The new economy requires us to think differently - to anticipate, react to, and exploit business opportunities at lightning speed. According to Myriad Marketing, Inc. , you can't afford to leave marketing successes to chance. To that end, companies are working to develop and evolve a powerful customer-centric solution for the digital age. Called Closed Loop Marketing, its strength is predicting and fulfilling customer needs while accurately measuring the return on investment of marketing. Ultimately the goal is to assess and quantify the effect marketing efforts have on sales in a feedback loop of information enhancement.
Closed Loop Transfer Theory in mathematics is the birthplace of this idea and enables the driver to control the outcome: The tighter the system, the more predictable the outcome.
The Closed Loop Marketing approach measures the results of marketing and communication initiatives by tracking the response of targeted groups. The results of responses, such as completed surveys, promotional entries, coupon redemptions and purchase behavior, are added to a database for tracking and evaluation to improve future marketing decisions. Real time feedback of likes and dislikes by the customer can be entered in to the marketing plan, and immediately considered for improvement. Marketing campaigns can then continuously adapt to the customers' wants and needs, creating a true relationship. Simply put: It allows marketers to develop, and monitor highly targeted strategic campaigns based on a wide variety of customer histories and behaviors.
When it works, ultimately there will be a higher level of delivered information that will continuously evolve to a higher level of product understanding and utilization.
Think about Netflix and Roku for your television. As you view movies and shows, the system uses a type of artificial intelligence to recommend other items that you may like to view. If the system gets it right, you keep paying your monthly fee. If the system gets it wrong, you get tired of the same old offering and move on to Direct TV, or Red Box or some other form of entertainment.
This style of messaging and conversation enhancement is finding use in a variety of industries, and may be coming to an industry near you soon. The pharmaceutical industry is embracing this method of messaging at a very high level as it works to recreate value in the physician office. Look out sales reps! Just when you thought you had mastered the spreadsheet and PowerPoint, now you have electronic messaging systems, and detail aids that time signature and learns from every conversation.
Fear not, there is a place for this type of change. Keep in mind that we all learn in different and evolving ways and that includes our customers. The caution is to keep the end result in mind, and insure that once the novelty of electronic detailing with a real person and a computer and a customer wears off, we still have a message that is worth giving a listen.
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Thursday, February 10, 2011
Friday, January 28, 2011
Birmingham Business Journal and 2011 Forecast
The Birmingham Business Journal and several key corporate sponsors played host to the Economic Forecast update this week held at the Harbert Center. Noted speakers included Dr. Sam Addy of the Center for Business and Economic Research at the University of Alabama, Dr. Andrea Rauterkus, Assistant Professor of Finance at UAB, Dr. Chris Westley, Associate Professor at Jacksonville, and Tom Nelson, economic analyst for Vulcan Materials. Scholarly leaders they are, and let me share with you some of their insight for what 2011 holds for us.
Firstly, while optimistic, the group remains cautious and warned to take improvements in the market in the proper context. The recession was in fact a long time coming, and due to our behaviors. The slow structural change has been frustrating, and corrections have been slowing due to incessant government interventions. There was a collective agreement that the corrections need to occur to right the wrongs of the past and move us toward sustainable growth.
Since the recession, saving has increased and borrowers are starting to behave. (I am talking individual here, certainly not US Government.) This is the true heart of wealth creation and it is really just that simple. It does take the hard work of self discipline and the high need for self control and delayed gratification. Unfortunately, these are not common terms at the average American dinner table. The Business Cycle is built from the simple notion that sustainable growth is born in a person who saves so that they can invest in a company. That company then builds more stuff that we can buy. Buy more of our stuff, and they can hire more people.
Wealth has become valued more realistically of late, and we are moving into a new normal. The GDP is expected to grow at about 3.5% and employment at only 1.4% or 2 million jobs nationally. The public sector is starting to realize that it needs to contribute, and not just consume to get us back on track. This is a key realization as policy makers search for what is optimal and sustainable to address what we see as a decline of the middle class. The need to address and support small business was a message laced through all four presenters’ comments. Dr. Addy was keen to remind the audience that all large companies were indeed at once a small business. He gave the challenge to the audience to look at the system which creates the dynamic that allows the growth of small business.
