Do you ever feel like you’re spreading yourself too thin across too many endeavors? It’s a common occurrence among ambitious people trying to achieve excellence. There’s this notion that we can either be adequate at several things or excellent at one (maybe two). There is substance to this idea: Think of Olympic athletes—they train all day, every day striving to be the very best at what they do. Undoubtedly, this comes with many sacrifices, but no one can argue that they are not exceptional at what they do.
We live in a society where unsolicited advice is shoved at us day in and day out. This comes in the form of advertisements, social media posts, news articles, friends/family, etc. These opinions include recommendations to change this or that, be flexible, be more analytical, more inclusive, more supportive, and so on and so on. While these all seem like noble endeavors, are we spending enough time attempting to truly do them right? Are we dedicated to putting in the work necessary to ensure our efforts make a difference?
Some examples:
Everyone says rely on science and data. However, we frequently advocate conclusions without validating the assumptions. For instance, remote education has become increasingly popular. For the most part, however, eLearning does not properly address the need for one-on-one contact especially among children with special needs.
Organizational structures, procedures, and communication are being challenged because of antiquated practices. However, new approaches may not be adequately researched, tested, or measured. Nearly every retailer that is in bankruptcy or consolidating (such as Penny’s or Hertz) has been advocating new strategies and regularly changing chief executives for years, but with dismal results.
We quickly fall in love with innovation especially when it comes to technology and services (think Airbnb and Uber). Yet, many of these efforts lose millions of dollars and will never actually be profitable. WeWwork and Gilt are notable current examples.
We need a shift in perspective regarding change, execution, and excellence. The following are some specific instances where organizations simply need to better understand their new environment and work to more effectively execute fundamental change:
Demographics are a critical factor for most businesses. The world is simply getting older and more ethnically diverse. A critical issue that affects excellence is: Do you understand your target audience? This includes all of the nuanced social characteristics that go along with it. For example, if your product is geared toward people under the age of 25 and you don’t have a website or online presence, you do not have a clear grasp on the buying habits of your demographic.
Organizations that don’t understand and use the digital transformation need to change, rather than just execute. Opportunities like the cloud, Google, internet, CRM systems, digital phones, apps, etc. are simply changing the processes, costs, and marketing of businesses. Amazon and other online retailers will continue to revolutionize—requiring traditional brick and mortar stores to react and adapt. Similarly, companies like Uber and Airbnb are significantly transforming their industries and will continue to do so.
In the current state of the world, businesses are and will continue to be subjected to radical and continuous change. In order to survive such a turbulent climate, they need to build mechanisms into their processes that can adapt quickly. As we prepare to face ongoing uncertainty and instability, we must focus on changing and simplifying processes in order to reduce risk. Therefore, strategies such as pivoting and “develop/test/measure/adapt” need to be built into our organizations.
Despite the fact that we consistently praise excellence, we frequently ignore opportunities to pursue it and actually do things better. Some simple ways to improve performance and incorporate excellence into your business practices include:
Review how and why you do things the way you do them. Eliminate ineffective practices from our organizations. Some practices may be outdated or just flat out not working.
Focus on customer service. Many companies are devoting new efforts to improve this department. However, these efforts are limited without a culture to reinforce them. Consider this: Do companies really care about their customers and get excited when a customer has a great experience? Many companies treat their customers and employees like expendable pieces of the machine. A critical element of culture is trusting employees and staff. This requires hiring and training good people, giving them the authority they need to do their jobs well, and understanding that they will make mistakes at times—mistakes that need constructive correction and not just reprimand.
Consider pricing adjustments. Pricing is not a dirty word and there are numerous tools to improve results without deteriorating your brand. Packaging efforts like bundling and unbundling, quantities, timing, quality, the Internet, and service are all elements that should be part of pricing strategies. For example, Costco and Four Seasons Hotels follow quite different, but successful value strategies.
