I bought a new car yesterday. Mine was going on 10 years old and was beginning to show those little warning signs that it was heading downhill. Advocate for proactive action that I am, I decided that 10 years was a good run and that the car and I should part as friends. I know this will come as a shock to you but today’s post isn’t a screed about how my salesperson mistreated me (he didn’t) or how the paperwork takes forever (well, only about an hour) or how I had to negotiate my butt off to get a fair deal (we agreed on numbers in about 30 seconds – yay for the internet bringing transparency).
What has surprised me instead is how much more complex the car is. The decade has turned our vehicles into rolling computers. The owner’s manual – which comes in a few volumes – is roughly the size of a paperback edition of War And Peace. It should have a “hernia hazard” warning on the cover. The car has radar on all sides so that there is no longer a “blind spot”. I can set the cruise control and the radar in front of the car will keep me at a pre-determined distance from the car in front of me regardless of the speed I’ve set. The car will also hit the brakes if it thinks I’m moving toward an object too quickly – useful for idiots that are texting and driving I suppose, but also in case the car in front of you stops short.
I have the ability to connect via Bluetooth, which I had in my old car, but the functionality is much more advanced. In addition, I can link in via a USB cable and have the car perform dozens of functions through my phone and the car’s software. I can install apps in the car, which has its own ISP address. Of course, that’s assuming I can understand how to use all of this. The media center has its own rather large manual as well. My favorite passage in both manuals so far? A warning not to test the collision avoidance system. I suppose some moron thinks driving at a wall doing 40 to see if it works might be fun.
Why am I bring this up? Cars are very complicated machines and while I’m certainly a long-time user of them (as well as a relatively sophisticated user of digital products) I’m kind of overwhelmed. Part of what we need to remember as we introduce new features to current users or our product to new users is that they need help. Jargon isn’t helpful nor are explanations written by technical writers who are engineers first and consumers second. I would have loved a short pamphlet that showed the “Top Ten Things You Will Want To Do First”, written in plain language, highly illustrated, and backed up by a newcomers’ hotline I could call if I ran into trouble. Expensive to support? Sure, but cars are expensive products. Could the dealer have sat with me and provided that service? You bet. Did they? Nope.
Selling the product is only part of the process. Making sure the customer gets every bit of value out of what you’ve sold them is just as important. I’m off to figure out just what I’ve bought here. At least I knew how to get it home!
While you’re probably aware of the loss of jobs in the coal mining sector, you might not have been paying attention to what’s going on in retail. Department stores alone have lost 18 times the number of jobs when compared with coal miners since 2001. That doesn’t include all the smaller players that have gone out of business nor the number of jobs lost among those who are support people at shopping malls – cleaners, etc. The term you see most often as you begin to research this topic is “apocalypse.” If you’re in the media business, the music business, or many others, you might think of it as just another incidence of disruption.
(Photo credit: Wikipedia)
One of the most disturbing things I’ve read recently was as study by GetApp, which reported that
Two out of three business owners who currently run both an online and physical store believe that they will close their physical store’s doors within ten years and operate their business solely online, according to new research conducted by GetApp.
In fact, there were over 3,500 store closings from Macy’s, JCPenney, K-Mart, and others this year. It’s happening because of technology and globalization. Ask yourself when the last time you went to the mall to go shopping. The only times I’ve been have been when I needed something in my hands immediately, and even that reason is being addressed by Amazon and others. It’s not going to get better, either.
So what do you do if you’ve invested millions of dollars building malls or other large retail spaces? That’s really the situation many businesses find themselves in. Not with respect to owning physical space but in having to expand their thinking. Landlords who thought of themselves as containers for retail are now having to think about servicing a different clientele. Churches, movie theaters, medical offices, gyms, and other tenants can move in while others move out. I drove through what used to be an outlet mall this weekend, and while it was pretty deserted (and kind of depressing), there appeared to be a couple of small start-up companies who had leased space. I’m wondering if the space was less expensive than comparable space in one of the many start-up hotels that have popped up seemingly everywhere. Of course, servicing these other tenants will require a different set of services and skills but that’s what disruption breeds, isn’t it?
The retail apocalypse is just one manifestation of what’s been happening for the last 25 years. Every business is ripe for disruption and it’s really a case of how far along it is in the process. The real question is how prepared are you as it’s happening?
