Archive for the ‘Business Success’ Category

A Road Map to Learn ANYTHING

Thursday, September 11th, 2008

Last night my wife DRAGGED me to parent’s night at Kentucky Country Day School, where my youngest daughter is a sophomore. Don’t get me wrong, I take a great interest in my children’s education, but generally I don’t get a whole lot of “meat” from parent’s night. However, last night I was very happy I went.
 

Why? Well, my daughter’s French teacher handed out a document that she gave to the class at the beginning of the year titled, “What you must know about acquiring a language”. I was very impressed with this document because it applies to learning ANYTHING. I thought it was such a great road map, that I’m going to modify it a bit and use it with my company but I wanted to share it with all of you right away. As you read it… and read the whole thing, it is short… you’ll find the principals are a great road map to learning ANYTHING.
 

Here it is verbatim:
 

What you must know about acquiring a language
 

1.       There is no such thing as a person who isn’t good at learning languages.
2.       The trick to acquiring French is ridiculously simple:
a.        You must hear a lot of French and you must completely, entirely, totally 100% understand what is being said.
b.       If you are doing it right, it feels effortless. It feels involuntary.
3.       You must be relaxed and not feel pressured to speak or perform as an individual in front of the class.
4.       Turn off the part of your brain that wants to turn this into work… wants to memorize… wants to study… wants to analyze… wants to cram information into the short term memory instead of long-term memory.
 

TO DO THAT YOU MUST:
 

·         Have fun. Commit to making everything that happens here an absolute blast.
·         Listen. Be aware of when our attention wanders and contribute something to the story or the class conversation.
·         Tell me every single time you don’t understand by signaling me.
·         Tell me if I am talking too fast. If you think it’s a little fast, someone else does also. Consider it a community service.
·         Make sure that you support everyone else here in being able to effortlessly and involuntarily acquire French.
·         LAUGH. According to brain research, you remember more when you laugh. Collectively, you are much funnier than me, so I really need your help.
·         READ. According to the research, the best way to improve your vocabulary, spelling and grammar is to READ.

OK, time to go learn something!

The Paradox of Change

Wednesday, August 13th, 2008

                I’m sure you’ve heard the saying, “The only constant is change!” It sure is true. Yet, paradoxically, most of us resist change with almost every fiber of our being. No wonder there are so many worried, discontented people in the world. They’re always watching out for and fighting change!
                What brought this to mind was a photo I saw on the Internet and an object I have laying on my desk. The photo on the computer is a picture of one of the Phoenix Landers feet on the surface of Mars. The object I have on my desk is a piece of rigging I have from a tall ship. This piece of rigging came off the tall ship in the late 1700’s. The difference between these two items is truly mind boggling. One is wood and metal and its only form of propulsion was the wind. The other is a part of inter planetary space travel! Think about it, mankind has gone from its only long distance form of transportation being wind driven wooden ships to interplanetary vehicles in less than 200 years… remember the Mars Viking Landers in the 1970’s? That is a lot of change in a short period of time!
                Since most people are resistant to change, it is amazing we as a species have come so far. So, how did we come so far in the last two hundred years? Well, the answer is simple, a very small number of odd balls; outcasts, who were ridiculed for their ideas. Odd balls like the Montgolfier brothers with their hot air balloon in 1783, Fulton with his steam engine in 1803,  the Wright Brothers in 1903 and other odd balls, outcasts who were ridiculed for their ideas. For example, Fulton’s steam engine was called by the majority of the press as “Fulton’s Folly”. Yet his steam engine changed the world of travel.
                Fortunately for all of us, there are odd balls in the world that are willing to embrace change and actively look to change the status quo.
                Growing up, I never wandered more than 100 miles from Philadelphia. I left for college from the same house that my parents brought me to after I was born. I went to college only 83 miles from Philadelphia. I thought I would spend the rest of my life in the comfortable little radius from the New Jersey shore to the Pocono Mountains. But an event in my life led me to make the CHOICE to embrace change and actively pursue change.
That event is a topic for another positing but suffice it to say that I became a change junkie. I’ve always had my eye on where I want to go, so I didn’t change just for the sake of change itself, but changed to gain the skills and experience to get to where I wanted to go. The amount of change my wife and I were willing to accept, I have to admit, maybe a bit over the top. We’ve moved 13 times, including various different countries. I’ve worked for four different companies before embarking out on my own.
One of my weaknesses that I have to be careful to temper is that I can become impatient with those who seem unwilling to change. In order to help effect change, it is best to communicate, communicate, and communicate some more.
I received an email yesterday from a very bright young guy who is president of a company that is embarking on a lot of change. I’m not sure who said or wrote the quote, but it is a good one:
                “Change is hard because people overestimate the value of what they have—and underestimate the value of what they may gain by giving that up.”
 

