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You see it so often. A politician crosses over to the dark side and trades influence for campaign contributions. That happens so often that many readers just stopped reading this blog and think I am naïve. “Isn’t ‘politician’ and ‘dark side’ in the same sentence automatically redundant?” Actually, I have met a few politicians in my life who still arrive at their offices each day in the spirit of service.
You see it in some speakers who made it to the “circuit” because they seemed to genuinely care about improving something important, achieving results, and making a difference. But now they come across like Prima Donnas caught up in their own celebrity status or are just focused on the money.
It’s not just public figures; entire businesses can lose sight of their mission.
We all know companies that have lost sight of their previously customer driven missions because financial challenges turned their real missions into just surviving. Survive to do what?
Your mission may need to be dusted off and updated. One of our strategic planning clients needs to change its mission statement to reflect the fact that it is no longer enough for them to be responsive and exceed customer expectations. In their industry, they MUST get ahead of their customers…WAY out ahead.
Over the years, our mission to be a positive force for economic development is behind important decisions to establish multiple businesses and to invest in advocacy. It needed refinement to clarify our focus on helping midsized companies to keep growing, but having a sense of mission has been very useful. On days you are tired, a powerful mission can feel like a burden while others seem free to coast, accept whatever comes, or just do what comes easily.
But having a powerful mission (a calling) is the reason you work. It can keep you young, centered, energized …and at peace when you fall asleep at night.
Aldonna R. Ambler, CMC, CSP has earned the right to be called THE GROWTH STRATEGIST®. She has won over 2 dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized BtoB clients get on…and then stay on…the published lists of the fastest growing privately held companies. She owns and operates a suite of companies that help privately held midsized companies achieving accelerated growth with sustained profitability® through opportunity & resource analysis, 4 approaches to strategic planning, executive advisory services, growth financing, and targeted search. 2012 is Ambler’s 8th year hosting a weekly peer-to-peer-to-peer syndicated on line talk show that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. An archive of over 300 interviews is available at www.GrowthStrategistShow.com. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.
As specialists in the strategic needs of privately held midsized companies, we naturally interact with lots of family owned businesses. There has been more than one government study that has said that the owners of 90% of all privately held companies view their companies as “family businesses.” That’s a lot! Some owners claim they are “family owned” even when only one member of the family is involved. No spouse, sibling, offspring, cousin or even an in law employed in the company! WOW.
It makes you wonder what is meant by “family business.” In some folks’ minds, “family business” means trustworthy, hard working, stable, community minded, friendly, and focused on customer service.
But what does “family owned and operated” mean to prospective employees? It can mean that their careers will be limited. They may assume that they will never be eligible for profit sharing, could never become an equity shareholder, will never be viewed as a top executive, and will never fully have the president’s ear. It could mean that they should always be prepared to have some young kid brought in to become their boss. Being the boss’s son or daughter trumps any advanced education, job experience, or longevity with the company they may have.
If your business is family owned, it takes intentional effort to convey your policies about career advancement opportunities, your logic behind hiring and promotions, etc. It can be difficult to attract top talent if you can’t tangibly demonstrate that you value “outsiders,” are open to having business partners who don’t share the same last name, and use contribution to guide profit sharing rather than genetics.
We were reminded about these kinds of issues recently when a company (now a client) inadvertently slipped into being viewed as a “family business.” The president had needed some help with the firm’s marketing and had asked his very capable wife to help. He couldn’t figure out why his key employees were acting funny, seemed defensive, were suddenly worried about their futures, questioning his decisions, etc. He knew he was still the owner and their boss. But the key employees had assumed the premise of the business had changed. If your company is a “family business,” make sure you know why and address the negative implications as well as the positive. If not, be careful you don’t inadvertently slip into becoming one.
Aldonna R. Ambler, CMC, CSP has earned the right to be called THE GROWTH STRATEGIST®. She has won over 2 dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized BtoB service, technology, and distribution clients get on…and then stay on…the published lists of the fastest growing privately held companies. Ambler is in the process of launching her 8th enterprise. All of her current service businesses (strategic planning, executive advisory, growth financing, talk show, speaking, and search) help privately held midsized companies achieve accelerated growth with sustained profitability®. 2012 is Ambler’s 8th year hosting a weekly peer-to-peer-to-peer syndicated on line talk show that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. An archive of over 300 interviews is available at www.GrowthStrategistShow.com. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com
Deep down, we all know that broadcast and print media have some biases. (No kidding.) During election years, some media outlets are compelled to emphasize progress being made, jobs being created, and consumers spending more around the Holidays. Following recessions with particularly long periods of uncertainty (NOW), some reporters play the role of consumer advocate to help unwitting buyers beware of high profile crooks. While the US Congress and President Obama took different stands on raising the debt ceiling in 2011, the media focus seemed quite partisan.
