Business leaders often rely on intuition when making critical decisions, but according to The Economist Intelligence Unit, executives dramatically increase their chances of success when they bring facts and data into the decision-making process.
“Although beliefs and instincts help executives make expedient decisions, they aren’t always good decisions,” says Dr. Chongqi Wu, assistant professor of management for the College of Business & Economics at California State University, East Bay. “Business leaders become better decision makers when they take advantage of the facts derived from data analysis.”
Smart Business spoke with Wu about the benefits of incorporating big data and analytics into the decision-making process.
Why is fact-based decision making superior?
Although intuitive decision making is simplistic and quick, a lack of underlying data makes it hard for executives to diagnose and correct problems when something goes wrong. Instead of compounding the problem by making another bad decision, executives can drill down into the data to determine the cause of misfires and use factual analysis to set a new course. Actually, studies show that cumulative improvement is hard to obtain when executives react to problems instead of using facts to make prudent business decisions. And since most of your competitors are probably using data, companies that base decisions on gut feel or instinct are at a competitive disadvantage.
What types of decisions or problems are best solved by big data?
In general, data-driven decision making works better at an operational or tactical level since there are relatively fewer risks involved. In fact, when aided by technology, data makes it easy to automate rudimentary tasks and decisions.
Conversely, strategic decisions still require intuition and judgment, but injecting data analysis and modeling into the process can significantly improve the odds of success. Don’t think of gut-based and fact-based decision making as competing concepts because they actually complement each other. For instance, cross-functional teams often use data to project outcomes and validate the return on proposed programs or new products. It also helps diverse teams build consensus by using facts instead of politics and personal preferences to reach conclusions. Strategic decision making still requires risk taking, and success may hinge on market timing, execution and luck. Data just makes executives better gamblers.
What’s the best way to incorporate data into the decision-making process?
First, executives need to lead the way in supporting cultural change by acknowledging the importance of data in the decision-making process. Next, use data modeling to project probable outcomes and evaluate ideas, since facts and knowledge generated from analyzing big data provide a common ground on which ideas can be debated. Finally, force your team to analyze data by asking questions during the evaluation process so they learn how to marry facts and instincts.
Do executives need copious amounts of data to conduct modeling and analysis?
It’s hard to estimate, but simply put, gather as much relevant data as possible. However, there’s no reason to wait; start small and start immediately because there’s no need to invest in expensive systems or software. Purchase information from third parties, tap free sources to validate ideas, use economical cloud services and software as a service programs to analyze information, and begin collecting in-house data. Finally, run an experiment or test to see how much data you actually need to project the return on a small marketing project or idea.
How can executives gain the confidence to make data-backed decisions?
Even though great decisions don’t always produce great outcomes, you’ll gain confidence by realizing that great decision gives you the best chance to succeed. For example, it’s a great decision to have Kobe Bryant take the final shot when the Lakers are behind because, with a career field goal percentage of 45.4 percent, he gives the team the best chance to win. But data also shows he’ll miss about 55 percent of the time. Luck and timing still play a key role in determining success.
Dr. Chongqi Wu is assistant professor of management, College of Business & Economics, at California State University, East Bay. Reach him at (510) 885-3568 or firstname.lastname@example.org.
Event: See a calendar of upcoming seminars hosted by the Department of Economics.
Insights Executive Education is brought to you by California State University, East Bay
Every entrepreneur dreams of the day his or her fledgling startup becomes a going concern, but you could end up losing everything — including your house and your car — unless you take steps to separate and protect your personal assets.
“Owners should have limited liability for business debts and obligations,” says François G. Laugier, partner and director for Ropers Majeski Kohn & Bentley PC. “Incorporating sooner rather than later offers considerable protection with virtually no downside.”
Smart Business spoke with Laugier about the benefits of incorporating at the right time.
When is the right time to incorporate?
Owners expose themselves to liability for their company’s actions and debts the minute their venture becomes operational or starts hiring employees. So, it’s time to incorporate when your startup begins interacting with third parties or logs its first sale. Whether you manufacture food products or develop software, you could lose everything unless you form a legal business structure to safeguard your personal assets.