If you’ve been wondering where the screed has been for the last couple of days, the post below from 2009 will explain everything. Originally titled “The BOA,” the “meeting” I’m attending is an incredibly valuable gathering both for me and for my clients because it helps me be a better advisor. Enjoy!
I leave tomorrow morning on an annual trip I take to Myrtle Beach. In theory, it’s a golf outing but it’s more of a 5 day stay in a rest home getting my batteries recharged. 13 of us go, 12 of whom play golf. The other guy is a “social member” – most golf clubs have them – who enjoys the non-golf activities – cards, movies, and general guy banter. Like “Fight Club“, the first rule is we don’t really talk about it. However, what I can talk about that these are the guys whom I trust, to whom I can turn for advice, and who are honest – often brutally so – with me about everything from my golf game to my attitude. For all of the social networking tools available out there, nothing beats the face to face contact with this group for me. There is a business lesson in this as well.
Every businessperson needs a “board of advisors” for themselves, not their business. While your significant other is a great start, like a business BOA, you need multiple diverse points of view. My group has a few lawyers, an accountant, a few “money” guys, a restaurateur, another digital media expert – you get the idea. Ideally, these are people who can get past how you say things and hear what it is you’re saying. They are comfortable enough with you to know that their candor will be taken in the open, supportive spirit in which it’s offered. When their advice isn’t taken, they’re not offended and are smart enough to hold their tongues when it turns out their advice was right.
So off I go to meet with my BOA. I’ll try to keep posting over the next few days but if I don’t, please understand it’s because I’m in a Board meeting. When is your next meeting? Do you have a board to gather?
We closed on the sale of Rancho Deluxe yesterday. I lived in that house for 32 years (almost to the day) and it holds a lot of happy memories. The pictures you see are the view from the yard when we moved in and the day we moved out. As you can see, quite a bit changed. While the core of the house is pretty much how we found it, we added on a few times and changed the old kitchen into office space when we built the new kitchen/family room.
The core of the house itself is over 100 years old and, as with most older homes, wasn’t without issues. Over the years we replaced the furnace (twice!), the roof, fixed sills, removed asbestos, and landscaped. There were also hundreds of little fixes and improvements. We did all that without tearing down the original structure as so many in our town have done. We like to think we left it better than we found it.
That’s really the business point. We often get pulled into situations or projects where there is a lot of history that predates you. One approach that many people take is to just blow everything up and to start over. That ignores the good in what’s been done already. It can also cause a backlash from the people who invested their efforts to get things to where they are when you walk in. The challenge, both with old houses and old business situations, is to leave things at least a little bit better than you found them.
That’s not to say that some things are beyond saving. Sometimes a situation is in such disrepair that gutting it and starting over is the prudent and less expensive course of action. I think, however, that we often get more focused on a solution that may be more expedient and different as opposed to better.
Think about the things on which you’re working. Are you making them better or just patching things up so you can cross them off the list? Is the team happy with what’s being built or are you painting things a color that everyone hates but which was on sale at the store?
I’ll miss the old place while at the same time not missing the almost non-stop series of items on the “to-do” list. It protected us from hurricanes, blizzards, countless minor storms, withering heat, and freezing cold. I always felt that we had to protect it a little. I’m walking away knowing it’s better than I found it and hopefully in good hands for the next 32 years. Can you say the same about what you’re doing?
It’s Foodie Friday, and this year I’ve decided to repost something from a Foodie Friday in 2009. Originally titled “Jewish Thanksgiving,” I’m putting it back up because many of you are new readers since 2009 and because my family is gathering this evening to celebrate. That means I’m busy making bilkies. Making what? Read on!
This week’s Foodie Fun Friday post is dedicated to all of you who won’t be using the bathroom for the next week. You know who you are. But the gentiles out there are wondering “what could he possibly mean? What could possibly stop someone up that badly?” Well, dear readers, Passover started Wednesday night and by now, most Jewish homes have had two Seders. With those Seders goes matzo and when we say hello to the matzo, we say “buh-bye” to regularity.
