What to do…

When you bite off more than you can chew?

A famous idiomatic expression that suggests you have taken on more than you are capable of.  So, rise to the challenge!  Here are 3 very simple, straightforward things you can do that will help you tackle what seems to be a gargantuan challenge.

1.      Take one bite at a time.  Often we see the enormity of what we have committed to and fear sets in - - stop, take a step back and break it down.

2.      Prioritize and set expectations.  Often we get ahead of ourselves in promising and delivering.  Prioritize the task with key stakeholders and set expectations.

3.      Recognize that you may need support - - Ask for it.

I cannot recall a leader/executive in the making that did not bite off more than they could chew at one time or another…  Nope, I cannot think of a single one.  Why?  Because the “can-do” courage, the nudge from within says:  “I’m Hungry!”  If you are not hungry, chances are you are complacent – reach a little.  That is how you develop.

RIM!

Too little, Too late…. And here’s why we Do SWOT Analysis

A change in the executive is supposed to reassure the investment community that Research in Motion can ….. Compete in the new smart phone market…. Next Year?

Each year the senior management gets together and reviews the Strategic Plan, and here’s where complacency becomes evident.  The “external analysis”, opportunities & threats are real and the “strengths” need to capitalize on opportunities and mitigate the identified threat. You must not conclude your planning session without scenarios assigned a probability of likelihood and charted.   You cannot wait 4 years, each of which has noted the threat of Apple to your smart-phone business before you do something.  

Next time you are asked to take part in a Strategic Planning session, take the SWOT Analysis seriously.

Respect your competitors’ desire to displace you!  Hear what your customers are saying and innovate – this will help mitigate threats to your business.

Stop the Meeting Rollercoaster with

8 Minute Meetings

If you come from an organization that seems to have a lot of long meetings (1 hour & 2 hour) and most then wonder, “Why?”

·         I’m in a meeting

·         I have back-to-back meetings

Sound familiar?  If you want to increase efficiency and engagement from your team try having an 8 minute meeting, keeping these in mind:

1.      Enable Action - You do not have to play every instrument just be the conductor

a.       Provide guidance– this is your role if you call the meeting

2.      Have frequent check-ins

a.      Smaller numbers – 10 or 12 at a meeting creates loafing.  Over the years meetings and invitees have ballooned; lower the list and… look out for the pout!

3.      Lead and engage with open/honest communication

a.      Specific status updates

b.      Last question before you adjourn – “What do you need me to do?”…  Back to point #1, Enabling Action requires you to “Remove obstacles”.

Walmart Changes its Tune!

I have said this often, “When a company changes its tune, it’s time to question their stated competitive advantage”.

You may have seen the new Walmart commercial with a tall, skinny, poor rapper guy reassuring you that Walmart will price match.  The first time I saw the commercial I thought, “What?”   Walmart has changed its tune from “We’re Rolling Back the Prices…” to:  “We will Price Match”...  Price Match?

Think about it, over time your competitors can learn your business and as they grow they will inevitably erode that which was your competitive advantage (Cost Leadership).  For example, HP slowly learned of Dell’s strategy (Differentiate) and was able to copy it; a few short years later, Dell is hardly in focus, hardly different.

For this holiday season Walmart’s tune has changed to “We will price match… guaranteed!”  And with that I wonder:  “Who has the lowest price now?”  Walmart’s strategy was to be a “Cost Leader” and they were untouchable for the last decade but like Dell, has another retailer amassed the buying power to rival Walmart, say, Target?  When your margins are in the low single-digits you must have the top-line growth – the dominant number that said, when the top-line growth is being threatened I then turn to their single-digit earnings ratio and can only predict that it is looking ugly for an investor going forward.

Merry Christmas... I will be shopping somewhere else!

Is your organization exhibiting the Dilbert Phenomenon? Employ these 3 skills and watch your organization become limitless.

Is there a disconnection between organizational rhetoric and reality?  If so, then your “people” are exhibiting the Dilbert Phenomenon.  The popular comic strip by Scott Adams continually shows organizations that their employees do not necessarily buy the corporate idioms.   This creates a culture of second guessing and cubicle chatter, “Why?” you wonder, because smart contributing employees are being dismissed by the leader’s actions.  This may be unintentional or it could very well be intentional as he/she drives the annual operating plan forward - - watch your toes as this leader is driving the plan and nothing else!

Leaders do need to communicate the vision and reinforce to all that employees are the most important asset the organization has, so why the cynicism?  Well, I suspect that some of the basics have been forgotten so let’s do these three things in order.

ü  Listen	ü  Learn	ü  Lead

Listen, Learn and Lead sounds so simple, and it is, but its success requires time and a lot of it.  Today, more and more employees feel like they are not being heard and for the most part they are not (check out “iManage”, issue #021).  As a leader, sometimes we do not want to hear it, then have to deal with it.  Listening is the hardest thing for leaders to do because it detracts us from so many other pressing duties.  A part of your day should be spent listening - Listening to employees and listening to customers – period.  This level of engagement can only help earnings!

