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It’s hard not to pick up a paper or go on-line without seeing the dire news of problems on Wall St., in London and across major Asian business centers. The question isn’t whether a global business downturn has begun, it seems to be how bad it will get.
It’s easy to think that by doing nothing means not making a mistake. But doing nothing is a decision, allowing outside forces to control the future. Not enough executives ask themselves, “Did I make a decision or was my decision to do nothing?” With recession looming, it’s more vital than ever for businesses to remain master of their own fate.
In logistics and processes, the unexpected happens far too frequently. Yet even the unexpected can be anticipated with a bit of preventative medicine.
Companies are changing how they sell, employing new approaches that mirror the way people want to buy. This means that people who sell don’t need sales “skills” but must become experts in understanding and managing the buying process.
India’s innovation, skills and growing managerial prowess aren’t just being reflected in the IT industry. The fact that India is also becoming a global source for small-run and mass-niche manufacturing is something that should be looked at by Canadian companies.
By focusing on key needs and weaknesses, a company can punch through a recession’s growth-limiting “concrete ceiling”.
Small-to-midsized businesses are feeling the global credit crunch first. Savvy borrowers know their business and financial plans must be more than a spreadsheet with sales goals in order to obtain borrowed capital. Even when money is tight, many lenders are eager to finance a good story.
It’s the “law of unintended consequences” kicking in: When one person insists on making every decision, too often the micromanaging reduces efficiency and productivity in the business instead of adding solid controls.
Change within a company is often frightening, and it can become absolutely terrifying for some people if management does not understand the importance of engaging everybody’s heart, body and mind in the process.
The reverse is equally true. As a business expands, good
management does not always equal good leadership. It is critical
for owners of growing businesses to know which one they are
best at doing, and to hire people to take care of the other.
There is a revolution occurring in sales that every executive
must understand. Recent scientific studies indicate that
new models are creating a transformation in the way we view
selling, leading to a new framework and an urgent need for
new skills. Companies that adapt quickly see sharply increased
revenue – and profits.
Owners, executives and managers need to bring a scientific
decision-making process to their businesses. To do so they
not only have to measure the past but also to plan and measure
the future. The way to do this is to stop driving blindfolded
and look at the executive dashboard.
That is the challenge confronting many Canadian businesses
that profited from exports to the US when Canadian dollars
were cheap, especially since the Loonie is likely to outpace
the US dollar for years to come.
Companies outsourcing supply chain management are improving
profits by up to 20% and productivity as much as 40%.
Businesses continue to use sales techniques that customers
say mean little to them. In savvy, growth-oriented companies,
sales people are not learning sales skills; they’re
becoming experts in managing the buying process, increasing
sales and margins as they do and making their competitors
irrelevant.
With so many fast-growing and highly profitable businesses
dependent on ideas stored as “1’s” and “0’s” on a server,
insurers are scrambling to catch up.
Eventually some part of your computer system will fail. What
will you do to protect the business when – not if – that
happens?
If a credit crunch is coming, emerging and midsized businesses
will feel it first. So, smart borrowers realize that their
business and financial plan must tell a story that’s more
than a spreadsheet and sales goals. The really smart ones
also know that many non-bank lenders are eager to finance
a good story – even when money is harder to find.
Identifying new sources of revenues from existing IP assets
is often overlooked, but a focused strategy can turn an expense
into cash.
Build “account share” by making customers more
loyal as part of a company-wide strategy. This is how key
customers let suppliers into their “inner circle,” giving
them a larger share of their business.
A well-thought out alliance should produce “1+1 = 3” outcomes.
But too many strategic alliances end up being less than the
sum of their parts because serious questions were brushed
over before sealing the deal.
Bringing in an interim manager has usually been a reaction
to a crisis. But increasingly, interim management is used
as an early stage strategy for a business to consider options.
Few executives realize what can happen to a business if disaster
strikes – even if insurance covers repairs and regardless
of what caused the interruption.
It’s an on-going issue for nearly every business: how to
effectively sell more to existing customers. Not surprisingly,
most companies say that their suppliers go about it the wrong
way.
A new study suggests that too many executives delude themselves
into thinking that success lies at the end of a path of specific
steps. Actually, following that road usually leads to failure.
A new report says that half of all sales leads want to buy,
just not right now. Meanwhile, they’re not fully tapped.
Between 40% and 80% of new business leads are lost, not followed
up upon, or otherwise mishandled because of poor company
processes.
It pays to take a hard look at ways to improve your internal
operations: Many companies keep feeding a “hidden organization” in
their company whose profit-robbing appetite is enormous.
Atticus’ interactive sales tool shows the real cost of not
working towards sales goals beginning early in the year.
An on-line demo is showcased.
Customers are angry and their frustration is approaching
rage. Although many companies care deeply about service,
too many consider the complaints desk a cost centre worthy
of cutting.
Changemesister John Kotter claims the good news is that organisations
are better at managing change. The bad news is the world
is changing even faster.
