Executive Wisdom for Business

Innovating creativity so much it's boring

In the last few months, speaking at association conferences like the Australian Legal Practice Management Association, Institute of Chartered Accountants, CPA Australia and alike, I've noticed so many people presenting on creative thinking and innovation. There is so much of it, it's boring!

I agree that organisations will benefit through embracing innovation, but it is not a panacea that stands alone, encouraging and guaranteeing corporate success.

Advertising geniuses will tell you, "It's not creative unless it sells." You can have a firm full to the rafters of creative people, generating sensationally creative ideas and service offerings, but if no one wants it, if you can't sell those ideas and offerings you will go broke.

As your firm prepares to bring new, creative and innovative ideas, products or service offerings to the marketplace, answer these questions:

1. What are three reasons someone else would want your idea, product or service?
2. What does it promise your clients?
3. How might you make this idea, product or service offering more attractive to other people?

Accountants have successfully introduced financial planning into their service offerings and have made it now an industry norm. Their clients wanted that type of service, it promised to improve their wealth and financial standing, and it was attractive because it made so much sense to have the people who produced your income tax return to advise you on how to better utilise your money.

Innovation doesn't necessarily mean it has to be a concept that no one has ever used before. Being innovative in your firm could simply mean discovering something incredibly obvious and deploying it in a specific and personalised way throughout your organisation.

"Only the most foolish of mice would hide in a cat's ear," said designer Scott Love, "but only the wisest of cats would think to look there." Never be afraid to consider the obvious for your organisation. What are you overlooking in your legal practice? What are you not doing in your recruitment firm that you should be? What's the most obvious thing you can do?

What resources and solutions are staring you in the face that will instantly create a new (code for: innovative) idea, product or service offering that your clients will want because they can see the excellent return on investment for them?

Helping your clients improve while building your own business will never be boring!

Ric Willmot

Strategic Success by eliminating execution failures

Almost without reservation, businesses have had to face one of their most difficult times in modern history due to the Global Financial Crisis. And, politicians have never had it so easy to explain away inadequate performance.

Now is the time for organisations to be seriously setting their future strategy for 2010-2013. Already, I am working with clients doing exactly this. However, setting strategy is neglected by many business owners and CEOs because execution failures have given the process a negative stigma.

Through observation of many organisations around the world over many years, I have identified the most frequent and obvious reasons for failure. Avoid these 10 mistakes and you will be far more successful.

1) Where's your research? Don't laugh! Numerous times while consulting to organisations, when I ask for the most current research on their target markets, customers, competitors, suppliers and alike, I'm told that it's out of date or even worse, doesn't exist. Obtaining factual research for your planning is vital. To not get it, can be fatal.

2) Failing to challenge the data. Be certain to carefully question and debate the conclusions you draw from the data collected. Imperfect analysis will be just as harmful to your strategy as inaccurate data. Build your strategy on firm ground.

3) Not enlisting the best people. Leaders must second the best and most appropriate people for strategic projects and for strategy execution. Not infrequently, I've witnessed managers nominate names for a strategic project that were obviously inadequate. The reason being those managers don't want to take their best people out of the field or off the floor. Strategy is too important not to afford the best people.

4) Lacking Involvement. Strategy is always best served when created in consultation with the people who have to execute. Having the CEO/business owner in a closed room with the CFO or external accountant and maybe a consultant write a strategic plan and then disseminate this to the management team is destined for disappointment. Involve those that matter such as: sales, warehousing, distribution, HR, IT, accounts, and marketing in the process. There is an enormous depth of talent already residing in your organisation.

5) Too little for too many. Having too many initiatives on the board at any one time will dilute attention and the propensity for success. Move a few things forward a mile rather than a thousand things forward an inch. Prioritise your strategic projects. If there are not three "stand outs" to focus on, brainstorm some better ideas!

6) Resource-lack. All execution plans for strategic initiatives must necessarily include specific resource details. Resources such as: people, time, infrastructure, capital equipment and money. The resource details need to be explicit, encompass all relevant business units and the managers of those units must have buy-in prior to launch.

