Recently, I was sitting across the table from a prospective client when they said, “We need an industry expert to help us do…”
It made me laugh a bit, but, I felt compelled to ask, “Why? Is it because you want to do what your competition is already doing?” Many consultants repurpose previously developed solutions – selling them to unsuspecting clients who don’t know any better or ones that want the latest advice from “industry experts.”
Do you really think you need industry experts to deliver desired outcomes?
Think again.
These widely held beliefs, provided by “experts” at the time, were proven wrong by people who were considered “outsiders” and “heretics” in their day:
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2014-06-02 07:02:402018-08-13 12:10:19The Earth Isn’t Flat – Your Strategic Thinking Shouldn’t be Either
Today’s post is by Sloan McKinney who has a passion for helping companies expand their global footprint.
Introducing a business to a new country is very much like starting from scratch with a brand new company. Though a company may have experienced wild success on a much smaller level, the array of factors that could make – or break – an expansion make the process far more daunting than many are comfortable admitting.
Taking time to contemplate the advantages and disadvantages of expanding is easy. Contemplating the logistics of expansion are a different matter entirely.
Before you take the plunge and decide to establish an international presence, it’s vital to consider every possible expense and to create contingency plans that can account for anything that goes wrong. Deciding if you expand to reach new markets is a process in and of itself. When a business expands to cover new markets, a great deal of stress is put on the company.
Where is the highest demand for my product?
If that isn’t abundantly clear, then consider where the demand can be highest. Check out competitors and their respective products in the areas, and compare it to what your company has to offer.
Consider the average income of citizens in the targeted country. Can the citizens in the target country afford to purchase what you have to offer? Understanding the structure of the community, and the targeted audience in the country you are bringing your product are crucial aspects of the planning process.
Can your company adapt its product to the particular wants and needs in the targeted country?
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2014-05-12 07:02:582018-07-08 18:31:26Is your business ready to expand overseas?
Starbucks is consistently recognized as one of the world’s most effectively led and beloved brands. For example, Entrepreneur magazine ranks the company among the 10 “most trusted’ businesses and FORTUNE magazine places the company among the “most admired” global brands. Most importantly, Starbucks leaders steward more than 200,000 people who serve the more than 60 million weekly customers frequenting more than 18,000 stores in more than 60 countries worldwide.
For these reasons and many more, two of my six business leadership books have been written about Starbucks – including my recently released Leading the Starbucks Way and a prior work, The Starbucks Experience.
Following the publication of my first book about the company in 2006, Starbucks leaders faced challenges involving their frenzied speed of expansion, decisions made to drive year-over-year sales numbers, the effects of a sliding global economy and less frequent visits from loyal customers in Starbucks US stores.
In 2008, Howard Schultz, who had been serving as the chief global strategist for Starbucks, returned to the helm as the company’s chief executive officer. At the fiscal 2008 second quarter earnings conference call, Howard was explaining a 21% earnings decline over the prior year period. He noted, “While our financial results are clearly being impacted by reduced frequency to our U.S. stores, we believe that as we continue to execute on the initiatives generated by our transformation agenda, we will reinvigorate the Starbucks Experience for our customers, and in doing so, deliver increased value to our shareholders.”
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2014-05-05 07:02:002014-01-26 14:21:57What Starbucks Can Teach You About Leadership
Our reader poll today asks: Does your organization have a formal mission statement?
– Yes, and I’m proud of it: 56% – Yes, but it’s pretty blah: 29% – No, but I wish we did: 8% – No, and I don’t really want one: 6%
Mission matters: People want to be part of something bigger than themselves. Clearly, many of you are — or if you don’t have a mission statement, you wish you did. For those of you belonging to blah organizations, try leading a mission statement shake-up. Find other like-minded folks who want to revitalize the organization’s mission and set about to taking a crack at defining one that’s less blah. Things won’t change unless someone takes on the mantle of leadership. Why shouldn’t that someone be you?
Do you agree with these poll results? Let us know in the comments below!
Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2014-04-24 13:30:342014-02-06 16:48:11Does your organization have a formal mission statement?
Our reader poll today asks: How closely do you think you will follow your strategic plan this year?
– We’ll generally follow the plan but expect a few major deviations: 76% – We’ll follow it to the letter: 12% – We may do a few things in the plan but generally ignore it: 10% – We don’t follow it at all: 3%
Planning matters. When you do face a major deviation from the plan, however, be deliberate and explicit about the choice you are making. Seek to over-communicate that change to your teams. You might completely understand the rationale for the shift, but to your teams it might seem like you are aimless. If you can explain the deviation in terms of the strategic plan and why you need to make the move, you can get the team better engaged rather than leaving them scratching their head. For the 13% of you who ignore the plan I suggest one of two things — either get focused and start following it or stop wasting your time writing it in the first place. Your current approach is wasting energy and effort so at least cut down on those inefficiencies.
