Delvin R. Chatterson's Blog, page 7
August 19, 2017
Modern managers are smarter
Are you?
Remember the bad old days when managers judged performance by all the wrong indicators?
A managing partner who questioned a consultant ready for promotion because, “I’m not sure of his commitment to the firm, I never see him taking his briefcase home at night.” Not noticing the same consultant was usually going home after six and had a roster of very happy clients.
Or the ambitious manager promoting himself by denigrating a colleague for arriving late to his staff meeting, ignoring the fact he was the same individual willing to forego family obligations to attend corporate events on evenings and weekends.
Modern managers are more likely to look at real performance, not work habits or personality traits. Judging and rewarding for results, not effort and time spent at the office. Enabling work-life balance and accommodating family needs to improve employee satisfaction.
There is a very enlightening book on the subject, called First, Break all the Rules © 1999, by Marcus Buckingham and Curt Coffman, based on a study of high performance managers and how they succeed through their employees. The essential theme is to ignore the rules and standard company policy, treat everyone differently. Don’t try to change who they are and how they work, find out what they like to do and are good at, then let them do it their way.
Modern managers do not follow the lead of their rule-bound old-fashioned predecessors. Which group are you in?
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs.
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
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The price is the price
Almost never
And it’s a problem. Pre-occupation with price leads to bad decisions, if we miss the important factors that determine the value.
We have all seen frequent examples of nonsensical pricing and have our own favourite stories of a deal we have boasted about, without admitting that it turned out badly.
TV ads. Only $19.95! Buy now and get another one for free, with a bonus carrying case, and free shipping. Beware of side effects. Certain conditions apply. What could go wrong for only $19.95?
Or my favourite story of a guided tour in Tangiers that led us to a local carpet manufacturer. Beautiful small handmade carpet, “retails in America for $2500, factory price only $700!” We negotiated him down to $200. (Including the tour guide’s commission, of course.) Wow, what a deal. Then on the way back to the tour bus, we met a street vendor with what appeared to be exactly the same carpet, for only $100. We said “no thanks,” until he came down to $20. Now we can boast of the price on two matching carpets. But I wonder, were they both mass-produced somewhere else, was one stolen?
And that’s the problem with focusing on the price. Consumers insist on it, but usually fail to ask why the price is so low. Is it cost reduced to the point of being unsafe and unreliable? Was it manufactured in a dangerous, environment-destroying factory using child labour? Who cares, at that price.
It may be the seller’s strategy, to attract or distract, with the price. But buyer beware, there is always more than the price to consider before you decide.
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
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August 16, 2017
Timing is everything
And it’s your choice
In decision making, we often spend a lot of time analyzing the who, what, where and why, without giving sufficient consideration to the when. It seems obvious, as soon as possible, now that we’ve decided. But maybe not.
We always have a choice to make. It’s now or later. Maybe never. Deciding not to decide is also a choice.
We cannot go backwards and do it sooner than right now, so let’s not waste time on regrets and the shoulda, woulda, coulda self-flagellation. Your choice of timing may have more impact on the consequences than all the other considerations. The important decision is: When?
Whether it’s start-up or shut down, launch or terminate, hire or fire, buy or sell. Timing may be more important to getting the best results than any of the other decisions. Discussions and decisions on packaging, pricing, target markets, marketing copy, graphics design, sales pitches, tools and tactics may never end. You can always wait for more information, lower costs, better test results, more resources. But when to go or not go is the real question.
It is your choice and it will be wrong a lot of the time. Remember not to waste time on the self-flagellation. Extract the lessons you can from the experience and do better next time.
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
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August 7, 2017
Culture of creativity
Encourage feedback
Do you have a suggestion box? Have you done a survey lately?
It is important to get new input and ideas to change your perspective and consider creative and innovative approaches to challenging issues. You cannot possibly have all the answers or even know all the issues that need to be addressed, unless you get adequate feedback from employees and customers.
