Tag Archives: business thinking

June 21, 2017 · 10:02 am

Cars For Dummies

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!

 

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June 12, 2017 · 11:52 am

Learning From The Apocalypse

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.

Inside an abandoned mall in Allen, Texas. The ...

(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?

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June 1, 2017 · 9:44 am

My Board Is Meeting

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?Reblog this post [with Zemanta]

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