Business Toolkit – Page 78 – thoughtLEADERS, LLC: Leadership Training for the Real World

Lessons from Leonidas the Spartan King: Why Shrinking Your Business is Smart

November 4, 2009/2 Comments/in Business Toolkit, Communications, Entrepreneur, Guest Blogger, Social Media, Strategy /by Mike Figliuolo

Today’s guest post is written by Brian Ahearn (no, that’s not his picture at left). Brian’s one of the most knowledgeable guys I know on the subject of influencing people (which is why he’s been a guest here before). Enjoy!

I conducted a workshop recently called Principles of Persuasion. During a break, one of the students said she’d had a conversation with her five-year-old son and expressed parental surprise over something he said. She told him she was going to a meeting about leadership at work. He told her they had talked about leadership at school and he knew what a leader was. He said leaders were people who had followers. Simple and to the point, his definition was right on. Out of the mouth of babes!

Let’s look at this leader/follower idea as it applies to the online world. If you’re on Twitter then you follow people and people follow you. In a sense, for those who follow you, you’re a leader. You might be a leader by virtue of your expertise in an area or simply because people find you interesting. But, by definition of our young friend, people have chosen to follow you and therefore you’re a leader.

4 Ways NOT to Run an Internship Program

October 28, 2009/2 Comments/in Business Toolkit, Career, Guest Blogger, Training /by Mike Figliuolo

An internship program can be great for your company, but don’t do it simply because everyone else is. Just like Mom used to ask, “If everyone jumped off a cliff, would you?” Make sure you can provide a mutually beneficial opportunity, and make sure you’re thinking from both perspectives – the employer and the intern – when you’re developing your program.

One of my favorite references of real-life internship nightmares (and how to prevent them) is Krista Reaves’ “Do Interns Take Lunch Breaks, Too?” It’s a pretty candid look at shocking internship debacles, including some of these common mistakes:

How Blowing Up Your Business Can Drive Innovation

October 26, 2009/6 Comments/in Business Toolkit, Innovation /by Mike Figliuolo

Last week I pounded on folks for being wimps and not making decisions. Out of fairness, many of you want to move your organizations forward but might not have all the tools or resources to do so, Given that, I’d like to provide you some explosives.

These are the good kind of explosives. The kind that enable you to blow up your business model and find innovative new ways of doing things. Too many times we get trapped by our routines. Have you ever tried to change your personal routine? Uncomfortable and difficult, right? Now multiply that by the number of people in your organization and you have a sense for why nothing ever changes.

Sometimes the only way to change things is to (mentally) throw away everything you’re doing and declare a “do over.” In doing so, new opportunities might pop out and innovative ways of doing things can emerge.

Far too often, we wave our arms at innovation. We spew consultospeak like “think outside the box, push the envelope, and break the paradigm” with absolutely no clue what those words mean or how to do pursue those tasks. For those of you who know thoughtLEADERS well, we see it as our charge to provide you practical tools for taking action (shameless plug: we teach classes on this stuff too).

Enough blathering – here’s how you can (constructively) blow up your business and find potentially innovative new ideas:

5 Reasons No One Reads Anything You Write

October 21, 2009/4 Comments/in Business Toolkit, Communications, Guest Blogger /by Mike Figliuolo

Please give a warm welcome to our guest blogger Chandra Clarke who is the founder and president of Scribendi.com.

It’s cool to complain about “information overload.” It’s less cool to realize you’re a big part of the problem.

Yes, you.

When we think about information overload, we tend to think about web sites, RSS feeds, videos, and podcasts – things other people produce. But you know what? You produce information too. Tons of it. Go have a quick look at your outbox. How many e-mails, memos, manuals, and reports have you sent out today?

Know what else? Nobody is reading it. Here’s why:

An Influence Shortcut: “What do you have to believe?”

October 12, 2009/0 Comments/in Business Toolkit, Communications, Guest Blogger, Sales /by Mike Figliuolo

I was recently invited by Brian Ahearn to write a guest post on his blog Influence PEOPLE. Brian recently wrote a great post here on the thoughtLEADERS blog and I’m happy to reciprocate and give his readers something to read over at his place.