So which sector will lead us into this growth? According to the group certainly healthcare will continue to grow both locally and nationally, and it will add jobs. Education will continue to be challenged by the limits of state financial revenues, and interestingly manufacturing will grow about 5%, but not add any measurable amount of jobs. Manufacturing is learning to do its work better, and as the daily reports of downsizing show, they are doing it with fewer workers.
The banking sector will continue to compete for a smaller group of potential borrowers, and market indicators are pointing to a continued rise in interest rates. Many countries are attempting growth by currency devaluation, and they all agreed that this will prolong any recovery in the market place. On a more local level, all discussed the need for a community bank that takes on a personal banker role to small business. This will open the door to loans based on tangible business models, not just credit models, and a keep a needed check on the veracity of loan access and payback.
What about the debt? According to the US Debt Clock (www.usdebtclock.org) we are 14 Trillion in debt with 1 Trillion owed to China. We owe Japan nearly that same amount, and the United Kingdom half a Trillion. This is clearly a very big number, and the debt clock is pretty scary let me tell you. I am really a bit sorry that I found it, and it is truly mesmerizing to sit and watch these astronomical numbers click away glibly before your very eyes. It is truly stunning to see in real time our debt, and how it breaks down to a per tax payer burden of about $45,000. By the way, only 1 in 3 pay taxes, and you can see that on the debt clock too. Next time you hear someone talking about “spreading the responsibility” or “everyone doing their fair share” to support this bail out or that bail out, remember that fine point.
All in all, better to know the facts as you make decisions going forward. Yes, 2010 was a disappointing year, but the trough occurred in June of 2009 actually. Our pick up will sputter, and our speakers maintained that the outlook should improve by the second half of this year. So hang in and hang on as we are not out of the woods just yet.
Firstly, while optimistic, the group remains cautious and warned to take improvements in the market in the proper context. The recession was in fact a long time coming, and due to our behaviors. The slow structural change has been frustrating, and corrections have been slowing due to incessant government interventions. There was a collective agreement that the corrections need to occur to right the wrongs of the past and move us toward sustainable growth.
Since the recession, saving has increased and borrowers are starting to behave. (I am talking individual here, certainly not US Government.) This is the true heart of wealth creation and it is really just that simple. It does take the hard work of self discipline and the high need for self control and delayed gratification. Unfortunately, these are not common terms at the average American dinner table. The Business Cycle is built from the simple notion that sustainable growth is born in a person who saves so that they can invest in a company. That company then builds more stuff that we can buy. Buy more of our stuff, and they can hire more people.
Wealth has become valued more realistically of late, and we are moving into a new normal. The GDP is expected to grow at about 3.5% and employment at only 1.4% or 2 million jobs nationally. The public sector is starting to realize that it needs to contribute, and not just consume to get us back on track. This is a key realization as policy makers search for what is optimal and sustainable to address what we see as a decline of the middle class. The need to address and support small business was a message laced through all four presenters’ comments. Dr. Addy was keen to remind the audience that all large companies were indeed at once a small business. He gave the challenge to the audience to look at the system which creates the dynamic that allows the growth of small business.
So which sector will lead us into this growth? According to the group certainly healthcare will continue to grow both locally and nationally, and it will add jobs. Education will continue to be challenged by the limits of state financial revenues, and interestingly manufacturing will grow about 5%, but not add any measurable amount of jobs. Manufacturing is learning to do its work better, and as the daily reports of downsizing show, they are doing it with fewer workers.
The banking sector will continue to compete for a smaller group of potential borrowers, and market indicators are pointing to a continued rise in interest rates. Many countries are attempting growth by currency devaluation, and they all agreed that this will prolong any recovery in the market place. On a more local level, all discussed the need for a community bank that takes on a personal banker role to small business. This will open the door to loans based on tangible business models, not just credit models, and a keep a needed check on the veracity of loan access and payback.
What about the debt? According to the US Debt Clock (www.usdebtclock.org) we are 14 Trillion in debt with 1 Trillion owed to China. We owe Japan nearly that same amount, and the United Kingdom half a Trillion. This is clearly a very big number, and the debt clock is pretty scary let me tell you. I am really a bit sorry that I found it, and it is truly mesmerizing to sit and watch these astronomical numbers click away glibly before your very eyes. It is truly stunning to see in real time our debt, and how it breaks down to a per tax payer burden of about $45,000. By the way, only 1 in 3 pay taxes, and you can see that on the debt clock too. Next time you hear someone talking about “spreading the responsibility” or “everyone doing their fair share” to support this bail out or that bail out, remember that fine point.
