C-Suite Network™

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Entrepreneurship Management Marketing Personal Development

Strategy and Strategic Thinking

When starting or expanding a business, having a strategy is important. A strategy is simply an action plan. It may be as simple as how will I get my first paying customer or how will I / we penetrate a new market with an existing or new product or service.

To develop a strategy – you need to continually get better at strategic thinking. This simply means how does your community, region, state and the country perceive your product or service. What’s in the news – real or fake – what are people believing and talking about? Understand what is going on around you. Then decide if you want to join in the flow or you want to “go against the grain”. Strategic thinking is what you will build your strategy or action plan around.

Learn for many sources. Ian Bremmer is a great source to learn about global issues, Tom Friedmann has his finger on the pulse of world and the United States politically and culturally, Mark Sanborn helps you become a better leader, NPR delivers great news updates and Ari Weinzweig is the best in the world at helping you develop a vision for your future. And, of course choose your own industry information sources. All this will help you to join in the flow with your startup or business expansion, or to decide to stand out from the competition by going against the tide.

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Best Practices Entrepreneurship Management Personal Development

7 Ways Entrepreneurship Can Be Incorporated into Your Company Culture

Company culture is the foundation of relevancy for your business. A positive company culture fosters creativity, outside-the-box thinking, and imagination. Changing your company culture is not easy, but the benefits speak for themselves.

While building Barefoot Wine into a bestselling brand, we relied on seven steps to build a positive company culture:

  1. Remove Roadblocks: Structure can be limiting. If an employee’s great idea has to pass through more than one pair of hands, they can become discouraged and may even lose recognition for their work. At Barefoot, employees were able to present their ideas directly to management, avoiding unnecessary compliance processes.
  2. Acknowledge: When creative, thorough, and efficient work is recognized publicly, all of your employees are more likely to respect others as team players. On every employee’s work anniversary with Barefoot, we sent out a memo that outlined their accomplishments during their last year. Recognizing employees’ efforts sends a message that good work does not go unnoticed.
  3. Have Fun: Vendors, employees, and consumers alike all want to do business with fun people. Going along with the Barefoot brand, Michael was “Head Stomper” and CEO; Bonnie’s title was “Original Foot” since her foot was on the label. Doug McCorkle was our Controller and “The Cork”—because who else but our Controller would put a stop to it? A fun environment allows creativity to flourish.
  4. Make Mistakes Write: Don’t just make your mistakes right—make them write! Mistakes happen. Establish a culture that embraces this, as long as all of the blunders are identified. Allow any mistake to be an opportunity to put processes in place that will prevent it from happening again. Identify which documents need to be updated for the future, whether that’s a checklist, a new procedure, or a new policy. Establish a culture of permission—a culture that says, “Be creative and make mistakes as long as you hold yourself accountable.”
  5. Have a Two-Division Company: What set Barefoot apart was having two divisions, compared to a vertical structure with the CEO at the top and numerous departments on the bottom. We had Sales and Sales Support. That’s it! Product development, marketing, accounting, and the CEO were all part of the Sales Support division. If your company is all about the consumer experience, sales should be on top with everyone else supporting sales. Think of where your company would be without sales—it wouldn’t be!
  6. Pay for Performance: Paying your employees right will not only keep them there—it will keep them motivated. We established our pay structure with teamwork in mind. Since our employees’ bonuses and employer’s contribution to their 401k were partially reliant on performance, they were determined to excel, and to encourage their teammates to do the same.
  7. The Money Map: Set the precedent for your employees right when they start. We distributed an infographic that showed exactly how the money traveled from the consumer’s pockets into their In that moment, the sales process became transparent to the employee, and the stage was set for a positive sales culture.

Making changes to company culture starts at the top and radiates through the rest of the company. So, take a look at your management’s attitude toward everything from pay, to making mistakes, to having fun, and you will soon see where the changes are necessary.

For more, read on: http://csnetworkadvis.staging.wpengine.com/advisor/michael-houlihan-and-bonnie-harvey/

 

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Growth Management Operations Personal Development

Your Brand is Only as Strong as Your Weakest Link

Your Brand is Only as Strong as Your Weakest Link

Recently I was flying to a speaking engagement. While waiting for my flight to board I bought a yogurt parfait. After paying for it, I looked for a spoon. There were forks and knives, but no spoons. The little compartment next to the forks and knives was empty. I asked the cashier if they had any spoons. She pointed to where they weren’t. I told her they were out, and in an effort to get rid of me, she suggested that I could go to the restaurant next store and ask them for a spoon.

I walked by the first restaurant a few minutes later and there were plenty of spoons. Obviously, there were spoons somewhere. The employee just didn’t want to get them, when a customer needed them.

I didn’t want to make a scene over this, but I thought I’d mention something to the manager. He wasn’t there when I bought my yogurt. He apologized, but then said something interesting. He mentioned that the restaurant was managed by a group at the airport, so I really shouldn’t expect the same service or quality I am accustomed to at this company’s regular restaurants.

This was a major brand with locations throughout the US. The airport restaurant had the same signage, the same logo and looked just like any of the restaurants you would visit outside of the airport. I’m sure that any executive of this brand would cringe at the response the manager gave me… “I really shouldn’t expect the same service or quality I’m accustomed to…” Really?!

And, that is where our lesson begins. You see, it doesn’t matter if it is an airport restaurant, a small kiosk or a full-service restaurant. There must be a similar experience across all locations, regardless of size or where it is. The logo is the logo, and the brand is the brand!

Let’s switch industries and talk about an icon in the world of customer service. When Nordstrom decided to move into the online world, many of their customers were concerned that they would erode their reputation for amazing service. Management thought long and hard about how to create an online experience that matched the expectation of a Nordstrom customer, and they delivered. Regardless of location – instore or online – Nordstrom will always focus on making sure the customer has the best experience.

Now we move to an employee within a company. If there are 100 employees, and 99 of them are amazing, but one is not, what happens when a customer encounters the one who is not? You know the answer. That one bad employee just created the reputation for your brand – at least with that customer.

The old saying is that a chain is only as strong as its weakest link. Well, the brand is only as strong as its weakest location – or weakest employee.

Shep Hyken is a customer service expert, keynote speaker and New York Times bestselling business author. For information contact or www.hyken.com. For information on The Customer Focus™ customer service training programs go to www.thecustomerfocus.com. Follow on Twitter: @Hyken

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