The gist of the post is this: you spend a ton of time and energy doing completely wasteful work and analysis. You do so in an attempt to influence people to make a decision based on your recommendation. The problem is, you can get to that answer much more quickly and efficiently (thereby saving yourself tons of time and effort).

What’s the magic pill, you ask? It revolves around asking a simple question: What do you have to believe? (This is similar to the technique we described in a post on “Getting to YES.”)

Pop on over to Influence PEOPLE to learn more about this time-saving technique. While you’re there, be sure to spin through Brian’s posts as well – there’s some great content and ideas there.

– Mike Figliuolo at thoughtLEADERS, LLC

You Call Them Business Partners But Your Contract Says Otherwise

August 10, 2009/5 Comments/in Business Toolkit, Communications, Entrepreneur /by Mike Figliuolo

Your legal department is screwing up. Royally.

You work hard to build relationships with other businesses. How many hours do you invest getting closer to partners, customers, and suppliers? And then that wonderful handshake happens and it’s time to hammer out the agreements. That’s when Larry the Litigator takes over.

Larry’s a generally good guy. He’s a great corporate attorney. His main mission in life is to protect your organization from litigation. Sometimes he even generates real bottom-line value with the way he constructs contracts. The problem is, he’s gotten so aggressive in constructing legal agreements that he’s negatively impacting all those relationships you worked so hard to build.

I’m not writing this to berate Larry – I’m writing it to make YOU aware of the impact Larry is having on your relationships. If you’re not careful, he’ll do things like I mention below. When he does, he can sour a relationship right from the start.

Shame on you if you’ve let the following happen to your contracts:

Building Resilience So You Can Thrive in Turbulent Times

July 22, 2009/2 Comments/in Balanced Lifestyle, Business Toolkit, Guest Blogger /by Mike Figliuolo

Please welcome Belinda Gore to the blog. Today she shares some thoughts on how you can build your resilience to turmoil. Here’s Belinda:

Resilience is a hot topic these days as people try to figure out how to bend with the winds of economic change without breaking. I’m reading articles that link resilience with positive self-image, courage and commitment, emotional maturity and integrity.

The challenge seems to be what to do to develop resilience when yours is getting low.

To start down the path of building your resilience and ability to deal with today’s frantic pace of change and stress, there are three practices you can start building immediately.

How To Reduce The Risk of Reliance on Your Key Players

July 20, 2009/2 Comments/in Business Toolkit, Career, Leadership, Strategy /by Mike Figliuolo

Every team has key players . They take us to new highs. Innovate constantly. Bring powerful personalities to the game every day (why do you think they called Gretzky “The Great One” huh?).

At some point, though, they become such a huge asset that they’re a liability. If you’re not careful, you put all your proverbial eggs in their basket. Without some deliberate planning, you’re going to end up with a big scrambled mess.

Why is reliance on these luminaries dangerous? Aren’t they the ones who got you there? Absolutely! However, over time their personality takes over the company or organization. The halo effect of that founder or “hi po” associate becomes a burning flame that, if and when it goes out, the whole organization could go dark.

This dynamic happens in both large and small companies. In large companies, these are the rising stars we come to depend on and build teams around. In smaller ventures, they’re typically the founders.

What happens though when these people quit, retire or move on to another organization? If you haven’t planned for this event, you’re in trouble. The good news is there are a few things you can do to avoid a calamity (That is such a cool word – I’m thrilled I got to use it today. Related: I’m a geek).

How can you reduce these risks? Here goes:

Three Keys to Getting CASH for Your Project or Business

July 13, 2009/3 Comments/in Business Toolkit, Communications, Entrepreneur, Project Management, Strategy /by Mike Figliuolo

Money is tight these days. Whether you’re an entrepreneur seeking capital to grow your business or you work at a major corporation and you’re looking for capital to fund your project, you have a big challenge in front of you: how do you get someone to give you their money?

Yes, it’s their money. For entrepreneurs, you’re trying to pry it away from banks, angel investors, and venture capitalists. For corporate types, you’re asking for it from shareholders, senior executives, and profit-generating business units (for the purposes of this post, I’ll refer to all of these groups as “investors” for the balance of the article).

