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Times Change? Change With The Time …

March 25, 2008 | Business Administration, Business Analysis, Business Management | Comments (1)

Other People’s Money

In the 1991 film “Other People’s Money,” actor Danny DeVito plays a memorable role as “Larry The Liquidator,” a ruthlessly opportunistic corporate raider who threatens to take over the family owned New England Wire and Cable business.

As Larry is in the process of taking over Gregory Peck’s business at the stockholder’s meeting, the character delivers the following gem about losing market share in a shrinking market:

“You know, at one time there must’ve been dozens of companies making buggy whips. And I’ll bet the last company around was the one that made the best goddamn buggy whip you ever saw. Now how would you have liked to have been a stockholder in that company? You invested in a business and this business is dead. Lets have the intelligence, lets have the decency to sign the death certificate, collect the insurance, and invest in something with a future.”

To borrow DeVito’s example in “Other People’s Money,” the modern automobile supplied the death knell to the horse-and-buggy industry.

What will eventually replace your business? What technological advance will render your product or service obsolete?

It may feel strange to think about a point in time where your business, company or product is no longer useful, but it shouldn’t be. As a business owner, it’s extraordinarily useful to be able to project into the future, to try to read the tea leaves for your product and market.

With time and forethought, you can plan in advance for nearly any potential outcome. By thinking ahead, you can help your business evolve with the times. Instead of being the company that passes the torch to the next big thing, be the next big thing. Pass the torch to yourself.

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How to Improve your Public Speaking Skills

February 27, 2008 | Basics of Business, Business Management, Business Tools, Careers | Comments (0)

Public Speaking

As a business owner, public speaking engagements offer a great opportunity to spread the gospel about your business and position yourself as an expert in your industry. At the same, public speaking makes many professionals anxious and nervous.

Here are some helpful hints to make your presentations more persuasive, effective and stress-free in 2008.

  • Join a Toastmasters group: These organizatiions exist for the express purpose of helping individuals improve their public speaking skills. These clubs are available in most major towns and cities, and there is little cost to join and particpiate. These groups help train speakers in a number of different styles of rhetoric and communication. After one has completed the Toastmasters program, he or she is then eligible to speak on the Toastmasters circuit. This could be a great opportunity for a business owner looking for more visibility in the local community.
  • Ask for feedback – Your colleagues and peers are often the greatest source of advice when it comes to critiquing your speaking and presentation skills. After all, these are the people that you work with every day. They hear you speak all the time and probably know your strengths and weaknesses best.
  • Prepare and practice – Know what you’re going to say before you say it. Use a note card or a sheet of paper to create an outline for your speech. If you have a map of where you’re going or where you’ve been, you’ll know how to find your way back on course should you get lost. Practice your prersentations as many times as you can. Do it while driving or while walking somewhere. Practicer it in the mirror when you’re shaving in the morning.
  • Observe others – There are a lot of exciting public speakers out there,. Go see a motivational speaker at your local convention center if the opportunity presents itself. Or turn on the television and watch the presidential debates this year to see one of the greatest public speakers in recent memory — Barack Obama. Regardless of your political beliefs, you have to be impressed with the way Obama can a work a crowd into a frenzy. Don’t be afraid to borrow the techniques of others and make them your own.
  • Be yourself — When in doubt, keep it simple and be yourself. Speak in a way that is most comfortable to you. People will appreciate a speaker that is genuine and speaks from the heart.

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    7 Habits of Stephen Covey

    February 5, 2008 | Business Administration, Business Management, Business Plan | Comments (0)

    Seven Habits of Highly Effective PeopleThis is the first in an ongoing series about Stephen J Covey’s landmark book The Seven Habits of Highly Effective People

    If there ever was a bible for those in the business world, it is The Seven Habits of Highly Effective People. Startling in its simplicity and vast in the scope of industries and professions to which it can be applied, the book is a must-have for both new businessowners and those who have been in business for years.

    In the the book’s first chapter, Covey talks about the familiar Aesop’s Fable about the goose and the golden egg.

    Covey breaks down this classic story into its most basic business principles. At the end of the story, it becomes clear that the farmer has put too much emphasis on the golden egg and not enough on the goose that produced it. For the purposes of Covey’s analogy, the golden egg is the asset (which he labels “P” for production) and the goose is the resource that produces the asset (labeled “PC” for production capability).

    Covey stresses the importance of having a P/PC balance in running your business. Too much of either will set you up for failure. In many cases, businesses tend to overemphasize their product or service at the expense of the resources that go into its production.

    For example, if you’re selling ice cream cones, you might not want to make too much ice cream at once. Or produce too many flavors if the consumer demand for it isn’t quite there yet. Conversely, if you spend too much on your employees (human capital) or ice cream making equipment, you might not have enough money left to make sure you are still able to provide a quality ice cream product.

    Ideally, your goal as a business owner should be to strike a balance between your product and your means of production. Ultimately, these two factors should work in concert with one another. If you can do this consistently, you’re going to be well on your way to success in any business you choose.

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