Tag Archives: business

November 11, 2015 · 11:29 am

A Salute On Veteran’s Day

It’s Veteran’s Day once again, and once again I’m posting what I felt at the time was a screed reflective of the day. I decided I couldn’t improve my thinking so I’m letting the post loose on you all once more.  I hope you share my thinking, both about the post and the day.  Back to the usual raving tomorrow.

Often when a national holiday approaches I’ll go back over my posts to see what I’ve written about the day in the past.  I’ve written about Veteran’s Day, which we celebrate today, here, here, and here.

Joseph Ambrose, an 86-year-old World War I vet...

(Photo credit: Wikipedia)

Feel free to go back and read them but I noticed a common theme that I want to repeat and  pretty big omission that I want to correct.

In each of those posts I thank our men and women who served to protect and defend this country.  I do again.  “My war” would have been Vietnam just as my Dad’s was WWII.  He served when his time came because he was needed; I didn’t since the war was winding down and the draft was ending.  Putting the politics aside is almost impossible when discussing the differences between those two conflicts but the service given by those who went is indistinguishable.

I also draw an inelegant analogy between those folks selfless service to us and how businesses ought to be dedicated to serving their customers.  I also touch upon the teamwork needed to succeed.  A long time ago Fast Company published an article which cited an interesting study:

After World War II, the US military commissioned S.L.A. Marshall, a Harvard historian, to do a remarkable study. The question he was asked to research was, literally, why are men willing to die in war? Marshall was allowed to advance and test a variety of explanations. Patriotism – people would die for their country. Or family – men would fight and die to protect their wives and children. The answer that finally emerged was small-group integrity. In a group of people where each is truly committed to the others, no one will be the first to run. So they all stand and fight together.

You know I’m a big proponent of teamwork and believe it’s critical to business success.  The article goes on to talk about managerial courage and how it’s tested and that brings up the omission I want to correct.  Too many of us talk about business as war from time to time, just as we do comparing sports to combat.  We need to stop that.  I used to say that the best part of what I did was that when I screwed up nobody died.  Protecting one’s country for a lousy salary and risking a life can in no way be compared to playing a game for a lot of money or running a business for an obscene amount.

So to my Dad, my other family members, schoolmates, and the millions who stepped forward when their time came to serve I say thank you.  We voted last week – you made that possible.  Think about that as you conduct your business the rest of this week and you serve customers. clients, and commercial causes, hopefully as well as the Vets served us.

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November 2, 2015 · 12:15 pm

Preservationists

I live in a town with a lot of old houses. By the town’s definition, that’s 50 years or more, although there are a lot of homes that are well over 100 years old. I should know: I live in one. Oh sure, a lot has been changed, both in my house and in many others, but the original structure and feeling of the building has been preserved. It’s part of what I liked about this town until recently. While there is plenty of new construction, much of the work was about adding on and/or renovating.  

I used the past tense because the trend over the last few years has been to knock down the older homes and build overly large new homes – they’re known as McMansions here. In fact, a local website features a Teardown Of The Day photo of some old home that is destined to be destroyed. Fortunately, we also have a Historic District Commission, and plans to rip down any home that’s over 50 years old are reviewed to be sure that no historic buildings or ones with historical value to the town are destroyed.

What does this have to do with business? I was reminded by it when I came across a quote from the critic Ada Louise Huxtable. She noted almost 50 years ago, “What preservation is really all about, is the retention and active relationship of buildings of the past to the community’s functioning present.” The same is true of sound business principles, which all too often are discarded like an old house as new technologies change the nature of the businesses.

Some of what I do with clients when I begin working with them is to clarify the “old” business thinking that needs to be preserved as we add on the new stuff. It’s akin to upgrading the electrical system and insulation which leaving the sound structure intact.  Sure, some of the old stuff needs to be tossed – you aren’t dependent on others for content distribution, for example, or your marketing can’t be a bullhorn, constantly blasting “buy me” messages.  Still, the underlying principles behind distribution and marketing haven’t changed since I’ve been in business (and I’m very much one of those historic houses at this point).  Confusing tools with the business just does not work.

I guess that makes me a preservationist.  I believe in retaining the sound old stuff and placing it into a present context.  What about you?

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October 6, 2015 · 12:13 pm

The Flashlight You Need

No one likes to wander around in the dark, tripping over furniture and the odd, misplaced shoe.  It’s why every phone comes with a flashlight app, right? On that note, I’ve ranted a number of times in this space about the need for every business to use a flashlight – the need to measure. “Measure what?” you ask? Like any good consultant, I’ll tell you that there is no one right answer to that. I can, however, tell you how to go about figuring it out.  

It’s more than answering “what’s important.” Obviously, growing revenue and profit is the standard answer. It’s the next layer – what makes those things happen – where we begin to figure out our Key Performance Indicators (KPI’s). I like to start with current customers. How many of them are we retaining? What’s our churn rate? How do you reduce the attrition rate, and what percentage of the customers that have left have we contacted? What are their reasons for leaving? Among the people who stay, what’s their purchase frequency and average order value? Are those numbers growing?

Then maybe we need to fill up the bucket some more. How do we attract new customers? What are our conversion rates on whatever marketing we’re doing? What channels are performing, and which are performing better than others? What’s our ROI on marketing spend? How many prospects are we turning into leads? How many of those are we converting?

Finally, there are some KPI’s that are like chicken soup: they might not help, but they can’t hurt. What is our level of social engagement? Is our brand and/or content being shared? What are our general awareness levels? What is our brand image vs. those of our competitors?

You probably have every one of the pieces of data I mentioned above.  You have a lot more too, although it’s imperative to remember that if it’s not actionable it’s probably not worth bothering about.  Good questions and the data that answer them are the flashlights that help your business find its way in the dark.  Without them, it’s way too easy to get lost.

Is that helpful?

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