The Big Picture of Business – Business Moving Forward from the Dirty Side of the Recession.

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The economy and business climate are now on the dirty side of the recession. Recognizing the damages done results in healthier run companies for the future.

This is comparable to what is called the ‘dirty side’ of a storm, hurricane or other weather created disaster. During those clean-up periods, the infrastructure rebuilds and optimistically moves forward by correcting certain damages done by the storms.

Signs are that our economy has somewhat recovered from the second worst recession in history. Many companies kept their heads in the sand during the economic downturn, fully intending to return to business as usual.

What happened in the recession was that many businesses went under. In my professional opinion, 25% of those that faded away probably should have. A great many frail companies were not on firm foundations and had abdicated their abilities to improve and serve customer bases.

As fallout from the recession, many people were thrown into the workforce. Many fell into jobs for which they were not suited. Many downsized and out-of-work people were forced to reinvent themselves.

Many became ‘consultants’ of one sort or another. Many fell victim to frauds and scams. Services and websites sprung up to capitalize upon the avalanche of new entrepreneurs. Some sites offered the platform to become a consultant with a national firm by paying them subscription fees. The already inflated world of “reputation management” websites lured people into buying advertising in order to create the facade of being a “consultant.”

Distinctions must be drawn into three consulting categories (and percentages of their occurrence in the marketplace):

  1. Vendors selling products which were produced by others. Those who sell their own produced works are designated as subcontractors. (82.99%)
  2. Consultants conduct programs designed by their companies, in repetitive motion. Their work is off-the-shelf, conforms to an established mode of operation, contains original thought and draws precedents from experience. (17%)
  3. High level strategists create all knowledge in their consulting. It is original, customized to the client and contains creativity and insight not available elsewhere. (.01%)

As one distinguishes past vendors and subcontractors, there are six types within the 18% which constitute consultants (with their percentages in the marketplace):

  1. Those who still lead in an industry and have specific niche expertise. (13.5%)
  2. Those who were downsized, out-placed or decided not to stay in the corporate fold and evolved into consulting. (28%)
  3. Out of work people who hang out consulting shingles in between jobs. (32%)
  4. Freelancers and moonlighters, whose consultancy may or may not relate to their day jobs. (16%)
  5. Veteran consultants who were trained for and have a track record in actual consulting. That’s what they have done for most of their careers. (2%)
  6. Sadly, there is another category: opportunists who masquerade as consultants, entrepreneurs who disguise their selling as consulting, people who routinely change niches as the dollars go. (8.5%)

Clients are confused and under-educated, not able to discern the ‘real deal’ consultants from the hype. That is why those of us who are veterans write these articles, speak and advise on best practices. Enlightened clients hire real consultants and get great value, as opposed to companies who fall prey to under-prepared resources.

There are five generations in workforce, more than any time in our history. Each generation has different working styles and must be considered according to their attributes. Age discrimination for workers over 40 is rampant and cruel.

Workplace illiteracy is higher than ever before. 50% of employees in the business world are considered functionally illiterate.

Society must not be lulled into a false sense of security right now,. The recovery phase of the recession has been steady and real. Much of the damage was done and will take years to fix. This could cause the next recession.

I believe that small business is resilient and will try its best to stay on firm grounding. Wise entrepreneurs will bring in qualified mentors, as opposed to wanna-be consultants. Cool heads will prevail, and small business will recover and prosper.

Small business has learned many lessons from the recession. While some will still fight change and adhere to the same processes that got them into trouble, I see great opportunities for forward-focused businesses.

The biggest source of growth and increased opportunities in today’s business climate lie in the way that individuals and companies work together. Those who benefit from collaborations, rather than become the victim of them, will log the biggest successes in business years ahead.

About the Author

Hank MoorePower Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.

The Big Picture of Business – Business Moving Forward From the Dirty Side of the Recession

/in , , /by

The economy and business climate are now on the dirty side of the recession. Recognizing the damages done results in healthier run companies for the future.

This is comparable to what is called the ‘dirty side’ of a storm, hurricane or other weather created disaster. During those clean-up periods, the infrastructure rebuilds and optimistically moves forward by correcting certain damages done by the storms.

Signs are that our economy has somewhat recovered from the second worst recession in history. Many companies kept their heads in the sand during the economic downturn, fully intending to return to business as usual.

What happened in the recession was that many businesses went under. In my professional opinion, 25% of those that faded away probably should have. A great many frail companies were not on firm foundations and had abdicated their abilities to improve and serve customer bases.

