What do on-demand rental cars, music downloads, mailed DVDs, and online encyclopedias all have in common?
Each one – Zipcar, iTunes, Netflix, and Wikipedia, respectively – disrupted their industries. Their game-changing, paradigm-shifting business models challenged conventional wisdom and created a new way of adding value for their customers.
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A picture is worth a thousand words. But have you ever painted a picture of the way your business works?
Unless you’re an entrepreneurial Picasso, this might sound like a daunting task. You might find yourself staring at a blank page, wondering how to visualize concepts like business channels and revenue streams. It might even be unclear what elements of your business you should include. But if you were able to paint an accurate picture, the benefits would be many; a visual business model can help you:
When’s the last time your organization had an infusion of fresh, inspiring, downright awesome ideas?
Are you in touch with what your people are thinking? Is your senior management team exploring and sharing new perspectives?
In a world that’s always changing, these are crucial questions. To adapt to this shifting landscape, business owners require a healthy dose of fresh and innovative thinking. Luckily for us, there’s plenty of fresh thinking out there; it’s right outside your office door!
How many times a day do you find yourself answering questions?
Whether it’s responding to a customer request, clarifying the organization’s strategy, or addressing employee questions during a meeting, the typical business owner spends most of their time on the “A” side of Q&A.
Now let’s flip the script. How many times a day do you ask questions?
You’ve just arrived home from the office. You got there early, ate lunch at your desk, worked late, and are now utterly drained after a hectic and busy day. Still, there’s no sense of satisfaction from a job well done; instead, you feel as if you’re running on a treadmill. You’re tackling the daily challenges – endless emails, fire-drills, and new issues – but can’t seem to find the time you need to move your business forward.
These days, it’s easy to be overwhelmed by the prospect of a double-dip recession – or even a prolonged period of stagnant growth. The idea of a challenging economy doesn’t sound very inviting. But what does this really mean for business owners?
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It’s been quite a while since I felt this way. The sense of uncertainty lingering in the air like a heavy fog. The feeling of hesitation and insecurity for what the future holds. The underlying sense of pessimism everywhere I turn.
The lost traveler is relieved. After a seemingly endless search for comfort, shelter, and security, they’ve finally come in from the wilderness. The traveler knows that better times may lie ahead. Nonetheless, fear and uncertainty linger like dark clouds after a torrential storm. Shell-shocked by their difficult journey, they struggle to relax, focus on the future, and shake the feeling of impending doom.
Fact: Your business is sitting on a powder keg of philanthropy. With the right ignition source, it can unleash a wave of giving that benefits both your community and your business.
Of course, it’s not always easy to ignite that altruistic powder keg. As a business owner, you might struggle to find the necessary resources to start a giving program. And the most traditional route – simply signing over a check to a charitable organization – isn’t always the best way to help the community (or your company).
News flash from December 2012! Here are three potential headlines from the future:
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You’ve seen championship football teams (think Packers) – tightly knit squads where each player is constantly doing their part to win the game. When they drop a pass or miss a tackle, they dust themselves off, take responsibility for their screw-up, and learn from the mistake. Finger-pointing is always directed at themselves: “my bad,” or “it’s on me.” And their biggest fear? It’s not losing. It’s letting the other guys down.
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So you want to talk about accountability? Well, I’ve got a story for you...
Picture this. I’d just come out of an important meeting with eight key employees. Up for discussion was nothing less than a go/no-go decision on the biggest contract we’d ever been offered. This was a big deal; I was counting on the input and feedback of my people to help me make the right decision.
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Like any emerging technology, there’s plenty of hype and unsubstantiated claims around social media. It feels a lot like the dot-com boom of the late-90's. In this climate, where it’s getting difficult to separate the hot air from reality, it’s a good time to catch our breath and look at the topic from a fresh perspective. Because while social media is no easy ticket to success, and it may not be a great fit for every company, it does have the potential to offer major benefits for business owners.
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Quick – what’s drier than a summer day in the Sahara?
Answer: The typical job posting. These can be boring and tedious affairs, both for the potential employee and the business owner. It’s tempting to pull a job description off the shelf, dust it off with an updated list of roles and responsibilities, and post it online hoping for the best. This cookie-cutter approach, however, misses out on a golden opportunity to inform, educate, and grab the attention of the job-seekers who could be a great fit with your business.
