Archive for the ‘Insights’ Category
The board must be involved with management to create long-term growth for a company. Trust is essential between the board and management. The size of the company affects the role of the board. Listen to the interview and hear some of the red flags board members should consider.
I’m a strong believer in planning. I make plans for business trips, vacation trips, building homes, meetings, and new product launches. Weddings would not be as great if not for all the effort that goes into planning that special day. In spite of all of us knowing, deep down, that we need to plan, some things we choose to do without thinking. Unfortunately, too often that is our business.
I have tech in my blood, and it must be green. . . . I watch the Blue Bloods cop show and the blue-bloods of Downton Abbey, I bleed red blood . . . It’s all about being green to save time, save lives, and save fuel.
Sherlock Holme’s famously said, “‘Eliminate all other factors, and the one which remains must be the truth.’ Autonomous vehicles are all the rage. They should save lives, improve traffic flow, and reduce emissions. But, they are not the only way to solve the problems. We could be overlooking something that Sherlock would consider a trifle. He also said, ‘There is nothing more deceptive than an obvious fact.’ Is there another, more innovative way of solving the problem?
Usually P.S. is at the end of something and means “post script” as in something additional to say. In this case, “P” is for Profit and “S” is for Safety. What’s the culture in your company? It cannot be one or the other. It must be both. No profits and you’ll go out of business lickity-split. No safety and either the government will put you out of business or you’ll be sued and end up going out of business. . . . PS. Pay attention to safety or your profits will disappear along with your business.
We are no longer slinging guns and shooting at each other. We no longer ride horses at breakneck speed or sit on top of wagons with teams of horses pulling us, with just some straps of leather to control the them. Oh no! We have hundreds of horses power driving us at speeds the horses never attained and we may no longer have even the reins to control them.
I’ve spent my career in the area of Business to Business (B2B). When a business is looking to buy something, they often look at the Total Cost of Ownership (TCO). This includes the purchase price, the installation cost, the costs to maintain. In the case of trucks, it heavily includes the resale value of the used truck in four to five years. In fact, most businesses have a process for capital purchases that includes special forms and various approvals. Lots of people review the purchase before a decision is made. In the personal purchase realm, things can be a bit more emotional than logical. I use the term “logemotion” that combines the three words . . .
Your business is built around acquiring new customers and then making them repeat customers. It’s not just raw material in and finished product out. Think of your company as a conveyor line in a circle from a prospecting lead to a repeat customer.
When you get into your car to drive someplace, you rely on everything in the car working together to get you there safely in a reasonable time frame. But, you may run into external and internal problems that require you to adapt. How will you make decisions along the way? If you Align the 7 Forces working in and on your company with the one, overriding driving force of your company, you will accelerate in the right direction.
The price is right if your Value Improvement Proposition (VIP) compared to your price (your Value/Price ratio) is greater than 1. … Maybe, it will make them say, “WOW!” in a good way. On the other hand, I recently said, “WOW!” when buying a small replacement part for my wife’s car this week. … I was shocked by a multiplier of,