As fallout from the recession, many people were thrown into the workforce. Many fell into jobs for which they were not suited. Many downsized and out-of-work people were forced to reinvent themselves.

Many became ‘consultants’ of one sort or another. Many fell victim to frauds and scams. Services and websites sprung up to capitalize upon the avalanche of new entrepreneurs. Some sites offered the platform to become a consultant with a national firm by paying them subscription fees. The already inflated world of ‘reputation management’ websites lured people into buying advertising in order to create the facade of being a ‘consultant.’

Distinctions must be drawn into three consulting categories (and percentages of their occurrence in the marketplace):

  1. Vendors selling products which were produced by others. Those who sell their own produced works are designated as subcontractors. (82.99%)
  2. Consultants conduct programs designed by their companies, in repetitive motion. Their work is off-the-shelf, conforms to an established mode of operation, contains original thought and draws precedents from experience. (17%)
  3. High level strategists create all knowledge in their consulting. It is original, customized to the client and contains creativity and insight not available elsewhere. (0.01%)
      4. As one distinguishes past vendors and subcontractors, there are six types within the 18% which constitute consultants (with their percentages in the marketplace):

      1. Those who still lead in an industry and have specific niche expertise. (13.5%)
      2. Those who were downsized, out-placed or decided not to stay in the corporate fold and evolved into consulting. (28%)
      3. Out of work people who hang out consulting shingles in between jobs. (32%)
      4. Freelancers and moonlighters, whose consultancy may or may not relate to their day jobs. (16%)
      5. Veteran consultants who were trained for and have a track record in actual consulting. That’s what they have done for most of their careers. (2%)
      6. Sadly, there is another category: opportunists who masquerade as consultants, entrepreneurs who disguise their selling as consulting, people who routinely change niches as the dollars go. (8.5%)

      Clients are confused and under-educated, not able to discern the ‘real deal’ consultants from the hype. That is why those of us who are veterans write these articles, speak and advise on best practices. Enlightened clients hire real consultants and get great value, as opposed to companies who fall prey to under-prepared resources.

      There are five generations in workforce, more than any time in our history. Each generation has different working styles and must be considered according to their attributes. Age discrimination for workers over 40 is rampant and cruel.

      Workplace illiteracy is higher than ever before. 50% of employees in the business world are considered functionally illiterate.

      Society must not be lulled into a false sense of security right now. The recovery phase of the recession has been steady and real. Much of the damage was done and will take years to fix. This could cause the next recession.

      I believe that small business is resilient and will try its best to stay on firm grounding. Wise entrepreneurs will bring in qualified mentors, as opposed to wanna-be consultants. Cool heads will prevail, and small business will recover and prosper.

      Small business has learned many lessons from the recession. While some will still fight change and adhere to the same processes that got them into trouble, I see great opportunities for forward-focused businesses.

      Paying attention to quality can realize:

      • Lower operating costs. Research shows they can be cut in half.
      • Premium pricing for preferred goods/services.
      • Customer retention.
      • Enhanced reputation.
      • Access to global markets.
      • Faster innovation.
      • Higher sales.
      • Higher return on investments.

      The biggest source of growth and increased opportunities in today’s business climate lie in the way that individuals and companies work together.

      It is becoming increasingly rare to find an individual or organization that has not yet been required to team with others. Lone rangers and sole-source providers simply cannot succeed in competitive environments and global economies. Those who benefit from collaborations, rather than become the victim of them, will log the biggest successes in business years ahead.

      Just as empowerment, team building and other processes apply to formal organizational structures, then teamings of independents can likewise benefit from the concepts. There are rules of protocol that support and protect partnerships, having a direct relationship to those who profit most.

      Professionals who succeed the most are the products of mentoring. The mentor is a resource for business trends, societal issues and opportunities. The mentor becomes a role model, offering insights about their own life-career. This reflection shows the mentee levels of thinking and perception which were not previously available. The mentor is an advocate for progress and change. Such work empowers the mentee to hear, accept, believe and get results. The sharing of trust and ideas leads to developing business philosophies.

      About the Author

      Hank MoorePower Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

      Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

      Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.

New Markets: Why Leaving Your Comfort Zone Is A Good Idea

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As a business owner, you will doubtless have particular markets that you sell your wares to. For instance, let’s say that you run a bicycle store. Your target market will be people that want to cycle for leisure and competition purposes.

You might have thought about targeting different audiences. Like people that want a bespoke bicycle, for example. Or those that want to buy recycled bicycles. You might have even thought about offering a vintage bicycle restoration service.