Why Wait?

Monday, June 2nd, 2008

I saw the new Indiana Jones movie this weekend and there was a great line that really struck a chord with me: “So much of human life is wasted in waiting.”
            The reference was not about having to wait in line or wait in traffic but about how too often we are wasting our valuable days waiting for the right time, the right situation, or other such excuses. That’s right, excuses.
If you are waiting before acting take a good hard honest look at your reasons for waiting. Are those reasons just excuses because of fear, laziness or whatever illegitimate reason is holding you back from taking action now?
Don’t wait for life, it doesn’t wait for anyone. Take action today, any action no matter how small, on those things you’ve been waiting for, because the wait is over and it is in your hands to accomplish!
By the way, the wait was over a long time ago. Our goals, dreams, ambitions, whatever they may be, are always in our hands and dependent upon us to do something about them or just let them wither away into the oblivion of what could have been.

Rules of Engagement

Monday, April 28th, 2008

When I was with Dietrich Metal Framing, Ed Ponko the former president came up with the following rules of engagement. They are a great guide to creating a winning culture in any enterprise.

 

They are:

1)      Follow the Golden Rule (Do unto others as you would have them do unto you)

2)      Always look to improve quality in product and service. Add value to our customers’ business
3)      Always do your best each day… and then do a bit more. Push yourself
4)      Be beyond reproach with your deeds and actions
5)      Take responsibility. Have a sense of urgency. Get things done… show results
6)      Always set goals and work to attain them, otherwise they are just dreams
7)      Accept change and take risks. If you’re not changing, you’re not leading the race
8)      Nurture others so that they can replace you. Only then can you move forward
9)      Foster teamwork, it achieves more than you can do individually
10)    Be a good listener
11)    Avoid/discourage trifling with gossip and rumor. No good ever comes of it. Seek and deal in truths.
12)    Allow an argument/debate its due process. Bad decisions come from bad information. End with all on the same page but remember consensus on the decision is not required. This is when leaders have to lead and team players have to act like team players.
13)    PLAY TO WIN!
 

For any reader in a leadership position, remember, you too have to embody these principles if you want them integrated into the culture of your organizations. I had witnessed an organization where, in my opinion, the shareholders refused to practice rules 1, 4, 9 and 12 while the president was trying to practice all 13. As a result, the efforts were only moderately successful in changing the culture and led to much conflict. This is why I caution anyone in a leadership position to assure that they are walking the talk.

 

I am in the process of becoming a significant shareholder and principle of Drexel Metals Corporation, I’m about to begin rolling out these rules of engagement. Fortunately, the other shareholders are 100% in support of these principles and already are walking the talk.

 

I can’t say that any one of these rules is more important than another, taken as a whole; they create a force multiplier that not just leads to success, but also satisfaction in being a member of this kind of team and motivation to keep moving despite obstacles and challenges.

Sergeant Edward Benton

Friday, March 14th, 2008

Sergeant Edward Benton served in the military during a particularly tumultuous time. The country had grown very war weary. So weary that the majority of the country just wanted it over with, thought we spent far too much money on it and the cost in lives was getting too great. No one could see an end in sight. Even the soldiers were getting weary of the whole thing. The calls from some members of Congress for an immediate withdrawal of troops were getting louder every day.

Can you tell which theater of combat Sergeant Benton was fighting in? Afghanistan? Iraq? Maybe Vietnam? Nope, all of those guesses would be wrong.

Sergeant Edward Benton served during the Revolutionary War!

I have sitting on my desk Sergeant Benton’s last pay voucher dated February 2, 1786… 222 years ago!

Anytime I need inspiration to persevere in pursuing my goals, I look at Sergeant Benton’s pay voucher and experience a number of emotions. The first is awe, the second is thankfulness and the third emotion is humility.

I truly admire men and women who have the bravery to serve our country. They serve today in an all volunteer military and during the Revolutionary war, they served in an all volunteer army as well. I’m thankful because the freedoms we enjoy and the economy we enjoy (even today’s economy) would not be possible without Sergeant Edward Benton’s commitment and millions like him. I’m humbled because whenever I think I’ve got it tough or my work is hard, it pales in comparison… and my life isn’t on the line either.

