St. Louis (751)

As an organization grows, changes are inevitable.

New employees are added, promotions are made and job responsibilities shift.

But any time you have change, you have the potential for conflict. Few people are comfortable with change, and each person will react differently in making the adjustments necessary to move forward with the company.

The most important thing a CEO can do is to be active in confronting potential conflict. Conflict goes hand-in-hand with change. Employees begin to question management, co-workers and even themselves as they are forced outside of their comfort zones. Those questions can lead to misunderstandings that can lead to conflict, and that will ultimately slow your growth.

Don’t passively avoid potential conflict. Instead, actively engage members of your organization by providing the necessary forums both for you to communicate your strategy and vision and for them to communicate their concerns back to you. An active conversation will help drive your vision for the company through the organization and will also help foster your next generation of leaders as they take a more active role.

Only when employees are challenged to think — and to challenge you — will you maximize your organization’s potential. Do you want employees who don’t speak up when they recognize what may be a fatal flaw in your grand strategy? Or would you rather have employees who are actively thinking about the big-picture goals of the company and doing their part to contribute?

Regardless of what size company you run, it comes down to a simple choice.

It’s a choice between having employees acting like robots or acting like people. If you choose robots, you will have to have all the answers. If you choose people, you only have to have some of the answers because the employees will help you find the rest.

Engaging employees in conversations, meetings and decision-making helps them take ownership and helps you create a happier work force. If they are not allowed to speak, gossip and rumors will drag down your productivity.

Actively provide two-way communication. Let employees do the talking and hear what they have to say. The results may surprise you. Those closest to the customer often know best what needs to be done to improve sales, service or efficiency.

Too many CEOs lament the lack of good people to help take them to the next level. Maybe the problem is more CEOs need to create good people rather than driving them off with a work environment that’s better suited to a good robot.

Thursday, 06 June 2013 11:36

EC=MC: The new law of marketing

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Every Company is a Media Company. It’s a phrase coined some eight years ago by tech journalist Tom Foremski to describe the impact of technology on marketing.

From the Internet to Wi-Fi to smartphones, a tectonic shift has taken place with technology forever changing the landscape of marketing, just as radio and television did before.

Only this time, it’s different. This time, the power has shifted from the hands of a few hundred powerful media outlets to the hands of billions of consumers.

At the same time, companies like yours have been handed powerful tools and an unparalleled opportunity to engage with customers like never before. It’s not just in the obvious new places like mobile websites, apps and the media. Technology has made it easier and cheaper to communicate through video, live events and, yes, even print publications.

Like it or not, you are a media company.

So what’s a media mogul like you to do? You need to do one thing: create content. And you need to do it well. You need to create content that generates interest among your target customer base and engages them with your organization.

It might sound easy, but it’s not. Most business leaders know that effective communication is one of the biggest challenges any company faces. When that communication is what sets you apart in the minds of your customers and prospects, the stakes are all the higher.

Here are a few important points to keep in mind as you set about embracing your new role as a media company.

Be where your audience is

Content comes in many forms. Most of us 40- or 50-something business executives are more comfortable reading printed material. Flipping through your brochure, newsletter or even your own custom magazine is comfortable for us. So hand us something.

But younger VPs and 20-somethings — many of whom do the heavy lifting of researching company buying decisions — are more comfortable gaining intel online. They scour videos on YouTube, mine infographics on visual.ly and peruse PowerPoints on SlideShare. So take the time to figure out which of these is the right channel to reach your target customer.

Share knowledge, not platitudes

Yeah, we get it. Your people are smarter, their customer service is better and their breath smells fresher longer. But that’s not why we might be interested in your business.

What we want to know is how you’re going to solve our problems and make our lives easier. We don’t want you to tell us you are smarter; we want you to show us you are smarter.

Thought leadership articles, white papers and blog posts showcase your knowledge of industries, issues and tactics. They differentiate you from your competitors and position you as a subject matter expert in your market.

Talk about customers more than yourself

The best communicators are great storytellers. Stories resonate. They connect us. They are, simply, what we remember.

Sharing client success stories is one of the best ways to tell your own story. The tried-and-true case study is one of the most effective forms of content in a marketer’s arsenal. If you show us how you can make our businesses faster, better, stronger, we will do business with you. It’s that simple.

And if you have particularly well known and respected clients, you get the added benefit of basking in their reflected glory. Welcome to the media business. Now go tell your story.

Michael Marzec is chief strategy officer of Smart Business Network and SBN Interactive. Reach him at mmarzec@sbnonline.com or (440) 250-7078.

