Tactical Execution Archives

The Big Picture of Business – Business Success Checklist

November 6, 2015/in Strategic Planning, Tactical Execution/by Hank Moore

When you own and operate a business you need to have certain procedures for an efficient and seamless function. Sometimes the difficulty of managing your time makes for a haphazard operation. An inefficient operation results in unproductive activities which often miss the point and worse yet, result in wasted time and wasted resources.

One of the ways in which you can optimize your business activities would be the focus and attention to detail that a checklist can stimulate. Here is my own business success checklist that will help you optimize your activities for a more efficient and purpose oriented endeavor. Success is inevitable.

Clearly defined purpose.
Having a clearly defined purpose will focus your activities to a customer-oriented perspective. When a business loses sight of the customer and what they really need they often run into difficulties. Your clearly defined purpose can also center the attention and be a source of inspiration for your employees.

Provide leadership.
A leader’s purpose and job is to give direction and purpose and motivate his people. Leaders must also provide support for the emotional needs of their employees while they are at work and even sometimes when they bring personal concerns to the working place. The business absolutely needs energetic and emotionally mature leaders for it to prosper.

Focus on excellence.
When a company is content with being merely mediocre it may survive but it will never do extremely well. The company must have an emphasis on high standards, a desire to create and give value to customers, accountability to the employers and to your customers, and the drive to learn. If these are incorporated into the culture of your company a culture of excellence in all things will soon be prevalent.

Plan for the future.
When your business has contingency plans for future scenarios you will seldom be caught by surprise. You never know when the next big recession will hit. Most successful businesses have planned responses to most scenarios because they took the time to think “What If”. It is important to identify swings and trends so that innovation can remain a strength of your business.

Instill discipline.
This is often an unpopular issue but this is a critical matter. The sharp focus and direction on your objectives and goals can only be maintained with constant monitoring of your procedures and processes. Whether your focus is on customer service, profits, investing, marketing, or company growth a constant awareness of your current position in relation to where you want to be is essential.

Business Success Checklist

1. The business you’re in

Study and refine your own core business characteristics.
Understand “The Business You’re In” and how it fits into the core business.
Design and re-engineering of products-services.
Development of technical abilities, specialties and expertise.
Utilization of industry consultants or technical specialists.
Development of core business supplier relationships.
Make investments toward quality controls.

2. Running the business

Objective analysis of how the organization has operated to date.
Formalize the organizational structure.
Document practices, procedures, operations and structure in writing.
Communicate policies and procedures to employees.
Physical plant is regularly studied, updated and modified.
Distribution standards are documented, practiced and measured.
Time management and “just in time” concepts are applied.
Plans are in writing to address inventories and reducing surplus.
Legal compliance and precautions plan is annually updated, with measurable goals.
Outsourcing, privatizing and collaborating plan is annually updated, with realistic, measurable goals.
Purchasing plan (with processes and vendor lists) is in writing.
Repair and maintenance contracts are routinely maintained.
Purchase and lease of equipment plan is annually updated, with measurable goals.
Continuous quality improvement plan is annually updated, with measurable goals.

3. Financial

Cost containment is one (but not the only) factor of company operations.
Each product-service is budgeted.
Long-term investments plan is annually updated, with realistic, measurable goals.
Assets are adequately valued and managed.
Cash flow, forecasting and budgeting are consistently monitored.
Written, consistent policies with payables and receivables are followed.
Strategic Plan includes provisions for refinancing, equity and debt financing.
Accounting firm utilization plan is annually updated, with realistic, measurable goals.
Banking and investing plan is annually updated, with realistic, measurable goals.
Payables plan is annually updated, with realistic, measurable goals.
Receivables plan is annually updated, with realistic, measurable goals.
Finance charges are negotiated.
Insurance plan is annually updated, with realistic, measurable goals.
Benefits plan is annually updated, with realistic, measurable goals.

