Monday, February 23, 2009

Now is the Time for Action….NOT… Panic

Now is the Time for Action….NOT… Panic – Ten Immediate Steps to follow in 2009
Profit covers many sins.


We have all ridden the wave of prosperity for the past five years prior to 2008. Let’s face it, it didn’t take a genius to be profitable. You may have ignored small indiscretions, less than stellar performance, even incompetence. You may also have ignored structural issues, process issues, family issues and even corporate executive issues. “Profit does cover many Sins.” So…… Now is the time to take action if you want to maintain market share or increase it during the economic crisis we are facing in 2009.

1. Make sure all your assets are deployed effectively -
2. Find and Shoot your “Loser Customers”. The easiest way to do this is to raise prices and quit giving away free services to the losers.
3. Recommit and focus on profitability – cost control. Don’t scrimp on revenue producing functions or process.
4. If you have to make cuts – start at the top – kill the sacred cows. Take a close look at your executive team.
5. Business survival comes first – compassion second and family nepotism last
6. Invest in developing your structure, your process & your key people. Don’t cut training for key people.
7. Make managing your cash flow a priority. Understand and manage your cash to cash cycle.
8. Focus on increasing market share by going back to basic best practice in sales effectiveness (targeting, goal setting, action planning & sales management vouching)
9. Seek out opportunities in recruitment, vendor negotiations and exploit the competitions weaknesses
10. “Weed the Garden” --- Upgrade your workforce by replacing those employees that have never lived up to expectations.

This is Not the Time to Panic

Yes, there are economic problems, but there are also opportunities! Leadership during these tough economic times is about not panicking, and that's exactly the message I want to get across... don't panic! Panic causes knee jerk reactions, and they're rarely correct. This Economic Panic that could be caused by “Media Sensationalism” can create a knee jerk reaction that negates effective leadership.



www.ceostrategist.com 352-750-0868

Tuesday, February 10, 2009

Curiosity Killed the Cat but It Can Make You a Better Leader

Several years ago the consulting firm I worked for did a study that included interviewing eight of the most successful CEOs in the country that were within a year of retirement. The requirement to be within one year of retirement on either side was to insure that none of them would pull any punches regarding being totally open with their answers to our questions. This was quite an enlightening experience and in fact I believe you can still purchase DVD’s of these interview from NAW (National Association of Wholesalers)

Each one of these leaders had a different leadership model. Of course there was some commonalities but for the most part each one had a clearly defined personal leadership model. However, a personal character trait that really stood out to me in these interviews was the fact that every one of these CEOs had an incredible sense of curiosity. They were all passionate about it and each one had a new innovative project going on every year.

My personal assessment after spending hours listening to these interviews numerous times is that they came by this curiosity naturally. It’s like they had this “need to know” their entire lives. I have personally known CEOs that have that same sense of curiosity that have told me at times that need can seem so overpowering that they consider it a curse instead of a blessing. But, curiosity leads to new ideas, creativity and innovative thoughts.

Keep this point in mind ------ Most new ideas are simply a combination or rearrangement of old ideas and facts. What that tells us is simply the more we study a topic or situation and the more knowledge we gain about anything specific, the more likely it becomes that we come up with new ideas. Your ability and willingness to explore, study and learn is directly related to your level of curiosity.

If you don’t feel that instinctive curiosity then you need to take deliberate action everyday to improve your knowledge foundation. One very quick and easy way to accomplish this is to read. Read at every opportunity; on the airplane, at home at night, in the doctor’s office. Take every opportunity to read every chance you get. Reading someone else’s version or opinion on something will prompt your thought process and give you your own ideas and versions of the subject at hand. Replace at least one hour a night of television with one hour a night of reading.

Have the curiosity of a cat and ---- it could change your entire life.

www.ceostrategist.com – Sign up to receive “The Howl” a free monthly newsletter that addresses real world industry issues. – Straight talk about today’s issues. Rick Johnson, expert speaker, wholesale distribution’s “Leadership Strategist”, founder of CEO Strategist, LLC a firm that helps clients create and maintain competitive advantage. Need a speaker for your next event, E-mail rick@ceostrategist.com

Strategic Leadership in Wholesale Distribution
CEO Strategist LLC
rick@ceostrategist.com
tel: 352-750-0868