What are the advantages of incorporation?
Incorporating not only keeps creditors from attacking your own assets and employees from suing you personally, but it also increases a company’s credibility and raises the valuation you can expect to receive from a prospective acquirer. A corporation is always perceived as a safe and familiar recipient where a business can accumulate intellectual property and other assets such as patents, trademarks and copyrights to subsequently transfer them to a new owner or heir. And consumers, vendors and partners often prefer doing business with an incorporated company. Incorporated businesses can also offer stock options to employees and contractors, thereby attracting the best technical talent and, in turn, the most influential investors. And, history shows that buyers are willing to pay more for a business that is incorporated, has a well-maintained corporate book, complete with up-to-date annual records and government filings, and that has received guidance from reputable and competent lawyers, accountants and advisers.
What are the different legal vehicles available for incorporation?
Entrepreneurs of for-profit ventures usually consider a limited liability company (LLC) or a corporation when selecting a legal entity. For budding companies, a LLC is often the preferred choice because its shareholders, called members, only pay taxes on profit distributions at the member’s personal income tax level, while profits are otherwise taxed at both the corporate and personal level when generated through the activities of a corporation. For the IRS, a LLC is known as a ‘disregarded entity,’ as its profits and losses essentially pass-through to the owners. But if you soon plan to raise venture capital or offer employees stock options, a corporation is the better vehicle. Get advice from your lawyers and accountants, but remember the conversion of a LLC into a corporation is a relatively simple legal process. Conversely, there will be a host of negative tax consequences if you convert a corporation into a LLC.
How can business owners limit their personal liability by incorporating?
If your budget is so tight that you can’t hire a lawyer, it’s tempting to incorporate on the Internet, but the lack of a formal business structure and legal guidance can leave you just as exposed as if you had not incorporated. To limit liability, you must ensure your company is sufficiently capitalized, has complied with securities regulations when issuing shares and soliciting investment, and you haven’t commingled personal and company funds. You must also record the proper documents on the federal, state and local levels and maintain a good record of all accounting transactions, meeting minutes and periodic filings so savvy creditors can’t attack your assets by piercing the corporate veil.
When shouldn’t a business incorporate?
It may not make sense for an independent consultant or a very small business to go through the incorporation process. Their limited exposure may not require the protection and cost of a corporate entity. But for everyone else, there’s no reason to link your personal assets to the company’s fate.
François G. Laugier is a partner and director at Ropers Majeski Kohn & Bentley PC. Reach him at (650) 780-1691 or email@example.com.
Insights Legal Affairs is brought to you by Ropers Majeski Kohn & Bentley PC
It’s a good time to refinance a commercial real estate loan or purchase a property.
“The market has become more competitive. The big retraction of lender funds in 2008 and 2009 that resulted from increased reserve requirements and unfavorable market conditions has flipped. More banks, insurance companies and other financing sources are back in the mix and looking to lend as the economy continues to improve,” says Kimberly Rysyk, a senior vice president in the Real Estate Lending Division at Bridge Bank.
Smart Business spoke with Rysyk about the state of the lending market and opportunities that are available.
How is the current commercial real estate lending market?
It’s favorable for borrowers, as lending sources increase and interest rates remain low. Many banks have re-entered the market as their financial positions have increased along with the economy. The increase in sources has created competition, resulting in a decrease in spreads. This has translated into a drop in rates. The bottom line is that there are more lenders looking for the same deals.
What about lending for new projects?
Finding lending sources for new projects remains difficult but improved through the latter half of 2012. Cash equity of 25 to 35 percent is standard and projects with higher risk may approach 50 percent. Certain housing markets warrant new construction as demand for new housing and rents increase. Lenders are interested in those builders and developers who have been able to sustain themselves through the recession and have cash to invest. There is financing out there for speculative construction as well, provided the cash equity is sufficient and the buyer is financially strong.
For owner-occupied businesses it can make sense to find property that’s not necessarily in a top location, but in a place where they can have a brand new building suited to their specific needs that works based on debt coverage, cost of the project and cost of the land.
Is it a good time to invest in such properties?