So why am I reminding you about media bias?
In the midst of all of the political infighting and fussy stories about progress, the personal portfolios of owners of midsized companies and recent retirees took a disproportionate hit during the summer of 2011. For many, 2011 was as bad as 2008. That fact got lost in the media coverage. So if you lost a lot of money in 2011, you could be wondering if you were cheated somehow instead of feeling “normal.”
Imagine if your investment portfolio of $10 Mil dropped 30% in 2008 to $7 Mil and then it dropped another 30% in 2011 to under $5 Mil. People in that position thought they could stop working and turn their family businesses over to the next generation but now feel compelled to continue to work to replace lost money. Folks who retired from corporate management positions after 30+ years now wonder if they can afford to keep the house at the lake. Instead of investing in real estate, businesses, new products, and nice vacations, these people are worried and frozen. This has a direct impact on job creation.
I also mention media bias because many of the people who lost large sums of money in 2011 (maybe you) wonder if you did something wrong, have lost some trust in your advisors, and feel stranded. That combination of emotions stifles economic recovery.
If my words resonate with you, give your financial planner a call. Get explanations. Revisit your personal financial plan. Base your decisions on real information rather than just worry.
Isn’t it interesting that a strategist who helps companies grow is suggesting that you request an appointment with your personal fee only financial planner. Mental attitude in one arena impacts the other.
Aldonna R. Ambler, CMC, CSP has earned the right to be called THE GROWTH STRATEGIST™. She has won over 2 dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized BtoB service, technology, and distribution clients get on…and then stay on…the published lists of the fastest growing privately held companies. All of her current service businesses (strategic planning, executive advisory, growth financing, talk show, speaking, search) help privately held midsized companies achieve accelerated growth with sustained profitability™. Ambler is wrapping up her 7th year hosting a weekly peer-to-peer-to-peer on line talk show at www.Business.VoiceAmerica.com and www.growthstrategistshow.com which features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. Family owned businesses are being emphasized in 2011. Ambler is in the process of launching her 8th enterprise. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.
Don’t feel bad if your company has drifted away from its strategic plan. Tough economic times can do that. Recessions invite worried sales people to agree to whatever price they can get any prospect to accept. Uncertainty can lead product development initiatives down several paths only to end up with unfinished projects. Insecurity cues marketing messages to become broad based, safe, generalized and ineffective. Service minded employees trying to accommodate today’s demanding customers quickly leads to scope creep on contracts and reduced profitability.
The operative words are worry, uncertainty, insecurity, and accommodate. That mindset leads to drift, reduced effectiveness, scope creep, and lowered profitability. If you are experiencing this phenomenon, you are normal…and the good news is that it’s curable.
Convene your management team to review updated data about the various subgroups within your customer base. Your company’s “sweet spot” may have inadvertently shifted. Maybe in the past, your company was most effective and generated the best profit from small business accounts. Perhaps now, you should focus on medium sized businesses. Maybe in the past, you could handle five distinct industries; and realistically, you now need to drop one and focus on four. Maybe the range of products/services just needs to be brought back into a smaller range so you can be more efficient, handle the risk, and feel a sense of accomplishment.
These “Let’s Get Re-Centered” sessions need to happen more frequently during tough economic times. What’s going on in the European economy does impact customers in North America. The politics of the Middle East influences decisions in South America and Asia. Technology in Australia matters to companies in Africa.
Aldonna R. Ambler, CMC, CSP has earned the right to be called THE GROWTH STRATEGIST™. She has won over 2 dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized BtoB service, technology, and distribution clients get on…and then stay on…the published lists of the fastest growing privately held companies. All of her current service businesses (strategic planning, executive advisory, growth financing, talk show, speaking, search) help privately held midsized companies achieve accelerated growth with sustained profitability™. Ambler is wrapping up her 7th year hosting a weekly peer-to-peer-to-peer on line talk show at www.Business.VoiceAmerica.com and www.growthstrategistshow.com that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. Family owned businesses are being emphasized in 2011. Ambler is in the process of launching her 8th enterprise. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.