All in all, better to know the facts as you make decisions going forward. Yes, 2010 was a disappointing year, but the trough occurred in June of 2009 actually. Our pick up will sputter, and our speakers maintained that the outlook should improve by the second half of this year. So hang in and hang on as we are not out of the woods just yet.
Chaos Theory and Business Management
“Welcome to the Jungle” goes the beginning of a song that I’ll bet your kids know and you probably air guitar along with also. Which brings us to Chaos Theory which, when applied to business and organizations, may help us see through the uncertainty of our times. Chaos Theory is a scientific principle describing the unpredictability of systems. Recognized in the 1980’s it has actually been around since the mid 1800’s. The premise is that systems reside in chaos. A System generates energy, but without predictability or direction. This idea of chaos theory can be applied to everything from weather to water flow to the management of organizations.
Edward Lorenz of MIT is credited with discovering one of chaos theory's fundamental principles—the Butterfly Effect. The Butterfly Effect is named for its assertion that a butterfly flapping its wings in Tokyo can impact weather patterns in Chicago
In a business world where innovation, change, competitive advantage and the impact on strategy are discussed daily, why is this idea of chaos and embracing the uniqueness of “the New” so difficult? I believe it is because we confuse order with control. If your company is like most, it probably looks very different than it did even just 6 months ago. How you now compete and survive in the jungle of business will be driven at a high level on how you let your company and team members self-organize, grow and evolve. This type of management style is critical in today’s competitive environment where we sometimes need to break it to make it better.
As long as the change occurs within the boundaries of your company’s overall vision and culture, you should strongly benefit from the resulting creativity and innovation. Chaos theory shows the need for effective leadership, a guiding vision, strong values, organizational beliefs, and most importantly open communication.
Have you ever worked for a group where you were told that you could not have a conversation with a higher up or express your ideas? Knowing a bit about Chaos Theory and Management may be some good food for thought for you. Chaos Theory is important here for business leaders because it is critical to embrace the idea, sometimes just for the sake of the idea. We would be wise to remember that order is in fact not control, and pulling in fresh ideas is the life blood of innovation and change.
Innovation and change are the pillars of developing a high-functioning team. Members of effective teams frequently change and recreate the role that each team member plays depending on the needs. While someone may not be the formal leader, an informal leader may emerge because they know just the right way to address the need of the group. The most successful leaders understand that it is not the organization or the individual who is most important, but the relationship between the two.
Tom Peters, one of the most influential business writers of our time, asserts that we live in "a world turned upside down," and survival depends on embracing "revolution." According to Peters, “We must learn to love change, as much as we have hated it in the past.”
Saturday, January 8, 2011
Spin, Marketing and PR
“Don’t believe everything that you hear, and half of what you see,” goes the old saying which brings me to something of interest this week: Spin. PR. Marketing. Call it what you will, how we feel about certain things, and the items that we buy and sell, have a lot of thought and energy behind the creation of an image.
In his new book Deadly Spin, Wendell Potter writes about corporate spin-manship and industry. In his previous role as chief of public relations for CIGNA, Potter pulls from vast experience with corporate culture and the ability to make the sausage of information into the Andouille of desire. More importantly, the book gives thought to the ethical considerations of public relations and the need for a bit of soul-searching.
The spin or the ruse has a rich history. Think about the Trojan Horse and the spin that some smooth talking Greek Soldier created as he left the gift of a giant wooden horse at the sealed gates of Troy. Deadly Spin reviews the history of spin, which he traces back to the Potemkin Villages of Catherine the Great. According to myth and legend there were fake settlements erected at the direction of the Russian Minister Potyomkin to fool Empress Catherine II during her visit to Crimea in 1787. According to this story Potyomkin had fake villages constructed along the desolate banks of the river in order to impress the monarch and her travel party. Seeing the value of her new conquests, his standing was enhanced in the empress' eyes.