4. People

Corporate culture reflects a formal Visioning Program.
Employees know their jobs, are empowered to make decisions and have high morale in carrying the company banner forward.
Top management has as a priority the need to develop and practice People development, skills and team building responsibilities.
Human Resources program is active, professional and responsive to the organization.
Incentives-rewards-bonus plan is annually updated, with realistic, measurable goals.
Personnel Policies and Procedures are written, and distributed to all employees.
Each employee has his-her own Position Results Oriented Description plan.
Training plan is annually updated, with realistic, measurable goals.
Professional development plan is annually updated, with realistic, measurable goals.

5. Business development

All members of top management have Business Development responsibilities.
Company has and regularly fine-tunes a communications strategy.
Sales plan is annually updated, with realistic, measurable goals.
Marketing plan is annually updated, with realistic, measurable goals.
Advertising plan is annually updated, with realistic, measurable goals.
Public relations plan is annually updated, with realistic, measurable goals.
Research plan is annually updated, with realistic, measurable goals.
Marketplace development plan is annually updated, with realistic, measurable goals.
Creative collaborator-vendor plan is annually updated, with realistic, measurable goals.

6. Body of Knowledge

Consultant plan is annually updated, with realistic, measurable goals.
Performance reviews are conducted annually updated, with realistic, measurable goals.
Company learns how to benefit from changes.
Organization predicts and stays ahead of trends.
The company leads the industry.
Everything that goes on outside our company affects our business.
Willingness to invest in research.
Commitment toward collaboration and working with other companies.
Maintains active government and regulator relations program.
Maintains active community relations program.

7. The Big Picture

Shared Vision is crafted, articulated and followed.
Ongoing emphasis upon updating, fine-tuning and improving the corporate culture.
CEO accepts and ideas and philosophies with employees and stakeholders.
Creative business practices are most welcome here.
Strategic planning is viewed as vital to business survival and future success.
Outside-the-box thinking does indeed apply to us and will be sought.
The organization maintains and lives by an ethics statement.
The organization subscribes to continuous quality improvement ideologies-processes.
Maintains active crisis preparedness and prevention program.

About the Author

Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.

7 Pitfalls to Avoid When Running a Family Business

November 4, 2015/in Strategic Planning, Tactical Execution/by Brian Greenberg

Entrepreneurship is rarely easy but also having family in the mix can add multiple layers of complexity – barriers and challenges that your competitors may not be burdened with. That said, the unique dynamics of a family-run business can also result in extraordinary success as evidenced by Wal-Mart, BMW, Ford and Tyson – all highly accomplished family firms. For this reason and others, the ‘family business’ trend is flourishing. In fact, recent reports reveal that family-owned companies comprise between 80 and 90 percent of businesses worldwide, generating a staggering estimated $6.5 trillion in annual sales – “enough to be the third largest economy in the world (behind the U.S. and China)” as cited in the report.

What’s also fascinating is that The Global Family Business Index, a compilation of the largest 500 family firms around the globe intended to exemplify the economic power and relevance of family firms worldwide, found that 44 percent are owned by fourth generation or older family members. These companies are in it for the long haul and have clearly realized the kind of sustained success needed to withstand the test of
time.

One major component of long term success among family businesses is simply knowing how to navigate and circumvent personal relationships in order to work together effectively, while also maintaining positive perceptions and overall integrity with non-related staffers. Achieving all of this, while tending to “standard” business issues, can be daunting at best and a death knell for far too many.

With this in mind, here’s a list of seven pitfalls to avoid—all of which can cause an assortment of strife: from uncomfortable family friction to completely tearing a family and business apart.

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About the Author

Brian Greenberg is a multi-faceted entrepreneur who has founded and now spearheads multiple online businesses. He currently co-owns and operates three entrepreneurial companies with his father, Elliott Greenberg, which have each flourished for over 10 years: www.WholesaleJanitorialSupply.com, www.TouchFreeConcepts.com and www.TrueBlueLifeInsurance.com.