If you are the majority owner of a business and feel yourself shutting down when the subject of succession comes up, consider the following layers:
This sequence may seem obvious, but it is NOT what most people do.
Many business owners end up with a scramble of facts and emotions about themselves and other people. Loyalty. Fear of the future. Legacy. Entitlement. Guilt. Disappointment.
Especially during uncertain economies (NOW), many owners approach succession – related analysis from a pessimistic almost cynical viewpoint. I have seen owners work themselves up into horrible resentments based on arguments they have had with themselves in their own minds. Without assistance, they never reach question # 4…let alone question # 5.
The optimally sized business meets its obligations to the owners, its key stakeholders, and its future. When there are honest answers to questions 1-3 , the optimal size becomes self evident and can guide strategic decision making focused on the market place, product differentiation, productivity, etc. with far fewer negative assumptions, resentments, and fear.
Aldonna R. Ambler, CMC, CSP has earned the right to be called THE GROWTH STRATEGIST™. She has won over 2 dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized BtoB service, technology, and distribution clients get on…and then stay on…the published lists of the fastest growing privately held companies. All of her current service businesses (strategic planning, executive advisory, growth financing, talk show, speaking, search) help privately held midsized companies achieve accelerated growth with sustained profitability™. Ambler is wrapping up her 7th year hosting a weekly peer-to-peer-to-peer on line talk show at www.Business.VoiceAmerica.com and www.growthstrategistshow.com that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. Family owned businesses are being emphasized in 2011. Ambler is in the process of launching her 8th enterprise. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.
Many of you are in very dynamic industries with rapid technical advancements, globalization, certifications required for preferred vendors, and an evolving pool of competitors. To keep up with (better yet…get ahead of) the changes around you, you are increasing the frequency of your market research, customer satisfaction surveys, and strategy sessions.
The process of research and analysis has led several of our clients to the conclusion that the rules have changed sufficiently in their industries that they must dramatically change their business models. A few are making the move from billing for hours to value/results-based pricing. A few are getting into private label products and focusing on niche markets. Some are going after much larger accounts and essentially “firing” the bottom 10% of their customers. One is dramatically modifying the role of the distributor in their industry. Another weighed the pros and cons of leading a roll up while another is seriously considering a merger to get the help they need with backroom operations. Most have to also address sticky succession issues.
An inexperienced person might jump to the conclusion that production level personnel would be the most resistant to change, assume their jobs are now at risk, and not want to learn. In all of the cases mentioned above, the waged employees have not presented a challenge. They have been excited that their employers are doing research, considering the future, starting new things, providing opportunities to learn new skills, and investing in survival and growth.
In a few instances, our clients have had to bring in a CFO instead of expecting their Controller to generate scenarios or deal with bankers and investors. In one case, the HR Manager was over his head and didn’t know how to change the company’s approach to recruitment. We got them into the Top Grading approach, which helped.
Absolutely, across all of these examples of companies changing their business models, the sales force has been the most reluctant to help, learn, accept, and change. With the unemployment rate as high as it is these days, one would think that sales people would be a little more willing to try a new approach, go after larger accounts, learn to use updated systems, etc. Despite involving sales people in the research, utilizing participative approaches to strategic planning, and providing training and coaching for success, these clients have had to put sales people on notice, let some of them go, and dramatically step up recruitment to attract future oriented sales people.
Nothing will torpedo a new strategic direction faster than sales people continuing to talk about the past or criticizing their employers for wanting to change.
Aldonna R. Ambler, CMC, CSP has earned the right to be called THE GROWTH STRATEGIST™. She has won over 2 dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized BtoB service, technology, and distribution clients get on…and then stay on…the published lists of the fastest growing privately held companies. All of her own service businesses (strategic planning, executive advisory, growth financing, talk show, speaking, search) help privately held midsized companies achieve accelerated growth with sustained profitability™. Ambler is in her 7th year hosting a weekly peer-to-peer-to-peer on line talk show at www.Business.VoiceAmerica.com and www.growthstrategistshow.com that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. Family owned businesses are being emphasized in 2011. Ambler is in the process of launching her 8th enterprise. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.
