pornn

Are You Caught In The Right "Wonderloop" for Driving Business Growth for Your Business?

More than a few years ago, several of us would record music segments and splice them together to create what we called a “wonderloop.” Sometimes the only wonder was why we did it in the first place.

After getting involved in the business world, I discovered that the wonderloop concept was transferable. In business, it wasn’t music or sounds that I wanted playing over and over. It was product or service performance.

Continue reading
958 Hits
0 Comments

4 Steps for Improving Decision Making and Business Performance

Recently, a CEO friend was ranting about the poor judgment shown by her senior management team. “What I need around here,” she said, “are some good problem solvers and decision makers.” She used several more minutes to vent; and then she asked for my thoughts.

Continue reading
1129 Hits
0 Comments

Compensation Plans for Family Member Employees

Most parents contend they love all their children equally, so naturally they want to treat them equally (which I can appreciate as a parent of three boys). However, there is a distinction that should be made regarding an equal estate distribution and equal compensation. Let’s face it, every person is blessed with a unique personality, unique talents and unique skill sets. Furthermore, every individual is motivated by different things. Doesn’t it stand to reason that individuals (including family members) should be compensated based upon what they do rather than who they are? I submit to you they should!

Continue reading
1289 Hits
0 Comments

Think You're Too Young To Begin Succession Planning - What You Should Know That May Change Your Mind

Translation: “I am bullet proof and have no intention of dying prematurely”, “I am not interested in enhancing business productivity, profitability and teamwork”, “The business is all about me” and “I am not interested in protecting the value of my business and the welfare of my family”. Do you realize that when you state you are too young to begin succession planning this is what you are actually saying? Think about it!

Continue reading
1327 Hits
0 Comments

Have You Fallen for One of the Biggest Succession Planning Misconceptions?

How many of you actually believe that you indeed “have it all done” when it comes to your business succession plan? Come on, be truthful. I know there are some of you who believe in your mind’s eye that you have done all you can to successfully transition your business. Many of your predecessors felt the same way you do, but the statistics speak for themselves: approximately 33% of family owned businesses succeed from the first generation to the second and approximately 10% successfully make it from the second generation to the third. The truth is, when it comes to business succession planning, there is no such thing as “having it all done” just like there is no such thing as achieving perfection. There is always something else to do!

Continue reading
1728 Hits
0 Comments

How to Build Management Team Synergy Focused on a Common Vision

My wife and I recently celebrated 15 years of marital bliss. A part of the festivities of celebrating this mile marker were spent watching the Atlanta Symphony Orchestra, an event that always reminds me of how much I love music – all kinds of music, from classical to punk rock. I even have a special place in my heart for country music. As most extracurricular activities become an introspective undertaking for me, this experience watching the ASO was no different. Music really is amazing because there are only seven basic notes and all of the amazing variety of music falls within that seven-note range. There is no music that falls outside that range. It is truly amazing.

Continue reading
1255 Hits
0 Comments

How to Build High Performing Teams With Well-Defined Roles and Responsiblities

 In my last post, A Common Vision, I mentioned that I recently experienced the joy of watching the Atlanta Symphony Orchestra perform. I took away from that event several powerful illustrations of high performance teams. Apart from having a common vision and subordinating individual talents to those of the team for the purpose of exceptional performance, there are several other things I observed. High performance teams are characterized by having crystal clear roles and responsibilities. The orchestra was a great illustration of this trait.

Continue reading
1166 Hits
0 Comments

Business Growth - How to Leverage What You Already Have

The seeds for The New Marketing Method were first sown by a Frenchman known as Voltaire in 1759. Voltaire ended a short novel called Candide with these words: “… we must go and work our garden.” Think of that garden as your current customer/client base.

Continue reading
1100 Hits
0 Comments

How to Be a Better Leader Using Both Your Positional and Personal Power

Today, let’s talk about how you brand your use of power and influence within your business and/or within your family.

To begin, you should know that, for many years, I have maintained that the use of power and influence is at least the skeletal definition of leadership. Many have suggested that somehow the “intention” or the “outcome” also has to be considered; but, personally, I believe that gives leadership a moral connotation that is more properly the responsibility of the individual using leadership rather than leadership itself. I guess that’s another way of saying that some people give leadership a bad name.

Continue reading
1182 Hits
0 Comments

5 Keys for Business Growth In Tough Economic Times

The question is, however, what does destiny look like? As I write this, I expect that the Dow will open below 7,000 for the first time in more than a decade. The S&P and the NASDAQ have also cratered but not yet bottomed. If I were “Chicken Little,” I would be saying that the sky is falling.