Historically low interest rates and real estate prices still depressed from the Great Recession have created some opportunity. There has also been a slow but steady improvement in the labor market and a leveling of vacancies and rents, which are positive signs for the economy. This is a good time to invest in commercial properties if you know your market.
In San Francisco, for example, payroll tax incentives for businesses that relocate are making some areas attractive that previously were considered B-rated. This has led to big companies, such as Twitter, Zynga and Salesforce.com, to relocate to areas that were not considered desirable but are now looking up. Other companies or investors can take advantage of the depressed values here, refurbish or rebuild, and greatly affect the end value of the project. There are lenders out there who can recognize the end value and will lend on the resultant cash flow, rather than the current depressed value.
What should you consider when choosing a bank?
Strength and longevity are key. Has the bank been in the commercial real estate business through the downturn? Were they able to navigate changes in the market? An experienced banker will look at your past and future projections, uncover the pros and cons, and help you determine the best solution for your needs, whether it be building new, renovating an existing building or refinancing your current debt.
What concerns do you have for the future?
A significant swing in interest rates is concerning. Properties that were refinanced at extremely low rates may have difficulty finding refinancing sources at maturity. This concern would be heightened if the facility were not amortized or if property values do not rise sufficiently. The European financial crisis, for example, has had an effect on companies that do business on a global scale. This type of uncertainty affects the stock market, which has a strong bearing on the continued strength of the economy. Finally, federal regulators are considering increasing the reserve requirement for real estate loans. A significant increase could chase many lenders out of the market once again.
Kimberly Rysyk is senior vice president, Real Estate Lending Division, at Bridge Bank. Reach her at (408) 556-8392 or firstname.lastname@example.org.
Insights Banking & Finance is brought to you by Bridge Bank
A typical family business could have four generations working to manage and grow the business. “The Traditionalist” 82-year-old founder is cautious, shrewd, still comes to work every day and holds the controlling stock vote. This person has no immediate plans for retiring and feels relevant by providing “practical” advice. “The Boomer” 57-year-old son serving as president has spent his career in his father’s shadow and is responsible for day-to-day operations, but doesn’t have true authority. The “Generation X” 30- to 44-year-old grandchildren are uncertain who will be the third generation successor, but have high financial expectations. The children of the Baby Boomers and Generation X, “Gen Y” or “Millennials” are the keys to moving the business into the future and want to be engaged in meaningful activities, but are the most disconnected from the company’s creation and development.
Generational diversity can contribute to misunderstanding, miscommunication, conflict and loss of productivity. So, how can you get all four working together?
“It is important to bring the generations together to discuss important family business issues with someone who has spent time with each of the individuals involved,” says Ricci M. Victorio, CSP, CPCC, managing partner at the Mosaic Family Business Center.
Smart Business spoke with Victorio about building trust and resolving business issues among different generations.
How can family members address issues to ultimately strengthen the company?
A facilitator/coach often teaches family members how to talk about difficult subjects without blowing up or running away and also how to listen to each other. Feelings that have been bottling up for years can come pouring or shouting out.
The older generation could feel disrespected and uncomfortable, as they weren’t raised to talk about feelings. The younger generation sees nothing wrong with baring their moment-to-moment lives on social media. The retiring generation could feel those who grew up with an entitled lifestyle don’t appreciate the sacrifices and hard work it took to build the business, while the incoming members could resent their inability to fully contribute, or feel unacknowledged for their work.
An outside coach can break problems down into small topics, including unwrapping family and business issues, slowly working toward sensitive areas. It takes time to build trust and learn where everyone is coming from.
What should be in place for new generations entering the business?
Have an agreed upon plan to clarify how family members come into the business, whether as a shareholder or as an executive. As an example, the plan would define what that next generation needs to achieve, both in education and work experience, before they come in as a manager. This document needs to be continually updated as operations become more complicated.
Decide whether all family members deserve stock. Consider having a stock qualification policy where perhaps you have to work in the business in some capacity for a defined period of time.
Another consideration is preventing family members from failing into the business. If the next generation isn’t meeting certain standards, which are higher than those for other employees, there can be conflict. So, set up definitions of control for both entering and exiting family members. Define the point at which authority passes to the next generation, and ensure the retiring generation has personal financial security by redeeming their stock over a period of time.