7) Mis-alignment. Get everyone personally behind the corporate objective. Having developed a purposeful pricing strategy for a new service or product offering is not assisted by sales people who are pitching discounts in the marketplace. This is not the fault of the sales team or their manager. I witness this happening because sales bonuses are paid without considering the consequences on the strategic initiative.

8) Mis-communication. Or even worse, no communication. It is no shock that people consistently explain how they admire leaders who share the vision and paint a picture for the future. Communicate with clarity, passion and sincerity the strategic initiatives to everyone, regularly. Side bar: bullet points in the company newsletter doesn't cut it!

9) Failure to check the instruments. Good pilots understand that even though they have submitted their flight plan, run the pre-flight checks, taken-off in the right direction and have engaged the auto-pilot, they must diligently check their instruments to ensure that the flight is proceeding as planned and are on course to reach their destination. Leaders in business need to constantly check and measure progress. Review the strategy monthly or quarterly with management and ensure that milestones are being met along the way.

10) Unwillingness for the 3 A's. Adopt - Adapt - Accept. Shift happens, change is constant and you must be agile in coping with this. Adopt a philosophic mentality where you cope with the reality that from time to time the best laid plans go awry. Uncontrollable events intervene in the successful achievement of your goals. Adapt to the environment and accept a new set of challenges by modifying your strategy. This goes for people as well. Many strategic projects don't live up to expectations even though they were superbly crafted. Management just failed to embrace the 3 A's.

And, here's my additional 10% bonus for you ...

11) Uncommitted leadership. When the owner/CEO places the bound strategic plan in the bookshelf, so does the team. Strategic initiatives must be passionately driven from the bridge by the captain in charge of the controls. You must be so convinced of the strategy that it is obvious to everyone you are committed to it and you will maintain persistent focus until it's successful.

If you want help establishing your strategies, contact us, we're here to help.

Flat out!

A hectic weekend began with my wife and daughter in one car going in one direction and me heading in the opposite direction. Time was tight as our morning had been full of the challenges of a 22 month old who knows how to get her own way.

My wife bids me farewell as I scramble around the house hunting down keys, sunglasses and mobile phone, whilst closing windows an doors.

Now close to running late, I finally make it to the front yard to see my wife walking towards me with our daughter in her arms. A purposeful frown on her face, I look past her to inspect her car. A flat tyre!

With a smirk I quip, "Your car has a flat, hun."

"No," she replies, as she snaps the keys from my hand and walks past me to my car, "yours does."

Ric Willmot

Stop playing & get serious!

In light of all the pessimism, those who want to rise above the mire of their competitors need to be memorable. You need to have prospective buyers remember you. One of the ways you can achieve this is  with specificity.

1. Take ownership for yourself and determine what part of the marketplace you wish to own.
2. Define your business value proposition based on your area of expertise (that you also enjoy doing the most) - and based on how your clients improve after your involvement.
3. It's not about you, it's not about your process or methodology; it's all about the measurable results and outcomes for the client.
4. To increase credibility when explaining this to prospective buyers, refer back to how you did this at other organisations; and preferably, easily recognised organisations.
5. You don't have to be loved by your clients, but you do need to be liked, trusted and respected. Don't waste time with prospects you have not been able to develop some reasonable level of rapport with.
6. You have to give to get. I have an enormous amount of useful and valuable resources freely available from my website. There is this blog, as well. Provide something of value to people so they get a chance to see some of what you're about.

When I was coaching rugby in Ireland, Japan and Korea for a number of years, I continually reminded my players that they could never win a game by watching the scoreboard; they had to engage and compete with the opposition. The same is true in business: get out of the office, get in front of people, and give it your best.

Ric Willmot

 

Motivating Change at Work

I was presenting a full-day strategic program for business executives and owners; the room was filled to capacity. At one point, a very fine person, who had immersed himself thoroughly in the learning throughout the day, asked: "It's the end of the month, sales are below budget and we have a week to kick it along. How can I motivate my sales force to get the orders needed to make budget?"