The Big Picture of Business – How and When to Collaborate, for Best Business Advantage.

May 29, 2015/in Strategic Planning, Tactical Execution/by Hank Moore

The biggest source of growth and increased opportunities in today’s business climate lie in the way that individuals and companies work together. This article is a follow-up to my last column, “Collaborations, Partnering and Joint-Venturing.”

Situations Which Call for Teams to Collaborate

Business Characteristics. Most industries and core business segments cannot be effectively served by one specialty. It is imperative that multiple disciplines within the core business muster their resources.
Circumstances. People get thrown together by necessity and sometimes by accident. They are not visualized as a team and often start at cross-purposes. Few participants are taught how to best utilize each other’s respective expertise. Through osmosis, a working relationship evolves.
Economics. In today’s downsized business environment, outsourcing, privatization and consortiums are fulfilling the work. Larger percentages of contracts are awarded each year to those who exemplify and justify their team approaches. Those who solve business problems and predict future challenges will be retained. Numerically, collaboration contracts are more likely to be renewed.
Demands of the Marketplace. Savvy business owners know that no one supplier can “do it all.” Accomplished managers want teams that give value-added, create new ideas and work effectively. Consortiums must continually improve, in order to justify investments.
Desire to Create New Products and Services. There are only four ways to grow one’s business: (1) sell more products-services, (2) cross-sell existing customers, (3) create new products-services and (4) joint-venture to create new opportunities. #3 and 4 cannot be accomplished without teaming with others.
Opportunities to Be Created. Once one makes the commitment to collaborate, circumstances will define the exact teaming structures. The best opportunities are created.
Strong Commitment Toward Partnering. Those of us who have collaborated with other professionals and organizations know the value. Once one sees the profitability and creative injections, then one aggressively advocates the teaming processes. It is difficult to work in a vacuum thereafter. Creative partnerships don’t just happen…they are creatively pursued.

What Collaborations, Partnering and Joint-Venturing Are NOT:

Shrouds to get business, where subcontractors may later be found to do the work.
Where one partner presents the work of others as their own.
Where one party misrepresents his-her capabilities… in such a way as to overshadow the promised team approach.
Where one partner treats others more like subcontractors or vendors.
Where one participant keeps other collaborators away from the client’s view.
Ego fiefdoms, where one participant assumes a demeanor that harms the project.
Where cost considerations preclude all partners from being utilized.
Where one partner steals business from another.
Where non-partners are given advantageous position over ground-floor members who paid the dues.
Where one or more parties are knowingly used for their knowledge and then dismissed.

Who Wants to Collaborate:

Those who have not stopped learning and continue to acquire knowledge.
Those who are good and wanting to get progressively better.
Those who have captained other teams and, thus, know the value of being a good member of someone else’s team.
Those who do their best work in collaboration with others.
Those who appreciate creativity and new challenges.
Those who have been mentored and who mentor others.
Those who don’t want to rest upon their laurels.
Those who appreciate fresh ideas, especially from unexpected sources.

Who Does NOT Want to Collaborate:

Those who have never had to collaborate, partner or joint-venture before.
Those who don’t believe in the concept… and usually give nebulous reasons why.
Those who think they’re sufficiently trained and learned to conduct business.
Those who want only to be the center of attention.
Those who fear being compared to others of stature in their own right.
Those who think that the marketplace may not buy the team approach.
Those who are afraid that their process or expertise will not stand the test when compared with others.
Those who had one or two bad experiences with partnering in the past… usually because they were on the periphery or really weren’t equal partners in the first place.

