(Time to read this Blog is about 2.5 minutes)
Before we get to the main topic, here are a few things to get you thinking or smiling:
- My Biz Quote of the week:
“When a business culture is toxic, or the boss is a jerk, or incompetent, the best people leave and the mediocre non-performers stay and take ‘I don’t give a damn pills’. That’s the beginning of the end!”
- Text messages vs emails: According to ‘Venture Beat’, a business media and event company, the response rate for text messages to clients is 98%, compared to just 22% for emails
- Quick Biz Tip: When buying a business, never overpay. It will end badly.
Lowes, America’s 2nd largest home improvement chain, just sold their Canadian operation consisting of a ‘dogs breakfast’ of 450 stores trading under the names Lowes, Rona, Reno Depot and Dick’s Lumber. But look at the math. They bought this ‘package’ 6 years ago for $2.4 billion US…and sold it last week for just $400 million. That’s a $2 billion ‘hair cut’. OUCH! When it comes to ROI, there’s no ‘R’ when your ‘I’ is to high!
- Pollution and Innovation. According to the World Health Organisation, air pollution is the cause of around 4.2 million deaths every year, compared to 1.3 million deaths in car crashes.
India is home to 22 of the world’s most polluted cities. The smog-filled air cloaking India’s cities often contains dangerously high levels of fine particulate matter, known as PM2.5.
Angad Daryani, an Indian inventor, has developed a process to remove this toxic particulate from the air and turn it into durable floor tiles. We need more of this innovative thinking. What could you do to make your business and the planet a healthier place to be?
Now, to this week’s important topic:
What or who are you hiding from in your business?
Many business owners and managers are hiding from something. In fact, I guess we’re all hiding from something in one way or another.
Some are hiding from ‘bad news’ by not paying attention to their financial statements. If you don’t understand your numbers…you don’t understand your business.
Some are hiding from reality like their mediocre value proposition, new competitors, declining markets, or their own toxic culture. They’re hiding from the truth, they’re in denial…and it will kill them.
Some are hiding from customers, either because they’re shy, or they don’t give a damn, or they don’t want to hear any negative feedback.
A very clever friend and former client of mine, a manufacturer and distributor selling to independent retailers, devotes 50% of his time to visiting customers to listen, to learn and to thank them. He has appointed himself to be ‘the Chief Listening Officer’ in his business.
Some are hiding from their employees by hiding in their office all day. They’re what I call ‘the invisible boss’. If you’re not ‘seen’, your team assumes you don’t care. That’s just how it works. A big part of your job is to be seen, to be available, to listen, to coach, to clarify and inspire…and you can’t do any of that by hiding.
Some people use the business to hide from their family, or from the world in general. The business has become their ‘neat fort’ where they feel safe, comfortable and in control. This is a terrible mistake. We have customers at home too!
When we listen to our customers, staff, suppliers, and our family, two wonderful things happen. First, we learn from them and then, second, we honor them. When we do not listen, we do not learn from them and we dishonor them.
So, what and whom might you hiding from…how will you address that and when will get started?
That’s it for this week…
Stay safe…live brilliantly!
Donald Cooper speaks and coaches internationally on management, marketing, and profitability. He can be reached by email at firstname.lastname@example.org in Toronto, Canada.
Comment * Excellent points, as always! I especially like the CLO (Chief Listening Officer) idea.