My response was blunt. "If the business has not met its sales targets this month, then the problem lay with the activity, or inactivity, that occurred three to six months ago. Anything you do today, in the short-term, will produce minimal results."

But his question is not an unusual one. I am repeatedly asked to consult to organisations to improve motivation.

Motivation is a driving force!

It is driving management to seek new ways to coerce people to meet the output necessary for the organisation to meet its corporate objectives. It is driving HR to seek new diagnostics, templates, psychometric tests, boilerplate sales systems, etc.

Motivation can be extrinsic or intrinsic and the effects can be long-term, short-term or anywhere between the two. Recognise the familiar incorrect assumptions, however.

1. Myth 1: All people are alike. They are motivated by money and career progression.
2. Myth 2: If this is the problem, then this is the solution because all situations are alike. All management decisions are the same, the template course of action for motivation will be appropriate, tick the boxes, determine the label now use the associated diagnosis.
3. Myth 3: There is a one best way to motivate people.

The reality to changing behaviour in organisational settings is a little different. People's behaviour and what drives them to act is influenced by their driving force, by their environment and by their personal values.

Each of us has different needs, desires, goals. Each of us make decisions that we believe are best understanding that all behaviour is first and foremost self-caring.

What does this mean to the managers of people?

1. Establish what outcomes each individual person values
2. Ensure that the levels of business performance you are expecting of your people are achievable
3. Link the individual's personal values and outcomes to the business outcomes and performance you expect of them

Managers mistakenly overlay their values, goals and desires onto their employees. Wrong! How do you discover what your people want? Ask.

Understanding your people is the key to motivating your people.

Ric Willmot

Shrek-Advice

"Two things, Donkey. Shut ... Up!" - Shrek to Donkey in the castle while rescuing Fiona.

From the UCR University Honors Program in California:

While ever you are talking, you're not listening. If you're not listening, you're not learning.

 

If you're not learning, you will never become significantly valuable enough to the client to do wonderful business that becomes the foundation for a relationship.

How much less could you afford to talk, so as to allow the buyer to divulge where you can help?

Ric Willmot

Don't buy off-the-shelf solutions

This week in my monthly newsletter, The Executive Wisdom Times, I wrote about the Confusion of Change or Engaged with Meaning.

 

For those of you who are not subscribers here is a snippet:

"Every change, every burst of creativity, commences with the identification of a problem or an opportunity that somebody finds meaningful. When people become interested in an issue their creativity is instantly engaged.

If we want people to be innovative we must discover what is important for them. And, we must engage them in meaningful issues. The simplest way to discover what is meaningful is to notice what people talk about and where they spend their energy.

If we're trying to get something done in our organisation and things go badly, it's easier to hunt for scapegoats than to determine the root cause of the problem.

... what might happen if the next time we want to implement change in our business, we involved everybody who cares, so that they may support what they themselves create?"

 

I received this from a reader in the Greater St Louis Area:

Hi Ric:



I agree with you regarding having engaged team members. Many programs and ideas that I see ... do not get the results that they expect because they do not engage the workforce in the process. ... they have tried many things in the past and they did get the results that they wanted.

... One thing that we insist on that you must know the "root cause" of the behaviors that keeps the culture from being what you want. ... I would like to hear back from you.



Larry Lacy

 

You may find my response to Larry worthwhile reading and considering:

Hi Larry,

Strategy and culture are two words commonly overused and underdeveloped. And, the buck stops at the top. Salespeople, warehouse staff, workers on the floor, and customer service operators are held accountable. Accountable for their sales, accountable for the speed and accuracy of supply,, quality and speed of manufacture, and their satisfaction of the consumer.

Out of the box assessment tools are never as valuable or as worthwhile as the creation of specific diagnostics peculiar to the organisation, the current culture and the results that are desired and determined to be required.

Feedback evaluations are nearly always done poorly because most are implemented by people who just buy an off-the-shelf product thinking that one size fits all.

