It happens to all of us. Suddenly we have more aches than normal, less energy, and our memory isn’t what it used to be… Getting older comes with both opportunities and challenges. And, if you’re in the aging population, you’re definitely not alone…
In fact, there are currently 55.8 million Americans who are 65 and older (up from 39.6 million in 2009). And this population is projected to reach 80.8 million by 2040 and 94.7 million by 2060. All but a tiny percentage of them live in non-institutional settings.
Since 1900, the percentage of Americans age 65 and older nearly quadrupled (from 4.1% in 1900 to 16% in 2019), and the number increased more than 17 times (from 3.1 million to 54.1 million). The older population itself has also become increasingly older. For example, there are almost 7 million people over 86 and the segment will continue to grow.
In the U.S., there are 73 million baby boomers between 60 and 80 years who have had a primary impact on our culture. And they have about $140 trillion in wealth that will be passed on in the next decade or so. While much of it belongs to the top 1%, it will still impact many lives.
Despite the size of this population, it seems they are frequently overlooked in many instances. Whether you fall into this category yourself, have a relative who does, or are just wondering how knowing more about this topic can create new opportunities for you or your business, there are a number of issues to consider.
For instance, one of the challenges of getting older is balancing the opportunities to live a full life with the demand of managing the needs brought on by aging. Some specific examples are as follows:
In the future, retirement will be increasingly dynamic. Older people will likely have different part-time gigs and find other ways to stay happy and engaged. For example, leisure and entertainment among the elderly will increase.
Many important aspects of old age are overlooked by Americans, such as transportation, increased health needs, social life, and small tasks that may be difficult or impossible. Older people are also more frequently targeted and vulnerable to scams.
The aging population is dramatically impacting our culture. Politicians, religious leaders, business leaders, etc. are all getting older. Thus, change, energy, and growth can all become more challenging. For example, approximately 47.5 million people worldwide have dementia—a number that is predicted to nearly triple by 2050. Our tools and willingness to identify and treat dementia are generally inadequate.
Getting older does not mean the end to fun, excitement, or other normal aspects of life. Physical touch, hugging, and even intimate relationships should not be discouraged. For example, an aid in a retirement home entered a room where a couple were enjoying a relationship. He left and asked his supervisor what should he do. The supervisor answered, “Be quiet, shut the door, and leave them alone.”
Goals for older people are evolving. On one hand many elderlies are living fuller lives and entering retirement homes later. On the other hand, for those whose health issues are more prominent, the shortage in remote care, home care, and social workers complicates matters.
Maintaining a healthy lifestyle can dramatically improve health, the aging process, and help us all live full lives. This includes exercise, not smoking, moderate drinking, improving diet, maintaining relationships, and avoiding stress.
A lot of planning, expenses, and decisions go into caring for an elderly family member. There is a tremendous need for both family and professional caregivers, especially when there are major health concerns. This may require a customized approach such as balancing healthcare decisions, care plan adherence, and medications. General tasks associated with the day-to-day care of a loved one can be stressful and expensive.
So, how does all of this impact you? Do you see any opportunities where you can make improvements personally or to your business?
The fact is we need to place more focus on how the 65+ population impacts our society, systems, and economy. In general, more management, awareness, and programs are required. As this population continues to grow, and because we’ll all eventually be a part of it, we should be properly equipped to deal with aging ourselves and knowledgeable on how this group thinks, acts, evolves, and affects our systems.
Dr. Bert Shlensky, President of StartupConnection.net, has an MBA and PhD from the Sloan School of Management at M.I.T. He served as the President of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. More than 2,000 clients have benefitted from his business acumen over the course of his long career. He now focuses on working with select startups and small businesses. For more information, please visit our website: https://www.startupconnection.net/
Have you ever met someone and, after they introduced themselves, you forgot their name within seconds? Why does this happen? Why does so much information go in one ear and out the other? Are we at capacity and simply cannot retain any more data? Or are we too distracted thinking about what we’ve going to say next? Why are we not listening to each other?
Listening is key for communication and building positive relationships—both personally and professionally. When we improve listening, we improve our interpersonal connections and our collaboration skills.
When it comes to getting others to listen to you, think about how you are presenting the information and how you want it to be received. Consider factors like timing, delivery, and environment. When, where, and how are you telling someone something? In general, the audience, whether on the Internet or in person, forms perceptions of a presentation in the first 90 seconds—that gives you a small window to capture their attention and make a good impression. Environmental issues can be the most ignored factor in communication. For example, if you’re giving a presentation in a room that’s too hot or has a lot of distractions, your audience is less likely to retain what you say.