Do non-family businesses have these issues?
Every organization encounters generational issues, whether in the public or private sector. However, without family ties people tend to be more outspoken and straightforward. Younger workers don’t do well in the non-collaborative environment of cubicles and want to work smarter to have more free time. Baby Boomers prefer to hold employees accountable not only for what they do, but the hours they put in.
As with family businesses, both groups need to decide how to communicate and what they expect of each other. And once the agreements are in place, play by those rules. ?
Ricci M. Victorio, CSP, CPCC, is managing partner at Mosaic Family Business Center. Reach her at (415) 788-1952 or email@example.com.
Insights Wealth Management & Finance is brought to you by Mosaic Financial Partners Inc.
In 2012, Chief Executive rated Texas as the No. 1 state for business, while California was the worst. Both states have held their titles for eight years in a row. In the survey, based on 650 CEO responses, Texas earned high marks in business-friendly tax, regulatory environment and workforce quality.
Ryan K. Robinson, president and co-owner of Signal Metal Industries Inc., couldn’t imagine his manufacturing business anywhere else. A second-generation company in the area for 40 years, Signal specializes in building heavy equipment and machinery designed to specification.
“Texas is surely one of the most business-friendly states in the union,” Robinson says. “I think within Texas, the city of Irving is somewhat unique in that 70 percent of Irving’s tax base comes from businesses. So the city of Irving and the Greater Irving-Las Colinas Chamber understand that business is the driver of this community.”
Smart Business spoke with Robinson about why Irving is the best location for them, and how to create a good working relationship with municipal organizations.
Why is Irving, Texas, a good location for your business and others?
First and foremost, Irving is centrally located. My company builds large, heavy products that ship coast-to-coast and out of the deep-water port of Houston. Another factor is our plant is located within 10 minutes of the Dallas/Fort Worth International Airport.
Also, the workforce in Irving is great. North Irving is a bit glitzier and where Las Colinas is located. This, along with our new Orange Line light rail service, gives Irving sophistication, while South Irving residents are the blue collar, hard-working folks. Therefore, a manufacturing company has a tremendous pool of qualified workers to draw from.
Finally, the city and Greater Irving-Las Colinas Chamber of Commerce have a lot to offer. In Irving, there are headquarters of Fortune 500 companies, medium-sized companies like Signal Metal and a whole host of the mom-and-pop types. The city and chamber realize the value in all of them and tailor programs for the big guys, the medium guys and the small guys.
What makes a good relationship between a manufacturing company like yours and the city or chamber of commerce?
I became a member of the Greater Irving-Las Colinas Chamber three years ago, but my relationship is somewhat unique — as with all of us in Irving — because the chamber is the economic development wing of the city of Irving. Most cities have their own economic development department, but the city of Irving does not. As a member who sits on the chamber’s board, it gives me the ability to directly network with city managers and the mayor of Irving.
Why is this relationship important?
Once you have a relationship with the city, you understand how the city works. A lot of Irving chamber members are retail companies that sell locally, but I don’t have a single customer in Irving. However, you always have to deal with the bureaucracy of the city when you grow — as Signal has in the past five years — and buy property, construct buildings or expand existing facilities.
Since I’ve been involved in the chamber, it’s easier because I know who does what and I have a chance to visit with them. I think that gives me an advantage when getting through the red tape in a timely fashion.
Signal hasn’t grown because of its membership with the chamber, but the relationship with the chamber has facilitated that growth because the chamber has helped make sure everything is in line, whether it be with the fire department, building permits or code enforcement.
Do you have any advice about creating a smooth working relationship with city officials or a chamber of commerce?
My advice is to join and get involved. Your local chamber will welcome you with open arms to serve on a committee or to just take advantage of all the mixers and networking opportunities you get as a member.
Once you get involved in the chamber, you learn more about how the city operates because city officials sit on the board. You’re right there in the middle of it. Getting involved gets you plugged in, and then you can take it from there.
Ryan K. Robinson is president and co-owner at Signal Metal Industries Inc. Reach him at (972) 438-1022 or firstname.lastname@example.org.