Thursday, 06 June 2013 11:22

Dare to dream big

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When Ted Turner launched CNN, there were plenty of people who said a 24-hour news network would never fly.

But Turner saw a problem: He enjoyed watching the news, but his busy schedule typically had him missing the standard news broadcast time. That’s when he got the idea: What if the news was on all the time? He couldn’t be the only one who was unable to fit a regular broadcast into his schedule, so he knew the demand was there.

The next step was to dream big. What if the news was on all the time, not just locally, not just regionally, but nationally and even internationally? The result was the first 24-hour cable news network. It took a lot of effort to get CNN to where it is today, but Turner’s dream was realized. His big dream yielded a big result.

People need to dream big. If you never take the time to dream big, great things probably aren’t going to happen for you.

We have the power to visualize our future. A professional athlete visualizes hitting the game-winning shot so that when the time comes, he or she expects to succeed. As CEOs, we must also visualize ourselves and our organizations achieving great things. We must see where we want to be and then convince those around us to help us get there. When you can articulate the vision in a way that makes it as clear to them as it is to you, your goals will be easier to accomplish.

Here are four steps to achieving great things:

 

 

  • Have you dreamt big enough? If you aren’t visualizing your business achieving all its goals and growing the way you want it to, it might be holding you back.

 

 

  • Take time to reflect on the dream. Let it simmer as you consider the obstacles that will have to be overcome to achieve your dream.

 

 

  • When you are comfortable that you have thought it through, share the dream with people you trust. They can point out challenges you may have overlooked or offer encouragement to keep you moving.

 

 

  • Get started. Big dreams don’t happen without hard work. Lay out the steps that will get you from where you are today to where you want to be and start working toward your goal. You won’t get there overnight, so focus on taking small steps toward your vision each day. Sell others on your dream so they can help you get there.

 

 

Don’t be satisfied with small achievements. Visualize your potential and the potential of your organization. With hard work, you can turn it into a reality. Dare to dream big.

Fred Koury is president and CEO of Smart Business Network Inc. Reach him with your comments at (800)988-4726 or fkoury@sbnonline.com.

Wednesday, 05 June 2013 16:39

How not to paint yourself into a corner

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This column is not a how-to painting guide for business executives — I’ll leave that to the experts at Sherwin-Williams. Instead, I offer a few suggestions on preserving ideas for future exploration and innovation. Let me explain further.

Hindering creativity typically rears its inhibiting, ugly head when you make definitive statements, either verbally to others or in the confines of your own mind, and too quickly dismiss new ideas as being too farfetched. We’ve all been there. How many times have you said, “Not on my watch,” or, “I’m drawing a line in the sand on that matter,” and sometimes adding for emphasis, “That will happen only over my dead body”?

Eating your words, even years later, can likely cause severe indigestion and can sometimes result in choking that could bring on a premature demise of that next big thing. Littering the bottom of the corporate sea are concepts with promising potential that executives, with the flick of the wrist, pooh-poohed. Most times, that was simply because there wasn’t enough time to deal with the unknown or because of myopia and the lack of an inclination to push the envelope. It doesn’t take much talent to say no, but it takes leadership and creativity to take a germ of an idea to the next level. And it takes true vision to shepherd a new anything through the difficult trial-and-error gauntlet.

Close-minded responses to the unproven are not just limited to management. Politicians particularly have a unique knack of painting themselves into a corner with unlikely promulgations that frequently come back to haunt them in November after the opposite occurs. Backpedaling is probably the method most politicians use to get their exercise.

In a 1966 Time Magazine print edition feature story, this then-prestigious publication asserted, “Remote shopping, while feasible, will flop because women like to handle the merchandise and, with so much time on their hands, want to get out of the house.” Someone might want to email Time and ask the publisher how to spell Amazon.

There are alternatives to summarily stymieing thoughts, dreams or unproven methods. Certainly, there is a time and place for everything, and frequently, you or your team may not have adequate resources, at a particular moment, to pursue every idea that comes down the pike. Instead of saying no, a more fitting response is to say or think, “Let’s put that idea on a back burner so that we can for the moment focus on more conventional solutions, at least, for the shorter term.” This leaves the door open for continued research and refinement of an idea that could ultimately evolve into something meaningful.

Here is where the bucket from my headline comes in to preserve an incomparable yet promising notion that, at the moment, might be superfluous to the task at hand but, at the right time and place, proves to be a killer idea. I use the word bucket as a euphemism for a holding place or repository for things that I may want to explore when the time is right. Certainly, one cannot investigate every idea ever pondered, but at least by retaining all such ideas in one place, they are always there for future consideration when either more is learned about the subject matter or when comments begin surfacing in the media or elsewhere touching on that similar idea you’ve kept tucked away.