There are many examples of this type of spin or what is now called “Potemkin Villages” many times in history from the Theresienstadt Ghetto in Nazi Germany also called the “paradise ghetto”, to the work supported by New York Mayor Ed Koch in 1982. Koch had a team affix decals with plants and venetian blinds over the windows of abandoned buildings in the Bronx to hide the blight. The contemporary urban shopping center has been called a Potemkin Village Shopping center as it works to mimic the feel of a village as opposed to a mall atmosphere.
Modern PR was greatly influenced by Edward Bernays, author of the 1923 book Crystallizing Public Opinion, the first book entirely dedicated to PR. Among his clients were the cigarette companies for whom he orchestrated a campaign equating cigarettes with “thinness, grace, and beauty.” An insufficient number of women were smoking, so he began an early PR project to encourage women to smoke.
Just a little bit of research has led me to some of these ideas today, and to ask you to please do one thing: Think. Take the time to consider why something is being said, and what it means to the speaker. Follow the economic trail to discover true motivation. Even great philanthropy, or health care, or politics or buying a particular type of milk, has had great effort placed into creating how you feel about the purchase or the contribution or the vote. Caveat emptor or Let the Buyer Beware.
In his new book Deadly Spin, Wendell Potter writes about corporate spin-manship and industry. In his previous role as chief of public relations for CIGNA, Potter pulls from vast experience with corporate culture and the ability to make the sausage of information into the Andouille of desire. More importantly, the book gives thought to the ethical considerations of public relations and the need for a bit of soul-searching.
The spin or the ruse has a rich history. Think about the Trojan Horse and the spin that some smooth talking Greek Soldier created as he left the gift of a giant wooden horse at the sealed gates of Troy. Deadly Spin reviews the history of spin, which he traces back to the Potemkin Villages of Catherine the Great. According to myth and legend there were fake settlements erected at the direction of the Russian Minister Potyomkin to fool Empress Catherine II during her visit to Crimea in 1787. According to this story Potyomkin had fake villages constructed along the desolate banks of the river in order to impress the monarch and her travel party. Seeing the value of her new conquests, his standing was enhanced in the empress' eyes.
There are many examples of this type of spin or what is now called “Potemkin Villages” many times in history from the Theresienstadt Ghetto in Nazi Germany also called the “paradise ghetto”, to the work supported by New York Mayor Ed Koch in 1982. Koch had a team affix decals with plants and venetian blinds over the windows of abandoned buildings in the Bronx to hide the blight. The contemporary urban shopping center has been called a Potemkin Village Shopping center as it works to mimic the feel of a village as opposed to a mall atmosphere.
Modern PR was greatly influenced by Edward Bernays, author of the 1923 book Crystallizing Public Opinion, the first book entirely dedicated to PR. Among his clients were the cigarette companies for whom he orchestrated a campaign equating cigarettes with “thinness, grace, and beauty.” An insufficient number of women were smoking, so he began an early PR project to encourage women to smoke.
Just a little bit of research has led me to some of these ideas today, and to ask you to please do one thing: Think. Take the time to consider why something is being said, and what it means to the speaker. Follow the economic trail to discover true motivation. Even great philanthropy, or health care, or politics or buying a particular type of milk, has had great effort placed into creating how you feel about the purchase or the contribution or the vote. Caveat emptor or Let the Buyer Beware.
Tuesday, December 28, 2010
Governor Elect Dr. Bentley, BBA, and the North Jefferson Area
Governor-Elect Robert Bentley is already working for the North Jefferson area. If you lodged your vote for a pro-business agenda, you would have been encouraged if you attended the Birmingham Business Alliance Annual luncheon this week at the Sheraton to hear Dr. Bentley, I mean Governor-Elect Dr. Robert Bentley, discuss his commitment to our area. An intricately woven quote by Lynard Skynard that “Birmingham Loves the Governor,” was an bright attempt to win hearts and minds. Bentley’s follow up that “You may not always love me, but we will have a good four years full of opportunity,” set the stage for anticipation of good ideas to come. Even this conservative skeptic is willing to give him a chance.
“I commit to you to make Birmingham Birmingham Northern Beltline and promised to make its construction a priority. In allegiance with our Senators Shelby and Sessions, he remains committed to work quickly and diligently to make our road access a reality. A quick turn down I65 South and you can see the fruits of all of our labors, that of our Legislators and that of our hard earned tax dollars. Sharing the luncheon table with me were Mayors McCondichie and Phillips from Brookside and Gardendale respectively, and we were all ears.