Analyze and analyze some more. All of the aforementioned efforts will be even more successful the more open and analytical your organization is. Businesses need to understand their environment, review their successes and failures, listen to new ideas, and be willing to accept the truth even when it’s not what you want to hear.
Remember that business is about people. They are your most important assets. Hire excellent people and then listen to them and reward their behavior. A simple please, thanks, and “How are you?” go a long way. Kindness and appreciation are incredibly easy and efficacious efforts.
When it comes to achieving excellence, remember to evaluate situations and determine the appropriate strategy. Assumptions, efforts, process, and results are greatly improved with analysis. Additionally, evaluating alternatives can also help build support for any processes that are executed.
At the end of the day, keep in mind that you’re only one person and you can’t do everything. And if you try, as mentioned earlier, you’ll probably only achieve mediocre results. So, in your pursuit of excellence, remember that we each have limited financial and human resources. Prioritize and learn to focus on the areas where you can have the greatest impact and the aspects of your business that customers really care about. Training always sounds good, but it frequently fails to achieve its goals. Instead, consider hiring people who can specialize in the areas where you may be lacking and delegate tasks in such a way that will encourage excellence across the board. Finally, when it comes to matters of safety, health, social values, and civil rights, we must incorporate these issues into our values and efforts so as to facilitate excellence and not impede it.
Dr. Bert Shlensky, president of Startup Connection, prides himself on his ability to define what is unique about each and every business. He works closely with individuals to develop a personalized approach that targets specific areas of concern and offers solutions based on his 40+ years of experience. His expert team will address your particular needs while working to save you time and money. Check out his books for the business entrepreneur: Marketing Plan for Startups & Small Business and Passion & Reality for Business Success. Both are available at www.startupconnection.net.
The pandemic is rapidly teaching us that personal, organizational, and structural change is going to be tougher and faster than expected. Consequently, we must accept that dramatic solutions are necessary to manage, what is now, an entirely new landscape. We all need to be adapting to the pandemic.
There are several significant changes that have already occurred (and are not going to disappear in the near future) that are worth taking into consideration:
We are implementing financial deficits at local, state, and federal levels that, prior to this, were never considered acceptable.
Health care and service workers are receiving (long overdue) recognition and appreciation. Experts are also saying practices like home care and virtual appointments, which are eliminating marginal procedures and improving efficiency in medical care, will become a more permanent standard.
Social distancing policies are forcing behaviors such as hugging, kissing, and shaking hands to be revolutionized and avoided.
The magic word seems to be “remote.” Tele-doctors, homeschool e-learning, working remotely, food delivery and pickup are becoming the new normal, but standards, expectations, and productivity are still unstable and unsustainable. Adjustments will need to be made to accommodate shifting trends and other obstacles. For example, many pizza parlors are experiencing dramatic increases, but the volume is mostly at dinner rather than a steady all-day flow. Parents are finding it difficult to work while simultaneously caring for their children. And, teachers are struggling to manage students and cover the same amount of material in a virtual classroom.
On one hand, we need faster and more dramatic change. On the other, we need more science, testing, and technology to ensure success. Imagine how an increase in things like control groups, curves, models, and logistics could improve our effectiveness and efficiency as we are adapting to the pandemic.
There are several key areas where dramatic and structural change will be necessary to adequately adapt to a vastly changed environment:
The most dramatic (also evidenced in the 2008 financial crises) is that the big will survive much more effectively than the small. In the last few decades, the number of banks and public companies has reduced by over 30 percent. In contrast, the number of restaurants (about 600,000) has remained the same for years. It’s estimated that 10-20% of those and other small businesses will not survive this crisis. That will significantly alter the opportunities and challenges of small business.
We need to focus more on efficiency and restructuring over simple cost reduction. Amazon and other tech companies have become the main targets of criticism regarding questionable practices. However, we should also recognize their contributions in expanding things like communication, home delivery, cloud sharing, etc. For example, I have a consumer products client who has lost much of her retail business. However, she has more than offset it (via sales on Amazon and on her own website) with higher margins and lower prices.