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So, let’s say I’m a prospective employee. I'm looking to take on a new role and noticed you were hiring. After taking a look at your job descriptions, I've got just one question: why should I work for you?
Unless you’ve spent the past month in a cave or underground lair, you’re acutely aware of the spike in gas prices. The dramatic upswing, stemming mostly from the unrest in the Middle East, has created an economic headwind (or at least an annoying breeze) for most small businesses. With its immediate impact felt in the cost of shipping, delivery, and sales trips, higher gas can translate to lower profit margins for entrepreneurs in any industry.
History is unfolding before our eyes as Egyptians struggle to free themselves from three decades of authoritarian rule. While the final outcome still hangs in the balance, the massive protests bring to mind the 1989 revolution that brought down the iron curtain across Eastern Europe. Just as in the late-80's, few analysts and pundits expected this to happen. Demands for democracy and representative government are spreading across the entire region. And seemingly overnight, the rules have changed, and the world has been transformed.
It's a good time to be a snow shovel salesman in New York City. The entire northeast U.S., which has barely had time to dig out from its recent mammoth blizzard, is once again in the cross hairs of a severe storm. The region could get up to 18 inches of snow, making for another rough week of living and commuting.
Happy (early) New Year! Just a few more days, and 2010 will be history. Most Americans find themselves drifting into relax-and-reflect mode during this festive time of year. But as a business owner, there's always that part of your brain that's living in the future – a voice in the back of your head that's constantly thinking about ways to improve and strengthen your organization.
As the holiday season unfolds and another year winds down, it's a good time to think and reflect. While it's not always easy to maintain a sense of perspective when you're in the thick of running your business, it can be invigorating to take stock of what you've accomplished, how far you've come, and why you decided to be a business owner in the first place.
The debate over privacy and security has reared its controversial head again, just in time for the holiday travel season. Applying the latest in x-ray technology, the TSA is using full-body scanners on certain passengers. Those who "opt-out" are subjected to pat-downs. Critics claim these measures go too far, while others argue that they're necessary to prevent terrorism.
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The element of surprise is part of what keeps sports fans hooked. At the start of this baseball season, few expected that the Rangers and Giants would be facing off in the World Series. But lo-and-behold, here they are, fighting for the championship. In a way, it's fitting that the two teams are matched up; they both have strong defenses, a solid pitching corps, and relatively few offensive weapons.
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If you’re a political junkie, you live for the next few weeks; there’s plenty to see and do in the lead-up to this crucial mid-term election. If you’re not...well, you’re probably just biding your time until the campaign signs disappear and the airwaves are free of political ads.
Fantasy football seems to get more popular every year. For sports fans, it's an enticing proposition: draft a team of NFL players, then do your best to "coach" it to a championship. The strategic week-to-week management of your team can be especially intriguing. Who should you put in at a key position? Are there any poor performers that need to be dropped? Are there any players just begging to be snapped up off the waiver wire?
Call it a hunch, but we wouldn't be surprised if pigskin-minded business owners tended to perform better during their fantasy campaigns; strategic thinking is the bread-and-butter of running a successful business. And as we're about to discuss, professional management goes beyond your employees; it can also be successfully applied to your customer base.
At colleges and universities across the country, classrooms are filling back up as students return from summer break. The start of another school year is a heady time on campus. Freshmen test the collegiate waters and try to determine if they’re on the right academic track, while upper classmen start to weigh their post-graduation career options. For many students, these are among the first “adult” decisions that will shape their future.
As a business owner, you make important decisions every day. While some are weightier than others, each choice ultimately impacts your organization. Let’s look at some simple, yet powerful guidelines that can help you improve your decision-making process:
It’s being touted as the “Pentagon Papers” for a digital age. In a move that revealed crucial details about the war in Afghanistan, a website called WikiLeaks has released over 91,000 reports covering the past six years of hostilities. This is a welcome development for war critics, advocates of a robust free press, and those who want open and accurate information about how our government is handling the war. On the other hand, Americans who are more concerned about national security view the document dump as a potential threat to our armed forces.