Continue reading
1130 Hits
0 Comments

Family Dynamics and Business Performance - How Closely Are They Related?

In my previous two posts, "How to Find Balance Between Family and Business"  and "How to Achieve Balance Between the Family and the Business," I discussed two of the three steps great and enduring families engage in:

  1. They establish balance between family and business priorities.

  2. They work hard to convey this balance to and through the next generation.

  3. They pursue Succession Success.

Continue reading
843 Hits
0 Comments

How to Achieve Balance Between the Family and Business

In my last post, "How to Find Balance Between Family and Business," I suggested that there are three things that great and enduring family businesses do:

  1. They are dedicated to creating a balance between family and business priorities.

  2. They proactively encourage and are dedicated to the family’s cohesive, supportive values that promote family and business balance.

  3. They achieve Succession Success.

Continue reading
1159 Hits
0 Comments

How To Find Balance Between Family and Business

“Oh, I’m just so tired of this. I want the business to continue, but I don’t want to be bothered with it anymore.” These words, recently voiced by a client, came out of addressing family dynamics that are impacting business decisions. There are a multitude of reasons to not address family relationship dynamics as they are impacted by the business and, conversely, they impact the business. True family leaders don’t cower in the face of these family challenges because they understand that their greatest asset is their family members. Instead, they boldly engage the family in dialogue and interactions that can at times be emotionally trying and nearly impossible to navigate.

Continue reading
1482 Hits
0 Comments

Treat Me Like Your Business Partner, Not Your Child

My previous blogs, “Business is Tough, But Life is Good” and Business is Tough, What an Opportunity” focused on the need for positive leadership and the opportunity this economy is presenting to provide invaluable experience for your successors. This posting provides a twist on the topic of successor development focusing on the child/business owner dynamic.

“I am tired of being treated like a child! If this is the way it is going to be, I would rather work somewhere else!” These are the words uttered by a frustrated client during a visit a few years ago. These sentiments are undoubtedly shared and echoed by countless family members throughout the United States and around the globe. There is no question, maintaining a healthy balance between business and family is extremely difficult to do. However, it is not insurmountable!

Continue reading
1274 Hits
0 Comments

Business Is Tough, But Life Is Good - How to Impact Employees Through Your Attitude

Last week, while making my way home from a few meetings in South Florida, I had the opportunity to meet a long standing client of our firm (let’s call him Mr. Wise) for dinner. He is respected as an intelligent, conservative business leader who has an excellent track record when it comes to evaluating business opportunities. Naturally, we talked about his family first and eventually the discussion transitioned to his businesses and the current state of the economy.

Continue reading
1249 Hits
0 Comments

What if the Manager Who Doesn't Get It Is One Of My Children??

Previously, we talked about the tendency to promote people into management positions because they are excellent performers who need advancement. Sometimes, that results in losing a high performer and not gaining a good manager/leader; so we gave you a list of ten questions to review prior to promoting someone – family member or not, into a more responsible position.

Continue reading
1243 Hits
0 Comments

Is It Enough To Save Your Business?

To say that the economy is bad is an understatement. The going is tough right now, and there is no denying it. How a business reacts to this environment and its own internal challenges are determined by its leadership. I see leadership in businesses reacting in many different ways, but the extremes of those reactions run from:

1) Ignore the problem, it will go away— 2) Benign neglect— 3) An honest to goodness willingness to make the necessary changes in the business.

Continue reading
616 Hits
0 Comments

What Do I Do With Managers Who Don't "Get It"

Financial advisors tell us pretty quickly that the past performance of a stellar stock or fund is no guarantee of its future performance. Nevertheless, realizing that someone is in over his/her head can be a real shock to the person who put them in a position of greater responsibility.

Continue reading
1291 Hits
0 Comments

10 Questions To Evaluate If Managers Have What It Takes!

“He/She was so good before I moved them. I don’t know what happened.” That is said so often, it is almost unbelievable. The problem isn’t “them.” The problem is that you promoted excellent performers with a specific set of skills into a position that does not require what they are good at doing.

Continue reading
1426 Hits
0 Comments

How Do I select a Successor for My Business?

Very carefully! There is a great deal riding on this decision. Some of you have children actively involved in your business and, thus, naturally feel the above question does not apply to you. For a small minority of you, this may be true. You may indeed be blessed with a passionate, capable and committed successor. However, the vast majority should think again!

Approximately ten years ago, I met John Smith (fictitious name), a successful business owner, who was the proud father of three children. His oldest son, Harry, was active in his business. Unfortunately, Harry was not well respected by managers and employees in the organization. A logical question you may be asking is, why? Good question.

Continue reading
1176 Hits
0 Comments