|Navigation: | Home | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 ||
Why Most CEOs & Entrepreneurs Fail?
Times are tough. The economy is in a constant state ofupheaval. Is your company doing better than most? Are youplacing greater emphasis on pure performance?
If you haven't maybe it's time for a serious round of intensecorporate soul searching. But do you know how?
Business consultant Chet Holmes says that beyond pure financialperformance, most companies can really benefit from finding outwhat it really means to be a great company.
And the answer lies within.
Holmes is a man who is heavily engaged in corporateintrospection with Fortune 500 companies.
He is widely credited with bringing a consultant's passion for rigorous self assessment and performance measurement with him.
Now, however, Holmes is obsessed with more than just thenumbers. He's saying that companies must examine the company'sculture and inner workings to find ways to be more than justprofitable.
He's discovered that the breakthroughs can be achieved only ifyou figure out how to can tap into the incredible treasure trove of knowledge, harness the energies and then channel the efforts of your employees to help you become great.
Just think, you may have invested millions in automated systems.
Have you any real idea how they are being used?
Ask the employees.
Your people may know how to make money for you, but are theprocedures and processes based on intuition, personal andprofessional experience, and corporate memory? Can thesesystems be readily duplicated or transferred in the event ofaccidents, sickness or major changes in personnel?
Ask the employees.
"It's possible to become the world's most efficient, relentless, and competitive machine," says Holmes. "But you have to find out what your company is really doing."
How do you do that?
Ask the employees.
Holmes is regularly brought in to lead companies through adiscussion to find out what this really means. He has masteredthe processes needed to identify the changes needed to make acompany better. His skills are in demand.
Usually, he gets permission to hold a series of strategysessions. He starts by asking employees to tell the boss howthe company is doing.
How are we doing?
Is the top management strategy on track? What are we doing right?What hurts? What needs fixing?
Holmes helps the company identify specific items that reveal the things that standing in the way of becoming a much bettercompany.
"Even one process improvement meeting can give you six months of things to fix in your company," Holmes says.
Case in point: Too Many Exceptions to the Rule?"
In one company session one of the items that came up was a vague notion:
"Too many exceptions to the rule."
Holmes asked people for specific instances or situations wherethis occurs. In an hours time he facilitated creation of a list of specific examples to document what people meant.
The list revealed 19 different situations where this company had never bothered to create procedures, policies or standards by which people operate.
Turned out that very few people really had any concrete idea how things were done across the company. The shock and pain was deep and felt company wide.
Holmes then asked the very same people how to fix it or make itbetter:
"What can we do to make the pain go away?"
They used a whiteboard to capture all the brainstormed ideas. Then they focused on culling the list of possible actions untilthey came up with two viable correction strategies for eachproblem. Using consensus, they went for the reasonablesolutions that could reduce the most pain first.
The employees worked with management and implemented thecorrective actions until all the 19 problems were fixed withintwo weeks.
Some of the solutions involved simple form letters.Some involved putting up a section on their website where manyof these questions were answered (the customer service peoplewould then send an email with the link).
Some solutions required setting boundaries by which the customer service people could operate, even creating a tiered approach to what they could do. (Meaning, try this, if that doesn't work, do this, if that doesn't work do this, etc...)
Virtually every area where they once had to go to a supervisorwas fixed, creating some standard operating procedure for people to refer to and follow that didn't involve the supervisor to the same extent.
The results were astonishing. The entire company runs betternow. In two weeks, they solved problems the company had had fora decade.
Many of the problems went all the way up to thepresident of the company. And when they solved all theseproblems, it lightened his load, and that of his direct reports, very significantly.
One major benefit was that top management was free to work onmore important things.
Case In Point: Lead Generation
Holmes guides companies through process improvement on otherpressing business development needs, including lead generation.
One initiative showed just how powerful a process improvementcan be.
The first session initiated a discussion that resulted in ideasto drive lead generation. The employees also decided it wouldbe beneficial to tune up communication pieces.
They decided to meet once a week for one hour to work on process improvement.
Next meeting, they looked at how prospects and customersinteract with the company.
