|
|
| Information |
|
|
Why Most CEOs & Entrepreneurs Fail?
Times are tough. The economy is in a constant state ofupheaval. Is your company doing better than most? Are youplacing greater emphasis on pure performance? If you haven't maybe it's time for a serious round of intensecorporate soul searching. But do you know how? Business consultant Chet Holmes says that beyond pure financialperformance, most companies can really benefit from finding outwhat it really means to be a great company. And the answer lies within. Holmes is a man who is heavily engaged in corporateintrospection with Fortune 500 companies. He is widely credited with bringing a consultant's passion for rigorous self assessment and performance measurement with him. Now, however, Holmes is obsessed with more than just thenumbers. He's saying that companies must examine the company'sculture and inner workings to find ways to be more than justprofitable. He's discovered that the breakthroughs can be achieved only ifyou figure out how to can tap into the incredible treasure trove of knowledge, harness the energies and then channel the efforts of your employees to help you become great. Just think, you may have invested millions in automated systems. Have you any real idea how they are being used? Ask the employees. Your people may know how to make money for you, but are theprocedures and processes based on intuition, personal andprofessional experience, and corporate memory? Can thesesystems be readily duplicated or transferred in the event ofaccidents, sickness or major changes in personnel? Ask the employees. "It's possible to become the world's most efficient, relentless, and competitive machine," says Holmes. "But you have to find out what your company is really doing." How do you do that? Ask the employees. Holmes is regularly brought in to lead companies through adiscussion to find out what this really means. He has masteredthe processes needed to identify the changes needed to make acompany better. His skills are in demand. Usually, he gets permission to hold a series of strategysessions. He starts by asking employees to tell the boss howthe company is doing. How are we doing? Is the top management strategy on track? What are we doing right?What hurts? What needs fixing? Holmes helps the company identify specific items that reveal the things that standing in the way of becoming a much bettercompany. "Even one process improvement meeting can give you six months of things to fix in your company," Holmes says. Case in point: Too Many Exceptions to the Rule?" In one company session one of the items that came up was a vague notion: "Too many exceptions to the rule." Holmes asked people for specific instances or situations wherethis occurs. In an hours time he facilitated creation of a list of specific examples to document what people meant. The list revealed 19 different situations where this company had never bothered to create procedures, policies or standards by which people operate. Turned out that very few people really had any concrete idea how things were done across the company. The shock and pain was deep and felt company wide. Holmes then asked the very same people how to fix it or make itbetter: "What can we do to make the pain go away?" They used a whiteboard to capture all the brainstormed ideas. Then they focused on culling the list of possible actions untilthey came up with two viable correction strategies for eachproblem. Using consensus, they went for the reasonablesolutions that could reduce the most pain first. The employees worked with management and implemented thecorrective actions until all the 19 problems were fixed withintwo weeks. Some of the solutions involved simple form letters.Some involved putting up a section on their website where manyof these questions were answered (the customer service peoplewould then send an email with the link). Some solutions required setting boundaries by which the customer service people could operate, even creating a tiered approach to what they could do. (Meaning, try this, if that doesn't work, do this, if that doesn't work do this, etc...) Virtually every area where they once had to go to a supervisorwas fixed, creating some standard operating procedure for people to refer to and follow that didn't involve the supervisor to the same extent. The results were astonishing. The entire company runs betternow. In two weeks, they solved problems the company had had fora decade. Many of the problems went all the way up to thepresident of the company. And when they solved all theseproblems, it lightened his load, and that of his direct reports, very significantly. One major benefit was that top management was free to work onmore important things. Case In Point: Lead Generation Holmes guides companies through process improvement on otherpressing business development needs, including lead generation. One initiative showed just how powerful a process improvementcan be. The first session initiated a discussion that resulted in ideasto drive lead generation. The employees also decided it wouldbe beneficial to tune up communication pieces. They