The ensuing debate over civil liberties and national security is just one example of our search for balance in everyday life. It applies to us collectively as a nation, and also at the individual level. One of the most important questions – especially for anyone who runs their own business – is, “How can I strike the right balance between my personal life and my work?”
It’s not every day that one of basketball’s best players is on the open market. The LeBron James sweepstakes ended last week, with the Miami Heat claiming the big prize. Money, of course, played a role in his decision to leave Cleveland – but it wasn’t the only factor. James also made it clear that he wants to be part of a winning environment, where he’ll have a better shot at the NBA Championship. In Miami, he found a well-equipped team that also fully expects to win.
Time will tell whether this match-up, which looks solid on paper, can take Miami to the top. But LeBron was right about at least one thing: a healthy work environment, where goals and expectations are clearly defined, is one of the building blocks for lasting success.
As enthusiastic chants of “U.S.A! U.S.A!” poured out of sports bars over the past few weeks, you would’ve been forgiven for thinking that the Summer Olympics had started two years early. Thanks to a successful run by the U.S. team, the World Cup captured Americans’ attention like never before. Although their campaign ended with a defeat to Ghana, a better-than-expected showing earned the respect of soccer fans worldwide – not to mention the collective interest of curious U.S. fans who had never given the game a second thought.
This surprising achievement was truly a team effort. While the U.S. doesn’t have any big-name superstars or expensive talent, they showed a unique ability to work as one cohesive unit, overcoming challenges (such as two blown calls by the refs) to move toward a common goal. Their grit, determination, resilience, and underlying passion have many fans already looking forward to the next World Cup in 2014. Now, the Americans are faced with a new challenge: maintaining the team and positioning it for future success.
When it comes to revered American pastimes, few can match summer vacation. Whether you’re heading out on a road trip with the kids, making a beeline for the nearest beach, or just relaxing at home, the summer months are a great time to reflect and relax.
Of course, the mind of the business owner is never far from the office. But if you have a system in place to watch your organization and its results, you can rest easy, knowing that your company is on the right track. The root of this approach lies in one of the five questions that were originally posed by management pioneer Peter Drucker. Over the past several months, we’ve looked at four of these key building blocks of a successful business. Now, we’ve finally arrived at the last question: what are my results?
As Drucker pointed out, “...leadership is defined by results – not attributes.” While this might seem like an obvious statement, business owners who use a professional management system are often focused on implementing the strategic side of things. Sometimes it's easy to overlook the other side of the equation: the results you're getting as you turn your strategy into action.
For more than a month now, BP has been struggling in vain to stop the oil leak in the Gulf of Mexico. The lack of progress and growing uncertainty has some government agencies – and President Obama – calling for increased federal involvement. If BP can’t solve the environmental crisis, then the thinking goes that the government should try to formulate a solution of its own.
The government also plays an important role in another sort of environment: the external environment in which your company operates. A prime example is the healthcare reform bill, which clocks in at a whopping 2,409 pages. That represents a whole lot of potential uncertainty and confusion for business owners. On the other hand, there's at least one positive aspect of this change in your external environment: it's clearly on the horizon, and you can start planning for it now.
It’s hard to imagine an uglier scenario for a major petroleum company. As the massive oil slick in the Gulf of Mexico expands with each passing hour, BP is struggling to find a solution to an ecological disaster of its own making. With clean-up costs mounting and liability suits looming, the company will undoubtedly pay a huge price for the mistake. Equally harmful is the damage that BP has suffered to its reputation. In recent years, the company has gone to great lengths to paint itself as a "green" company. As their website puts it, BP "…produces energy that is affordable, secure, and doesn’t damage the environment."
Something went wrong. In this case, at least, BP’s professed message, values, and desired behavior weren’t reflected in the organization’s everyday practices. But while the initial damage has been done, the company now has an opportunity to live up to their values in leading the recovery and clean-up effort.
Each year, entrepreneurs send off a large chunk of their earnings to Uncle Sam. Not a fun activity, to be sure, but at least the April 15th tax deadline is a predictable part of running a business. In a marketplace filled with uncertainty, where sure things are few and far between, business owners often find themselves feeling overwhelmed by the pressure that comes with confronting an ambiguous future.