7 Stages of Relationship Building… Customers, Business Partners

Want to Get Business. Seeking rub-off effect, success by association. Sounds good to the marketplace. Nothing ventured, nothing gained. Why not try!
Want to Garner Ideas. Learn more about the customer. Each team member must commit to professional development…taking the program to a higher level. Making sales calls (mandated or voluntarily) does not constitute relationship building.
First Attempts. Conduct programs that get results, praise, requests for more. To succeed, it needs to be more than an advertising and direct marketing campaign.
Mistakes, Successes & Lessons. Competition, marketplace changes or urgent need led the initiative to begin. Customer retention and enhancement program requires a cohesive team approach and multiple talents.
Continued Collaborations. Collaborators truly understand teamwork and had prior successful experiences at customer service. The sophisticated ones are skilled at building and utilizing colleagues and outside experts.
Want and advocate teamwork. Team members want to learn from each other. All share risks equally. Early successes inspire deeper activity. Business relationship building is considered an ongoing process, not a “once in awhile” action or marketing gimmick.
Commitment to the concept and each other. Each team member realizes something of value. Customers recommend and freely refer business to the institution. What benefits one partner benefits all.

Successes with Collaborations and Joint-Ventures…

Crisis or urgent need forced the client to hire a consortium.
Time deadlines and nature of the project required a cohesive team approach.
The work required multiple professional skills.
Consortium members were tops in their fields.
Consortium members truly understood teamwork and had prior successful experiences in joint-venturing.
Consortium members wanted to learn from each other.
Early successes spurred future collaborations.
Joint-venturing was considered an ongoing process, not a “once in awhile” action.
Each team member realized something of value.
The client recommended the consortium to others.

Truisms of Collaborations…

Whatever measure you give will be the measure that you get back.
There are no free lunches in life.
The joy is in the journey, not in the final destination.
The best destinations are not pre-determined in the beginning, but they evolve out of circumstances.
Circumstances can be strategized, for maximum effectiveness.
You gotta give to get.
Getting and having are not the same thing.
One cannot live entirely through work.
One doesn’t just work to live.
As an integrated process of life skills, career has its place.
A body of work doesn’t just happen. It’s the culmination of a thoughtful, dedicated process… carefully strategized from some point forward.
The objective is to begin that strategizing point sooner rather than later.

My Own Disappointments with Previous Collaborations…

Failure to understand – and thus utilize – each other’s talents.
One or more participants have had one or a few bad experiences and tend to over-generalize about the worth of consortiums.
One partner puts another down on the basis of academic credentials or some professional designation that sets themselves apart from other team members.
Participants exhibit the ‘Lone Ranger’ syndrome… preferring the comfort of trusting the one person they have counted upon.
Participants exhibit the “I can do that” syndrome… thinking that they do the same exact things that other consortium members do and, thus, see no value in working together, sharing projects and referring business.
Junior associates of consortium members want to hoard the billing dollars in-house, to look good to their superiors, enhance their billable quotas or fulfill other objectives that they are not sophisticated enough to identify.
Junior associates of consortium members refuse to recognize seniority and wisdom of other associates… utilizing the power of the budget to control creative thoughts and strategic thinking of subcontractors.

My Suggested Reasons to Give the Concept a Chance…

Think of the “ones that got away”… the business opportunities that a team could have created.
Think of contracts that were awarded to others who exhibited a team approach.
Learn from industries where consortiums are the rule, rather than the exception (space, energy, construction, high-tech, etc.).
The marketplace is continually changing.
Subcontractor, supplier, support talent and vendor information can be shared.
Consortiums are inevitable. If we don’t do it early, others will beat us to it.

About the Author

Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.

The Big Picture of Business – Business Moving Forward from the Dirty Side of the Recession.

May 1, 2015/in Strategic Planning, Tactical Execution/by Hank Moore

The economy and business climate are now on the dirty side of the recession. Recognizing the damages done results in healthier run companies for the future.

This is comparable to what is called the ‘dirty side’ of a storm, hurricane or other weather created disaster. During those clean-up periods, the infrastructure rebuilds and optimistically moves forward by correcting certain damages done by the storms.

Signs are that our economy has somewhat recovered from the second worst recession in history. Many companies kept their heads in the sand during the economic downturn, fully intending to return to business as usual.