Of course, those new markets might sound lucrative, in theory. But how do you know that they will be in practice?

New Markets: Why Leaving Your Comfort Zone Is A Good Idea
Photo courtesy of Joe Mabel

As someone that runs a business, you will be used to taking risks. Entering your existing marketplace was a risk you took when you first set up your enterprise. But if you want to branch out, it makes sense to leave your comfort zone to help grow your business. Here’s why:

You don’t want your competitors to grow quicker than you

If you’ve thought about branching out into a particular niche, chances are your competitors will have too. That’s why it is important to strike while the iron is hot, as it were. The last thing you want is to be known as a follower. You want to be known as a leader!

Competition can often be quite tough, depending on your market and location. The business world doesn’t wait around for people to make decisions. One of the crucial facts of running a successful company is being willing to adapt to changing market conditions.

You want to earn more money by innovating and pioneering

If you find that you will generate more revenue in a particular niche, it’s best to establish yourself in that niche first. Otherwise, you could find yourself competing with a plethora of established businesses. And we all know how tough that can be!

Take Issa Asad from Florida, for example. When he first started in business, he introduced the concept of takeaway food to gas stations. Now every gas station around the world is doing the same thing! He also pioneered the prepayment PIN concept for mobile phone purchases.

You want to expand into new areas

My mother always used to tell me never to “keep all my eggs in one basket.” That rings true in the business world. The only reason today’s successful firms thrive is because they offer a varied choice of products and services.

It’s no secret that, in some industries, pinning your hopes on one flagship product or service can soon lead to failure. Consumers love innovation and will always flock to buy the “next big thing.” It’s your job to come up with that next big thing!

You want to create simple solutions to common problems

We all buy stuff because we want solutions to our daily problems in life. If we’re hungry, we buy food. If our car’s low on gas, we buy petrol. And so on.

Sometimes there are strategies for solutions you’ve identified that make it easier for people to solve their problems. But if you just stick to what you do now, you’ll never have a chance to grab that opportunity!

Key Strategic Action Questions

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Leaders can sometimes get sidelined and stuck in a rut by focusing too much on tactics rather than strategies, and on what happened yesterday rather than what needs to happen tomorrow and the many tomorrows to come. Here are some questions to answer when you are thinking about Strategic Action. You might want to rate yourself on the questions including – how often and how well do you ask yourself and your people these questions?

Questions to Answer

1. Mission – the organization’s core work; reason/purpose for being

  • Why does this organization exist?
  • Whom does it serve?
  • What distinguishes it from other organizations?
  • What do you do that gives the organization meaning?

2. Vision – an inspiring, passionate, image of what the organization needs to and will become; a mental, even visual, model of the future; what success looks like

  • What kind of organization do you want to become?
  • What legacy do you want to leave?
  • How do you want to be perceived in the world? Be known for?
  • What does your ideal world look like?
  • What’s organizational culture do you want to create and how do you expect that culture will help you achieve your vision and strategic goals?

3. Values – the behaviors and actions that create the culture in the organization, the beliefs that drive decisions about people and work

  • What are the principles that guide your decision-making?
  • What can your stakeholders rely on in terms of the quality of programs/services/products delivered?
  • What do you stand for and how do you show that to each other?

When MVV are established and clear, you can begin to align people and work in significant and meaningful ways. Everything you do should align with your Mission, advance you toward your Vision, and be in harmony with your Values.

4. Strategies – These FEW BIG things will define how the organization will get where it wants to go. The overarching approach that will significantly advance the Vision and stay true to the Mission and Values.

5. Tactics – Those actions/activities/work, that when accomplished, will align with and advance the Strategies

  • What are the specific areas of work you want to address?
  • What do you want to have completed and by when in these various areas?
  • How will your goals advance your desired strategic outcomes?

6. Objectives – Fall within the Tactics. This is the work each person’s can identify with personally and can link to the organizational strategy, vision and mission

  • What specifically is the work that will advance the strategy and tactics?
  • Who are the right people to have this objective on their ‘plate?’
  • Who’s responsible for making it happen?
  • What are the deliverables, milestones, and time lines?
  • What resources (people, time, money, space, other) are required to make this happen and happen well?
  • What processes need to be in place (i.e. project management, change process, structure) to ensure a positive outcome?

Remember, it IS the leaders’ job to establish the mission and vision. Values should be developed with input and buy in from those who must live by them.

A vision is only a true vision when it has longevity, is not person dependent, and can stand the test of time.