Insights Economic Development is brought to you by the Greater Irving-Las Colinas Chamber of Commerce
International expansion is a great way to grow as the U.S. economy slowly recovers, and the population and per capita gross domestic product of countries such as India and China continue to rise. But finding funding for exports can be difficult, unless you leverage a government-backed program.
“Why turn away sales when you can get working capital assistance through government programs to penetrate red hot foreign markets?” says Alfred Ho, vice president and enhanced credit specialist at California Bank & Trust.
Smart Business spoke with Ho about the benefits of leveraging guaranteed export financing.
What is the working capital guarantee program?
U.S. manufacturers were struggling to compete overseas, as foreign sales and receivables are generally excluded from traditional lending programs. So, to spur exports and domestic hiring, the federal government offers guaranteed financing programs administered by the Small Business Administration (SBA) and the Export-Import Bank of the United States (Ex-Im Bank).
The loan proceeds under these programs can be used to purchase supplies and equipment, hire staff or, in the case of the SBA’s Export Express program, even attend an overseas trade show. And because the terms are flexible, owners can use the loan proceeds to fulfill a large contract or several small deals.
How do the programs help small businesses?
The programs encourage banks to lend to small businesses by guaranteeing 90 percent of the loan amount and allow loan officers to consider foreign receivables and work-in-progress during the underwriting process.
Plus, if a standby letter of credit is required to support a bid bond, advance payment guarantee or performance bond, the collateral requirement to have one issued is only 25 percent, instead of the 100 percent in traditional cases. This provides an edge for a U.S. company in its quest for overseas contracts.
How much can companies borrow and what does it cost?
The SBA export working capital program permits loans below $5 million. It charges an upfront fee of 0.25 percent of the loan amount and an annual utilization fee of 0.55 percent, which is assessed monthly.
There’s no limit to how much you can borrow from Ex-Im Bank, and its upfront fees range from 1 to 1.5 percent of the loan amount. The loan interest rate is based on the prime lending rate plus a spread. Interest rates for larger loans are based on the London Interbank Offered Rate,
which is currently hovering around a 52-week low.
What are the eligibility requirements?
Requirements differ among the programs but they all require a firm purchase order prior to advance and, minimally, shipment from a U.S. port to a country acceptable to Ex-Im Bank. Goods and services shipped must have at least 51 percent U.S. contents. Certain products are excluded from the programs. A company must also have a positive net worth and be profitable for the last three years to qualify.
For other qualifications and restrictions, talk to your lender or visit the SBA or Ex-Im Bank websites.
How can business owners find a participating lender?
Your local SBA or Ex-Im representative can provide referrals, but you can look for a Delegated Authority Lender who has the ability to expedite your loan.
Your banker can walk you through the lending process and share helpful ideas. The banker should be able to suggest ways to lower the risk of international commerce.
The important thing is: Don’t venture into the international marketplace alone. Find a competent banker to serve as your guide.
Alfred Ho is vice president, enhanced credit specialist at California Bank & Trust. Reach him at (213) 593-2118 or email@example.com.
Insights Banking & Finance is brought to you by California Bank & Trust
When I meet with business-to-business and professional service clients to discuss their marketing strategies, one comment that consistently arises is “No one buys professional services through the Web.”
While that may be true — you don’t typically buy an accountant online as you would a product through e-commerce — how your brand is perceived most definitely will impact a prospect’s buying decision.
Decisions to work with professional service firms don’t happen overnight. They take time. And because of this, any B2B organization must ensure it is “seen” in the strongest possible light before the sale actually occurs.
In fact, it’s just as important to not lose prospective customers because your organization is perceived as weak or subpar as it is to convert a prospect into a client.
The simple truth is that you never know at any given time who is researching your brand and through what channel. Having a consistent brand message, whether they’re looking to engage you now or somewhere down the road, helps you to not lose them before they need your solutions.
To accomplish this, you must get your brand messaging across in a consistent manner across multiple channels.
So how do you that?
First, a solid marketing strategy must include a website that clearly articulates the brand message and value proposition of your services — and it has to be on the home page.