Not fading from the issues, Bentley stated that “the role of government is to create a fertile field for jobs to grow, not to create the actual jobs.” I like the sound of that. Bentley was humble to recognize that the strength of a leader will be measured by history by the minds that he surrounds himself with in the leadership challenge. To that end, University of Alabama Alabama Alabama Alabama Huntsville , Mobile and beyond, but UAB is alive and well and doing the job needed to keep Alabama
Bentley stands out front as one of the first to ask the question, “Did you create a job?” This is simple, poignant, and clearly significant thinking here. In an environment with 20% underemployed, and 9% real unemployment, we look to strong leadership on several fronts to include right to work legislation, improvements in our 2 year and 4 year colleges, decisions on tax requirements for business, and please oh please let us not overlook infrastructure improvements to attract business and industry to our area. Bentley will be well supported if he is a leader that makes strategic decisions, and does not “study the problem to death.”
Well, how do you do that, and can he? Echoing his training as a physician, his message was true in its simplicity. Dr. Tinsley Harrison was his professor in medical school, and a storied and respected physician indeed was Dr. Harrison. Dr. Harrison, ever the servant leader, would encourage his student to “listen to the patient.” The patient will tell you what is wrong if you are keen to listening. Your job then will be to not just examine, but to diagnose and MAKE A DECISION. When you make your decision, then your treatment will lead the way to strength and improvement.
It has been my experience that everyone has an opinion after someone makes a decision. I assess that we are mercifully entering into a time of great decisions and change here in our fair state. Now is the time to educate yourself, leverage your opinions and become involved in the diagnosis and ultimate treatment choice for healthy growth.
Friday, December 10, 2010
Washington, Your Vote and the Business Next Door
This week in Business has been particularly focused. The Business Council of Alabama hosted noted political contributor, author and speaker, Fred Barnes, for their 2010 Annual Meeting and Luncheon held at the Harbert Center. As a Beltway Boy who also is the Executive Director of the Weekly Standard, Barnes was the usual great choice by BCA to bring cutting edge, real time information to the business community. I look forward to enjoying the signed copy of his book The Rebel and Chief about his behind-the-scenes look at the George Bush Presidency.
Barnes positioned his discussion of the election outcomes by recalling Reagan’s Washington assessment, as an “island surrounded on all sides by reality.” As Barnes noted, you don’t always get what you expect during an election, and this year was no different for many and exhilarating for others. He noted that interestingly our very conservative state of Alabama had similar election outcomes to the very liberal state of Wisconsin. My goodness, New York even picked a lot of Republicans. According to the Hoover Institute, we are indeed a much more conservative country than we were a few years ago and our concerns over healthcare, spending and debt are more important now than ever. This may not be a welcomed message to remind our Washington front office about at this time, but certainly someone has to break them the news. According to Barnes, it is of striking interest that the Republican Party has emerged as the party of “Hope and Change,” and it is incumbent on the party not to blow it.
Barnes posed the question, “Can the Republican Party maintain the coalition?” Time will certainly tell, but a good beginning will be stick to the drivers that business is recommending which are: putting the break on spending and loosen up on the healthcare demands on small business for a good start. Citing Germany as an example, he revealed that not surprisingly, our current economic policies are to the left of many European countries. Germany has unemployment on the decline at 7.8%, and they did it by decreasing spending, decreasing the length and generosity of unemployment, and decreasing the size of government. The big message here that Washington just seems to have a tough time getting the old brain around is that the New Deal did not work. It did not work for FDR and it will not work for the current administration. All it achieves is creating a stronger government power base.
We know the answer, and it sounds easy at least. Tax cuts and incentives work. Just ask any business owner who is trying to keep the doors open. Looking at business founders from across the globe with at least $1 million in annual revenue, Sally Ernst working for Entrepreneurs Organization (EO) tracks their attitude. These are the business leaders whose hiring and layoff decisions are most likely to drive the economy. Her findings are interesting. U. S. businesses were doing more hiring and making more money in the period from May to October 2010 than they were prior to the last Global Indicator Survey, released in May by EO. It seems that business isn’t bad for U. S. entrepreneurs with over half in the survey reporting a higher profit. However, Ernst said, “Things are improving in terms of their businesses although they see things around them as quite dire.” Continued difficult credit conditions and huge uncertainty over whether the U.S. economic recovery can sustain itself have left entrepreneurs worried. Compare this to half of global entrepreneurs who expect that it will be easier to obtain credit in the coming months. A full 57 percent of American entrepreneurs think it will become more difficult to obtain bank loans.
