Use These Quick and Simple Ideas to Improve Your Business
With the end of the year quickly approaching, it’s a great time to reflect on where we are and where we’d like to be. But, since it’s that time of year when everyone’s schedules are impossibly full, we’ll keep this quick, simple, and practical.
Below you’ll find several resources to help improve your business. I suggest picking one or two posts, and committing to incorporating one or two suggestions from each. My personal recommendation is the 80-20 post, which is simple and almost guaranteed to produce results.
I also encourage you to provide feedback and let us know which suggestions you found the most useful.
And remember, as the end of the year approaches and stress levels tend to increase, be kind to yourself and others, find ways to relax, enjoy time with family, but also make time for yourself. Take deep breaths, cut yourself some slack, and know that your best is enough.
Hopefully this end of the year list inspires you to incorporate some fresh ideas into your business and explore various strategies. I also recommend using the content to develop and test new alternatives and solutions. In your efforts, don’t be afraid of some failures along the way—it’s the best way to learn and grow. Good luck!
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.
We’ve all been asked the glass half empty or half full question… It’s easy to give this discussion more importance than it deserves, or even make it more complicated than it really is. The bottom line is that the question aims to determine whether someone is an optimist or a pessimist. But, what this question fails to consider is whether someone is a realist. I know people who are optimist realists and some who are pessimistic realists. Both can be effective; it’s simply a matter of approach. The commonality, though, lies in the fact that they look at things from a realistic and, often, analytic lens. And that is why they get results.
Take poker, for example. Professional betters fold about 75% of the time after seeing the first two cards. Amateurs only fold 50% of the time. This has nothing to do with whether they were optimistic or pessimistic about their chances. It has to do with understanding the game and considering statistics from a strategic perspective.
The stock market is another example where assumptions and “opinions” can be dangerous. How many stocks like WeWork, Peloton, Teladoc, and Zoom all grew based on unrealistic expectations and then crashed? In 2021, nearly every new issue is down an average of more than 50%.
Furthermore, analysis and AI are valuable and often help improve results, but we have to also consider the accuracy and validity of the analysis. For example, 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. Case in point: higher winds and higher water temperatures from climate change worsened the impact of Hurricane Ian. Structural changes, like the war in Ukraine, crime, and inflation, can also affect our assumptions and analysis.
Timing and circumstances should also greatly influence our perceptions and predictions. While we may understand product life cycles, we often forget how age, competition, and technology can affect our progress. For example, over 60% of advertising is over the Internet rather than traditional media. And many politicians and managers continue to serve despite waning capabilities and energy.
In general, being optimistic is frequently recommended to keep a positive attitude, understand potential, and motivate maximum efforts. And, while many issues require evaluation, there are plenty of opportunities to capitalize on optimism. The pandemic has stimulated new opportunities like working from home and virtual learning that need to be given time to reach their potential. For example, small Universities are sharing courses with other local Universities to expand the offerings available to students. These need more analysis and objective thought rather than simple opinions to have success—this is where that realism comes back in play. It’s great to be excited about good ideas, but we also need to take a realistic look at whether they are effective.
And, when it comes to decision-making and implementing new ideas, we can all afford more risk. People tend to have a pessimistic view of risk-taking. Or, they believe you need to be optimistic to benefit from risk. But, it’s really more about being realistic and evaluating results and considering alternatives. We need to recognize that the upside of many risks is much greater than the limited downside. Additionally, need to understand outcomes and accept reality. Part of that reality is that failure is always part of the process.
Other culprits that pull us away from reality include denial and bias. Denial can make us avoid potential negative outcomes or ignore facts. Bias causes us to overestimate markets, ignore competition, and not consider the issues in execution. These can be a result of our enthusiasm—we want to believe something is true because we are excited about the possibilities. This is a great example of how unchecked optimism can actually thwart our efforts.
So, how can we make sure we maintain a realistic outlook and approach?
Encourage openness. Organizations need to be open to measurement and feedback. Share financials, operations reports, and sales reports. More eyes equal more feedback. This can reduce oversight and bias.
Search alternatives. Don’t get stuck doing it one way. Try new things and see if you can do it ever better.