You don't begin with questions. You begin with what information you're seeking to learn and validate. Then you back into the questions. The information that you seek has to be tangible and verifiable for it to be worthwhile and be able to be evaluated. For example, “increasing self-awareness and effectiveness” are not clear objectives for behavior change. How will you know when she is more aware or more effective? Objectives must be clear, and only then do you work backwards and develop questions.

Another example:  Objective is to help your client (James) become a better leader which would include better delegation and development of subordinates. Questions might include: "What does James do that encourages or discourages subordinate development?" "When delegating, what would you say James does to support or frustrate those he has delegated to?"

The purpose of a "Scorecard" or a "360" and alike is to support personal development goals. Even before executing a Scorecard/360, there are certain business goals to be achieved. Presumably it has been determined that certain behaviors or skills are needed to satisfy the role of the job or move to the next level. Scorecard/360 is to elicit evidence and to identify the specific leverage points needed to help this person grow and develop.

 

And, just because nobody is talking about you, doesn't necessarily mean they aren't complaining!

Rgds,

Ric Willmot

Value-Pricing for Professionals

Since 1994 I have been advocating that professional knowledge firms (accountants, lawyers, consultants, advisers, and alike) need to abandon hourly rates and embrace value-pricing methods.

I understand that some of my followers and clients, who are yet to test-drive my ideas, are rolling their eyes saying, "Ric is on his soapbox, again."

A member of my Mentor Program sent me the link to this article on the Wharton website.

Legal Strategy 101: It's time for Law Firms to Re-think Their Business Model.

Even though this is written for the legal profession, the intent and premise of the article crosses over all professional knowledge disciplines.

When you are ready to explore the implementation of smarter more effective pricing strategies in your firm, give me a call. We're here to help.

Rgds,

Ric Willmot

Swiper no swiping!

My daughter is still two months away from her second birthday. But for nearly five months she has been quite adept at handling the Foxtel remote and is very accomplished at the workings of an Apple iPhone. Some of you may have already received telephone calls from her or the occasional email with a photograph attached. One client in Iran had a wonderful conversation with her, recently.

Last month after wrestling my daughter for the privilege of a few moments of CNN to learn more of the tragic death of Michael Jackson; I hurriedly gathered my Filofax, briefcase, car keys etc and drove to town for business meetings.

During the first meeting I reached into my briefcase to get the contact details of a patent attorney from my iPhone. After more than a few moments of scavenging through my case, the client quipped, "Can't you find your mighty iPhone to make the call?"

"No," as I raised the Foxtel remote for him to see "and my daughter won't be watching Dora the Explorer until I get home, either."

Ric Willmot

3-Day College for those in Professional Services

Join us at this information-rich program and learn about branding, marketing, pricing, diagnostics, customer service, business performance productivity, negotiations, networking and strategies that leading professional service firms are using to drive up their profits. This program was developed specifically for those working in the professional services arena. People such as:

* Accountants
* Advertising Sales Executives
* Business Coaches and Consultants
* Financial Advisers & Mortgage Brokers
* HR Consultants & Recruitment Professionals
* Insurance Professionals
* Lawyers
* Training & Development Consultants
* Sales Professionals, etc.

1,073 people from 8 countries have attended the Professional Services College over the past 4 years.

These are just some of the aspects, attributes and areas that will improve as a result of this experience:

* Understanding strategy and tactics
* Create your value proposition
* Develop an unforgettable brand
* Develop a pragmatic template for innovation
* Uncover and distinguish psychological cues in others
* Create a trusting, peer-level relationships with stakeholders
* Create engaging business meetings
* Create strong proposals
* Expand business continually and gain referrals repeatedly
* Create forms and templates to increase your efficiency
* Learn how to work with the media
* Understand how to make life balance work in your every day

Super Early-Bird Tuition available before August 28

Early-Bird Tuition available up to September 25

Colleges are being held during November in Singapore, Dubai & Brisbane.

Download the brochure here.

Are you ready to take your best and make it even better?

Rgds,
Ric