Additionally, when we engage others genuinely, they are naturally more inclined to pay attention. Too often we underestimate the power of a smile, a kind word, an honest compliment, or the smallest act of caring. The most effective tool to enhance listening that I use is the “out of the box” approach of “FOOD WORKS.” Fruit and penny candy are truly unheralded aids in making a great presentation.
Here are some specific suggestions to help improve our own listening as well as get others to effectively listen to us:
Have a clear focus especially with regard to goals. Time frame, perceptions, quantity versus quality, topic, and especially the sharing of goals can critically affect listening. Providing an outline is helpful so people can see what will be covered and can easily follow along.
Don’t ignore bias. Whether we admit it or not, we all have biases. And it’s a huge problem when it comes to listening. Analysists love to discuss mathematical formulas and measurement in affecting bias; however, most bias (especially in small businesses) is simply human. For example, our most recent experience, preferences, and desires can have a significant impact on what we hear.
Be willing to hear both sides. It’s important (and frequently imperative) to take risks in order to expand, grow, and adapt. By listening to the real benefits and potential consequences of actions, you may be willing to take more chances. Additionally, this will help you make more informed decisions overall.
Don’t assume people know what you’re talking about. For example, common business terms like Gross Profit, EBITA, Clicks, Conversions, Fixed Costs, and Investment may not be understood by some of the audience.
Be clear and concise. Simplify wherever possible and focus on factors that really affect your presentation. The audience will lose interest if the presentation is too long, complex, or poorly communicated.
Be the expert. If you’re not confident in what you’re saying, you’re more likely to communicate it wrongly or ineffectively. Make sure you know what you’re talking about.
Prioritize openness. Does the listener trust what is being said? And does it cover relevant issues? When we share information openly, we establish a sense of trust.
Actively look for ways to improve. Discuss challenges and opportunities. For example, if miscommunications are happening, find the source of the problem. Is it coming from the presenting side or the listening side? You can then implement supportive strategies.
Understand the audience and diversity. Demographics are affected by age, location, socioeconomic status, race, gender, etc. Current events have certainly affected trends for many minority groups. Staying up-to-date on your target audience, the issues they face, and their habits will help improve your awareness and communication.
Listening should always be a priority. Understanding the purpose, content, and importance of communication can help you improve outcomes. You should also consider your own listening process. The next time you catch yourself asking someone to repeat their name or find yourself zoning out during a presentation, ask yourself why? Figure out where the communication failed and learn from it. Maybe the speaker wasn’t being clear or maybe you’re someone who needs to take notes or repeat a name out loud in order to retain it. The more you understand your own communication strengths and weaknesses, the better equipped you’ll be to listen and be heard.
Dr. Bert Shlensky, President of StartupConnection.net, has an MBA and PhD from the Sloan School of Management at M.I.T. He served as the President of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. More than 2,000 clients have benefitted from his business acumen over the course of his long career. He now focuses on working with select startups and small businesses. For more information, please visit our website: www.StartupConnection.net.
Imagine you’re taking a road trip. You’ve planned out your entire route. You know every highway you’re going to take and every stop you’ll make along the way. Now, imagine you’re following the directions you’ve made when suddenly there is a huge detour. A landslide is blocking the road—rocks and debris everywhere. What do you do? Forge ahead on the same dangerous path even though it would utterly ruin your car and cause you injury? No. Of course you wouldn’t do that. That would be dumb. You would find another, safer road to get to your destination successfully.
This is exactly why we need to realize that the best plans are flexible. Too many times, we create a plan and think that it’s final. But, how can something be final when you don’t know what variables will exist down the road (pun intended!)?
And yes, you do need a plan, but it needs to be dynamic and flexible so that it can adapt to changing circumstances. Long detailed business plans designed for a third party like an investor or a plan that has no flexibility are usually not productive because they are too static to be useful in a real-life scenario. A popular alternative, based on a variety of “lean startup principles,” is to skip the plan in favor of an organic plan that tests alternatives, measures, and adapts to changes in your business and the environment. Try to remember that the best plans are flexible.
A dynamic plan has some significant advantages. It allows you to examine options like a good, better, and best forecast. Dynamic plans also allow you to gain some understanding of the interaction of variables. For example, it can show you how variables like growth, marketing, operating expenses, and investment affect sales, profit, and growth. Most importantly, it encourages the exploration of alternatives rather than relying on a fixed model.
Developing a dynamic plan still requires covering traditional basics, such as:
Plans must balance the need to dream with the need to be realistic. The solution is frequently to develop backups, prepare for contingency, and accept failure. In particular, failure is often a requirement for success. Yet, we sometimes fail to recognize its value in the process of achieving success. For example, fear and uncertainty accelerate the concerns about failure. Many studies have shown that we are about twice as likely to avoid losses as pursue gains. We must listen to that little voice that whispers, “How will you know it won’t work if you don’t try?”