They identified all possibleinterfaces and zeroed in on the first point of contact. Whenever a prospect touches the company via the web, email,phone call, personal interaction or whatever they took each area and asked the simple question,
"What would make this more potent?"
The employees worked their way through the complete salesprocess.
The issues that resulted focused on:
"How can they establish quick rapport?" "How can they build even more rapport?" "How much do they learn about the prospect?" "How do they create desire?"
A couple of meetings later they decided to looked at how theyclose the sale.
The employees identified and worked through the issues:
"What could we offer to sweeten the deal?" "How many different ways could we cost justify?""How could we make it so it was painful NOT to buy?""Could we offer risk-reversal at the point of sale?"
But they weren't done there-They were so enthused they wanted to look at what happens after the sale is made. So they developed more issues:
"What is the follow up?""What else can we offer?""How can we get something going that creates an annuity?"
Holmes said, "Over a five month period, every aspect of thesales process was examined and systematically improved. Theytotally re-invented the entire sales process."
Before the process improvement sessions the company was getting one sale for every 100 internet leads After the sessions that changed to six sales out of 50 leads.
One year after the process improvement effort the Internet had become their primary source of prospects and sales.
Working On The Business
We've all heard the saying: "work ON the business not just INthe business." Here's how you work ON it:
You have to ask people three questions:
Where's the pain? What needs to be fixed?What can we do to fix it?
Process improvement can be a very profound and beneficialexperience for your company.
"However, the most difficult task may for you to let your people speak freely and let them tell you what they think. You have to resist the desire to tell them what you think."
Many companies have never asked their staff "what's broken?"
Holmes warns however, "Top management has to be prepared to deal with difficult responses without retribution. Ask thesequestions and the employees will tell you.
But you have to be willing to respond with care, sensitivity, and immunity.
Employees will remain loyal and enthused only if the CEO andmanagement demonstrates respect, integrity, honesty, andforthrightness through the process."
Externally, the company profits and earnings determine thecompany's net worth.
Internally, it's an achievement when employees can say "Ibelieve in my company and they believe in me and that's why I'mproud to be an employee."
It's pretty difficult for companies to manage processimprovement without professional help. Having a trainedimprovement specialist will help make sure that no one can gethurt by what they say and no one will be made to feel stupid orintimidated.
The ideas matter, not who says them. Give people time to thinkand write some notes before they share their ideas. Captureideas but not who says them. That way you'll get way betterquality answers.
"If you have a good staff, the only thing the CEO needs to bring to a meeting is his good judgment and the willingness to see things through the eyes of the employees."
"When you do process improvement, for management it's KMS Time(Keep Mouth Shut). It may be difficult but you have to stoptalking and listen carefully. You have to let the data tell you what's happening.
Your people will fill you with valuable information and ideas on how to fix problems you didn't even know existed, and lead you to unimagined profits, if only you let them."
Chet Holmes is President of Jordan Productions, an international multimedia firm that helps companies accelerate growth.
Chet Holmes doubled the sales of every company given to him as a line executive working for billionaire Charlie Munger. He has conducted training for more than 50 Fortune 500 and otherprestigious companies and is author of The Mega Marketing &Sales Training Program, Business Growth Masters Series andGuerrilla Marketing Meets Karate Master.
For more information visit www.howtodoublesales.com
Documenting Partnerships in Your Business Plan
Forging partnerships to improve market penetration has become commonplace, particularly for "new economy" businesses. And, most companies proudly mention their many partnerships in their business plans.
CHINESE TAKE-OUT: Oriental Business Principles Demystified For Online Enterprises
"The expectations of life depend upon diligence; the mechanic that would perfect his work must first sharpen his tools."- ConfuciusChinese people are well-renowned for their industriousness and extraordinary minds for business.
The Fear Factor
I recently conducted a lil' survey asking my colleagues what were their biggest fears when thinking about starting a business or running their business. The following are the top three fears that resulted from my survey and some ways to combat them.
Communication is the key to vendor relations. In your small business, you will be in need of many products and services.
Business Is No Guarantee of Riches
Q: I'm thinking about starting a business since that seems to be how most rich people get rich. I don't have any business experience or much money, but I'm a fast learner and have lots of energy.