Better management of increased risk and uncertainty is required. Companies are unwilling and unable to forecast 2021, which makes 2022 equally uncertain. Thus, capital, operations, personnel, and marketing decisions are basically on hold. However, we can look at history, industry, and probability models to provide a little more predictability. In particular, looking at alternative scenarios and their probable outcomes can be a valuable effort.
Technology will be king. Amazon, Google, Facebook, and Apple will survive and grow as they become even more innovative and efficient. Traditional retailers with large real estate platforms and margin requirements are at great risk. Consumers are enjoying many aspects of the work-at-home, delivery, virtual lifestyle. These conveniences will be expanded and must be integrated into our systems.
We need to face tough decisions in maximizing our success. While the specifics may be uncertain, most organizations require more technical and analytic skills. Can you provide challenges and opportunities for your best people rather than drowning them in bureaucracy? Can you retrain or replace staff who are less effective? How can you create a supportive culture that values risk-taking, innovation, diversity, and embraces the importance of learning from mistakes?
Learn to prioritize. What is working, what is failing, and how do you devote more resources to the successes? Sometimes our fear of change limits our effort to understand that opportunities, not challenges, have the greatest impact.
The most important aspect of adapting to the pandemic that we’re currently experiencing is to recognize its significance and aggressively find solutions. It does require an openness and willingness to test new ideas. Don’t let emotion or bias affect you. Remember that passion, energy, and commitment are strong determinants of success. Take comfort in the fact that risk can be reduced greatly with testing, research, and analysis. And embrace integrated approaches that incorporate new strategies and activities. As Sheryl Sandberg said:
Dr. Bert Shlensky has an MBA and a PhD from the Sloan School of Management at MIT. He is the President of the New York-based consulting firm, The Startup Connection, where he uses his 30 years of high-level business experience to guide his clients toward maximum sales and profit. For a free consultation, please visitwww.startupconnections.net.
Henry David Thoreau said it best: “Simplicity, simplicity, simplicity!” Despite the universal acknowledgement that his words are both wise and sound, we continue to flip him the bird with our actions. Keep It Simple, Stupid.
It genuinely applies to all areas of life:
Don’t overcomplicate things! Especially when it comes to proposals and sales
pitches, we frequently forget the tried-and-true advice: “Features Tell,
Benefits Sell.” Repeatedly, this adage has been proven over the centuries. So
by now, you would think it’s so obvious that everyone practices
it. However, this is NOT the case at all.
Why do so many of us still try to sell based
on the features of our products and services rather than their benefits???
Sales techniques require careful thought and
analysis. It seems trivial and self-evident to state that selling is a process
that involves a buyer, a seller, and a transaction. So, why do many of
us frequently forget that simple formula? There are countless books,
articles, tapes, and training efforts on sales techniques, but it boils down to
meeting the needs of the client.
I recently experienced two vastly different
proposal approaches that perfectly demonstrate my point.
One: I needed a new estate lawyer. The first
person I considered hiring started our meeting by explaining that he did not
charge for the initial meeting because he wanted to clearly understand my needs
and explain how and at what price he could meet them. He then listened and gave
a great presentation on how he would handle my needs. I hired him without
seeking alternatives because he understood what I wanted and showed me how he
would deliver that. Many professionals including accountants, investment
advisors, and even real estate brokers have similar approaches.
Two: I was seeking a marketing consultant. I
placed an ad on Craig’s List and received many responses from people who were
seemingly qualified. However, many showed traits that excluded them from
further consideration:
They wanted to sell
packaged services without any understanding of client needs and goals.
Frequently, they didn’t even read the introductory material that was sent to
them.
They provided little
information on why or how their efforts would be successful or
beneficial to me. One actually wrote that there was no long-term pay off for
their services.
