I recently facilitated a workshop with several CEOs where we worked on the dramatic business growth model components. One of the questions that I had asked them beforehand was, "What is Your Profit/X?" The results showed that there this concept is not clear to many....
In discussions with some of my clients, I have asked if they are reaching out to their customers directly, CEO to CEO. Some are, but some respond that everyone is so busy at the moment, they are just leaving them alone. I think this is a mistake.
Yes, we are all busy, and stressed. However, if you accept that how you act over this period will define you for the next ten years, then I think reaching out is a great investment. But don’t get me wrong, this is not about call up asking for an order. Rather, operate empathy-first. Ask how they are doing, is everyone in their family safe and well. Tell them what you are doing to get through this and what can you do to make their life easier. Prioritize in-depth relationships with customers and focus on quality over quantity, as we all know we should do when it comes to relationships.
You may find they are stress and have no one to talk to because they are the CEO. Talking, sharing ideas, being empathetic, and just listening may be the greatest thing you can do for them now. I remember a story my father told me when he had just started his industrial catering business. One day he at his largest and most important client, he stopped and asked a young junior executive how his meal was and was there anything he could get him as the young man seemed unhappy. The young man thanked my father and shared that he was anxious as his child had been taken seriously ill My father sat with him for an hour during my father’s busiest time of the day just listening to the young man talk. About twenty years later, that young man was promoted to CFO of this organization. My father sent him a bottle of champagne to congratulate him. The executive sent back a note which said, “I have never forgotten the lunch you spent with me when I was a nobody and was anxious about my son. The contract is yours for as long as you want it and I am here.”
Customers will remember how you treat them now and may do for ten plus years. A few calls is a small investment.
Copyright (c) 2020, Marc A. Borrelli
There is a war for talent. How do you attract talent to your company and have them apply for jobs there? You have to show why they should consider you, who you want, what you offer, and how your current employees feel.
Productivity remained during WFH with COVID. However, further analysis found that hourly productivity fell and was compensated for by employees working more hours. What was the culprit – Meetings. Want to increase productivity, have fewer meetings.
For those of you who are not aware of EOS, it is the Entrepreneurial Operating System. It seeks to improve businesses by getting six components aligned to enhance business operations. The six are: the vision the people the issues traction - meetings and goals...
COVID has affected everyone. However, companies need to examine if they have lived their core values during COVID, how they are reinforcing them in a WFH environment, and especially with the onboarding of new hires.
Knowing how much cash you generate is essential for planning for growth. Too many companies don’t know and when they grow they find they are continually running out of cash. Understand your cash flow generation and how to improve it through improvements in your Cash Conversion Cycle and using the Power of One.
The key to achieving long term goals is to define short term goals that lead you there. Focusing those short term goals around a key metric is essential. However, ensure that the metric will not lead other areas astray by having an appropriate counter critical metric act as a counter balance.
Defining an organization’s culture as a “Family” culture reflects tolerance to subpar performance. Rather focus on those characteristics of a “family” culture that you want.
Knowing the profit of your core customers is key to building a growth model. Many companies have identified core customers that are generating a sub-optimal profit and so they cannot realize the profits they seek. Identifying the correct core customer allows you to generate profits and often operate in “Blue Ocean.”
The European Super League collapsed within days of launch due to hubris and the founder forgetting the key parts of their business model, value creation, sales, and value delivery. The collapse might bring a high price.