Your very own bucket can also become a temporary refuge merely to take your mind off other, more thorny problems or a simple respite from the day-to-day grind when you’re looking for a new inspiration. Alternatively, at the end of the year, remove the mothballs from your bucket and review what you’ve deposited. A fresh look just might ignite a former idea, which then takes on a new life of its own.

Anyone who has ever painted a room already knows not to wind up in a corner, lest they may never get out. Worse yet, more open-minded competitors could use that bucket to throw cold water on an idea that you had earlier but never capitalized on it while they did.

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.

"The Benevolent Dictator," a book by Feuer that chronicles his step-by-step strategy to build business and create wealth, published by John Wiley & Sons, is now available online at: www.thebenevolentdictator.biz. Reach him with comments at mfeuer@max-wellness.com.

In order to succeed in business you need to have inner confidence - that state of feeling certain about and trusting in yourself. You can have confidence in your goals, your team, your system and your family, but if you lack self-confidence, you are missing the main ingredient for success.

Lack of confidence makes it harder to:

 

 

  • Make sound decisions

 

 

  • Lead others

 

 

  • Perform tasks and duties correctly

 

 

  • Get a raise or promotion

 

 

Today I will provide you with 5 confidence tools that you should use on a daily basis in your business and professional life.

Let's get started!

Confidence Tool #1 - Focus

As I mentioned last month in 5 Tips for Improving Your Focus as a Busy Professional - over the years in my coaching and speaking, I have found focus to be of the utmost importance for success in the workplace. Too many professionals try to "fly by the seat of their pants" and lack any ability to direct their attention.

To use the tool of focus effectively, you must first determine the things that need your concentration and focus. Take the time to assess and evaluate them. What should come first, second and so on.

Once you have things evaluated and set out, laser-target your focus and do not allow yourself to be swayed away from the task at hand.

Knowing what needs your attention and intently focusing on those needs helps free the mind of distractions that lead to second-guessing and lack of confidence. This builds motivation that in turn leads to building a positive energy that helps you remain calm and focused during times of stress.

Focus prepares the mind for action.

Confidence Tool #2 - Mentorship

Anthony Robbins and others have talked a lot in recent years about modeling the success of successful people. The idea is to find someone who is successful in your area of work or expertise and do what they do - modeling their successful behaviors.

While I agree that this is helpful, I have always felt that simple modeling comes up short. When I model, I am left to my own devices. I am forced to determine just what it is that has made the person successful. In essence, I have to guess.

Mentorship overcomes this shortfall. Mentoring involves working directly with someone who can help you find your strengths and weaknesses in business. Mentoring takes the guesswork out of the process.

Find someone in your area who is a leader - someone who has achieved a level of success and ask him or her to mentor you. Work with their schedule to find times where you can meet and discuss your needs and desires related to your business.

I have found that many leaders enjoy the ability to mentor others.

Can you see how this tool can help with your inner confidence? It is powerful!

Confidence Tool # 3 - Attitude

You can become the smartest, well-trained and mentored individual with the absolute worst attitude and that attitude will lead to your demise.

Zig Ziglar said it this way:

"Attitude, not aptitude, determines altitude."

How high you fly in the world of business is determined not by how much you know, but by the power of your positive attitude.

Ziglar was a trainer and teacher for dozens of years; he was not speaking against you learning new things and being mentored by the best. It's a matter of perspective.

Truly confident people - not those who think confidence is made up of simple arrogance, are those who have a great attitude toward business, work and life. These are the ones that co-workers want to follow.

Attitude moves your action forward.

Confidence Tool #4 - Exercise

In her article: Get Ahead at Work: 5 Ways to Increase Your Confidence In Business, Kelly Lynn Adams talks about the role exercise plays in developing confidence in business.

She states:

"Exercise has been shown to improve both mental health (by releasing mood-improving endorphins) and physical wellbeing (by reducing the likelihood of illnesses) while also improving the way you feel about yourself. So, whether you prefer to dance, go to the gym, run outside, bike, take a yoga class or box, get moving. It may just pay off, literally!"

I could not have said it better!

Exercise provides strength for action.

Confidence Tool # 5 - Action

I have been hinting all along in this article that there is one very important tool that must be used in order develop the confidence needed to achieve true success in business.

That tool is action.

We must get up, get moving and get out there on a daily basis. Actual hands-on doing is a powerful provider of self-confidence. Action defines the muscle of confidence. Consistent, daily action makes that muscle strong.

When focus, mentorship, attitude, and exercise bolster action, inner confidence no longer becomes a struggle we face.