And, if it doesn’t work, you have more information to utilize for the next attempt.
Finally, setting clear goals is essential to an effective plan. As Mark Twain said, “If you don’t know where you are going any road will get you there.” The distinction between dynamic and focused are not contradictory. You need a concise summary of what the company is about and how it will achieve its mission. If you’re a human being living on Earth, you probably know that it’s very rare for things to go exactly as planned. Therefore, your business plan needs to focus on how your company will succeed in various circumstances. It should also define the target market, financial parameters, and define operational requirements. Understanding that the best plans are flexible will help you, and your business, succeed.
Remember, your plan is a tool—like a map—that is regularly considered, and modified when you come up against those landslides. Dr. Bert Shlensky, President of StartupConnection.net, has an MBA and PhD from the Sloan School of Management at M.I.T. He served as the President of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. More than 2,000 clients have benefitted from his business acumen over the course of his long career. He now focuses on working with select startups and small businesses. Please visit our website: www.StartupConnection.net for more information.
Skills are the groundwork for excellence. And the mastery of any skill requires time and commitment. While innovation is necessary for progress, skills are the backbone enabling advancement.
I recently had minor surgery to get a pacemaker. The experience, skills, and attention of the supporting nurses and staff were amazing. They know their jobs and execute the needs of the surgeons superbly. In a similar instance, it appears that Damar Hamlin, the football player, was saved by the skills of the emergency team that cared for him. They integrated knowledge, experience, and teamwork to revive and save him almost immediately.
We frequently underestimate the role of knowledge, experience, and skills in solving many issues. Take the Southwest Airlines holiday disaster as an example. The lack of knowledge, planning, and care led to a system-wide meltdown and the disruption of millions of travelers’ plans, from which they are still trying to recover.
In general, we neglect the importance of balancing planning, skills, and experience with innovation and intuition. The more history, expertise, and data, the more analytical and proven methods are preferred. The more uncertainty, change, and volatility, the more intuition and innovation are required. However, our organizations seem to be moving towards more uncertainty and volatility and, therefore, require more thought in our decision-making.
Utilizing skills to forecast and plan:
While we all value analysis and A.I. to improve results, we sometimes ignore the accuracy and validity of that analysis. The pandemic has made much of the data from 2019-2021 less reliable in forecasting. Economic, political, and environmental changes can impact the assumptions and process of our analysis. For example, higher winds and higher water temperatures from climate changes have worsened the impact of weather. Structural changes like the war in Ukraine, crime, and inflation can also affect our assumptions and analysis.
Timing and situation should also greatly affect analysis versus intuition. While many understand product life cycles, we forget how age, competition, and technology can affect our progress. For example, over 60% of advertising is over the Internet rather than traditional media. Age is another factor we frequently ignore. Many politicians and managers continue to serve despite waning capabilities and energy.
With uncertainty high in many areas, requiring more intuition and innovation in our planning, we can trust that skill and experience will successfully inform intuition.
Capitalizing on innovation:
There are many opportunities to capitalize on the need for intuition and innovation. The pandemic stimulated new opportunities like work from home and virtual learning that need to be allowed to reach their potential. For example, small Universities are sharing courses with other local Universities to expand the offerings to students. These need more analysis and objective thought rather than simple opinions to have success.
When dealing with innovation and change, psychological issues need to be managed rather than feared. Hatred and threats are the tools of the extremists. They need to be managed, understood and not allowed to disrupt our efforts. In particular, we need to build positive relationships and improve communication.
The most frequent issue inhibiting progress is bias. Our enthusiasm or mindset frequently cause us to overestimate markets, ignore competition, and not consider the issues in execution. Again, the more we can rely on skill, the more we can eliminate bias.
So, how can you balance innovation with skill to improve the way you run your business?
Replace Hierarchy.
Most organizations are based on hierarchy, but this system is obsolete and, more often than not, fails. It is a structure that rewards people at the top who may not be competent rather than seeking expertise. We should constantly be striving to improve and that is impossible to do if we rely on an inflexible system. The world is constantly changing and we need to adapt accordingly.
Informed decisions require a variety of input and diverse skills to manage that input. It’s always important to consider various perspectives and options. As technology becomes more complex, additional expertise, teamwork, resources, and responsibilities are required to manage operations.
Pay Attention to Data.
Frequently, we think we know best, even when data tells us otherwise. Too often, analytics are ignored due to pride or a “we’ve always done it this way” mindset. In recent years, data is informing us that consumers want to associate themselves with and buy from socially conscious companies. Taking a stance on social, environmental, and political issues is increasingly becoming a must-have for business success and consumer loyalty.
Focus on Process Not Plan.