decided to meet once a week for one hour to work on process improvement. Next meeting, they looked at how prospects and customersinteract with the company. They identified all possibleinterfaces and zeroed in on the first point of contact. Whenever a prospect touches the company via the web, email,phone call, personal interaction or whatever they took each area and asked the simple question, "What would make this more potent?" The employees worked their way through the complete salesprocess. The issues that resulted focused on: "How can they establish quick rapport?" "How can they build even more rapport?" "How much do they learn about the prospect?" "How do they create desire?" A couple of meetings later they decided to looked at how theyclose the sale. The employees identified and worked through the issues: "What could we offer to sweeten the deal?" "How many different ways could we cost justify?""How could we make it so it was painful NOT to buy?""Could we offer risk-reversal at the point of sale?" But they weren't done there-They were so enthused they wanted to look at what happens after the sale is made. So they developed more issues: "What is the follow up?""What else can we offer?""How can we get something going that creates an annuity?" Holmes said, "Over a five month period, every aspect of thesales process was examined and systematically improved. Theytotally re-invented the entire sales process." Before the process improvement sessions the company was getting one sale for every 100 internet leads After the sessions that changed to six sales out of 50 leads. One year after the process improvement effort the Internet had become their primary source of prospects and sales. Working On The Business We've all heard the saying: "work ON the business not just INthe business." Here's how you work ON it: You have to ask people three questions: Where's the pain? What needs to be fixed?What can we do to fix it? Process improvement can be a very profound and beneficialexperience for your company. "However, the most difficult task may for you to let your people speak freely and let them tell you what they think. You have to resist the desire to tell them what you think." Many companies have never asked their staff "what's broken?" Holmes warns however, "Top management has to be prepared to deal with difficult responses without retribution. Ask thesequestions and the employees will tell you. But you have to be willing to respond with care, sensitivity, and immunity. Employees will remain loyal and enthused only if the CEO andmanagement demonstrates respect, integrity, honesty, andforthrightness through the process." Externally, the company profits and earnings determine thecompany's net worth. Internally, it's an achievement when employees can say "Ibelieve in my company and they believe in me and that's why I'mproud to be an employee." It's pretty difficult for companies to manage processimprovement without professional help. Having a trainedimprovement specialist will help make sure that no one can gethurt by what they say and no one will be made to feel stupid orintimidated. The ideas matter, not who says them. Give people time to thinkand write some notes before they share their ideas. Captureideas but not who says them. That way you'll get way betterquality answers. "If you have a good staff, the only thing the CEO needs to bring to a meeting is his good judgment and the willingness to see things through the eyes of the employees." "When you do process improvement, for management it's KMS Time(Keep Mouth Shut). It may be difficult but you have to stoptalking and listen carefully. You have to let the data tell you what's happening. Your people will fill you with valuable information and ideas on how to fix problems you didn't even know existed, and lead you to unimagined profits, if only you let them." Chet Holmes is President of Jordan Productions, an international multimedia firm that helps companies accelerate growth. Chet Holmes doubled the sales of every company given to him as a line executive working for billionaire Charlie Munger. He has conducted training for more than 50 Fortune 500 and otherprestigious companies and is author of The Mega Marketing &Sales Training Program, Business Growth Masters Series andGuerrilla Marketing Meets Karate Master. For more information visit www.howtodoublesales.com
Latest News:Site: Yahoo! News Search Results for news Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. News Corp. says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) Mark Williams, a News Corp. executive named late on Wednesday as chief executive of German pay-TV broadcaster Premiere, has taken over in an interim capacity, a News Corp. spokeswoman said on Thursday. Site: news - Google News Phil Schiller bringing the news at Macworld - San Francisco Chronicle