They highlighted their
product’s presumed strengths rather than focusing on how it would meet my
needs.
The juxtaposition of these experiences shed
light on some simple strategies that may help you improve your own
approach:
Listen. Take the time to understand what the client needs and wants. Do you both understand the difference between the two and how to balance them? For example, is the budget only big enough to execute the programs necessary for success? Or are there excess funds that will allow for add-ons? (Also, avoid pitches that ask for a budget and then offer low bids just to secure business. Saving money doesn’t help if goals aren’t met.)
Know your strengths. What skills and
programs do you have to answer client needs? Creative, technical, and
programming needs/skills are quite different. What do you bring to the table and
how will those unique qualities ensure the client’s success?
Set trackable goals. How will you measure
results and progress? You need an end goal so that you can show results. What
is the startup period? Are you trying to improve sales, communication, or branding?
Tangible progress is key.
Be direct, honest and polite. Transparency and manners
go a long way. Additionally, make sure to provide clients with your email
address and phone number on every document. You may think this is trivial or
obvious, but I can’t tell you how many resumes I’ve been sent that lack this
basic information.
Provide proof for your
claims.
Cite examples of relevant success. It both builds your image and gives clients confidence
in hiring you. I automatically reject suppliers who cannot provide references
or quantitative expectations for their program.
Find connection. Consider what may seem
like external variables: Demographics, gender, culture, economy, and geography
may be more important than you think. I am from Chicago and Yankee fans
frequently build an instant rapport with me by trashing my White Sox.
The bottom line: Keep
it simple, short, and to-the-point. Avoid the fluff. No one wants to walk away
feeling confused about what is being offered. Clients want to know what you do,
how you can help them specifically, and at what price. “Simplicity, simplicity,
simplicity!”
So, you run a business, huh? You probably provide some sort of product or service, right? Okay. So what? Who cares? There are a lot of products and services out there to choose from; why should I give a damn about what’s your brand?
Branding and marketing have
dramatically changed, but marketers are still ill-equipped and reluctant to
incorporate the changes. While creativity, branding differentiation, and
advertising used to rule the field, the rapid growth of companies like Amazon
have made value, service, quality, and culture more important. Now, more than
ever, it’s obvious that details, the execution of logistics, and operations are
integral marketing opportunities.
Consider these new key
perspectives:
Branding is not what you tell
them. Branding is what they think of you.
Your customers determine the
value of your products—not you!
We all know the adage:
Features tell, benefits sell. So, if this is true, why do so many
entrepreneurs still focus on the features of their product or service rather
than the benefits? Your prospective customers don’t care what your product or
service does; they only care about
what it does for them!
No one cares about a cool logo or a fun design. No one cares about creative
packaging. Consumers care about being satisfied. No one cares about your brand
unless they have a good experience.
Therefore, “branding” is actually more operational. So, how do we
shift our mindset from the old “traditional” way of branding and refocus on execution?
Make A Good First Impression
That first experience leaves a lasting impact. Is your store clean? Were the employees friendly? Did you have what the customer needed in stock? Is your website easy to navigate? Details matter. That’s why people hire designers to build websites and decorators to create ambiance. If a consumer’s experience wasn’t memorable in a positive way, you may have lost them. If their experience was bad, you’ve definitely lost them. What’s your brand is how they walk away feeling because that’s what they will remember.
Have a Strong Digital
Presence
Nowadays, everything is digital. It doesn’t matter if your
business is virtual or brick and mortar, you need to have an online presence.
I’ve seen people intentionally avoid a particular store or restaurant because
their website looked out of date or they had bad reviews on Yelp.
Things to consider: Is your website easy to navigate? Is
your store easy to find on Google Maps? Does it even come up in a Google
search? If a potential customer can’t find your store on the first try, chances
are they’re giving up and going to whichever store they could find easily in
their Google search.