Use these tools and develop the confidence you need to achieve your wildest dreams in business.

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 is the author of “Oh Yes You Can,” “Clean Out the Closet of Your Life” and “Believe in the Power of You.” Contact her via email at info@delorespressley.com or visit her website at www.delorespressley.com.

Since January 2006, when Jim Weddle first took over the managing partner position at Edward Jones, he has kept a keen focus on growing the investment firm to new heights. In 2007 he and his team laid out a five-year plan that they updated in 2010, but that was a mere steppingstone to the vision the firm rolled out last year.

In January 2012, Weddle unleashed what Edward Jones is calling its Vision for 2020. Focusing on growing the firm in three key areas — financial advisers, assets under care and households deeply served — Weddle’s vision won’t just have Edward Jones reaching new heights, it might just be soaring.

“Today, in a lot of markets, we are not the top-of-mind choice,” Weddle says. “We don’t have the presence that we need. It’s going to take us several years to get there, but we think we’ve got the way to do so.”

Edward Jones is a leader in the financial services industry that serves nearly 7 million clients with the help of 12,500 financial advisers and more than 34,000 total employees. The firm reported 2012 revenue of $4.96 billion, a mere fraction of what is planned for the years ahead.

“There is a huge demographic opportunity, and we need to better position ourselves,” Weddle says. “We’ve put a lot of tools in place. We’ve put additional products and services in place to enhance the client’s experience and to enable us and position us to do an even better job for them.”

Here is how Weddle formulated Edward Jones’ long-term vision and is beginning to make it a reality.

 

Create your strategy

In January 2012, Weddle made a big deal of explaining the long-term vision to the team at Edward Jones, not just what the vision was but why it was needed.

“Laying out a long-term vision provides the opportunity and the potential to get everybody aligned,” Weddle says.

The early success Edward Jones has seen with its plan is due to a thorough self-analysis the company performed when it first decided to create this vision.

“When we worked on our five-year plan we did so with the guidance and assistance of two gentlemen, one being Jim Collins who wrote, ‘From Good to Great,’” Weddle says. “One of the things that he suggests is that you ask yourself three questions.

“The first one is, ‘What do you do better than anybody else?’ The second is, ‘What are you most passionate about?, And third is, ‘What’s your economic driver?’”

Weddle says that Edward Jones’ business model makes the firm the better than anybody else in the investment process.

The firm is most passionate about helping its current and potential individual investors live a better life.

And lastly, its economic driver is its financial advisers.

“It’s not easy to get your arms around the answers to those questions,” Weddle says. “We had a lot of answers before we got it right.”

The second adviser that Edward Jones used in its planning process is Michael Porter, a world renowned expert on strategy, who preaches that strategy is all about a sustainable difference.

“It’s about doing things differently or doing different things than your competition and making trade-offs,” Weddle says. “It’s about making decisions as to what you’re going to offer and what you’re not. Who you’re going to serve and who you’re not. How you run your business comes down to the choices that you make.”

Those two things, the three questions and the tradeoffs, are the core of Edward Jones’ long-term plan.

“If you haven’t gone through the process of thinking those things through, good luck,” he says. “I don’t think you understand who you are or what business you’re in, which means it’s going to be very hard to optimize your results. That’s the value of the planning process for us. Yes, it does bring alignment, but it also brings focus.”

 

Identify your objectives

In order to better serve existing clients as well as to land many more clients by the year 2020, Weddle needed to set reachable goals for the staff.

“We have identified three peaks, three objectives related to that vision,” Weddle says. “First is growth of financial advisers, the number and our presence in the marketplace.”

Edward Jones currently has more than 7 million client accounts and 4 million households. However, the firm has identified about 40 million U.S. and Canada households that look like Edward Jones’ best clients.

“There’s no way that we can possibly serve even a fraction of that number of folks without increasing our presence in the market,” he says. “You might think, ‘Holy cow, how can you possibly to do that?’ Well, by growing 5-6 percent a year gets you there.”

Edward Jones has grown by more than that rate in the past, and Weddle believes the firm can reach this goal with the help of a new talent acquisition organization that was put in place, revamped FA compensation and significantly updated training and support programs.

“We anticipate supporting a good number of new folks that will be joining us each year,” Weddle says. “We’ve got amazingly strong pipelines right now. We think we’ll grow this year by 700 financial advisers in the U.S. and 80 in Canada and that will be a good start on that 2020 vision.”

The second objective of the 2020 vision is the firm’s assets under care. When the vision was first laid out, the firm had about $600 billion. In 2012 it had about $660 billion-$670 billion.