As some of you know, my view is that most Jewish holidays can be summarized thusly:
Someone tried to kill all the Jews;
The Lord saved us;
Passover typifies this more than any other holiday. It’s really Jewish thanksgiving with brisket substituted for turkey and various other beige and brown foods substituting for the rest. Passover is a great culinary challenge on many levels. Think about how often you use breadcrumbs or cornstarch when you cook and you’ll begin to understand. Sure, matzo meal and potato starch are substitutes but they change the flavor, consistency, and appearance of the food in which they’re used. Oy!
One dish that’s made in our family is something I’ve not seen elsewhere. We call it a “bilkie or bilky” – not sure of the spelling. It’s sort of a knish without the outside. One cooks down some onions in schmaltz (don’t ask – these are really delicious and really not healthy) and adds them to mashed potatoes. Some more schmaltz, matzo meal, and some eggs to bind. Then one forms patties, glazes them with egg wash, and bakes them at 500 degrees until brown. I usually make a few dozen of these and there are NEVER any left – my relatives put what they don’t eat in their purses, which isn’t easy since they’re the approximate size and weight of a compact car hubcap. I’d love to know if any of you have ever heard of anything similar?
I love this holiday and love that it coincides with Easter. Everyone has a reason to eat even if we can’t exactly share a lot of the desserts. And in a week when we go back to eating as we regularly do, we all hope that the rest of us becomes as regular as our eating habits. On to Memorial Day, the next great pig-out!
Another major championship in golf, another screed about a business lesson learned from watching that championship transpire. Sergio Garcia, a Spanish golfer with a nearly 20-year history of frustration and failure in major championships, won The Masters yesterday. What’s surprising about the win is that it took him so long. He’s won 21 times around the world and has been a fearsome force on European Ryder Cup teams for a long time.
(Photo credit: Wikipedia)
His skill was never in doubt, and yet five years ago at this very tournament, he stated that he didn’t have what it takes to win major championships. What happened and what can we learn and apply to our own endeavors?
Major championship golf is often described as “an examination,” testing both one’s game and one’s character. Sergio has always had the game but what he lacked was the character to deal with the adversity one faces along the way in any major. That’s why he gave exactly the right answer when he was asked yesterday what he liked best about how he won: “the demonstration of character.” Like every champion, he hit some awful shots. This time, however, he stayed calm, stayed positive, made a plan, and let life go on.
The lessons for any of us are clear. Skill and competence can take us a long way but to break through to another level we need the right attitude. We need to develop that maturity and character to deal with setbacks, both self-imposed (hitting a bad shot) and external (a competitor hits a great shot). Control what we can, deal with mistakes (we all make them), and remember that someone else doing well doesn’t mean that you’re doing badly. It might just mean that you have to change your plan and do better to get ahead.
Sorry if I’m becoming predictable in writing about golf after a big tournament, but what Sergio’s win said to me about all of us and business thinking was something I felt I had to share. He had already mastered the game years ago; yesterday he mastered himself. You agree?
I’ve been MIA from this space for a few days (hopefully you’ve noticed). I caught some kind of a bug and it pretty much laid me out for a few days. Body aches, a little congestion, and a foggy brain. I had zero energy and just wanted to sleep. More importantly, I couldn’t really focus my thinking on anything.
This may come as a shock to you but I do put a fair amount of what I hope is clear-headed thought into the screed. While I might have been able to force myself to spend a lot of extra time to write something, I thought it a better course of (in)action just to give it a rest. I’m a big believer in doing nothing when one’s head is foggy and let me explain why.
“Foggy” to me just doesn’t mean the state I’ve been in over the last few days. Foggy is when things are unclear at all. It may be because you’re distracted or it may be because the information you need to make a decision is incomplete, unclear, or inadequate. Jason Day, for example, withdrew from a golf tournament a couple of weeks ago because he was distracted by the fact that his mom was having surgery (she’s fine) and he couldn’t focus. Rather than making bad decisions on the course, he made a great one and left it.
Each of us needs to think along the same lines. Sure, sometimes fuzzy logic is called for because we can’t get enough information. In and of itself, that’s a clear-headed decision you make. Oftentimes, however, anything from a cold to a hangover to a family matter to office politics can reduce or eliminate your ability to focus. Those are the times when we need more time because I don’t concur that a bad decision is always better than no decision.
What do you think?