I think it is also important to point out two unique things about many Revolutionary War soldiers. First is that even when injured, they served. Congress had formed the Invalid Corps to serve as guards in various towns vulnerable to attack or to protect food supplies, etc. On April 7, 1781 Edward Benton was assigned to the Invalid Corps due to his injuries. He never recovered from his injuries and was disabled for the rest of his life. The second interesting thing about the commitment of these soldiers, when it was so easy to desert and blend back into society, was that most went without pay for years.

The pay voucher that I have was paid in 1786 AFTER the war was over for pay granted in January 1783 when he was discharged. From his enlistment in 1777 until 1786, almost nine years, Edward Benton served with no pay.

One would think that these soldiers would have been bitter at having to serve injured and/or serve for year after year for no pay (because the country had no money). Most were not because they understood the price of freedom.

Edward Benton was not. How do I know? I have the voter register of Hartford, Connecticut for the 1789 elections… the year George Washington was elected President. Despite his injuries and despite the lack of pay, Edward Benton exercised the freedom he fought for to help elect the first President of the United States. And as they say, the rest is history.

 

Trash Talk and Disparagement

Thursday, January 10th, 2008

Have you ever been shocked, hurt and disappointed because you learned about a competitor, former employer or colleague who unfairly trashed you? If you haven’t, then you’re a rare exception! 

How do you respond? Why do people do this? Let’s start with the latter. People who actively engage in trash talk actually are afraid of what you are able to accomplish. They are afraid that you’ll succeed. So start by taking it as a compliment! Also people who engage in trash talk are adding no value to their customer or their employer. It is political, mean spirited and the trash talker desires to hurt you, not help their customer or employer. 

So, how do you respond? 99.9% do not respond at all. Trash talking almost always back fires on the trash talker. They look petty and small in the eyes of the person they are spouting off to. That person doesn’t have a dog in the fight and doesn’t really want to be involved. I’ve seen this again and again, yet trash talkers rarely learn this lesson. Therefore, just let it go. It can be emotionally hard to do, but 99.9% of the time, that is the smart move. If someone approaches you and says that so and so said this and that about you, simply respond with, “It’s unfortunate to see someone behave that way; we had a legitimate difference of opinion and nothing more than that.” Then redirect the conversation and move on. 

What about the 0.1% of the time? This occurs when the trash talker crosses the legal line and defames and slanders you by spreading verifiable lies. A person’s negative opinion of you or difference of opinion on a business decision, even if wholly wrong, does not cross the legal line. Only provable lies do. In that case you need to consider if you should either simply provide the correct information to the recipient in a professional, calm manner or if you should involve an attorney. I suggest only involving an attorney if the liable/slander will have a material impact on your business, earnings, career or reputation in the community. Involving an attorney because the only damage done is your hurt feelings is a waste of money and risks escalating the situation. 

I recently had the unfortunate experience where a competitor was trash talking me. At first, I was offend, upset, hurt, angry and confused as to why they would spin such ridiculous story. It was very hard, but I heeded my own advice and just let it go. I kept a watch from a distance to assure things didn’t cross the legal line, but held my tongue and ignored it. I debated with myself every day for a week whether I should do something about it. I’m glad I didn’t. In this case both a supplier and a customer who heard the disparaging information came back and expressed extreme reservations about the trash talker and how it made them not trust the trash talker. All I had to say was, “I really appreciate doing business with people like you.”  In the final analysis, the trash talkers achieve the exact opposite of what they set out to achieve. Always take the high road. It isn’t just smart business; it will make you a happier person too. 

Lessons on Business from Jacob Marley’s Ghost

Thursday, December 20th, 2007

Ebenezer Scrooge: “But you were always a good man of business, Jacob.”

Marley’s Ghost: “BUSINESS! Mankind was my business; charity, mercy, forbearance and benevolence were all my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business!”

These few lines from Dicken’s “A Christmas Carol” always affected me. It was a reminder that our work is not all that there is to our lives. And it also makes me think about how I go about my work.

Don’t get me wrong, I’m not advocating that a business has to be a give away charity or “nanny state” to its employees. The employee/employer relationship has to be a two-way relationship. After all, if business goes too long without having a positive cash flow and profitable sales, it will fail and be of no service to its employees, customers or suppliers.

What I am advocating is to think about how we go about developing that cash flow and earning our profits. Are we going to do it in a way that pushes people down or in a way that lifts people up?