Do you agree with these poll results? Let us know in the comments below!
Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2014-02-27 13:30:042014-02-06 16:49:50How closely will you follow your strategic plan this year?
It’s time again for our year in review list of the BEST posts we’ve published in 2013. It’s time for the 2013 edition of The Figgies which are the awards we give ourselves for writing awesome blog content (here are the 2009, 2010, 2011, and 2012 editions of those awards).
This is an annual event at the thoughtLEADERS Blog. This list is comprised of our most viewed, most forwarded, quirkiest, most provocative work. There’s also a kicker bonus post on the list just for good measure. Enjoy. Share. We’ve loved writing them. We hope you’ve enjoyed reading them. I don’t ask a lot of you folks so I have two small requests as your holiday gift to me (you are getting me something, right?):
1. Invite all your coworkers, friends, and family to come check out the blog and become readers. The only way we all get better is by raising everyone’s game. I’m not asking a lot here. If you found this blog helpful at all this year, here’s your chance to return the favor for all our hard work. Just email folks and tell ’em to come take a look.
2. Pick up a copy of One Piece of Paper: The Simple Approach to Powerful Personal Leadership (especially if you’re looking for last-minute holiday gifts for bosses, team members, or your mom – she’ll love it). I talk a lot about the book because I’m evangelical about the topic. Buy it. Read it. In the words of Roland Smith (former CEO of Wendy’s/Arby’s) “It could change your life.” To get a sense for what the book is about, read this free ChangeThis Leadership Manifesto which is based on the book. If you like the manifesto, you’ll love the book.
Thanks for your incredible support in ’13 and best wishes for ’14! We hope to be a part of your future success!
Enough blahbitty blah. Here’s the best stuff we’ve written all year:
You can’t get big without thinking big right from the start. As an entrepreneur starting a business, it’s easy to see yourself as “the little guy.” If you do, you’ll forever stay the little guy.
Too many times I’ve seen entrepreneurs name their companies after themselves (e.g., Tom Jones, LLC). Sometimes they stretch to seem bigger (e.g., The Tom Jones Group). Sometimes it’s a “creative” stretch (e.g., TJG Strategies – like we’re too dumb to figure that out?). Unfortunately all of those names are transparent and smack of small thinking.
The impact of small thinking is you’ll never get the big opportunities. As a B2B company, you’re looking to land the whales – those huge companies who will buy massive amounts of your products or services. If they get the sense that you’re small, they’re not going to give you a chance to serve them because they worry about supply disruptions, financial strength, and your ability to meet their gigantic needs. This is one of the reasons I went with thoughtLEADERS from the start rather than “The Mike Figliuolo Group.” A corporation is much more willing to work with another corporation than they are to work with an individual.
Fortunately, the answer to this problem is quite simple.
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2013-09-16 07:02:012018-07-08 15:23:02If You Want Your Company to Grow, Fish for Whales
There’s an old Army saying that “no plan survives first contact with the enemy.” (I’m sure some navy or marine guy out there will attribute this comment to their branch of service but to be clear, it came from the Army… well, actually it came from Helmuth von Motltke but his version was much less pithy. Gotta love his helmet though…). This principle holds true in business as well.
You can put together the mother of all PowerPoint presentations, make massive strat plan binders for the Board of Directors or the heads of your business unit, create Excel models that cause the lights to dim when you run them and lay out huge project plans in MS Project. The thing is, as soon as you’ve briefed your plan, it’s irrelevant. The world has changed. Oil spikes. Consumer sentiment. A presidential election. New regulations. Disruptive technologies and even more disruptive competitors. Not to mention natural churn in the labor markets (see “Talkin ’bout My Generation“).
In these changing times, it’s easy to get “off strategy” and chase things that seem important. Unfortunately you can end up behaving like a puppy in a park (Ever seen a puppy in a park? They chase EVERYTHING that looks interesting.). The only thing that can save you and keep you “on strategy” is something called “primacy of purpose.” I think primacy of purpose and a clear vision and mission are so critical to success that I spend tons of time working with our clients on strategic planning programs. Failure to invest in your strategy pretty much guarantees failure.
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2013-08-05 07:02:522013-11-12 07:52:31How Primacy of Purpose Can Make Your Strategy Successful
For me, the future is all about learning and teaching. Learning new ideas or disciplines fascinates me. Interconnecting those experiences and disciplines and creating new ideas to share with others through teaching is even more exciting. And the more I teach, the more I learn from my class participants and that learning renews the virtuous circle.
My finest professional moments (and even many personal ones) occur when I am teaching someone something new. When I see light bulbs go on for people, I feel a deep sense of fulfillment. Even better are the times when I see connections I have made and insights I have had become new knowledge I am able to share with others. The entire process of learning, sharing, and growing is the most professionally fulfilling work I have ever done and what I want to continue doing well into the future. When I add those concepts and feelings together I arrive at this maxim:
He never stopped learning, teaching, and coaching.