Digital Branding needs to be comprehensive. You should have
a website, social media accounts (Instagram, Facebook, Twitter), and positive
reviews on sites like Yelp.
Do Not Neglect Operations and Execution
Adequate staffing, prioritizing services, and having enough supplies
to meet customer needs without incurring excess expense is critical. Pizza
parlors need to plan ahead for Super Bowl half-time deliveries, right? This
might not be your particular problem, but every business has its own version of
the “half-time rush.” If a first-time customer tries to utilize your service
and is disappointed, you’ve probably lost them.
Provide Service with
Integrity
Obviously, the goal is to always provide quality service the
first time, but we all make mistakes. If you do mess up, own up to it and try
to make it right. Many cafes offer free drink coupons when an order isn’t made
correctly. Acknowledging the error and attempting to make it right can
sometimes prevent a lost customer.
Brand Does Not Determine Price
Traditional pricing models no longer apply in today’s world
of business. Entrepreneurs who recognize this will be better able to price
their goods and services appropriately. In the past, it was thought that a
well-known, desirable brand meant you could charge whatever you wanted and
people would pay. Now, search engines make it incredibly easy to compare prices
and analytics are showing that, in reality, a low price is more important than
a brand name. In fact, there are tons of people who may want the prestige of a
designer bag, but are just as happy buying a knockoff.
Effective pricing strategies vary widely depending upon a
number of factors. Consider alternative pricing tactics as well as the entire
pricing package. It’s also imperative to remember that pricing is dynamic. Just
look at Amazon and airline companies: you can search the same product or flight
two days in a row and the price may shift. Demand determines price. Some
companies even brand themselves based solely on things like “the lowest price
option.”
Offer Convenience
In this day and age, if you’re not providing some sort of
ease of use or accessibility, you’re dead in the water. Try to offer some sort
of convenience, such as easy payment plan options, delivery, or 24-hour
customer service. Making your consumer’s experience efficient and convenient makes
your brand “user-friendly.” And who doesn’t want to be thought of in that way?
Company Culture
This is one of the most
important components of branding. Creating and maintaining a positive company
culture is a critical component in achieving excellence and establishing a
great brand. People remember experiences. They may not remember what they were
buying, but they’ll remember the employee who was rude to them. Please and
thank you always go a long way.
Your Brand is an Experience
Know your strengths. What makes you interesting and
different from your competitors? This doesn’t necessarily mean “better.” Two
different soaps can clean equally well and cost the same amount of money, but
if one comes in fun animal shapes… that stands out. It’s different. It’s
memorable.
There are people who shop at Saks Fifth Avenue, but also frequent
Costco. These consumers aren’t worried about price; they’re looking for an
experience—and they will receive a very different one at each location, but
both will be satisfactory and in alignment with their desires. People enjoy
shopping on Amazon because they like the experience of purchasing items from
home, in their sweats. Successful brands have clear, distinct experiences.
So, what makes your brand
unique? What experience are you providing? And why should anyone give a sh**
about what you’re offering? We’d love to hear your feedback in the comments
below!
A customized approach that caters to each of his clients’ specific needs is what sets Dr. Bert Shlensky apart. With a PhD from the Sloan School of Management at M.I.T., he focuses on implementing individualized strategies that have helped countless businesses increase sales and profit. He knows what works and has the experience and expertise to help you take the steps necessary to achieve your business goals.
“I’m not playing anymore!” A phrase most often yelled by a child (or an adult) who isn’t winning. We all know these people: they aren’t happy unless they’re in first place, they own ALL the Monopoly properties, and the other team is crying. We’re taught not to be sore losers, but we often forget to acknowledge the negative effects of being a poor winner—especially when it comes to the cut-throat world of economics where everyone is striving to create the best decisions at any cost. Learn why beating your competition isn’t everything.