The good news is that by asking the right questions, you can start to resolve this uncertainty. Last year, we outlined five questions posed by management pioneer Peter Drucker as keys to the lasting success of any business. Now, it's time to turn our attention to his fourth question, which deals directly with reducing ambiguity and putting your business on the path to long-term prosperity: What is my plan?
If you're just beginning to implement a system of professional management, it might seem a bit premature to answer that question. After all, isn't it important to define your company's mission – and your vision of where you want to take your business – before you start planning?
By now the story has become all-too-familiar: a Toyota owner suddenly finds that their vehicle is out of control, with a floored accelerator pedal that refuses to ease up. Panic and a wild ride often follow. Some drivers, tragically, have even died.
These sorts of acceleration problems have happened before in the auto industry, but what makes this rash of gas-pedal issues noteworthy – other than its large, nationwide scope – is the fact that it happened to Toyota. Yes, the very same Toyota that made a name for itself by championing efficient, effective manufacturing practices and stringent quality control.
22 years ago – the last time the Winter Olympics was held in Canada – the U.S finished with only six medals. That mark was bested in just one day during the Vancouver Games. By the time the torch was extinguished, Americans had netted 37 medals, including 9 of the shiny gold variety.
What was behind this impressive turnaround? Well, the U.S. Olympic committee is obviously doing something right; their leadership was instrumental in recovering from the 1988 disaster, planning for future success and uniting the different sports around a common goal. Innovative, cutting-edge training technologies also made a difference. And it doesn’t hurt that many of the newer events, such as snowboarding, were invented and perfected right here in the States.
Life is full of surprises...just ask the Indianapolis Colts! A stunning, out-of-the-blue onside kick helped put New Orleans over the top on Super Sunday, giving the underdog Saints their first NFL championship. Caught off guard by the first play of the second half, the Colts were never able to recover their swagger and momentum.
Surprises are part of the business world too…just ask Toyota owners. Few could have imagined that the vaunted automaker – known (and emulated) around the world for its top-notch manufacturing and management techniques – would fail to notice a serious acceleration problem that forced the recall of thousands of vehicles. While it’s not yet clear exactly what led to the widespread problem, there’s no doubt that Toyota overlooked or misread key information about its products.
Crack open the February 8th issue of Forbes – or visit the magazine online – and you’ll find an article about Clay Mathile, Aileron’s founder. The piece describes the underlying goals Clay had in mind when he created the working foundation in 1996 and opened the Aileron campus 12 years later.
In his autobiography, Dream No Little Dreams, Clay traces his journey from uncertain business owner to dedicated philanthropist. Upon acquiring Iams in the early 80’s, he was faced with the challenge of owning a business that, according to him, he wasn’t sure he had the proper know-how to run it. It was only after embracing principles of professional management that he brought clarity, control, and discipline to his business – and after defining the organization's vision and mission and focusing on the needs of its target customers, Iams began to realize its full potential.
Happy New Year! As with every turn of the calendar, this is a good time to reflect on where we've been and where we're headed. As a fresh year begins, the natural instinct is to focus on things we can do to improve over the next 365 days. But for business owners, it's also crucial to think about the longer-term picture, expanding your time horizon well beyond the coming year. As 2010 begins to unfold, ask yourself this: How will my company need to change to thrive in 2015?
One of the keys to keeping your business on the path to enduring success is to constantly "live in the future." This doesn't require some sort of supernatural ability to forecast changes in the marketplace; it simply means that as you deal with your immediate operational issues, you always have an eye on the trends and changes that could impact your company further down the road.
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Whether you're enduring the crowds at malls or pointing and clicking your way to holiday cheer online, gift-giving (and buying) season is in full swing. Amid the annual hustle and bustle, we think it's a great time to reflect on someone who's made a tremendous, invaluable impact on business owners. That man is Peter Drucker – and his gift to the business world never stops giving.
Management thinkers including Stephen Covey, Jim Collins, and Ken Blanchard recently headlined a series of events celebrating Drucker's 100th birthday. The festivities served as a timely reminder that his insights and advice remain powerful and relevant in today's marketplace.
What a difference a year makes. Last December, skittish consumers scaled back their gift-buying in a big way. Now, with the economy stabilizing, early signs are pointing toward a more robust holiday season. Retail sales showed a 1.4% increase in sales for October – a notable turnaround from the prior month's decline. This bodes well for an increase in spending once Black Friday rolls around.