This is who I want the future me to be – someone who is always learning, teaching and coaching. When people remember me and talk about me when I am gone, I want that conversation to be about all the things they learned from me. I want them to remember how I took every opportunity afforded me to learn, teach, and coach.
As an entrepreneur I do not have a boss telling me what to do. Sure, my clients ask things of me but as far as the day-to-day running of my business, many decisions are up to me. When I first started my current business, I did not have coworkers and was essentially on my own as far as how the business ran. Of course I sought input from trusted advisors but in the end, it always came down to a choice I had to make.
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2013-07-22 07:01:372013-11-12 07:34:49Staying True to Your Purpose in Life
Business visionaries are often heralded as saviors, heroes or catalysts and without them, goes the story, an organization simply couldn’t be what it is today. Personalities like Jack Welch and Steve Jobs often come to mind. But a company’s visionaries are like lightning rods. When focused, they channel massive energy and power into a company, but if not, they fizzle and burn out. It’s the job not only of the leadership team, but also your outside consultants and advisors to help to harness the power of your visionaries in your business. There are five fundamentals that we’ve found are essential when harnessing the power of your visionaries.
1) Secure a leader and an advisor to keep visionaries on track while providing structure for the team.
However, it also requires a great deal of upfront work from the company leader, advisor, and the team. If you are the leader of this process, prepare for your role to range from cheerleader to strategist to taskmaster. It’s important to keep the process professional, honest, open, and informal to ensure optimal participation. Because of the significance of their role, I use the term advisor, whether this person is an internal team member or an external consultant.
2) Work with an advisor who is trusted, approachable.
Your advisors must be able to effectively read people to lead the team through honest and open dialogue. The advisor must extract information from the team members, regardless of how introverted they are or reluctant to address hard truths. The behavioral assessment tools give the advisor the ability to do it. More introverted team members typically are not as forthcoming by nature, yet when they talk, their words can speak volumes. And even for extroverts, it’s not always easy to admit to shortcomings in themselves or the business.
3) Clearly outline the responsibilities of the advisor.
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2013-07-17 13:15:322013-11-12 07:34:19Tips for Using Outside Advisors to Guide Your Leaders
Annual planning is the Achilles heel of driving a united customer culture. Every silo or department determines how much money they have to spend, then each creates their individual plans and correlating score cards. Activities frequently focus only on the money – not on the behavior of the organization and what they want to stand for and show up as in the marketplace – based on their decisions and actions.
As you begin your annual planning cycle, here are 10 actions that business leaders and their organizations should focus on first – before the financial planning cycle – to increase customer loyalty and drive profitable business growth.
1. Believe in the integrity of your customers. The majority of business policies and rules are created to protect business from the minority of customers. Be bold, like Connecticut Griffin Hospital, which began sharing hospital records with patients and saw claims against the hospital drop by more than 43 percent. Take a leap of faith and believe that trust is reciprocated by customers when they feel that you trust them.
2. Invest in employee trust. Show your employees that you believe in them. Beloved company Wegmans invests in its employees by training them in the skills that remove rules, regulations, policies, and procedures that pen employees in. This enables Wegmans to throw away the rule book and live by this one edict: “No customer goes away unhappy.” As a result, its margins are higher and profitability more steady because the grocer’s turnover is only 7 percent of employees versus the 19 percent average in its industry.
3. Practice democratic decision making. Give good ideas a chance to prosper no matter where they come from in your organizational chart. Innovation and marketplace differentiation come when employees are respected as part of achieving a mission greater than their set of tasks. W.L. Gore has become a $2.7 billion dollar company, and earned a place on Fortune magazine’s best companies to work for list since its inception, because of how the company unleashes its employees’ spirit and ideas.
I love the Red Hot Chili Peppers. Great tunes especially at 3AM on a Friday night. They’ve also got an incredibly relevant message for how you can grow your business: Give it away, give it away, give it away now! (I’ll spare you the repeats).
No. I haven’t fallen and hit my head again. I routinely give away our stuff. Our services. Our content (ummm… yeah, you’re reading a FREE blog full of our intellectual property and the only price I ask is comments and telling your friends – you are telling your friends, right?). But I give it away deliberately and with purpose.
Have you ever been in that “free seminar” that was nothing more than a disguised sales pitch? Infuriating, huh? Did you buy the speaker’s stuff? Didn’t it grate on you when they’d say “so those are the first two steps in our secret ten step process. Buy the other eight steps for just $999.99!”
Those folks aren’t successful long term. They need to learn how to give it away. So do you. Allow me to explain. Read more
https://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.png00Mike Figliuolohttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngMike Figliuolo2013-06-03 07:01:232013-11-12 07:16:31Grow Your Business by Not Charging for Your Services
Today’s post is by James M. Kerr, author of The Executive Checklist (CLICK HERE to get your copy). 