Next, ask yourself “What have I learned?”   Here to, we fail to appreciate what has been said because we are not listening and the result is nothing changes.  Wow, nothing like listening only to let your actions say “dismiss” as you simply carry on.  When you listen effectively you will hear common themes…. This is the learning.

I wonder:

• Does someone have an idea?   That could also be a great idea….
• When I hear, “Why do we do it this way?”  A process problem may exist…
• A customer has an issue?  And a similar concern has been raised by 50 other customers.  This is particularly interesting as we have all heard these words from a service provider "..This call maybe recorded for training purposes."  AND, lets not forget, to see if service & support problems exist.
• I cannot do any more, I am overloaded - yet as the leader you "ya but" or says "I am swamped too" - - What does that mean?  This action confirms that the individual does not matter.

This is where you learn and you in turn lead by making the changes.  When Listen, Learn and Lead become apart of your skillset you will see an increase in the value of your intangible assets; as employees with "oomph" is an organization that is now limitless.  Listen – Learn - - then Lead.

Try it and watch your organization change and become truly high performing. 

The Importance of Marketing @ RIM

Yes, I have been watching RIM continue to slide since my post "Grim on RIM" a while back.    In the pre-market this morning Bloomberg highlighted that "RIM continues to disappoint investors with weak financials and no new product since last year."

"Last Year", I thought!

RIM is down 18% and I am curious as to WHY their marketing department is not responding; in any way?

Think about it, Steve Jobbs is a brilliant marketer and he actively promotes his brand, his vision and his products; the same cannot be said for RIM.  This is a mistake companies make far too often and here are 7 things to remember:

1.  Awareness is Key.  Never take your Brand or your market share for granted.

2.  It is not so much the product but the Brand; meaning the consumer can forgive a faulty product.

3.  Keep the Promise.  Is every action helping to keep the promise to the consumer?

4.  People like People - get someone out front marketing the complete package.  Remember the "Dell Dude"; their stock never did as well as when that guy was marketing for them.

5.  Forget about the Money - Getting "rich" is wonderful but it can also mean that you create other interests; as is the case with owners of RIM.

6.  Create an "Innovation Pipeline" that has the consumer talking and anticipating.  These departments: Marketing and Research & Development are not talking enough.

7.  Over communicate and own the message.  When I open my MAC there is the "iCloud" message waiting......

Rhonda

Value and Diversification, How to Maximize

When you think about diversification of your business, I often suggest a 'Related Diversification' approach to creating this type of strategy.  There can be diversification that reduces value, neutralizes value and creates value.  I am interested in the creation of value in a related diversification strategy.  There is also the 'Cost Leader' strategy but those who know me know that does not interest me.  There are risks associated with a cost leader strategy, and that the corporate focus is on cost reduction, cost reduction.... goodness, it is hard to create value, value that the customers are willing to pay for when you are in constant "s q u e e z i n g" mode.  There is also a 'Differentiation' strategy which is really a nonstandarized, unique product/service offering.  I like an organization that can differentiate because to me they are innovators and they are constantly listening to the consumer and responding!  Sorry- - I digressed.... let’s get back to related diversification.

So, first thing:  Economies of Scope, not "scale", you ask?  Nop, Scope.  What activities and or resources can be shared?  That is the question to answer.  I have a client who is looking to diversify the business, in doing so we need to ensure we answer the first question or there is little to point going further because there is likely to be only value-neutral or worse, value reduced as the result.  Related diversification can mean multiple product markets and or industries (Hitt, Ireland and Hoskin).  Doing this will lead to a better use of assets and people; hence "value creation".  Assets could include an inventory management system or a delivery system or office space/storage facility, or heavy equipment etc.  I am suggesting you look at economies of scope as you diversify as this will lead to value creation.

Secondly the transference of one's core competency can thwart competition - - I like that.  Let’s look at this in two ways.  First, there is a time and cost advantage which is critical in aiding your time-to-market, leaving your competitors trailing.  The patents and intellectual property, brand recognition and the up and downstream activities can be linked.  Secondly, the intangible resources you may have will make it very difficult for your competitors to copy; this represents an immediate competitive advantage.  A side note, that outsourcing too much can reduce this.   In the last 20 years, the push was to "outsource", great but your IP just went along with it when you deemed it "non-core".  Think about how much outsourcing is needed, I don't think GM makes cars anymore.....  they are brand managers more so. 

There are organizations today that are not creating value by using a Related Diversification Strategy (Hsu & Wang, 2008. A model for interorganizational knowledge sharing. Journal of Global Information Management).