However, we need to stop focusing on crushing the
competition and concentrate, instead, on creating more win-win scenarios. When
developing the best business strategies for your company, you might think it’s
imperative to get rid of any and all opposition, but competition makes us
better. When an athlete has a strong opponent to go up against, you better
believe they’re going to train harder and longer and, ultimately, get stronger.
With the right mindset, we can learn things from competitors and they will push
us to excel.
How can you
adopt a “Win-Win” mindset in order to generate better results overall?
Understand
That Sharing Does Not Equal Losing.
The tendency is to think that it’s always a zero-sum
game, meaning that there can be only one winner and everyone else must,
therefore, be a loser. But, this outlook makes it impossible to create
sustainable business models. Rather than looking to create win-lose situations,
it’s much more beneficial to find ways to “grow the pie,” as they say.
Costco is a great example of this: They provide a
package deal, which doesn’t add to their bottom line, but still provides the
consumer with benefits that enhance their shopping experience. Other examples
include dinner or airline packages, which include add-ons that make customers
feel like they’re getting more for their dollar, but simultaneously don’t
actually raise the business’ production cost. They key here, however, is to
make sure that your free offerings are desirable. The goal is to increase value
for everyone.
Rethink
“Compromise.”
Too many people, falsely, assume that a compromise
means they’ve lost or that they’re being forced to forfeit something. In
actuality, compromising usually makes you stronger. By listening to the needs
and understanding the goals of your partners (both personal and business), you
build and strengthen the relationship.
When you are willing to consider another party’s
interests, they will, in turn, be more open to catering to your own. In
particular, you might discuss things like price, service, quality, and
reliability. Different transactions hold varying expectations (i.e. to someone
stuck in the rain, availability is more important than price or even the quality
of an umbrella while quality is a crucial factor to someone purchasing a car). Finding where to give and take will help
create an improved outcome for all. In the end, communication is essential to
producing win-win outcomes.
Recognize That
Success Does Not Equal the Failure of Others.
How many profitable barbershops, Italian restaurants,
and grocery stores exist in your neighborhood? Enough said.
Be Open to a
New End Goal.
We often go into situations with a precise vision and
set expectations, but this limits potential. If we’re able to keep an open mind
and test different ideas (i.e. pricing, delivery time, production style, etc.),
we might discover a scenario which strays from our original idea, but
ultimately achieves better results for all parties involved. This requires open
communication between suppliers, colleagues, customers, and even competition.
It also means being open to feedback. Look, listen,
and analyze. Face it: you don’t always know what’s best and the insights of
others may be the missing link to improved productivity and the key to creating
the best business model for your company.
Accept That
Failure Is Part Of Success.
It’s
often said that if you aren’t making mistakes, you aren’t trying hard enough. It’s
safe to say that the experiences of these innovators illustrate this point:
Thomas Edison, one of the greatest inventors of all time, had 10,000 failed trials with his light bulb.
Stephen Spielberg, famed movie director, went solo after being rejected three times from the University of California.
Bill Gates and Mark Zuckerberg, both college-dropouts, went on to… well, you already know.
So: Try. Fail. Learn. Improve. Losing is where we
grow. Too often, winning provides a sense of false security. Accept that
there’s always going to be someone striving to do what you do better than you
do it. And then keep pushing yourself to be your own very best.
Once we accept that success isn’t built on the failure
of others, we open ourselves to a multitude of opportunities. Consider
different perspectives, encourage innovation, and accept the inevitability of
mistakes. You might be surprised at how beneficial it is (and how good it
feels) to win and watch others win simultaneously.
When you want to stand out, reach out to Bert for the tools that will build your “sticky” brand. My focus is on understanding and analyzing your dilemmas and challenges, so your company becomes profitable faster.
Call (914) 632-6977 or email me at bshlensky@startupconnection.net. Don’t leave without signing up for our useful free eBook!
Feeling stumped or overwhelmed? Contact Bert at (914) 632-6977 or Email to start the process. Thanks!