Yep. Advanced technology makes it very tempting to grow your company through subcontractors and vendors. That option is particularly reassuring if you are reluctant to accept the responsibility, cost, and risks associated with building a team of employees. Even if you didn’t want to take the virtual route, these days you may feel compelled to do so because so many service providers view themselves as “entrepreneurs” rather than employees. You may benefit from the flexibility that comes with growing virtually. When a vendor or subcontractor under-delivers, you simply replace them … right?
But be careful. Despite the obvious benefits, VIRTUAL growth also brings its own share of challenges. Just because a bright owner knows how to design great websites or create social media programs doesn’t mean he/she knows how to train people, grow a business, develop a team, etc. Pretty soon, the business management problems of a trusted vendor become your problems as deadlines are missed, your LINKED IN account gets shut down, or your “Golden 50” program screeches to a halt. The vendor won’t want to tell you that he/she is having difficulty managing his/her business. You don’t see them every day, so you miss warning signs. Now you must invest time in fixing the problems, getting things back on track, reviewing invoices, renegotiating the contract, and looking for a replacement. No one feels any sense of loyalty or security. Folks are expendable at any time. Bridges are burned over and over and over.
As a result of virtual relationships, we have seen more and more company Presidents spending way too much time looking for new vendors, diving back into the details, worrying, and not doing their own jobs. When the commitment to virtual growth becomes the goal instead of a tool, it can stifle productivity, profitability, and perspective.
The VIRTUAL approach isn’t limited to marketing, bookkeeping, HR management, IT, etc. The biggest risks, in my opinion, come when a company relies too heavily on subcontractors for client services, production, etc. It is too easy to become a subcontractor for most companies. We know a few firms that use very thorough multi-step screening processes when they hire employees and then utilize a very superficial contracting process for important subcontractors who interact with their customers on a daily basis! Their entire future and reputation is on the line because growing virtually has been elevated to a goal.
We’ve seen companies with fabulous supervision and coaching programs in place for employees that are not utilized with key subcontractors at all! Subcontractors can easily value their flexibility over your customer satisfaction goals. They can easily modify your process and methodologies. Because they are independent, they have to keep looking for their next great opportunity.
If you rely heavily on subcontractors and vendors to grow your business, consider:
This past Sunday morning I was watching “This Week with Christiana Amanpour” on television. She is an excellent interviewer when it comes to foreign policy, global issues, political regimes, etc. During one segment of the broadcast, she was interviewing Former US President Bill Clinton about the upcoming conference of his CLINTON GLOBAL INITIATIVE. Continue reading
I am writing this week’s blog while on an airplane en route to Philadelphia from Los Angeles. I spent the past five days at the annual convention of the National Speakers Association. As usual, there were several marvelous presentations, hundreds of pieces of practical advice and astute insights. If you’re not tired at the end of each day at an NSA convention, you’re just not paying attention.
Two tidbits from one general platform presentation (by Terri Sjodin) underscored the importance of tailoring sales messages based on the generational differences of prospects. You can imagine the worry on the faces of numerous baby boomers in the audience as they learned that when dealing with a millennial generation buyer, a tailored interactive multimedia opportunity must be integrated into the sales presentation not just the speech that they buy.
In contrast, Dr. Ken Dychtwald’s general session presentation reminded the speakers that the huge baby boomer generation isn’t dropping off of the planet. On the contrary, they now have a much longer life expectancy, are healthier than ever and are reinventing themselves rather than choosing traditional retirement. Many don’t want to work full time but still want challenging projects, opportunities to continue to learn.
How many midsized companies could be more productive if they contracted baby boomers to work on projects and take a week off every month? Work ethic, experience, appreciation for the opportunity, expertise – what a concept!
Aldonna R. Ambler, CMC, CSP has earned the right to be called The Growth Strategist®. She has won over two dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized B-to-B service, technology, and distribution clients get on…and then stay on…the published lists of the fastest growing privately held companies. All of her own service businesses (strategic planning, executive advisory, growth financing, radio show, speaking, and search) help privately held midsized companies in Achieving Accelerated Growth With Sustained Profitability®. Ambler is in her 7th year hosting a weekly peer-to-peer-to-peer online program at www.Business.VoiceAmerica.com and www.growthstrategistshow.com that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. Family owned businesses are being emphasized in 2011. Ambler is in the process of launching her 8th enterprise. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.
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