So where are the most excited entrepreneurs in the world today then, if not the U.S.? According to Ernst, we should look to the East. In the Asia-Pacific region, 78 percent of entrepreneurs are optimistic about the economy, 50 percent plan to increase their borrowing, 70 percent have seen profits rise since the spring, 60 percent have been creating jobs for the past year, and 79 percent expect to create still more jobs in the next quarter. And as we have discussed here before, their Millennial Generation kids don’t mind doing the tough work, are ready to work and less concerned with work/life balance (NJNews 11/13/10).
So what’s a gloomy U.S. entrepreneur to do? Certainly you can look abroad, but let’s not forget to do a little house cleaning here at home. Work to prevent those Bush tax cuts from expiring by contacting your representative or congressman. That would be a nice start. Get informed, stay involved, and remember, take care of your customers, or someone else will.
Barnes positioned his discussion of the election outcomes by recalling Reagan’s Washington assessment, as an “island surrounded on all sides by reality.” As Barnes noted, you don’t always get what you expect during an election, and this year was no different for many and exhilarating for others. He noted that interestingly our very conservative state of Alabama had similar election outcomes to the very liberal state of Wisconsin. My goodness, New York even picked a lot of Republicans. According to the Hoover Institute, we are indeed a much more conservative country than we were a few years ago and our concerns over healthcare, spending and debt are more important now than ever. This may not be a welcomed message to remind our Washington front office about at this time, but certainly someone has to break them the news. According to Barnes, it is of striking interest that the Republican Party has emerged as the party of “Hope and Change,” and it is incumbent on the party not to blow it.
Barnes posed the question, “Can the Republican Party maintain the coalition?” Time will certainly tell, but a good beginning will be stick to the drivers that business is recommending which are: putting the break on spending and loosen up on the healthcare demands on small business for a good start. Citing Germany as an example, he revealed that not surprisingly, our current economic policies are to the left of many European countries. Germany has unemployment on the decline at 7.8%, and they did it by decreasing spending, decreasing the length and generosity of unemployment, and decreasing the size of government. The big message here that Washington just seems to have a tough time getting the old brain around is that the New Deal did not work. It did not work for FDR and it will not work for the current administration. All it achieves is creating a stronger government power base.
We know the answer, and it sounds easy at least. Tax cuts and incentives work. Just ask any business owner who is trying to keep the doors open. Looking at business founders from across the globe with at least $1 million in annual revenue, Sally Ernst working for Entrepreneurs Organization (EO) tracks their attitude. These are the business leaders whose hiring and layoff decisions are most likely to drive the economy. Her findings are interesting. U. S. businesses were doing more hiring and making more money in the period from May to October 2010 than they were prior to the last Global Indicator Survey, released in May by EO. It seems that business isn’t bad for U. S. entrepreneurs with over half in the survey reporting a higher profit. However, Ernst said, “Things are improving in terms of their businesses although they see things around them as quite dire.” Continued difficult credit conditions and huge uncertainty over whether the U.S. economic recovery can sustain itself have left entrepreneurs worried. Compare this to half of global entrepreneurs who expect that it will be easier to obtain credit in the coming months. A full 57 percent of American entrepreneurs think it will become more difficult to obtain bank loans.
So where are the most excited entrepreneurs in the world today then, if not the U.S.? According to Ernst, we should look to the East. In the Asia-Pacific region, 78 percent of entrepreneurs are optimistic about the economy, 50 percent plan to increase their borrowing, 70 percent have seen profits rise since the spring, 60 percent have been creating jobs for the past year, and 79 percent expect to create still more jobs in the next quarter. And as we have discussed here before, their Millennial Generation kids don’t mind doing the tough work, are ready to work and less concerned with work/life balance (NJNews 11/13/10).