“By the end of 2020 we’d like to see those assets under care be $1 trillion,” he says. “You get there by growing 10 percent a year. We added about $34 billion of net new assets last year, which exceeded our objective of $30 billion.”

The third objective for the firm surrounds its deeply served households. Of those 4 million households Edward Jones currently serves, it identified 1 million households that the firm has a current deep relationship with. The firm wants to increase this number.

“We want to drive our deeply served households from the 1 million we had a year ago when we rolled out our vision to 4 million deeply served households in 2020. That’s a 15 percent compound annual increase and we’re ahead of where we need to be on that. I know 15 percent sounds high when we’re growing our FA’s by 5 percent and our assets by 10 percent.

“The reason we have set it at that level is because so many of our existing households can be moved to what we have defined as deeply served. It’s not just new households, but it’s going deeper with the folks that we already have a relationship with.”

 

Drive your plan forward

Now that Edward Jones had gone through the self-analysis and identified its objectives, the next step was to begin to roll out the vision and communicate how the business’ various departments and segments are going to have to contribute to meet those goals.

“One of the outcomes of the roll out of the long-term vision was to then say to every division of the firm, ‘We need you to look at the work you do and bring a critical eye to it and identify those things that need to be increased or put in place that will help us to achieve the 2020 vision. We also need you to identify the legacy work that we’re real comfortable with and we do really well, but maybe doesn’t add the value that it used to,’” Weddle says.

“You outgrow some things. You can’t just add on and add on and add on. You’ve got to also abandon things that no longer deliver value to your chosen client.

Every division of the company has got to come up with its business plan for reaching goals of the vision.

“We challenge each other, but it also allows me, if I’m in operations, to understand what the service side is doing,” he says. “It creates alignment and synergies and often times opportunities for working in a highly coordinated way that eliminates some cost and enhances productivity all driven by the vision.”

The No. 1 key to making a strategy implementation successful is having the right people driving results.

“Your results will be no better than the quality of the individuals who make up your organization,” he says. “You have to be brutally honest. At times you will outgrow some individuals.”

Sharing the business plans, challenging each other and making sure that everyone is working on the same priorities and holding people accountable is crucial to success.

“One area is dependent upon progress being made in another,” Weddle says. “We just need to make sure that we’re doing an absolutely terrific job for each one of those individual investors that we help to reach their financial goals. If we can stay focused on that we’re going to have a lot of success.” 


Takeaways:

  • Answer important questions about your business and its future.
  • Develop objectives to reach in a long-term plan.
  • Implement your plan with the right people and measures.

 

The Weddle File

Name: Jim Weddle

Title: Managing partner

Company: Edward Jones

Born: Elgin, Ill. He grew up in Naperville, Ill.

Education: Attended DePauw University and received a double major in psychology and business. He also got a MBA with a major in finance from Washington University in St. Louis.

What was your very first job, and what did you learn from it? I had a summer job in 7th grade where I worked Monday through Friday from 8 a.m. until noon for a gentleman who was a retired banker. He had a large property and I drove a tractor, cut the grass, pulled the weeds, painted the house and the barn and worked every day doing that. I learned that you make your own luck if you aspire to do or to have, there’s a way that you can go about making that a reality.

What is the best business advice someone has given you? I had interned here at Edward Jones, and I went out to Indiana where I established a new office and built it up. I had a mentor who was a very senior individual in our firm at the time named Jack. I remember confiding in Jack and he said, ‘What is your concern?’ And I said, ‘Jack, my concern is I’m 23 years old, and I look even younger. I’m afraid people won’t take me seriously.’ He said, ‘People will treat you the way that you act. If you act like a professional, they will treat you like a professional. If you act like you’re 23, they will treat you like you’re 23.’ He also said, ‘Prepare for every day, but do it the day before.’

Who is someone that you’ve admired? One was an accounting professor who had a huge impact on me. For his class he said, ‘You need to show up to class prepared or I suggest you don’t show up at all.’ He was teaching us how to be ready for the rest of our lives.

The second guy was a business adviser named Peter Drucker. We worked with Peter for 20 years. He helped us to understand very clearly who our customer was, what our value is, and the purpose of our work.

HOW TO REACH: Edward Jones, (314) 515-2000 or www.edwardjones.com

Friday, 31 May 2013 20:00

Moving beyond, "What's in it for me?"

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"Successful people are always looking for opportunities to help others. Unsuccessful people are always asking, ‘What's in it for me?’”  — Brian Tracy

If you listen to HR directors or marketers, they will tell you that the starting point — or at least a key — to influencing your stakeholders is to address the question, “What’s in it for me?” Often referred to in corporate speak as WIIFM, this is a legitimate question.