Organizations need a FEW SIGNIFICANT and CLEAR, MEASUREABLE strategies to help advance the larger Vision.

About the Author

Roxi HewertsonLeadership authority Roxana (Roxi) Hewertson is a no-nonsense business veteran revered for her nuts-and-bolts, tell-it-like-it-is approach and practical, out-of-the-box insights that help both emerging and expert managers, executives and owners boost quantifiable job performance in various mission critical facets of business. Through AskRoxi.com, Roxi — “the Dear Abby of Leadership” — imparts invaluable free advice to managers and leaders at all levels, from the bullpen to the boardroom, to help them solve problems, become more effective and realize a higher measure of business and career success.

How can you make the leadership leap gracefully? Well, learning and practicing effective leadership skills is a good place to begin. When you read Roxi’s book you’ll be well on your way! Click here to learn more.

The Big Picture of Business – Visioning Scope: Applying Vision Toward Your Organization’s Progress

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Visioning is the process where good ideas become something more. It is a catalyst toward long-term evaluation, planning and implementation. It is a vantage point by which forward-thinking organizations ask: What will we look like in the future? What do we want to become? How will we evolve? Vision is a realistic picture of what is possible.

7 Steps Toward Strategic Vision

  1. Analyze the company’s environment, resources and capabilities. Determine where the Big Picture existed before, if it did at all. Crystallize the core business in terms of viabilities to move successfully forward to some discernible point.
  2. Clarify management values. Usually, management has not yet articulated their own individual values, let alone those of the organization. This process helps to define and develop value systems to create success.
  3. Develop a mission statement. It is the last thing that you write, not an end in itself. In reality, the Mission Statement is rewritten several times, as the planning process ensues. The last draft of the statement will be an executive summary of collective ideas and works of the Visioning team.
  4. Identify strategic objectives and goals. I ask clients to do so without using the words: ‘technology,’ ‘sales,’ and ‘solutions.’ Businesses fail to grow because they get stuck in buzz words and trite phrases that they hear from others. Technology is a tool, which feeds into tactics. Sales is a tactic, one of dozens of tactics which an organization must pursue. Tactics feed into objectives, which feed into goals, which feed into strategy, which feeds into Vision.
  5. Generate select strategic options. There are many ways to succeed, and your game plan should have at least five viable options. When the Visioning program matures and gets to its second generation, you’ll find that winning formulas stem from a hybrid of the original strategic options. Creative thinking moves the company into the future, not rehashes of the earliest ideas.
  6. Develop the vision statement. It will be action-oriented and speaks from the facts, as well as from the passion of company leaders. It will include a series of convictions why your organization will work smarter, be its best, stand for important things and be accountable.
  7. Measure and review the progress. By benchmarking activities and accomplishments against planned objectives, then the company has a barometer of its previous phase and an indicator of its next phase.

7 Biggest Visioning Challenges

  1. Settle the organization’s short-term problems. Otherwise, they will fester and grow. Many organizations fail because they deny the existence of problems, proceed to place blame elsewhere or hope against hope that things will miraculously get better. Unsolved problems turn into larger roadblocks to growth.
  2. Never let the vision lapse. Keep the vision grounded in reality through benchmarked measurements. Keep the communication open, and the people will keep the enthusiasm alive. Renew the vision every five years with a formal process, thus including newer employees, the latest in business strategies and, thus, the advantage over emerging competitors.
  3. Effective visions are lived in details, not in broad strokes. If the mission evolves from the process, then so do the goals and objectives reformulate by changing tactics. The smallest tactics and creative new ways of performing them tend to blossom into grand new visions.
  4. Be sure that all sectors of the organization participate. The Big Picture cannot be top-down, nor can the embracing of corporate culture be only from the bottom-up. The Visioning committee should represent all strata of the firm.
  5. Periodically, test and review the process. Understanding why the organization ticks, rather than just what it produces, makes the really big gains possible. Success is a track record of periodic reflections.
  6. Never stop planning for the next phase. The review and benchmarking phases of one process constitute the pre-work and research for the next. From careful study (not whims or gut instincts) stem true strategic planning.
  7. Change is inevitable and 90 percent positive. Individuals and organizations change at the rate of 71 percent per year. The secret is in benefiting from change, rather than becoming a victim of it.

Your company’s future relies on your people sharing this vision. Determine if your team understands your vision, if they can see the possibilities, if they know how they fit into the picture and if they are motivated toward action.

About the Author

Hank MoorePower Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.