The great thing about capitalism today

Monday, December 10th, 2007

     Sitting in the dentist’s office waiting to get poked, scrapped and drilled, I sat there starring at the out of date pile of magazines on the table in front of me. I scanned through one issue of Fortune Magazine and read one sentence that I think speaks volumes about capitalism today: “In today’s economy, a big idea is worth more than a big market share.”
     This is very true. The speed that companies’ industries, economic models and competitors change is so great that scale isn’t necessarily the only path to success. Having the next big idea is what really drives markets. As a matter of fact, that big idea doesn’t have to be a new idea either. It just has to be tuned, updated and executed well to change an industry. Think about the iPod. MP3 players have been around, technologically speaking, for a very long time. Yet Apple dramatically improved upon the MP3 concept and literally swept the world.
     What we all should take away from this is that any one of us can have that big idea. The question is then, what are you going to do about it?
     As a writer, I am forced to follow my own advice, so I did follow through when I got what I think is a big idea. Click on the link to find out more: http://www.designandbuildwithmetal.com/IndustryNews/News/waite_joins_drexel_metals.aspx
     More will be written over time about the “big” idea…

Rule of Thumb to Assure You Are Not Micromanaging

Monday, October 15th, 2007

Financial Controllers use a rule of thumb for setting up companies’ financial controls. They determine whether in a given specific financial activity an individual can either intentionally or unintentionally materially hurt the company.

If a person could materially hurt the company in that activity the controller puts in a system of prevention such as requiring multiple supervisors to sign off as well as assuring a documented audit trail.

If a person could not materially hurt the company with a given financial transaction they then put in a system of detecting problems. A good example here would be on small purchasing activities or small petty cash transactions where the controller will look at a report or two to determine if something is not being handled properly. If it takes the controller two or three cycles before they spot a problem, the company hasn’t been materially harmed and the controller or other managers haven’t spent countless hours approving many, many small transactions when they should have been dealing with larger issues.

The same rule of thumb should apply when managing your people.

We all hate having someone look over our shoulder on very mundane details that we can do properly in our sleep. We get frustrated and wonder why the boss doesn’t trust us or doesn’t think we are smart enough to do our job. That frustration and perceived lack of trust builds over time to the point where open communication and collaboration between supervisor and employee is killed. Then it further spirals into a cat and mouse game because the boss is now convinced the employee is hiding something. This goes on until the employee quits in total despair. Meanwhile, the boss has taken his eye off of what he or she is supposed to be doing while they are trying to approve and check on just about everything.

A good example of this was quoted in the Wall Street Journal the other week. A gentleman by the name of Tim Munson worked for a start-up where he had to have all requests funneled through the company’s founder for approval. This included pen and paper requisitions. Mr. Munson who quit for good reason says, “There were projects that were started my first year, and 51/2 years later I was still waiting.”

Can you imagine how much further along this company could have been if the founder didn’t have to micro-manage these details?

So when it comes to managing your employees think about what you want them to formally check with you on and that you should formally review progress (prevention) and what you want them to just keep you generally apprised of (detection) or where you just touch base from time to time… or somewhere in between.

By making using the prevention/detection rule of thumb you can make sure things are progressing properly, insert yourself where appropriate and keep your people focused on looking ahead rather than looking over their shoulder.

The Power and Importance of Persistence

Wednesday, October 3rd, 2007

I have three things going on in my life that require me to be extremely persistent. Two are uplifting and will have a very positive impact on my life if I do persist. One is just an ugly matter that I would have never imagined would have occurred but I have to deal with nonetheless.
In speaking with a close friend, he reminded me of a quote from Winston Churchill, “Never give in—never, never, never, never, in nothing great or small, large or petty, never give in except to convictions of honor and good sense; never yield to the apparently overwhelming might of the enemy.”
            Powerful words! In my “ugly matter” I really took a hard look in the mirror to make sure I was applying good sense and that I was being honorable in the process. This led to speaking with my friend again. It is important to speak with people who you can trust to tell you when you are wrong or need to improve something. If the people you seek counsel from will only tell you what you want to hear, what good is their counsel?
            After being convinced that my thinking was sensible and honorable, in order to perceiver, I had to make up my mind that I would persist in the matter and that I will not give up regardless of the time involved on the enormity of the task.
            At first, it felt like a burden, but then I read Tony Dungy’s new book, “Quiet Strength”. Tony’s book is an amazing story of perseverance and sticking to what you know is right to do. One of the important lessons I took away from the book is that applying persistence to an honorable fight will result in being a stronger person and afford you the opportunity to learn and gain wisdom through the battle.
            One of the first things I gained from this process was the ability to put it aside and out of my mind when I’m in between activities that I can do/must do in the process. Worrying and replaying the matter in your mind again and again will only sap your strength, cause you anxiety and cloud your thinking. It ain’t easy to do! But vital to endurance and long term perseverance. Plus you have to live your life in all of the other areas of your life.
            So with all of that in mind, I am going to persistently and doggedly follow Winston Churchill’s advice.