We all have an interest in ensuring that we have our needs met. Every interaction or relationship has a degree of self-interest that doesn’t qualify as selfishness. To ignore that is to guarantee our failure as leaders. But it’s not enough.

As leaders we need to recognize that people yearn for benefits for others as well. It is in our nature to be relational. In his book, “To Sell is Human: The Surprising Truth about Moving Others,” Daniel Pink suggests three qualities and three abilities that can enhance our influence in ways that are consistent with human nature and recognize that desire to make a positive difference in the world.

He first posits the following three qualitiesas the new ABCs of selling.

Attunement is described as the “capacity to take someone else’s perspective and calibrate your words and actions to another’s point of view.” It’s the challenge of communicating and delivering services and messages so others can understand them and receive them.

Buoyancy is defined as the “capacity to stay afloat on what one salesman calls ‘an ocean of rejection.’” What person hasn’t seen the value of persistence in the face of continual opposition?

Clarity is described by Pink as the “capacity to make sense of murky situations … and to move from problem-solving to problem-finding.”

Whether you’re selling a service, a product or serving on a school board, being able to see the factors contributing to the problem at hand is essential to helping others and moving them to effective solutions.

It is on the abilities side where an inappropriate focus on WIIFM falls short. The third ability that Pink points to is Service (the other two are Pitch and Improvise). He calls this “the final secret to moving others.”

Service is the foundation from which the other principles flow: If your sales force or you as a leader are not perceived as helpful, all the improvising, pitching, clarity, buoyancy and attunement won’t help you build a sustainable business. However, when people can see that you truly want to help them, these other principles can help you.

Pink breaks this ability down into two parts: make it personal and make it purposeful. One aspect of the value of making it personal is in recognizing those you’re seeking to influence as people.

Making it purposeful is seen in Pink’s examples of “emotionally intelligent signage,” such as a sign in a church lawn that says, “Children play here. Pick up after your dog,” rather than just “Pick up after your dog.”

Adding “Children play here” reminds people that it’s more than a rule. It moves from being a regulatory requirement to a reasonable request.

Finally, Pink proposes a philosophy of “servant selling.” Applying a “servant selling” framework to your need to influence your employees could lead to questions like,

“Will my employees’ lives be better if they do what I’m asking? When we accomplish our shared goals, will the world be a better place than when we began?”

So for organizational leaders, our three tips are as follows:

Make it personal. Move beyond solving a puzzle to serving a person.

Make it purposeful. How will this decision or business deal make the world a better place?

Make it possible. When leading employees make sure you give them the resources to get the job done.

Following these three principals will increase the probability that fewer people will ask, “What’s in it for me?”

 

Andy Kanefield is the founder of Dialect Inc. and co-author of “Uncommon Sense: One CEO’s Tale of Getting in Sync.” Dialect helps organizations improve alignment and translation of organizational identity. To explore how to align your efforts to move others to your organizational identity, reach Kanefield at (314) 863-4400 or andy@dialect.com.

Recovering from a flood or fire is hard for a business. But dealing with problems caused by a lack of business continuity plans or inadequate insurance can make it worse.

“The better you can plan for how to deal with an incident, the better off you’ll be,” says Lawrence J. Newell, CISA, CBRM, QSA, CBRM, manager of Risk Advisory Services at Brown Smith Wallace. “I say ‘incident’ because it could be something not always thought about in typical disaster terms, such as a breach of credit card information.”

Smart Business spoke with Newell and William M. Goddard, CPCU, a principal in the firm’s Insurance Advisory Services, about developing business recovery plans and the insurance options available to reduce risk.

What goes into a business continuity/recovery plan?

One component is a business impact analysis, placing a value on what the business needs to operate. Layered underneath are the business processes, which include the business continuity plan and its identifying process flows. For example, length of shutdown is part of the business continuity plan, which contains timelines.

Then there is the disaster recovery plan, which covers anything the business depends on that is IT related. Information has more value than just the data because of the intelligence built around it. So you need to identify where that data is processed, stored or transmitted.

There is also a communication plan, making sure an incident is communicated upward, downward and outward — upward to the executive management team, downward to the enterprise and outward to customers and business affiliates. Part of the communication plan is identifying the impact, whether it’s a simple outage or a more widespread incident such as a tornado, flood or hurricane.

What options are available to manage risk?

In the example of a credit card breach, there are risk reduction processes such as applying security standards developed by the credit card industry. There’s also cyber risk insurance, which insures costs to locate the problem, including hiring experts to do that, notification of cardholders, and business interruption loss.

What do businesses need to know about disaster coverage in insurance policies?