MORE RESOURCES: Site: Yahoo! News Search Results for entrepreneurialism Lone Star Library: Green Mountain founder shares entrepreneurial insights (Fort Worth Business Press) Rural Southerner Sam Wyly came by his self-made captain-of-industry status the hard way, developing a passion for business strategy by playing schoolboy football and observing his parents? natural gift for small-business operations and hard-bargain bartering. S.C.'s brightest complete Business Week (Columbia Star) Approximately 200 high school students from across S.C. have successfully graduated from South Carolina Business Week, presented by the South Carolina Cable Television Association, July 13- 18, at Presbyterian College in Clinton. Wellington West opens Montreal branch (CNW Group via Yahoo! Finance) Wellington West Holdings Inc., a privately held, employee-owned financial services firm, today announced the expansion of its national network with the opening of a Wellington West Capital Inc. full-service retail investment branch in Montreal, Quebec. Ctek Selects Kyocera 300 Module for Z4100 Wireless Router (Centre Daily Times) Kyocera Wireless Corp. (KWC), a leading global manufacturer of wireless handsets, devices and embedded machine-to-machine (M2M) modules, and Ctek, a leading manufacturer of specialized communications solutions for industrial and commercial applications, today announced the selection of the Kyocera 300 Module for Ctek's cost-effective Z4100 Router. The Kyocera 300 Module enables reliable, ... Memphis confident of growth campaign (Memphis Commercial Appeal) One year after the launch of a $64 million economic development campaign, city officials are increasingly optimistic about the impact of MemphisED on the Bluff City. Summer break project: JTCC student lives, learns nonprofit leadership with Pheonix Project (The Petersburg Progress-Index) CHESTER ? Jamie Poniatowski, a Class of 2008 human services major, spent her summer break in Petersburg, participating in the Phoenix Project?s 2008 Nonprofit Leadership and Social Entrepreneurship Program, which transforms committed undergraduate and graduate students into effective social entrepreneurs with the knowledge, skills and connections to succeed in Virginia?s nonprofit sector. Ctek Selects Kyocera 300 Module for Z4100 Wireless Router (Business Wire via Yahoo! Finance) SAN DIEGO & RANCHO PALOS VERDES, Calif.----Kyocera Wireless Corp. , a leading global manufacturer of wireless handsets, devices and embedded machine-to-machine modules, and Ctek, a leading manufacturer of specialized communications solutions for industrial and commercial applications, today announced the selection of the Kyocera 300 Module for Ctek?s cost-effective Z4100 Router. $1 Million Opus Prize Finalists Announced (PR Newswire via Yahoo! Finance) Seattle University and the Opus Prize Foundation today announced three finalists for the $1 million 2008 Opus Prize, one of the world's largest humanitarian service awards. Guided by faith and an entrepreneurial spirit, Marguerite "Maggy" Barankitse, Krishnammal Jagannathan and Michael Woodard are working throughout the world to give people the tools to transform their lives. Scotiabank Online Small Business Contest Last Call (CNW Group via Yahoo! Finance) The chance for Canadian small business owners to win $50,000 in cash prizes is coming to a close. As part of Scotiabank's 'Get Growing to a Million' Campaign, the online challenge has offered small business owners across Canada a chance to win one grand prize of $20,000 and six regional prizes of $5,000. In cinemas this weekend (Guardian Unlimited) RocknRolla | The Duchess | Bangkok Dangerous | Disaster Movie | Sweete Land | El Cantante | Never Apologise | Mera Pind My Home Site: entrepreneurialism - Google News Ohio House Speaker Budish touts regionalism in his first address - WKYC-TV
|
|
|
|
RELATED ARTICLES
My Nemisis Living in the twilight zone has its advantages. In the early days of starting my business, I found the limitations of living in a rural area to be restrictive. Why Most CEOs & Entrepreneurs Fail? Times are tough. The economy is in a constant state ofupheaval. 10 Essential Tips for Starting Entrepreneurs - Ignore these at your Peril! 1. Do What You LOVE: If you've chosen your business because you read that this niche was the next hot one, or because your favorite uncle (or your best friend) thinks you'd be well-suited for this business, you may as well pack up now and save yourself some time and money. How To Find Hot Online Business Ideas Would you like to find the key that unlocks thedoor to a gold-mine of online response, sales and results for your business?It seems obvious that you would be able to see what the experts do differently when locating market opportunities, finding out what people want and quickly turning that into an online business generatingtruckloads of cash. The reality is YOU CAN'T!While the secret is massive in it's impact, it is so subtle - so subtle that you are sure to miss it if you don't know what to look for. Ex-Yankee Pitcher Pitches Barter As Powerful Business Tool Mission Viejo, CA - June 14, 2005 - Bob Meyer, a former major league pitcher in the 1960s who signed four-consecutive major league contracts with the New York Yankees, is now the most visible spokesman for the worldwide commercial barter industry.Meyer is the publisher of BarterNews, which he founded 25 years