Many experts tout that the holy grail of a successful business lies in the plan. However, the process of implementing that plan is far more important than the plan itself. Generally, plans are static, lack insight, and are missing operational details. Not surprisingly, this results in poor execution. For example, plans seldom predict and account for rapid changes in the economy. A successful plan is flexible and can adjust accordingly when those inevitable and unexpected obstacles arise.
Consider dieting. You can design a great weight loss program, but if you can’t properly implement that program into your lifestyle, you aren’t going to lose any weight.
Balancing intuition and skill doesn’t have to be as complicated as we make it out to be. Think about an incredible guitar player. Before they can write an incredible song or play a mind-blowing solo, they need to know the basics of playing the guitar. The same goes for any endeavor. Before you can get creative, you need to master the skills that will make your innovation a success.
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.
What does it take to change? As in, truly change? It is said that it takes 3 weeks or more to turn an action into a habit. And, the older we get, the more set in our ways we become. So, how then, do we enact change—within ourselves, our businesses, or even society?
In a time when being adaptable is crucial to success, organizations are changing faster than ever and, yet, it still seems we aren’t changing fast enough to keep up. This may be the result of tools that are designed to limit risk and are unable to accept compromise and open systems. For example, changes in Ukraine, mid-term elections, inflation, Trump investigations, and economic growth seem to modify our decision parameters almost daily—are our tools taking all of these factors into account in their analysis? Doubtful.
That means, in order to “keep up” with the times, we have to pay close attention to these parameters ourselves. We must not only embrace change, but be actively working to create transformative change as well.
Much attention is often given to analytics, expertise, profits, and science. However, these tools sometimes ignore critical requirements for change and better decisions: passion, focus, trust, effort, risk, and commitment. Unchecked, analytics may actually hinder transformative change.
Here are some suggestions to develop and execute more transformative change:
Consider structural changes. Society and business fail to recognize old paradigms and structures are failing. Large corporate structures, like print publications, big banks, and brick and mortar retailers, are all gradual losers, or even worse. Many large companies have tunnel vision, organizational constraints, etc., and ignore emerging technologies and opportunities. They lack the flexibility to respond to the needs of the market and use outdated solutions to new problems.
Imitate small businesses. The success of smaller, more innovative companies shows that many organizations should get smaller, or act smaller, in order to effectively deal with today’s environment. Reducing layers and creating professional cultures are a start. Boards and management need to split up organizations or create more independent groups.
Invest in innovation. Large organizations say they want excellence, entrepreneurship, innovation, risk takers, etc., but, really, they tend to encourage mediocrity. For example, short term goals, testing, and failure, which are critical parts of innovation, are punished more than rewarded. In short, organizations frequently ignore the advice, “you can’t score if you don’t take a shot.”
Look at disrupters. Mackenzie Scott (Jeff Bezos’ ex-wife who has $60 billion) is changing the structure of charitable giving. She is a disrupter in that she focuses on equality, gives only unrestricted gifts (no building or school names), and donates significant funds to lesser-known institutions, like black colleges and community organizations, to help transform their entire organization.
Implement more risk. There are more and greater opportunities. Even in sports, home runs, the three-point play, and passing in football are rapidly increasing as coaching, athletes, and analytics improve. We underestimate the potential of frequently unlimited upsides compared to limited downsides. Test more and accept that failure is frequently a requirement for success. We also need to seek transformative solutions, which may be unknown when we start a decisions process.
Embrace the relative importance of marketing over sales. Digital analysis and marketing, the Internet, and account management are examples of efforts that are replacing the good old days of personal selling and relationships.
Focus on reducing stress. The pandemic and rapid change has caused significant stress and unhappiness and we need to take action to reverse some of that damage.
Remember technology is 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 proving to prefer the perks of working at home, fast delivery, and other convenient Internet processes. Virtual offerings will continue to expand and be utilized and, therefore, they must be integrated into our structures.
Don’t forget that service, image, andculture are frequently the biggest (and often least expensive) ways for small companies to develop a brand and differentiate themselves. Some suggestions: Focus on your target market and segment your ideal customer. Be polite, listen, and then act based on what you have learned. Become a trusted resource to your prospects by providing useful information that will help them make a good choice.
The post-pandemic changes we’re seeing should be viewed as a critical opportunity to improve sales, profit, and competitive positioning. Many include transformational change. The current state of organizations and the rapid advancement of technology are stimulating perpetual change that cannot be ignored. But, with the right mentality and a willingness to incorporate tools that will help you successfully adapt, you can thrive in this new normal.
So, where in your life, business, or community do you see a need for transformational change? And what actionable steps are you taking to fuel it? And are you committed to making those actions a habit? Because that is what it takes to truly change.
Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. We guide your plans for business success and unlock your profits.Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward. We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977
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.
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