It is not enough to casually visit, observing, listening, and asking questions. The process needs to be both more formal and more open-ended. Solicit input from those most in the know: employees on the job, customers using the product and those suppliers and service providers with high expectations for you. Ask about processes and performance, relationships and communications, product innovation and quality, customer service and sales support, social and environmental initiatives. Give them the option of anonymous response, in case they think you cannot handle the truth.
Try not to take it personally, unless it is.
Take it all in, use what is useful and be prepared to ignore what is not, but avoid simply confirming your preconceived notions.
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
The post Culture of creativity appeared first on Learning Entrepreneurship.
I can do this
I’ve seen it done.
Hideki Matsuyama surprised everyone but himself, at the WGC-Bridgestone golf tournament on Sunday, with a 9-under-par 61 that tied the course record and gave him a sudden victory by five strokes over all the contenders, including World Golf leaders, Dustin Johnson, Jordan Spieth, Rory McIlroy and Zach Johnson.
Matsuyama knew it was the course record and he had seen it done. He was playing in the same group when Tiger Woods shot a 61 in 2013. He knew it could be done and exactly what he needed to do to achieve it himself.
Remember, “You can achieve, what you believe,” and it’s easier to believe, if you have seen it done.
So next time you hear about it, or read about it, be sure to ask your coach, mentor, or role model, “OK, now show me.”
Be better, do better.
Your Uncle Ralph, Del Chatterson
Read more articles like this one at: Business is Like Golf Blog
Friendly Competition Inspires Everybody
Stories behind the headlines
Match play: Beating one competitor at a time
Visit LearningEntrepreneurship.com and join our mailing list for more ideas, information and inspiration for entrepreneurs.
Check out Uncle Ralph’s books, Don’t Do It the Hard Way and The Complete Do-It-Yourself Guide to Business Plans. Available online or at your favourite bookstore in hard cover, paperback or e-book.
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July 21, 2017
Constructive, not criticism
Please, no useless commentary.
“Whoa, that didn’t work out as planned.”
Thanks, but I already knew that.
If you are going to comment on my performance, please take the time to suggest something helpful. Don’t just pile on with more useless criticism. All that does is kill the enthusiasm to try again.
Every performance review will be more constructive if it starts with the positive. “The packaging looks good.” “The price is very competitive.” “Well, at least nobody died.”
Followed by, “and it would be even better, if….”
Not followed by, “but you really screwed up with….”
Decide before you speak: Is this a complaint, a useless observation, or a constructive suggestion?
If you do it yourself, then you can expect the same from your critics. If they still don’t get it, I find it helpful to conclude with, “Thank you for your input, please don’t take it personally if I choose to ignore it.”
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
The post Constructive, not criticism appeared first on Learning Entrepreneurship.
Necessary, but not sufficient
You’re not there yet.
“Keep your head down, focus, stay calm.”
All good advice, but never sufficient to get you to the finish line with a higher level of performance. Remember there are usually a few more steps in the process of improvement.
The first step is necessary, but never sufficient to initiate real change or start seeing better results. In golf or business.
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
The post Necessary, but not sufficient appeared first on Learning Entrepreneurship.
July 13, 2017
Pick your poison
Killing key relationships
There are many ways to kill important business relationships with customers, suppliers, employees, bankers or strategic partners.
But why would you want to do that?
You probably do NOT want to, but you or your staff may be doing it inadvertently. Habits and attitudes that will silently, slowly, but certainly poison relationships. Entirely contrary to your primary business objective of building loyal, long-term effective and profitable working relationships.
Most destructive to those relationships would be the ugly combination of arrogance and incompetence. It is always risky and annoying to be arrogant, but doubly damaging if you do not deliver better than you boast. Customers are very quick to observe the inconsistency and decide to look for a more satisfying experience elsewhere.