What happened in the recession was that many businesses went under. In my professional opinion, 25% of those that faded away probably should have. A great many frail companies were not on firm foundations and had abdicated their abilities to improve and serve customer bases.

As fallout from the recession, many people were thrown into the workforce. Many fell into jobs for which they were not suited. Many downsized and out-of-work people were forced to reinvent themselves.

Many became ‘consultants’ of one sort or another. Many fell victim to frauds and scams. Services and websites sprung up to capitalize upon the avalanche of new entrepreneurs. Some sites offered the platform to become a consultant with a national firm by paying them subscription fees. The already inflated world of “reputation management” websites lured people into buying advertising in order to create the facade of being a “consultant.”

Distinctions must be drawn into three consulting categories (and percentages of their occurrence in the marketplace):

Vendors selling products which were produced by others. Those who sell their own produced works are designated as subcontractors. (82.99%)
Consultants conduct programs designed by their companies, in repetitive motion. Their work is off-the-shelf, conforms to an established mode of operation, contains original thought and draws precedents from experience. (17%)
High level strategists create all knowledge in their consulting. It is original, customized to the client and contains creativity and insight not available elsewhere. (.01%)

As one distinguishes past vendors and subcontractors, there are six types within the 18% which constitute consultants (with their percentages in the marketplace):

Those who still lead in an industry and have specific niche expertise. (13.5%)
Those who were downsized, out-placed or decided not to stay in the corporate fold and evolved into consulting. (28%)
Out of work people who hang out consulting shingles in between jobs. (32%)
Freelancers and moonlighters, whose consultancy may or may not relate to their day jobs. (16%)
Veteran consultants who were trained for and have a track record in actual consulting. That’s what they have done for most of their careers. (2%)
Sadly, there is another category: opportunists who masquerade as consultants, entrepreneurs who disguise their selling as consulting, people who routinely change niches as the dollars go. (8.5%)

Clients are confused and under-educated, not able to discern the ‘real deal’ consultants from the hype. That is why those of us who are veterans write these articles, speak and advise on best practices. Enlightened clients hire real consultants and get great value, as opposed to companies who fall prey to under-prepared resources.

There are five generations in workforce, more than any time in our history. Each generation has different working styles and must be considered according to their attributes. Age discrimination for workers over 40 is rampant and cruel.

Workplace illiteracy is higher than ever before. 50% of employees in the business world are considered functionally illiterate.

Society must not be lulled into a false sense of security right now,. The recovery phase of the recession has been steady and real. Much of the damage was done and will take years to fix. This could cause the next recession.

I believe that small business is resilient and will try its best to stay on firm grounding. Wise entrepreneurs will bring in qualified mentors, as opposed to wanna-be consultants. Cool heads will prevail, and small business will recover and prosper.

Small business has learned many lessons from the recession. While some will still fight change and adhere to the same processes that got them into trouble, I see great opportunities for forward-focused businesses.

The biggest source of growth and increased opportunities in today’s business climate lie in the way that individuals and companies work together. Those who benefit from collaborations, rather than become the victim of them, will log the biggest successes in business years ahead.

About the Author

Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.

The Big Picture of Business – Business Moving Forward From the Dirty Side of the Recession

April 3, 2015/in Practices for Professionals, Strategic Planning, Tactical Execution/by Hank Moore

The economy and business climate are now on the dirty side of the recession. Recognizing the damages done results in healthier run companies for the future.

This is comparable to what is called the ‘dirty side’ of a storm, hurricane or other weather created disaster. During those clean-up periods, the infrastructure rebuilds and optimistically moves forward by correcting certain damages done by the storms.

Signs are that our economy has somewhat recovered from the second worst recession in history. Many companies kept their heads in the sand during the economic downturn, fully intending to return to business as usual.