Discourage enablers. While experience and expertise can improve results, one of the worst strategies in our changing environment is “we have always done it this way.” It simply ignores change, alternatives, and processes. This mindset is frequently fueled by proponents who fear change and discomfort. Don’t allow people to enable this narrow-minded thinking. It’s not inclusive and not realistic.
Measure correctly. Are you in need of quantitative or qualitative measurements? On one hand, quantitative measures are simpler to document, measurable, objective, and comparable. However, we must ensure we are using the right measurements and analyzing correctly. Qualitative data can measure issues we don’t always consider and allow for intuition. However, qualitative can also be easily compromised and measure wrong factors.
In the end, whether the glass is half empty or half full doesn’t really matter as long as we can see that the glass exists and that there is more than one way to interpret how much water it holds. People will always see things differently—our education, experience, genetics, history, circumstances, and a variety of other factors influence how we view the world. Rather than arguing about the differences in our perceptions, perhaps we can discuss them and learn from each other. Together, we can expand our collective knowledge by considering the potential and opportunity that exists in our unique interpretations of data and circumstances. And with a realistic approach to analysis, and a genuine desire to pursue new, improved, and varying outcomes, we can achieve more together.
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
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
As a business consultant, I constantly hear stories, read advice, and see comments focused on worries, concerns, and caution. While thinking through strategies and carefully planning your approach are important, the fuel that brings an idea to life are passion and positivity.
Skill, experience, training, analytics, and all the other technical aspects of running a business are important, yes. But, without the passion and positivity, will you have the drive to push through when problems arise? Will you have the perseverance to keep going when it feels hard? The desire and persistence to succeed come from something you have to find within yourself.
When the “going gets tough,” it can sometimes feel overwhelming. That’s when you need to tap into your “why”—your reason for running this business in the first place. What do you love about it? Why is it important for this pursuit to be successful? What is your driver? Maybe your product or service helps people and it feels good to know that you’re making a difference. Or maybe your company brings people together and that is fulfilling for you. Whatever it is, that is the fuel you need to succeed.
If you need a little boost finding your passion and positivity (some days are harder than others), here are some reminders to keep you on track:
Stop focusing on the negative. Positive thinking is vital. To really have a good chance at success, one needs a balance between reality, paranoia, action, and positive thinking.
Positive thinking does not necessarily mean avoiding or ignoring negatives. Instead, it involves making the most of the potentially bad situations, trying to see the best in other people, and viewing yourself and your abilities in a positive light.
Create a positive culture. Say please, thank you, and demonstrate you care about people. Show support with praise and encouragement.
Remember that operating a small business is a process. Recognize you will make mistakes. Your goal must be to develop, test, measure, and adapt rather than give up after the first or second problem. Because there will be problems. Regularly. Therefore, businesses not only need to have alternatives at the ready, but the processes to adapt must be in place as well.
Stay grounded. Encourage open communication, a sense of realism, and focus on problem solving. Be sure to constantly assess your situation. Develop expert support and, when appropriate, have discussions with outside and inside colleagues. There are always ways to improve. So, be open to new ideas and suggestions.
Be flexible. Because the market changes, and your customers’ lifestyles change by the nano-second, you need to be able to pivot. By “expecting” that your market can change from year to year, you are being proactive in your thinking, and can create flexible plans to adapt to these changes.
Put yourself in others’ shoes. There is extensive research supporting the idea that people don’t change unless they believe in it. So, when given the opportunity to argue your case, try to emphasize the benefits for the other party. It is well proven that tactics like collaboration, trust, and listening work better in decision-making than dictating, lecturing, and proclaiming false expertise. Think of things from their perspective.
Understand your goals, resources, and risk. In particular, really understand your market analysis, competition, how and why your company is different, and why customers should care. Are you focused on long-term growth or quick profits? While testing alternatives is a great strategy, ensure that you are focused on priorities that you can execute and that will have the most potential.
Have fun. Finding ways to incorporate fun helps you tap into your passion and positivity. It can also reduce stress, boost morale, and fosters positivity.
Passion and positivity are great drivers of success. When you enjoy doing something, the effort you put into it feels more fulfilling. And while you may not be passionate about doing inventory, knowing it benefits the overall business may make the less-fun tasks more bearable. It’s all about mindset. So, set your worries aside, keep your passion and positivity at the forefront, continue working hard, and trust that you’re headed for greatness.