It also should include supporting content that allows a prospective customer to quickly understand who you are, what you do and why you’re different.
For example, let’s say you’re an accounting firm. Being able to articulate why you are the best at providing risk management solutions for clients can help you differentiate yourself in the marketplace.
Providing and highlighting content that explains your service, along with case studies and client examples that include measurable results, is a smart move. It allows prospects and site visitors to get a feel of what it would be like to work with you.
Additionally, your website should offer prospective clients an easy way to contact you — either through a phone number or a simple contact form that includes a name, email address, phone number and short explanation of the prospect’s business problem.
Beyond your website, other channels to consider include social media, which includes LinkedIn, Facebook, YouTube and Twitter. In these social media channels, you need more than just simple company pages. Instead, you should offer visitors relevant and current content that consistently supports the brand message and your organization’s value proposition, along with company information and executive profiles. And it’s extremely important to continually be “active.”
Using the same accounting firm as an example, it could utilize consistent content around recent changes to government policies, updates on recent business wins or sharing a solution that helped one of its clients overcome a business challenge across all social media channels.
And when that information isn’t timely, something as simple as new hire announcements or employee promotions will show visitors and followers that there is activity within your brand — and your organization. It makes you “active,” which makes you more attractive to prospects.
Other channels to think about include mobile or tablet experiences, print marketing and event sponsorship. Every channel you can imagine should be used to express your organization’s brand message because there are always people watching.
So while your clients may not choose or buy their professional services online, they will evaluate your brand even prior to consideration. And while it’s impossible to measure what clients you may lose by not having this strategy in place, it is clear that a solid marketing strategy of this type can save you from losing consideration — even when you don’t know you’re being considered.
David Fazekas is vice president of digital marketing for Smart Business Network. Reach him at firstname.lastname@example.org or (440) 250-7056.
According to The Business Dictionary, attitude is: “A predisposition or a tendency to respond positively or negatively towards a certain idea, object, person, or situation. Attitude influences an individual's choice of action, and responses to challenges, incentives, and rewards (together called stimuli).”
The words that jump out as important in this definition are:
- Positively or negatively
In light of this, we can say that when we respond to things with a positive attitude, that response influences positive action in us and others. We can also say that the opposite is true.
We could end this article right now by simply saying – As a leader, manager or executive in business; do the former and not the latter. But if you are like me, I bet that you could use some “how to” examples and tips.
Here they are, six tips for having a positive attitude in business:
1. Keep an open mind. Always be open to the possibility that a life change you have refused to consider might be the key to transforming your life for the better.
This type of attitude impresses your colleagues. Why? Because most of them have been faced with the same challenge and chose to not change. Their attitude towards the change has been clouded with self-doubt and lack of courage.
When you are willing to keep an open mind, you are responding positively to the challenge of a life change that has the possibility of a great reward.
Be different than those around you. Be open.
2. Be proactive, not reactive. A reactive individual is at the mercy of change. A proactive individual sees change as a part of the process and takes action to make the best of it.
Having a proactive attitude requires work. You must be able to think ahead and anticipate. It involves being involved.
In business (and life) you cannot simply sit back and let things just happen as they will. In truth, you could, but that attitude is a negative response that influences negative action, namely, reaction.
Do a little mental work beforehand. Get in the game and be proactive.
3. Go with the flow. Present an easy, casual and friendly attitude that shows your flexibility, yet at the same time portrays your persistence in the face of obstacles and adversity.
This is not the negative “sit back and let things happen” attitude described above. Persistence in the face of obstacles and adversity is what sets it apart.
Having an attitude that is easy and casual, without stepping outside the bounds of proper etiquette and being friendly, is some of the best advice I can give to leaders in business.
Be persistent while going with the flow.
4. Think big. If you think small, you will achieve something small. If you think big, then you are more likely to achieve a goal that is beyond your wildest dreams.
When we allow ourselves to have an attitude that pushes boundaries and explores possibilities, we draw in people who have the same attitude. In other words, by thinking big we find big thinkers.
Want to have a team full of big thinkers? Want to have meetings where ideas are shared and positive plans are made? Want to grow leaders out of your team and promote them to new heights in their career? It all starts with your big-thinking, boundary-pushing, dream-inspiring attitude.