What happened in the recession was that many businesses went under. In my professional opinion, 25% of those that faded away probably should have. A great many frail companies were not on firm foundations and had abdicated their abilities to improve and serve customer bases.

As fallout from the recession, many people were thrown into the workforce. Many fell into jobs for which they were not suited. Many downsized and out-of-work people were forced to reinvent themselves.

Many became ‘consultants’ of one sort or another. Many fell victim to frauds and scams. Services and websites sprung up to capitalize upon the avalanche of new entrepreneurs. Some sites offered the platform to become a consultant with a national firm by paying them subscription fees. The already inflated world of ‘reputation management’ websites lured people into buying advertising in order to create the facade of being a ‘consultant.’

Distinctions must be drawn into three consulting categories (and percentages of their occurrence in the marketplace):

Vendors selling products which were produced by others. Those who sell their own produced works are designated as subcontractors. (82.99%)
Consultants conduct programs designed by their companies, in repetitive motion. Their work is off-the-shelf, conforms to an established mode of operation, contains original thought and draws precedents from experience. (17%)
High level strategists create all knowledge in their consulting. It is original, customized to the client and contains creativity and insight not available elsewhere. (0.01%)

Those who still lead in an industry and have specific niche expertise. (13.5%)
Those who were downsized, out-placed or decided not to stay in the corporate fold and evolved into consulting. (28%)
Out of work people who hang out consulting shingles in between jobs. (32%)
Freelancers and moonlighters, whose consultancy may or may not relate to their day jobs. (16%)
Veteran consultants who were trained for and have a track record in actual consulting. That’s what they have done for most of their careers. (2%)
Sadly, there is another category: opportunists who masquerade as consultants, entrepreneurs who disguise their selling as consulting, people who routinely change niches as the dollars go. (8.5%)

Clients are confused and under-educated, not able to discern the ‘real deal’ consultants from the hype. That is why those of us who are veterans write these articles, speak and advise on best practices. Enlightened clients hire real consultants and get great value, as opposed to companies who fall prey to under-prepared resources.

There are five generations in workforce, more than any time in our history. Each generation has different working styles and must be considered according to their attributes. Age discrimination for workers over 40 is rampant and cruel.

Workplace illiteracy is higher than ever before. 50% of employees in the business world are considered functionally illiterate.

Society must not be lulled into a false sense of security right now. The recovery phase of the recession has been steady and real. Much of the damage was done and will take years to fix. This could cause the next recession.

I believe that small business is resilient and will try its best to stay on firm grounding. Wise entrepreneurs will bring in qualified mentors, as opposed to wanna-be consultants. Cool heads will prevail, and small business will recover and prosper.

Small business has learned many lessons from the recession. While some will still fight change and adhere to the same processes that got them into trouble, I see great opportunities for forward-focused businesses.

Paying attention to quality can realize:

Lower operating costs. Research shows they can be cut in half.
Premium pricing for preferred goods/services.
Customer retention.
Enhanced reputation.
Access to global markets.
Faster innovation.
Higher sales.
Higher return on investments.

The biggest source of growth and increased opportunities in today’s business climate lie in the way that individuals and companies work together.

It is becoming increasingly rare to find an individual or organization that has not yet been required to team with others. Lone rangers and sole-source providers simply cannot succeed in competitive environments and global economies. Those who benefit from collaborations, rather than become the victim of them, will log the biggest successes in business years ahead.

Just as empowerment, team building and other processes apply to formal organizational structures, then teamings of independents can likewise benefit from the concepts. There are rules of protocol that support and protect partnerships, having a direct relationship to those who profit most.

Professionals who succeed the most are the products of mentoring. The mentor is a resource for business trends, societal issues and opportunities. The mentor becomes a role model, offering insights about their own life-career. This reflection shows the mentee levels of thinking and perception which were not previously available. The mentor is an advocate for progress and change. Such work empowers the mentee to hear, accept, believe and get results. The sharing of trust and ideas leads to developing business philosophies.

About the Author

Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.