Venture Capital Negotiating Issues
When companies enter into negotiations with venture capital firms, there are several issues which need to be defined and agreed upon. This article describes the key issues.
Mobile Car Washing Long Term Opportunities in the Market
The long-term outlook for the Mobile Car Washing industry is positive. It is ripe for savvy company to develop regionally or nationally to dominate the market.
Cross Polination of Innovations in the Cleaning Industry
According to the latest edition of Pool and Spa news; the costs of maintaining a pool, maintenance service averages about $30.00 to $150 per month depending on competition, size of pool and area you live in.
How to Become a Successful Entrepreneur on the Web
Becoming a successful entrepreneur in the online world is no different than becoming a successful entrepreneur in the brick-and-mortar world. Both tasks require vision, determination, and hard work.
Coating Service Business Case Study
There are many coating businesses in the market today, but have you ever asked yourself how one gets into this line of work? How they are formed or what prompts someone or some entrepreneur to go out and start a business to fill this niche? Well this is an interesting case study that shows how we became interested in this industry from a sub market of the coating business; Spray in Bed Liners. Our company is in the auto detailing business, www.
Entrepreneurial Hate, its out there
Today, I got an email from a lady who hates all business people and entrepreneurs, because they are Greedy, Arrogant and a Host of other atrocities. She was replying to an article I wrote about entrepreneurs and how they bring to the civilization; everything you see, everywhere you go and without us, you would have nothing.
Questions For The Entrepreneur To Be
Entrepreneurial e-gnorancePart 1: Questions for the entrepreneur to beIf you are an entrepreneur starting out, or have been around the block for some time but are yet to hit on the jackpot, you might be missing out some of the cornerstones of doing busingg through the new age media, the internet. Ask yourself the following questions and in seeking out answers to the, you may find the magic touch that could propel you to the success that drives you everyday.
Starting Your Business: It All Boils Down To Making Money and Saving Money
Bootstrapping in the context of business start-ups refers to the use of creative financing approaches such as leveraging personal savings, credit-card debt, loans from friends and family, bartering, and other means to launch a business. Some business founders use bootstrapping because they have no other choice.
Find Me the Expert on This!
Many people who set up as consultants never make more than a minimal living. They get some clients who like them, but are so dependent on these few businesses that the resignation of a key contact can destroy their business for months ahead.
Evaluating an Opportunity
Business opportunities are often based on broad trends, such as:? demographic, such as the "graying" of America (creating opportunities in health services, for example);? sociological developments, like the "green" movement, with its emphasis on recycling and environmental sensitivity, and;? cultural changes caused by changing economic conditions and technological developments.Opportunities can also frequently be found in current and developing business trends such as:? the globalization of business,? the need for outsourcing created by downsizing, and? the burgeoning service economy.
Leadership Attributes for Business Success
Business success is essentially the result of successful leadership. Contrary to the popular myth, leaders are not just born.
Work On, Not In Your Business
Are you busy? Everyone's busy! Ask anyone they'll tell you how busy they are. But how many people are accomplishing real results?In your small business, it's easy to get buried in the myriad activities that demand your attention each day.
How To Find Hot Online Business Ideas
Would you like to find the key that unlocks thedoor to a gold-mine of online response, sales and results for your business?It seems obvious that you would be able to see what the experts do differently when locating market opportunities, finding out what people want and quickly turning that into an online business generatingtruckloads of cash. The reality is YOU CAN'T!While the secret is massive in it's impact, it is so subtle - so subtle that you are sure to miss it if you don't know what to look for.
Identifying the Right Venture Capital Firm Partner
Venture capital firms are comprised of individual partners. These partners make investment decisions and typically take a seat on each portfolio company's Board.
Street Smarts Vs Book Smarts, What Does It Takes To Be An Entrepreneur
The latest series in "The Apprentice" features 2 distinct groupof candidates. One group, who are only high school graduates aretermed as "Street Smarts" by Donald Trump whereas, the othergroup are all college educated with some having MBAs and advanceddegrees.
|home | site map | contact us|