Go ahead – think big.
5. Be persuasive, not manipulative. Use your persuasive talents to persuade others of your worth. Don’t use it to convince someone that others are worth less than you.
Have you ever had a manipulative boss? Have you ever had a persuasive boss?
6. Enter action with boldness. When you do something, do it boldly and with confidence so that you make your mark. Wimping out is more likely to leave you stuck in the same old pattern and immune to positive change.
In the end it’s all about getting things done – with a positive attitude. As leaders, we need to be able to move and work with a certain sense of boldness. A boldness that inspires us and those around us to reach for new horizons in all we do.
It’s obvious, action is better than no action – but bold action that leaves a mark is what we should be doing in our life and business.
Do something and do it with a bold attitude.
Attitude really is everything in business. It is the force that empowers us to respond positively to the challenges we face on a daily basis. It allows us to enjoy what we do as we do it. It builds us and our teams.
DeLores Pressley, motivational speaker and personal power expert, is one of the most respected and sought-after experts on success, motivation, confidence and personal power. She is an international keynote speaker, author, life coach and the founder of the Born Successful Institute and DeLores Pressley Worldwide. She helps individuals utilize personal power, increase confidence and live a life of significance. Her story has been touted in The Washington Post, Black Enterprise, First for Women, Essence, New York Daily News, Ebony and Marie Claire. She is a frequent media guest and has been interviewed on every major network – ABC, NBC, CBS and FOX – including America’s top rated shows OPRAH and Entertainment Tonight.
She is the author of “Oh Yes You Can,” “Clean Out the Closet of Your Life” and “Believe in the Power of You.” To book her as a speaker or coach, contact her office at 330.649.9809 or via email email@example.com or visit her website at www.delorespressley.com.
Should hard-nosed, thick-skinned, ice-water-running-through-their-veins executives who live and die by facts and profit and loss statements believe in things they can’t totally understand and certainly can’t explain?
We have all been there. At various times, for virtually inexplicable reasons, an undertaking that has been struggling suddenly takes a 180-degree turn and begins an upward trajectory. There was no indication from the numbers, substantively nothing extraordinary was changed, but all of a sudden, it’s as if the sun, moon and stars all aligned and you are heading toward Fat City.
Of course, we’ve all experienced the converse, when everything seems to be jelling and all of a sudden out of the blue your project takes a nosedive, plummeting to earth faster than the fastest falling star — or the stock market crash of 2008.
Even though you fancy yourself as tough as nails, you must hope against hope, experiment with unusual fixes, devise out-of-the-box solutions — do just about anything, including making promises to a higher power, along the lines of, “Let me get through this, and I’ll never ______ again.” (You fill in the blank as it is best kept between you and the great power in which you believe.)
Don’t get me wrong I don’t really believe in the good fairy or the ability to make everything better with the wave of wand, but I do very much believe what the famous New York Yankees manager Yogi Berra once said, “It ain’t over till it’s over.”
There is “magic” when some inexplicable ingredient kicks in that enables the best leaders to continuously generate “what if I try this” scenarios and then, out of nowhere, one of those ideas turns sure defeat into a salvageable success. Is this skill and intelligence at play? To a certain extent, yes, but there is more to it than that. The only thing I believe about unadulterated pure luck is the explanation from that overused phrase, “The harder one works, the luckier he or she gets.” The real answer more likely is a combination of knowing how to run a business: using your head, your heart and your gut to tackle a dilemma, recognizing that on any given day one of these faculties will get you through a difficult issue. On a great day when all three kick in, it’s almost as if it were magic, and you start hearing sounds that become music to your ears as the needed solution suddenly emerges.
In reality, the “magic” is having faith in the people with whom you work, maintaining a strong belief that for most of the seemingly insurmountable questions there are answers, trusting that good things do happen to good people, and knowing that every once in a while the good guys do win. This doesn’t mean becoming a naive Pollyanna. Instead, it all gets down to not throwing in the towel until you have exhausted all possibilities and logically and systematically explored all the alternatives, some of which may be very nontraditional.
