the plane is already at the gate, but appears to be running late, ask, "When are we scheduled to push back?" |
| c) |
Looking for an upgrade? Don't blindly inquire about your chances. Ask, "How are your loads today?" The agent will tell you how many seats are empty, whether they're oversold in the "back" of the plane and your number on the upgrade wait list. |
How do you learn the jargon? Listen to how airline employees talk to each other. Use it properly and employees will assume you know more than you really do...and they'll respond with more complete and helpful information than they volunteer to average fliers.
8. Our quiz of the month:
(time to read this section is about 20 seconds)
"Thanks" to all of you who answered our February Quiz Question, which was, "The world's largest business, measured by stock market capitalization, is an oil company. Name that company."
The answer is "PetroChina Co. Ltd." Yes, the largest business in the world, by market capitalization, is controlled by a communist government who are, in theory, against capitalism. Does anybody else out there find this to be just slightly ironic?
Congratulations to Bill Graham of Rifco. He takes home one of our DVD on "The 8 essential steps to finding & keeping the best staff" as his prize.
This month's Quiz Question:
One out every 10 persons on this whole big planet lives on watershed of just one river. Name that river.
Send your guess to Sharen Skene, our wonderful Director of Marketing, at sharen@donaldcooper.com. Each correct answer received within 10 days will go into the 'pot' and one winner will be randomly selected. The winner will receive his or her choice of any of our excellent DVD Seminars.
9. That's all for this month:
(time to read this section is about 15 seconds)
Thanks for all of your great feedback and suggestions. We especially love to hear of your successes using our insights.
Don't forget to visit our Free Articles section on our website for lots more valuable info on how to sell more, manage smarter and make more money in your business.
Also, let us know what you'd like to hear more about...or less about. And, do send us your stories and examples of great, horrible or just plain bizarre business practices that you find in your travels.
Finally, if you were sent this Newsletter by someone else and would like to subscribe yourself simply click this subscribe link.
Donald Cooper, MBA
Certified Speaking Professional
Member of the Canadian Speaking Hall of Fame
For information about booking Donald for your company or Association, contact Sharen Skene our wonderful Director of Marketing at Sharen@donaldcooper.com.
Back Issues of our Newsletters are available on our website (along with lots of other valuable articles and implementation tools). |
Donald Cooper, MBA
Certified Speaking Professional
Member of the Canadian Speaking Hall of Fame