Generally, what we think of as disasters — earthquakes, hurricanes — are covered under property insurance. But business insurance policies also contain sublimits. For instance, you can have $100 million insurance coverage, but the sublimit might be $25 million for a flood. Policies carry different sublimits, and a company planning to use insurance to cover these disasters needs to be aware of them.

What is co-insurance, and how does that impact claim payments?

After a loss, the insurance company will judge the value of a building, say it’s $1 million. A co-insurance clause is typically 90 percent, meaning that the building should be insured to 90 percent of its value — so you’ve bought $900,000 insurance coverage on a $1 million building. If it burned to the ground, you would be paid $900,000. But if you only bought $800,000 insurance coverage and were supposed to buy $900,000, all recovery is based on having 88.8 percent of the coverage you should have. If a small warehouse fire causes $100,000 in damages, you wouldn’t be paid $100,000, but $88,800. This concept of co-insurance is frequently in policies and can be punitive for loss recovery.

How can insurance costs be reduced?

Insurance companies will inspect your property and following their recommendations can make you a better risk, reducing premiums. It’s also important to figure out exactly what coverage you need — it’s best to get an independent adviser. There have been many court cases involving inadequate insurance; they’re expensive to bring and hard to win. It’s better to get it right when you buy the policy, so you should have someone other than the person who’s selling you the insurance answer your questions and conduct an analysis of your needs.

William M. Goddard, CPCU, is a principal, Insurance Advisory Services, at Brown Smith Wallace. Reach him at (314) 983-1253 or bgoddard@bswllc.com.

Lawrence J. Newell, CISA, CISM, QSA, CBRM, manager, Risk Advisory Services, at Brown Smith Wallace. Reach him at (314) 983-1218 or lnewell@bswllc.com.

We can help you prepare for disasters and get better insurance coverage. Learn more.

 

Insights Accounting is brought to you by Brown Smith Wallace

The historical benefits of self-funded health insurance — lower costs, more flexibility and control — are even more appealing when added to the ability to avoid many Patient Protection and Affordable Care Act (PPACA) rules and expected premium increases.

As a result, there’s growing interest in self-funding. A March study by Munich Health North America of 326 executives from health plans, HMOs and insurance brokerages, found 82 percent of respondents saw more interest in self-funding, with nearly one-third seeing significant interest. The survey also found nearly 70 percent of insurance organizations plan to increase self-funding offerings during the next year.

“The PPACA has shed a light on self-funding because it created several new reasons why self-funding or partial self-funding is attractive,” says Mark Haegele, director, sales and account management, at HealthLink.

Smart Business spoke with Haegele about the reasons why self-funded health insurance is getting so much employer interest.

What historical self-funding benefits remain relevant today?

Historically, self-funded employers avoid the risk charge — typically 2 to 4 percent of the total premium — that all insurers build into premiums. Self-funded plans also avoid costs from insurer profit; premium taxes, usually 1 to 3 percent, depending on the state; and the insurance company’s fixed operating costs. A fully insured plan can include fixed operating costs that are 40 to 50 percent higher than a partially self-funded plan with a third party administrator.

Plan flexibility and control is the other overarching benefit of self-funding or partially self-funding. You don’t need to follow state coverage mandates for areas like autism, bariatric surgery and infertility treatments. Employers can customize plans based on member population needs.

Smaller, self-funded employers also receive detailed member data, resulting in the ability to make informed decisions. With the help of consultants and brokers, they can manage their population as much or as little as they want.

Why is health data more critical now?

The health care system is moving from a fee-for-service to a performance-based model, so transparency and information are more critical. If you expect members to make good purchasing choices, then employers and their members must know what services cost. This transparency is one of the staples of a self-funded plan. Employers know what services members partake in, the plan risk factors, what care those with chronic illnesses receive, etc.

What is drawing employers to self-funding because of the PPACA?

A number of pieces from the PPACA aren’t required under self-funding, including the:

•  $8 billion insurer tax, currently calculated to be passed onto employers as a 4- to 6-percentage point increase in premiums.

•  Medical loss ratio requirements, which force profitable insurance companies to reduce administrative expenses and ultimately lower service levels.

•  Community rating rules that group small employers by geography, age, family composition and tobacco use. Thus, healthy, younger insurance groups will pay more — estimated to be 60 to 140 percent — while older, less healthy member groups pay less.

•  Minimum essential benefits, where insurance companies are required to limit annual deductibles.

How are PPACA-driven premium increases already factoring in?