But gone are the days of easy money based on loosey goosey “business plans.” In this environment it’s much harder to get that check written.

So how can you pry open the pocketbook, get the capital you need, and grow your business or fund your project? You have to be sure to tell the people with the cash three key things before they’ll even consider giving you a dime.

Stop Isolating Your Business: Two Ways You’re Ruining Opportunities

July 6, 2009/3 Comments/in Business Toolkit, Communications, Entrepreneur, Sales, Strategy /by Mike Figliuolo

This post is dedicated to all the paranoid businesspeople out there who are terrified of their competitors. You know, the people who run businesses centered around “consulting” who view any other “consulting” firm as a competitor. You can insert whatever industry you like in the quotes and this perspective will apply.

Knock it off – you’re limiting your business and isolating yourself from opportunities to grow. You’re effectively placing yourself on a deserted island in the ocean of business opportunities.

Not only are you limiting opportunities, you’re building a brand of naivete, immaturity and narrow thinking. The following also applies whether you’re a one-person shop or a multimillion dollar firm. Unless you’re Coke & Pepsi or some other similar truly competitive pairing of companies, you need to pay attention.

Those of you who know me know I network. A lot. That networking gets me in front of many other business owners and executives who play in a space similar to my firm.

I run a leadership development training firm. We have a specific business model. We focus on a few key knowledge areas where we have deep expertise. We deliver that knowledge through one-day training sessions with some focused coaching support afterward.

Networking gets “interesting” when I meet others who work in the leadership development coaching and training arena. During those meetings I’ve seen two destructive dynamics play out on occasion.

How “This Will Only Take a Minute” Destroys Your Projects

June 29, 2009/1 Comment/in Business Toolkit, Project Management /by Mike Figliuolo

I’m sure you’ve said it as often as I have: “This will only take a minute…” Five hours later, you’re starting to see the light at the end of the tunnel.

Humans are notoriously bad at estimating how long something will take. On top of that, we try to make our problem solving too complex when things go wrong. When these two dynamics combine, our projects go flying off the rails like the first ever run of the Jamaican bobsled team. The result is projects that are late, overbudget, and full of errors. The good news is there are a couple of simple rules to keep in mind that can prevent these issues.

By way of an example, I needed a new keg of beer for my kegerator. It had been a while since I replaced the empty. “This won’t take long – I’ll just go buy a new keg and lickety split I’ll be sipping a cold one.” You see where this is going, right?

My initial estimate was said “project” would cost me about $130 for a new keg plus gas. I figured it would take me about an hour all-in (drive time plus installation). In case you’re wondering why today’s blog post is about 12 hours late, you can blame my beer. Things didn’t go exactly as planned…

How The Wrong Pricing Approach Is Killing Your Business

June 25, 2009/4 Comments/in Business Toolkit, Entrepreneur, Sales, Strategy /by Mike Figliuolo

Bob Barker used to point out when the price was right but what happens to your business when the price is wrong? Getting pricing wrong is one of the biggest and costliest mistakes you can make and that applies whether you’re a sole proprietor or a Fortune 500 company.

First, a little pricing math. Let’s say you sell a widget for $100 and your gross profit on said widget is $30. After taking out overhead, you’re down to $10. Then the tax man comes along and takes $4 of that leaving you with a whopping $6 on your $100 sale.

Here’s the critical part – imagine you want to win a new customer over with a teensy weensy little $1 discount. Sure it’s a 1% discount to him but you just blew a 10% hole in your overall profitability (changing pricing doesn’t change your cost of goods or your overhead and, after tax effects, the majority of that price decrease hits your bottom line like a sledge hammer).

Conversely, if you’re in a position where you can increase pricing by $1, you’ve just increased your profits by 10% (and in this economy, that’s huge). Pricing matters. Bigtime.

The mistake we often make is in thinking it’s only a 1% price change. You have to look at it from a profitability standpoint. Knowing how hard it is to keep your pricing intact, here are two thoughts on how to get the pricing right regardless of the business you’re in: