Do you know when to lose a customer?

A loyal customer is a profitable customer, right? Wrong! Or at least, not necessarily.  According to research by Reinartz and Kumar reported in HBR, July 2002, there is a very weak correlation between loyalty and profitability, yet businesses still spend big to engender loyalty.  Are you investing in the most profitable customers?  This article entitled ‘Mismanagement of Loyalty‘ details the research and recommends clear strategies for optimising ROI from your customers.

How to achieve Tipping Point Leadership

How many managers face obstacles that include:

  • people locked into a stagnant culture,
  • limited resources,
  • demotivated staff, and
  • opposition from powerful interests?

A now famous article in the Harvard Business Review, titled ‘Tipping Point Leadership’ (W Chan Kim and Renee Mauborgne, April 2003) offers a helpful example of how to constructively tackle these issues, which I summarise here together with practical steps to apply in your own or any situation. Read more of this post

Do you believe every australian counts?

What about the Australian recorded in the 6 minute video below:

He could be anyone.  He could be you or me in a few years from now.

If you’d like to do something about it, for him, or for you, or for others you may know, or for Australians in general, then now is the time to act, while there is a once-in-a-lifetime window of opportunity, and while it’s being made easy.  Just visit http://everyaustraliancounts.com.au/emailleaderaction/ for details.

Is your business owner holding the company back?

It could be that he or she is stuck in ‘The Founder’s Trap’.  Maybe that person is you!

Most entrepreneurs want to make a lot of money and run the show. But research shows that it’s tough to do both. And if you don’t figure out which matters more to you, you could end up being neither rich nor king.

The attached article entitled ‘The Founder’s Dilemma‘ by Noam Wasserman – which appeared in the Harvard Business Review in 2008 – includes research, findings and practical suggestions for dealing with the tradeoffs between financial gains and control that every entrepreneur faces as their business grows.

If you’d like to do something about navigating this dilemma, consider attending my upcoming information breakfast specifically for business owners, CEOs, Managing Directors and General Managers.

Vacancy for an experienced electrical estimator who can sell

Are you, or do you know of, an electrician who can sell?  And I mean ‘sell’ in the positive/constructive sense of the word, selling business-to-business for a commercial electrical contracting firm ie no domestic work.

This is a very unusual vacancy for a special person whose income will be uncapped, and who may grow the role to the point where they employ and manage a business development team. The role may suit someone who has previously owned and/or managed an electrical contracting business. The text of the vacancy advertisement follows. Read more of this post

Low cost marketing at it’s best

Here’s a poignant reminder that the best marketing doesn’t require money as much as thought.  2 minute video.

Comments?

Hiring your next CEO from within or outside?

“It is the responsibility of the Board to make sure it has the most talent available when it needs to make the decision” according to a recent article in The Boardroom Report, Volume 9, Issue 16, published on 24 August 2011 by the Australian Institute of Company Directors.  But there are complications with family businesses. And small businesses do not always have the scope to develop suitable candidates from within.  Should you look for a successor who is similar or different to the current CEO? Read more of this post

How to collaborate in 18 minutes

18 minute TED video with excellent insights about planning methods, incentives and facilitation skills.

Like to leave your own comment?

Is your business in its prime?

All living creatures progress through stages of growth and decline, beginning with birth and ending in death. However, organisations do not have to decline and age. Indeed, they can remain at the high point of their vitality for a very long time.  They can even return to those peaks from stages of decline. This article is not about achieving eternal youth, but about practical methods to pursue and maintain perpetual vitality for your business.

As organisations change and transform themselves, moving from one stage of the lifecycle to the next, they develop problems. Some are passed over quickly, but others can stymie an organisation, causing serious or terminal illnesses. ‘Prime’ organisations passionately nurture both their expansive, creative energy and their need for structure and discipline. That is the dynamic of truly successful organisations.

So says Ichak Adizes in his book ‘The Pursuit of Prime: Maximise Your Company’s Success with the Adizes Program’ . Within this text, Dr Adizes gives company leaders a ‘how to’ guide to reach and keep their companies at maximum vitality, creativity, profitability, performance and commitment, which he calls “prime”.

In a series of posts over the coming months I will summarise how Adizes describes the steps in seeking, and staying in, this phase of business development.

Will you be able to recognise the stage of your business? Will you agree? What steps will you take so your business can reach or stay at optimum level?

What follows is the first topic of eleven, introducing the nature of different problems encountered during business growth, and how to tackle them appropriately. Read more of this post

12 things managers must do to create a great workplace 1 of 12

What Is a Great Workplace?  This series of posts is adapted from an article by Marcus Buckingham and Curt W. Coffman, the authors of ‘First, Break All The Rules’ (Simon and Schuster, 1999) based on some research by The Gallop Organisation.  It’s findings are as true today as then.  But are you implementing them?

[Is the answer pay, or benefits? Or is it too complex to understand?

Traditionally, management believed that people will always dislike work, and when they are at work, they will always want to be somewhere else.

For years, organizations have attempted to measure and understand employee opinions in an effort to understand great workplaces. They have primarily discovered what a great workplace is not, versus what it is. Companies emerged from one consulting project after another with a list of "don'ts" or "quick fixes," without observing much sustainable change.

A few years ago, The Gallup Organization decided to initiate a multi-year research project to characterize a great workplace. The first task was to define what "great" was. They decided that, while a great workplace is one where employees are satisfied with their jobs, it could not be considered "great" if it was not producing positive business outcomes. So they studied workplaces with an eye on four key outcome variables:

  • employee retention
  • customer satisfaction
  • productivity
  • profitability]

They made a number of key discoveries. Two in particular were:

Discovery #1: There are no great companies. There are only great workgroups.

Gallup discovered that to truly understand the workplace, you must be closer than the 36,000 feet level. At cloud level, it is impossible to distinguish the best from the mediocre workgroups. Best practices of productive workplaces can only be observed at the workgroup level. Although there is a tremendous range in the characteristics of great workgroups, great workplaces in different companies have a great deal in common.

Discovery # 2: There appear to be 12 dimensions that consistently describe great workgroups.

It is easy to understand why companies have focused on situational issues, such as pay, parking, cafeteria discounts, etc. It’s easier to influence these factors from an overall company strategy. But these factors do not really make a difference to the best, most productive employees and workgroups, and they don’t explain job satisfaction.

While the 12 key dimensions certainly do not explain everything, they consistently correlate with those workgroups that have higher employee retention, higher customer satisfaction, higher productivity, and higher profits.

The dimensions do not include pay and benefits. That does not mean that pay and benefits are not important, but it does mean that they do not differentiate great workgroups from the rest.

What follows is a description of the first of the 12 key attributes of great workplaces.  I’ll publish a summary of the other 11 in future posts, so stay tuned. Read more of this post

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