Although the PPACA’s community rating rules, insurance tax and minimum essential benefits don’t begin until Jan. 1, 2014, the repercussions have started. Some carriers are including extra 2013 premium increases. For example, rather than a 4 percent premium increase now, insurers might try to get employers to accept a 20 percent increase this year. In addition, despite state pushback, many insurance companies are considering offering an early renewal — changing the plan effective date from Jan. 1, 2014 to Dec. 1, 2013, for instance — to let employers temporarily avoid increases. However, those with a self-funded plan never have to worry about these costs.

Mark Haegele is director of sales and account management at HealthLink. Reach him at (314) 753-2100 or mark.haegele@healthlink.com.

Video: Watch our videos, “Saving Money Through Self-Funding Parts 1 & 2.”

Insights Health Care is brought to you by HealthLink

 

When you go to the dictionary to look for the definition of focus, you will see such lofty things as:

the point where the geometrical lines or their prolongations conforming to the rays diverging from or converging toward another point intersect and give rise to an image after reflection by a mirror or refraction by a lens or optical system.”

or:

a point at which rays (as of light, heat, or sound) converge or from which they diverge or appear to diverge.”

Luckily, for those of us that are not physicists, I did find one definition that makes sense when trying to understand the meaning of focus:

“a point of concentration or directed attention.”

What do you concentrate on the most with your business? Where do you direct your attention? These are the questions of focus. Over the years in my coaching and speaking, I have found them to be of utmost importance to the success of those in the workplace.

Let's look at 5 tips for improving your focus as a busy professional.

1. Stop doing what you are doing.

If you struggle with focus on a daily basis and you continue to think and act in the same manner – you need to stop and stop right now.

The quote that is often attributed to Albert Einstein speaks to us here: “Insanity is doing the same thing over and over again and expecting different results.”

Stop. Breathe. Assess. Evaluate.

This leads us to our second tip.

2. Determine what needs your concentration and attention.

In the workplace, too many people “fly by the seat of their pants” when it comes to what needs to get done. In most instances, it is pure laziness that sustains this way of doing things. It takes work to stay focused and be successful.

As I said above, you will need to assess and evaluate in order to determine what needs your directed attention. Hopefully you have goals in place for yourself and your team. Let those goals be the defining line for your focus.

This leads us to our third tip for improving your focus as a busy professional.

3. Clear all unnecessary distractions.

Once you have determined the areas and actions that need your concentration, it is time to laser target your focus. In order to do this, you must clear away anything that would disrupt, distract or lessen your laser focus.

Things like:

 

 

  • Cell phones

 

 

  • Television

 

 

  • Email

 

 

  • Social Media

 

 

  • Instant Messaging

 

 

  • Coworkers

 

 

  • Tasks that could be delegated

 

 

Make a list of all the things that you must stop doing in order to stay focused. This is the opposite of the normal to-do list.  It will make clear what needs to be cut out from your daily routine.

Some distractions are going to be hard to give up because they have imbedded themselves as habits – and habits take time to change. Development of laser-targeted focus does not happen overnight, but it must be practiced daily in order to achieve its mastery.

4. Work in 60- to 90-minute blocks of time and provide yourself a reward.

Do not expect too much from your focus. Saying that you are going “to work until it's done is an overload for most of us. It is also too vague and not goal-oriented.

Set aside a specific amount of time for a designated task. Studies have shown that we do well when we block off 60- or 90- minute time frames. This allows you to see the light at the end of the tunnel and know that a break is coming.

As we work, our alertness drops off, increasing the lure of distractions. Set a timer and take a break at the end of each cycle.

How about a reward? We all like rewards in one form or another – even if we are the one giving the reward. Say to yourself, “After this 90 minute session of work I am going to take a 10 minute break and walk around the building.”

Other possible rewards are:

 

 

  • A snack (be careful not to overindulge and get sleepy)

 

 

  • Text messaging

 

 

  • Fresh air

 

 

  • iTunes

 

 

5. Learn to say no.

I mentioned delegated tasks earlier. Many busy professionals struggle with delegation. We tend to hold the old attitude of“if you want something done right, do it yourself.”This might be true in the here and now, but in the long run it will lead to lack of focus and, ultimately, exhaustion.

Learning to delegate is a form of learning to say no. “No, not me, not now.” When we learn to say no, we are truly saying yes to our focus.

There are many other tips that one can use to stay focused. These are the five that I have found to be the most useful. Take the time today to try one, two or all of them. Your goals deserve your focus.  Your team deserves your focus. You deserve it as well.

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 is the author of “Oh Yes You Can,” “Clean Out the Closet of Your Life” and “Believe in the Power of You.” Contact her via email at info@delorespressley.com or visit her website at www.delorespressley.com.