This approach is also a direct reflection of positive thinking and mindfulness, which is the practice of purposely focusing your attention on the present moment and ignoring all other distractions. In essence, some psychological studies have shown that when one is committed to success and has the discipline not to let the mind travel down a negative path, the brain can focus on producing unique solutions. Using positive psychology techniques can result in intense absorption that can lead to coming up with unlikely fixes. Some shrinks call this increasing mental flow. I call it a little bit of magic.
My simpler explanation for this phenomenon, which I’ve written about many times, is that success is achieved when you combine preparation, persistence with a bit of perspiration, along with a few ingredients that can’t always be explained, including having a little faith.
My advice is don’t always worry about your image of being a buttoned-up, corporate type. Instead, when the going gets particularly tough, it’s OK to become a Dorothy, as in the “Wizard of Oz,” click your heels twice and quickly repeat to yourself, “I believe, I believe.”
Michael Feuer co-founded OfficeMax in 1988, starting with one store and $20,000 of his own money. During a 16-year span, Feuer, as CEO, grew the company to almost 1,000 stores worldwide with annual sales of approximately $5 billion before selling this retail giant for almost $1.5 billion in December 2003. In 2010, Feuer launched another retail concept, Max-Wellness, a first of its kind chain featuring more than 7,000 products for head-to-toe care. Feuer serves on a number of corporate and philanthropic boards and is a frequent speaker on business, marketing and building entrepreneurial enterprises. Reach him with comments at firstname.lastname@example.org.
A unique new book with an unorthodox, yet proven approach to achieving extraordinary success.
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Also available wherever books and eBooks are sold, and from Smart Business Magazine and www.SBNOnline.com. Contact Dustin S. Klein of Smart Business at (800) 988-4726 for bulk order special pricing.
Effective content strategies empower you to get the right message to the right people through the right channel at the right timeWritten by Dustin S. Klein
Everybody’s telling you that you need a content strategy, but what exactly is content strategy?
An effective content strategy coordinates all of your organization’s messaging — internally and externally — and gets the right message to the right people through the right channel at the right time.
When it works, people are motivated to interact more with your company. You attract new prospects. And you increase opportunities to secure new clients and expand existing business relationships.
Your content may consist of feature stories, press releases, videos, Web content, blog posts, books, whitepapers and even case studies. Essentially, it is everything and anything that discusses your business, professional expertise and ability to solve clients’ problems. It includes news about your organization and human-interest stories that feature your employees.
You can deliver your content through traditional media (newspapers, magazines, radio or television), a corporate website, YouTube channel, Facebook page, e-book, TV show, movie or social media. It is quite literally every single way you digest information online, offline and on the go.
Any content strategy starts with understanding your audience. Learn who that audience is, what different groups are in it and what messaging resonates most with each group.
Every audience comprises two unique segments — those who support you, such as vendors, investors or employees, and those who use your services, including clients and engaged prospects.
It’s also important to take a hard look at this list and ask, “Who is missing from this picture?” By doing so, you may identify new prospect streams to target that you previously had overlooked.
Next, identify your key messages. What is it that you want people to know about your organization and why?
Start at the most macro level so that your brand message becomes part of the content — the part everyone receives. Then get into the specifics. As you do this, you create a series of customized messages for each specific group in your audience.
Third, recognize that not everyone digests information the same way. Learn the best channel or channels to use for each group. Some like to read it — in print or online. Others prefer to watch or listen to it — live in-person or through a mobile video. And still others prefer their information delivered in 140 characters or less.
What works for your website visitors doesn’t necessarily resonate face-to-face with people at a trade show or conference. And print ad messaging may not be aimed at the same people who devour industry whitepapers or read thought leadership articles in trade publications.
The actual format of the content won’t matter as long as it provides the “why” people should care about your organization, frequent your establishment, buy your products or services, or use your solutions. If you accurately match message with audience and channel, you’ll do just fine.
Effective content strategy can quickly become a powerful tool in moving your business forward. Treat it as you would any highly critical strategic business initiative.
Dustin S. Klein is publisher and vice president of operations of SBN Interactive, publishers of Smart Business magazine. Reach him at email@example.com or (440) 250-7026.