Whether or not you operate in the retail sector, the ebb and flow of the economic tides have probably had a direct impact on your business. And regardless of how much consumers are spending, companies should still strive to target and serve the right customers. A few months ago we touched on five questions that Peter Drucker, the late management expert, defined as crucial to the success of any business. Let’s take a closer look at two of those questions: “Who is your customer?” and “What do they value?”
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These are heady times in Redmond, Washington, as Microsoft rolls out another hotly hyped operating system. Windows 7, by many early accounts, looks to be a stable and promising platform – a solid foundation for emerging technologies such as multi-touch monitors. The software giant's innovation serves as a reminder that even in tough times, successful organizations keep moving forward, making a constant effort to raise the bar.
But for many business owners and their employees, the downturn made it more difficult to focus on the future. Adding to the challenge is lingering uncertainty within the workforce. For example, some employees might be wondering what their end-of-year review will bring. Will good work earn them a bonus, or a mere pat on the back? Will they be rewarded for taking on extra responsibilities as part of a reduced workforce?
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Over the past few weeks you might’ve noticed an unusual amount of pink. It’s everywhere you look – from the shoes of NFL players to Nascar events to drink cups at 7-11. Thanks to a highly successful campaign by the Susan G. Komen Foundation, the message of Breast Cancer Awareness Month has been spread to football stadiums, race tracks, and retail outlets around the country. The leader of the foundation, Nancy G. Brinker, recently won the Presidential Medal of Freedom for her determination and passion in spreading the word about the disease’s prevention, treatment, and cure. Brinker has grown the organization by leaps and bounds over the years, thanks in large part to her communication skills. By successfully conveying the Foundation’s purpose, goals, and direction, she’s convinced millions of enthusiastic volunteers to rally and support the cause.
Effective communication is part and parcel of being a great leader. From Winston Churchill and his rousing radio speeches to football deity Vince Lombardi to "The Great Communicator" Ronald Reagan, history is rife with examples of successful leaders who had excellent communication skills.
After a blistering-fast manufacturing and approval process, swine flu vaccinations are being doled out to thousands of health care workers. Within a few weeks, roughly 45 million Americans will have received a shot or nasal spray to guard against the virus. This fact is remarkable, considering that it's only been six months since H1N1 was identified. Thanks to advances in medical technology, vaccinations can be designed, produced, and delivered in a relatively short period of time.
This recent medical victory reminds us how profoundly we are all impacted by technology. However, we still tend to take it for granted. Take the business world, for example. It wasn’t too long ago that faxes, “snail mail,” land lines, and face-to-face meetings were the primary means of communicating. In another decade or two, it’s a safe bet that we’ll be accustomed to new technologies that make our Blackberries, cell phones, and laptops seem antiquated.
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Picture yourself as the owner of a healthcare business who's already accustomed to dealing with heavy government regulation and other factors out of your control. But now, the winds of uncertainty are strengthening with the potential to create a disastrous situation if you’re not prepared. The fierce debate over taxpayer-funded healthcare is still raging. Nobody knows what the final product will look like. What role will the government eventually play? How will these changes impact your industry, your competition, and your company? What threats and opportunities do they present? For a business leader going it alone, the ambiguity around these questions could create a lot of stress.
Fortunately, you can turn to one of your most valuable resources: your outside board of trusted and reliable professionals – people who are there for the sole benefit of you and your business. Remember, these folks are not your paid advisors (i.e., attorney, financial consultant, or accountant), nor are they family members, employees, or friends. They’re people that can fill critical gaps that you otherwise couldn't afford to hire. With their objective expertise you can think more clearly about the future and the various scenarios that may play out if the healthcare legislation becomes a reality. Suddenly, the uncertainty seems a lot more manageable.
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For football fans, the NFL's preseason is simply a warm-up to the excitement of the regular season. But for coaches and players “on the bubble," exhibition games are an important stepping stone to a successful year. Carefully gauging talent and skill, each coach formulates what he hopes will be a winning team. Players who don't fit are sent packing. Those who do make the cut will earn a place in the huddle (or at least the sidelines), finalizing a roster that will tackle the challenges of a grueling 17-week regular season.
