Executive Wisdom for Business

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

My Opinion on the Recruitment Profession

My latest paper on the recruitment profession addresses issues that are top of mind for many and most. 



• Attracting job orders
• Ignore consensus
• Selective acquisition
• Creating opportunity
• Go to where the money is
• Metrics that matter
• 
Leadership
• Pricing 



You are able to download the PDF of the paper, at no cost from my website. You do not need to give your name or email address, or sign up for a newsletter or anything else.

Surthriving in Recruitment - 2009 & Beyond

By the way, if you do wish to sign up for my monthly newsletter, you can do so by following this link: The Executive Wisdom Times Monthly.

Ric Willmot - Delivering Breakthrough Executive Performance

Questions about your business that you should know the answers to

Watching the State of Origin rugby league match last night, the advertising kept leaping out from the screen. Why do organisations spend so much money on advertising? Why does the ANZ bank spend a fortune on the naming rights to the stadium? Why do companies buy expensive television advertisements?

Does signage at sporting arenas cause you to make purchases?
Is "ANZ Stadium" going to influence us to bank with that financial institution?
Will a television commercial be the catalyst for you choosing to spend $50,000 for a motor vehicle tomorrow?

How might you quickly and effectively increase your business results?
By having real people, develop real relationships, in a valuable and meaningful way.

Here are some questions to stimulate your thinking about your business:

1. How many active clients do you have?
2. Imagine you increased that by just 10%; what would that mean to your business results?
3. How do you generate inquiries for your business?
4. How well are those methods working for you?
5. Where does most of your business come from?
6. Do you have systems in place for actually measuring your business performance at a human (not financial) level? Yes your P&L is important but it is a lagging indicator. How about measuring the conversion of leads into sales? How about measuring referrals from sales? How about measuring proposals to sales?
7. What are you doing to ensure clients come back and invest with you again?
8. How many times in a year would a typical client engage your services?
9. What would be the result for your organisation if this number was increased by just 10%?
10. What is the average life of a client?
11. What do you genuinely do to stay in touch with your clients?
12. What is your client "default" rate? That is, what percentage of your active clients would cease to do business with you each year?
13. How much business are you losing each year as a result of these clients leaving you?
14. Typically, how much does your average client invest with you each time they engage your services?
15. What would be the result if you could improve this by just 10%?

You have a choice. You can waste your money on advertising, naming rights and signage. Or you can invest in having your people interacting with your clients in a real and purposeful way. Implementing strategies to engage, excite, and earn the right to do business with our clients may not be as quick or as easy as paying a PR firm to run an advertising campaign. But if we have our people striving to improve the answers to these 15 questions at least, it has to be more effective!

Ric Willmot - Delivering Breakthrough Executive Performance