ago. Evaluating an Opportunity Business opportunities are often based on broad trends, such as:? demographic, such as the "graying" of America (creating opportunities in health services, for example);? sociological developments, like the "green" movement, with its emphasis on recycling and environmental sensitivity, and;? cultural changes caused by changing economic conditions and technological developments.Opportunities can also frequently be found in current and developing business trends such as:? the globalization of business,? the need for outsourcing created by downsizing, and? the burgeoning service economy. Two Types of Business Plan Executive Summaries Companies seeking capital often ask how long the Executive Summary of their business plan should be. The answer depends upon the use of the summary, mainly determining if 1) it precedes the full business plan, or 2) it will be used as a stand-alone document. Business Planning Overview The successful entrepreneur is generally more inclined, once a business idea is selected, to sharpen the concept by a detailed planning process. The result of this step is a comprehensive business plan, with its major components being the marketing "mix," the strategic plan, operational and logistical structures, and the financial proposal. Executive Suites - A Way To Save Cash Cash is one of the most important resources to a new business. One of the best ways to conserve cash for a startup business that is in need of office space is to rent an executive suite rather than to rent traditional office space. Creativity & Entrepreneurship - Key Questions From My Students Hello Creative Entrepreneurs!Thought for the day:"It is not easy being an entrepreneur, but it is always rewarding. It takes great discipline, self-motivation, hard work and perseverance to achieve your dream. Motivation and Commitment Why do people start small businesses? The most frequently cited motivation for business start-ups is to allow the entrepreneur to achieve independence; money is secondary. Is this surprising? The other reasons named most often are that an opportunity presented itself, a person took over the family business, or the person simply wanted to be an entrepreneur. When Your Business Feels Like an Arranged Marriage Q. I was laid off six months ago. Double Down on Marketing If you want to compete in the world of high growth startups, you better know how to play the marketing game. Marketing has become a big stakes game where companies are betting fortunes on the success of their products. For Business SUCCESS... Listen To The Voices of Experience Discover the pitfalls of owning your own business BEFORE.. Entrepreneurial Excerpt from a Speech to Small Business Having built a business from a bucket of water and sponge, which started over 25 years ago in a National Franchise chain in 23 states, I feel comfortable discussing entrepreneurship.While building my company in the beginning we learned the value of grass roots marketing, being involved in the community and giving a little back as we grow. Securing Second and Third-round Venture Capital Financing Widget sales are booming - the competition is scrambling, demand is up, and the books are finally treading water. Your core management team has big ideas for the future of Widget Inc. Coating Service Business Case Study There are many coating businesses in the market today, but have you ever asked yourself how one gets into this line of work? How they are formed or what prompts someone or some entrepreneur to go out and start a business to fill this niche? Well this is an interesting case study that shows how we became interested in this industry from a sub market of the coating business; Spray in Bed Liners. Our company is in the auto detailing business, www. Interview with Best-selling Entrepreneurial Authors Barbara Winters and Nick Williams Ray Bradbury's quote, "You've got to jump off cliffs all the time and build your wings on the way down" may sound extreme but, as anyone building a business knows, it has a lot of truth in it.As a newly self-employed journalist / writer and life coach, I found Barbara Winter's book, "Making a Living Without a Job" invaluable so when I got a chance to interview her and Nick Williams in London, I was delighted. The Entrepreneurs Prayer As I awaken with the gift of yet another day and prepare for thetasks at hand, I offer up this most ardent prayer:I pray for continued clarity of purpose so that I may hold myvision steady and keep my focus on the needs and success ofothers, which in turn shall bring me my success.I pray for the wisdom to expect abundance in my life, that itsurrounds me and is available for the taking and to be shamelessand unapologetic upon its receipt, for I deserve abundance. Time Management Tips for Solo Entrepreneurs Does it seem like everyone and everything is vying for yourattention all at once? It can be hard for solo entrepreneursto know what to do first, let alone try to find the time to get caught up. Here are some time management tips that will help youto stay on top of it all:1.
|
| Home | Site Map | Resource Links |