At the moment, the economic playing field is changing, and you – as a business leader – can play a similar role in creating a winning organization. Do you have the talent you need to move forward in a recovering economy? If not, you’re in luck. With the job market full of skilled and talented people who can strengthen your company, this is a great time to improve your business.
Nope, that's not a typo in the title. As this year's crop of college freshmen head back to class, they're living and learning in a world that's undergone vast changes over the past few years. So, as a timely thought exercise, we figured it would be interesting to jump ahead to 2012. What will the world be like for those students? Will it be a return to the status quo and the "good old days" of a healthy economy? What will have changed by then, and how will those changes impact the marketplace?
One thing is certain: these future consumers will have a very different mindset from students of the past. How different? Well, consider this: the freshman class of 2012 never knew a Soviet Union, have always had a caller ID on their phones, and have no memory of the first Bush Administration.
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Business is suddenly booming at car dealerships around the country. Thanks to the government's "Cash for Clunkers" program, Americans are trading in their old beaters and getting great deals on new vehicles. The wildly-popular legislation has just been given more time and a larger budget, which could translate to half a million auto sales by the time it ends.
This program, despite its immediate benefits, is probably not a game-changer for most dealerships. From a long-term perspective, there are other elements that will play a larger role in their success. In fact, every business should keep an eye on these factors for success in the long run.
Peter Drucker outlined five of these crucial areas in his sensibly named book, The Five Most Important Questions You Will Ever Ask About Your Organization. Let’s take a closer look at each of his questions:
- What is our mission?
Forty years ago, two men set foot on the moon's dusty surface and made history. The Apollo 11 mission was a stunning achievement by any measure, and even more impressive when you consider how quickly it came to fruition – just eight years after President Kennedy unveiled his lunar vision. But making those dreams a reality required more than billions in taxpayer dollars. Without the technical know-how, creative spark, and entrepreneurial spirit that are fostered by our capitalist society, the Apollo program would have never left the launch pad.
While history reminds us of our greatest achievements, it also has a funny way of repeating itself. As the economy struggles to right itself after a painful downturn, the fundamentals of our capitalist system are once again being called into question. And government, once again, is being embraced as the solution. It’s a stark contrast to the late-90’s, when President Clinton famously proclaimed an end to the era of “Big Government.”
Each Fourth of July brings us copious amounts of grilled meat and colorful airborne explosions. But amid all the festivities, it’s easy to overlook the full meaning of Independence Day. With their long-term vision and willingness to cast aside the status quo, an incredible group of revolutionary, out-of-the-box thinkers set the tone for a nation unlike any other – a place where individuals could flourish, prosper, and pursue their own vision of happiness.
233 years later, Jefferson, Adams, Washington, Franklin, and other Founding Fathers continue to serve as role models for anyone aspiring to be a great leader. But what exactly makes a leader effective?
One way to get a grip on effective leadership is to learn by (negative) example. The Harvard Business Review recently poured over feedback data from 31 Fortune 500 executives who were fired over a three-year period. They also studied feedback from over 1000 business leaders who were considered to be ineffective. From this data set, ten common traits emerged. Each failed leader in the study had at least one of these characteristics. Most had more than one.
You know something is going right when a sports team wins a world championship. And when that team manages to finish at the top four times in less than a decade? Well, that's dynasty territory. Now that the L.A. Lakers have accomplished that feat (making it an even ten since they've been on the West Coast), fans and analysts are looking for the source of this magic. By all accounts, a big factor is motivation; those guys are passionate about what they do, and they love coming to work.
There's a lesson for business owners in the Lakers' success. Most organizations like to think they have a productive and effective work environment that helps to maximize the bottom line. Often overlooked, however, is the crucial role that’s played by employee satisfaction. When people like their job, they’re more productive, motivated, and committed to furthering the company’s mission.
Restoring confidence in the U.S. economy has been one of the Obama Administration’s top priorities. As part of these ongoing efforts, the President recently announced plans to create or save 600,000 new jobs over the next 100 days. His secret weapon to achieve this lofty goal is to ramp up spending of the funds allocated by the economic stimulus package, which was passed in February.
When the government passes new legislation, it takes time for its full impact to be felt. This “policy lag” was on display with the stimulus package. As a result, business owners have had trouble grasping its full potential.