Another big obstacle to effective relationships is a manager or owner driven primarily by greed and ego. Soon evident to all, it will make recruiting and retention of employees more difficult. Personal energy and ambition may have been the driving force past initial obstacles in the start-up and early growth phases, but will not help to keep managers and employees motivated and making good decisions. Blind obedience and celebrity worship may be good for the ego, but they will not help you develop a strong self-sufficient management team.
Too entrepreneurial?
Are you too proud, confident, optimistic, independent, impatient and decisive? Maybe beyond reason? Are you ignoring helpful feedback or constructive criticism and stifling employee initiative and decision making? Leadership does not need to be lonely. Listen and learn from customers and employees.
Read the warning signings, then put the lid on tight and push the poison to the back of the shelf.
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
The post Pick your poison appeared first on Learning Entrepreneurship.
July 12, 2017
Are you sensitive?
To rising interest rates?
The Bank of Canada rate went up Wednesday from 0.50% to 0.75%.
OMG!!! That’s a 50% increase!
Well technically yes, but in reality no.
The rate is essentially a basis for the banks to raise their rates by the same 0.25%. So if your current Line of Credit or variable rate mortgage is at 2.75% it may soon be going to 3.0%. That’s still a 7.5% increase in interest payments and may have a painful on cash flow, if you’re currently very tight. On a loan balance of $300,000 it means an additional $62.50 in interest charges per month.
More importantly, it’s an indicator of interest rates rising from the bottom (0.50% in Canada since 2015) and following the US Federal Reserve lead of last year.
Have you done a stress test?
Are you heavily leveraged because debt has been so cheap? It’s easy to justify new investments if your ROI only has to beat a borrowing cost of 2.75%. At the more normal rates of 5% – 6%, there is less margin for under-performance on assets.
Try calculating the impact of higher rates on your cash flow. It may be time to de-leverage and start building cash reserves.
The Bank of Canada is trying to reduce the risk of high inflation by slowing growth in the economy. You are expected to take the hint. And if the interest rate is not enough to convince you, you will notice that higher rates also mean a higher value Canadian dollar, so exports will now be more difficult. Your import and foreign exchange costs will go down. (There had to be some good news in all of this.)
Be aware of what it all means to you and your business. It is not yet urgent, but it is important. Take a closer look and start cautious application of surplus cash to reducing debt. Be more selective on new investments and in commitments to any new recurring expenses.
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
The post Are you sensitive? appeared first on Learning Entrepreneurship.
July 5, 2017
More celebrations, Fewer apologies
Fewer apologies
It seems to be part of the new approach to historic anniversary celebrations to give more attention to apologizing for past failures and the sins of our ancestors than on recognizing our accomplishments and the progress we have made on all fronts since those evil events in our past.
The celebratory narrative is interrupted by vociferous activists and protestors directing the audience to their issues and raining on our parade. They do get our attention, but it’s not usually the time and place for constructive action on challenging issues. It is too easy to respond to the rhetoric and symbolism with more rhetoric and symbolism, instead of initiating creative and ambitious programs to make real progress. Another time and place, starting with an exchange of mutual respect and goodwill, will more likely lead to practical long-term solutions.
In life, business and politics, it is important and instructive to recognize our accomplishments as well as our failures. It is acceptable to create a mythical version of our history and who and what we are, without denying our errors and imperfections, as long as it inspires us to strive continuously to achieve those high ideals.
Apologizing is not enough. Let’s be more ambitious.
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Visit LearningEntrepreneurship.com or contact DirectTech Solutions at www.DirectTech.ca for assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at: Learning Entrepreneurship Blogs .
The Seven Biggest Mistakes and How to Avoid Them
Find the Exit before it’s an Emergency
When to Launch Your Business
The Four P’s of Salesmanship: “You wanna buy a book?”
Click Here to check out Uncle Ralph’s books, “Don’t Do It the Hard Way” and “The Complete Do-It-Yourself Guide to Business Plans” Both are available online or at your favourite bookstore in hard cover, paperback or e-book.
The post More celebrations, Fewer apologies appeared first on Learning Entrepreneurship.