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 team of experts will address your particular needs while working to save you time and money.
Are you frustrated with supply chain management? Join the club. It seems everyone is struggling with a similar dilemma: the more effort and care that is put in, the more complex and difficult it is to manage. This frustration is mostly due to change, complexity, and a focus on efficiency. The good news is that a few changes in supply chain parameters and practices can dramatically improve results.
It’s preferable to gather and analyze data that creates a straight-line supply chain forecast, but this only works well in stable and constant environments. As we all know, business (and the world) have become more volatile, uncertain, and disruptive in recent years. The pandemic caused data from 2020 and 2021 to be almost meaningless in predicting forecasts. As a result, the most recent data is the most reliable and, thus, we need to develop new models and plans based on new data and assumptions.
Furthermore, we are seeing a rise in instances of bottlenecking as a result of a drastic reduction in many businesses. Airlines and shipping companies laid off a significant number of employees with no perspective on how long it would take to rehire and retrain when the economy recovered. There are currently about 10 to 11 million job vacancies compared to a historical 5 to 7 million, which creates all kinds of personnel shortages.
Economic and political changes have also altered the ability to manage supply chain forecasts. Inflation, Ukraine, shortages, and changes in demand have all affected our assumptions. For example, staying at home during the pandemic escalated home furnishings. The demand surge has been somewhat satisfied and is currently declining. Inflation (especially regarding oil prices) has influenced dramatic changes in areas like venture capital, startups, interest rates, and the real estate market.
There has also been a focus on more precise analysis to improve efficiency, reduce inventory, and reduce lead and processing time. Some of these may have gone too far, especially in periods of uncertainty. Computer chips, baby formula, various food products, and shipping are examples where supply chain plans that were intended to make it “just in time” too often have resulted in “just never there.” These situations can be compounded by reduced suppliers in certain industries such as baby food, computer chips, and poultry production.
A caveat: We frequently ignore complexity and its impact on the supply chain. When it comes to our product offering, do we really need all those sizes, colors, and materials? We used to generally have good, better, and best. Now, we have so many variations, who understands them or what the differences are?
Overbuying or underbuying into shortages or excess supply can sometimes increase the disruptions as well. The panic of buying toilet paper during the pandemic caused more shortages because of hoarding. As suppliers catch up in these types of situations, surpluses can then occur that also fuel more shortages.
So, how do we effectively improve supply chain management?
Most importantly: Pay more attention. When developing new technologies and products, simply consider where, what, and when. For example, many new efforts require more involvement of various resources and need planning to integrate these inputs.
Consider simplification of products, processes, and strategies. Focus on high volume and profit opportunities. Cutting the right inventory is much more important than just general inventory reductions. In contrast, being in stock on key items is critical. Integrating retail and E-Commerce can facilitate this effort particularly in regards to using E-Commerce to ship low volume items. However, the delivery times must be short. In general, Amazon does an excellent job in these functions.
Focus on the critical aspects of the supply chain. Long lead times, bottlenecks, and shortages should all receive special considerations. Storing key component parts, air shipping, and developing alternative forecasting models are methods to consider in addressing key issues.
Collaborate with as many participants as possible. This can help you avoid problems and develop solutions. Learning suppliers lead times and response times can improve flexibility. Sharing forecasts with customers can differentiate inventory, seasonal sales, and other variations to provide more accurate demand models.
Supply chain and timing can be critical performance and cost-saving factors. And there is no shortage of factors you must consider in your distribution decisions. These include shipping and receiving points, lot sizes, shipping quantities, reducing lead times, using similar part components, scheduling components to reduce bottlenecks, and shipping and warehouse charges. Optimizing these areas can improve service and reduce inventory shortages, requirements, and risk. But remember that the decisions you make must balance customer fulfillment needs, inventory risk, terms, ownership, and replenishment.
While there are technical aspects to improving operations, it’s the thinking and integration of each component that paves the way to success. Take advantage of the opportunity to revitalize your supply chain management—in today’s market, it’s the key to improving sales, profit, and competitive positioning.
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 team of experts will address your particular needs while working to save you time and money.
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!