So what’s a gloomy U.S. entrepreneur to do? Certainly you can look abroad, but let’s not forget to do a little house cleaning here at home. Work to prevent those Bush tax cuts from expiring by contacting your representative or congressman. That would be a nice start. Get informed, stay involved, and remember, take care of your customers, or someone else will.
Sunday, December 5, 2010
Congratulations, You Get to Keep Your Job.....
The definition of work is changing. Not just the effort of work, but how we feel about the work that we do. Who among us has not gone through, or held the hand of someone who is going through a job correction? Call it what you will be it downsizing, right sizing, realignment, transformation, it still reads the same, “You, Sir or Madam, need to go be successful……somewhere else.” Not pleasant to hear, and certainly even more unpleasant to watch. Just ask the person who is left standing at the water cooler as they watch their colleagues of many years pack up their boxes and move on. I assure you that standing by is no picnic. Only time will tell who the real winner is going to be: The Last Man Standing or the One Who Moved On.
With all of the change in our economy and the recession that just seems to drag on, it could be expressly dim as we move into the holiday season that is if you let it. In my 22 years of industry experience, I have come to learn that there are always pitfalls and challenges in the work that we do, especially when you work for someone else. I also hold empathy for the business owner who has to make the tough decision to let people go, and I am certain the smaller the organization, the tougher that decision will be.
Perhaps you own your own business and work for yourself, but many of you are like me, working for another person or company. While you do not own your own business, you still work for yourself. Think about it for a minute.
I chose several years ago to change my mindset about this arrangement. I reflected on the increasing vagueness of the employer/employee relationship, and chose to instead think of the work that I do as for myself. My current employer just happens to be my best customer. This change in thinking caused something radical to happen, and I call it unleashing your inner entrepreneur.
When you start to own your own work, you become very much the business owner of your work, and your investiture in the outcomes skyrockets. You take calculated risks. You partner strategically. You educate yourself. You begin to work not just in the business, but on the business. The end result is liberation from some of the stress and drama of day to day work life. After all, you are the boss, you own your own work, and therefore you are responsible. Work no longer becomes a place that you go, but a thing that you do. I have written about this idea here before discussing ideas on the creation of your own personal brand, and I truly believe it is important to help others see the value of putting their good name on their work.
The future of work will be radically different from what we call work today, or can really even imagine. In the emerging economy people will get their work done where and when they need to-or want to. Technology all but guarantees availability and access to information for customers at the click of a button. The world of work is being turned upside down by globalization, demographics and environmental concerns. Our challenge as business owners and owners of our own work is to stay responsive to this demand. It is a dynamic, mobile economy and most definitely incredibly challenging. Good thing the rewards are high.
With all of the change in our economy and the recession that just seems to drag on, it could be expressly dim as we move into the holiday season that is if you let it. In my 22 years of industry experience, I have come to learn that there are always pitfalls and challenges in the work that we do, especially when you work for someone else. I also hold empathy for the business owner who has to make the tough decision to let people go, and I am certain the smaller the organization, the tougher that decision will be.
Perhaps you own your own business and work for yourself, but many of you are like me, working for another person or company. While you do not own your own business, you still work for yourself. Think about it for a minute.
I chose several years ago to change my mindset about this arrangement. I reflected on the increasing vagueness of the employer/employee relationship, and chose to instead think of the work that I do as for myself. My current employer just happens to be my best customer. This change in thinking caused something radical to happen, and I call it unleashing your inner entrepreneur.
When you start to own your own work, you become very much the business owner of your work, and your investiture in the outcomes skyrockets. You take calculated risks. You partner strategically. You educate yourself. You begin to work not just in the business, but on the business. The end result is liberation from some of the stress and drama of day to day work life. After all, you are the boss, you own your own work, and therefore you are responsible. Work no longer becomes a place that you go, but a thing that you do. I have written about this idea here before discussing ideas on the creation of your own personal brand, and I truly believe it is important to help others see the value of putting their good name on their work.
The future of work will be radically different from what we call work today, or can really even imagine. In the emerging economy people will get their work done where and when they need to-or want to. Technology all but guarantees availability and access to information for customers at the click of a button. The world of work is being turned upside down by globalization, demographics and environmental concerns. Our challenge as business owners and owners of our own work is to stay responsive to this demand. It is a dynamic, mobile economy and most definitely incredibly challenging. Good thing the rewards are high.
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