Last month, we reported on India’s growing might as a global
economic powerhouse. Then, The Tata Group acquired Anglo-Dutch
steelmaker Corus for £5.75-billion (about C$12-billion) and
India's top aluminium producer, Hindalco snapped up Canada’s
Novelis Inc. in an all-cash deal.
When the sober and thoughtful business section of The New
York Times thinks a story is worth 1,000 words, readers know
that the topic is more than a passing fad or flighty trend.
In 1997, interim management was unknown in Canada. But in
under a decade, it has become an established business tool.
Too often, senior executives and business owners mistakenly
believe that they have a marketing plan when what they really
have is a set of sales goals. But a carefully thought-out
marketing plan, driven by the overall objectives of a business,
is a roadmap detailing how the company will use marketing
and sales to get from where it is to where it wants to be.
Revenues and profits were flat for three years, signalling
the business has reached a plateau. By focusing on key needs
and weaknesses, a company punches through the “concrete ceiling” and
within six months, growth exceeded even the most optimistic
expectations.
The overworked phrase “doing business in China” carries with
it visions of tremendous possibilities as well as potentially
huge headaches. Just getting started can be difficult: Searching
for the right joint venture partner and then concluding negotiations.
As recently as two or three years ago, few companies in Canada
considered Vietnam as a possible source for off-shore manufacturing
or sourcing.
In 2006, India became a net exporter of capital. It only
took a decade for India to transform itself from an emerging
economy to a global business force.
The on-line version of The Times, a London UK daily newspaper,
just published the results of a new study which harshly criticizes
business executives for their lack of leadership skills,
poor training for managers and the tendency to "focus on
the here and now rather than encourage debate or long-term
planning or change, because they are so focused on keeping
things going."
Businesses are increasingly establishing a competitive advantage
by re-engineering their supply chain. Any positive change
requires fresh thinking and a new approach, not only to stay
in business but to sustain consistent growth as well.
As the “Border comes down” and we see the blending of Canadian
and US markets, the question becomes more important: “What
is the most efficient way to run a business that spans both
countries?”
Corporate types take their pensions and professionals convert
their RSPs. But business owners face a unique situation as
they look towards retirement. Who’s going to buy my business?
What’s it worth? How will I get paid out?
“Disruptive Innovation” describes how new technologies
can overthrow the competitive advantage of even industry
powerhouses. The phrase is now used to insinuate opportunities
that are beyond the reach of established competitors. But
that is not a complete interpretation.
Slogans are catch phrases; a brand is something you and your
customers or clients believe in.
Human capital is a leading indicator of shareholder value.
Can the way a company manages its human capital significantly
affect its financial performance?
Not just publicly-traded companies need a strong, up-to-date
document retention policy. Every business that might be sued,
brought before a tribunal or face regulatory scrutiny needs
one – and not just for paper documents.
Less than half say they have such a policy even though 80%
say they’ve been involved in a lawsuit. Of those with
a policy, only a few have enforcement procedures in place
to make sure it is followed.
Experience in the United Kingdom shows how Canadian companies
facing cost or profit squeezes can use interim managers to
become leaner and fitter, faster.
Spectrum Payroll Services was growing faster than projected.
But a sales blitz produced a raft of new clients. Coupled
with faster-than-expected growth from existing clients, these
new clients posed a problem for president Heather Erickson.
Jim Croce sang about how he wanted to “save time in
a bottle.” His hit remains a favourite, even more so
now that time is such a valuable currency.
As reality TV goes, The Apprentice is hugely successful.
As a realistic depiction of a project manager, it flops.
Many knowledgeable, authoritative and credible executives,
managers and professionals can appear totally unbelievable
at the very moment when they need to be most convincing.
Why be concerned about project management? The success of
any project begins at the CEO’s desk and the buck starts
with you!
There is ample evidence that emotional intelligence is a
better predictor of an executive’s success than IQ,
industry experience or technical expertise.
Many managers do not realise that the impact of freight can
be one of the largest costs facing an organisation.
Chairmen and chief executives regularly argue in their annual
reports that “our people are our greatest asset”,
but companies avoid the issue of management skills and training.
For Canadian companies, the time to assess China is now.
Even organisations that cannot imagine facing a crisis could
suddenly be mired in one. The time to develop a crisis communications
strategy is not when the fire trucks and ambulances are arriving.
A new Atticus Interim Management
Study shows wide gaps between what clients say they really
want and what their lawyers think they want.
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Atticus In The News
Atticus Information & Research
Research shows interim executives achieve key goals on average
twenty times faster than permanent senior managers.
Interim management, a strategic resource for any organisation.
The Interim Management Option - a new strategic resource
for senior management.
The Atticus Solution - expertise when you need it, for as
long as you need it, no longer.
Interim Management Return On Investment - not financial burden.
The Interim Manager may be described as an all-in-one Project
Manager, Consultant and Senior Executive working at or near
board level.
Review our , look at our Principals' ,
check our archive,
see and then to learn more.
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