Category Archives: advisory board

The Top 10 Most Read Articles in this Blog for 2015

by James D. Roumeliotis

Top 10 Articles for 2015

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As in every year, I have once again rounded up the ten most read/popular articles — this time for  2015. The following ten captured the most attention by numbers and from 154 countries in all. See them all below in descending order.  Your views are always encouraged including subject matter you think I should be covering more of.

THANK YOU for your readership and I look forward to feeding your mind with much more business practical food for thought this year which can be applied for timely results.

1 Luxury vs. Premium vs. Fashion: Clarifying the Disparity

2 Perceived Quality: Why Brands Are Intangible

3 The Art of Selling Luxury Products: Brand Story Telling & Persuasion

4 Mass Customization & Personalization: The Pinnacle of Differentiation and Brand Loyalty

5 Exceeding the Hotel Guest Experience: Anticipating and Executing Desires Flawlessly

6 Brand Awareness: the influence in consumers’ purchasing decisions

7 The Ultra Luxury Purveyors: Lessons from brands catering to the richest 1 percent

8 Identifying and Catering to the Discerning Consumer: Quality and Service Above All

9 Start-up Essentials: A Universal Roadmap for Starting a Business — Infographic

10 Product Features vs Benefits: The Brand Differentiation

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Business Vitality: Preventing Adversities Before They Occur

by James D. Roumeliotis

Businessman with telescope

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“Panic” and “chaos” are not what one should undergo in business. Unfortunately, many entrepreneurs are caught off guard more often than necessary when operating their business. In his book “The E-Myth Revisited”, dynamic author Michael Gerber states that a business person ought to work “on” his/her business, rather than “in” his/her business.

Start-ups have a leg-up if they launch and persevere on the “right track.” The appropriate definition of these two words together imply following a proper course of action. The analogy which can be applied to a business well-being is our own personal state of formidable health comprising of a healthy diet, frequent exercise and undergoing an annual physical. The objective is to be proactive, rather than reactive.

Remaining diligent and active as opposed to reactive

Entrepreneurs may be quite well versed with the products and/or services offered, but not necessarily with running their business including a bucket list of daily administrative tasks. Most notably, sales, marketing and finance/accounting undertakings. This is where honest consideration should be given in either bringing in a partner to complement the entrepreneur’s weaknesses or an external adviser and/or mentor to guide him/her. A sounding board should not be dismissed as prohibitive, thus solely for larger organizations. Seeking professional help is an important way to avoid or plan for business challenges.

Moreover, when drafting a business plan as the road-map, include a SWOT (Strengths, Weaknesses, Opportunities & Threats) matrix and “what if” scenarios — which will reveal and prepare one in avoiding the pitfalls of running a business, as well as coping with various challenges which can arise. In addition, consider plotting a business model as a prelude to the business plan. It makes you think through your business plan, which in turn communicates the business model. Both should synchronize. Make certain a short term (less than 12 months), medium term (13-30 month), as well as a long-term plan (30-60 month) have been conceived.

Savvy business people – whether new or seasoned entrepreneurs or CEOs of large corporations possess:

  • Insight and foresight;
  • Strategies and execution competence;
  • Alternative plans with an exit strategy in case situations turn awry;
  • The perception to take “calculated” risks rather than dive into the abyss;
  • Openness to third party advice;
  • Focus and consistency to achieve their goals and objectives;
  • The ability to see opportunity before their competition does and act upon it in a timely manner.

Negligence with current enterprises

Growing pains in any organization require a formidable administration to keep the business operating efficiently which includes customer front & center, profitability and more than adequate cash flow. Telltale signs of weak organizations can be traced to inept leadership. The following points highlight the deficiencies:

  • Poor customer service – slow or no customer inquiry replies – abysmal handling of sales and service complaints. Service is portrayed as a reward, not a right or benefit.
  • No Unique Selling/Value Proposition. Companies need to define and articulate their unique value proposition and deliver on it consistently. Create the platform for sustainable and competitive advantage.
  • Operational deficiencies – various ailments and no structure
  • Absence of or very little communication amongst staff and management. Divisions aren’t well-coordinated and do not function as a team.
  • No transparency. There is hardly any openness from management.
  • Unethical practices – short-term selfish objectives in search of market share. Top executives should promote social norms and principles as moral agents.
  • Lack of proper execution of decisions and with new products/services.
  • Productivity incentives should be implemented to boost results and employee morale. People must be given a reason to work hard and be efficient.
  • Creativity is practically non-existent. An absence of innovation and employee empowerment will hurt progress and stifle new ideas.
  • No clear vision/strategy – there needs to be a strategic vision that reflects a truly unmet need and has the commitment of a dedicated CEO. That means that there is a well-defined target audience with a distinct value position that is differentiated, meaningful, and deliverable.
  • A weak sales force along with an unattractive compensation plan.
  • Favoring nepotism and bias – promoting family members over other qualified employees often leads to resentment or, worse, prompts valuable non-family employees to leave the company.
  • Poor hiring practices – should hire for attitude and train for skills.
  • Slow/delayed decision-making process – too many layers – overwhelming bureaucratic structure.
  • High turnover, which leads to poor employee morale, reduced intellectual capital, lower service levels, higher operational costs and decreased productivity.
  • Management in a state of denial about their organization’s shortcomings – remaining with the dysfunctional status quo.
  • No channel strategy. Some companies focus on building a product, but don’t think through how to get it into the hands of customers. Even if your product is great, unless you can sell directly, you may be dead in the water without strong channel partners.
  • The hidden game – corporate politics – power plays by a handful of individuals for their own benefit to the detriment of their colleagues and the company.
  • Misrepresentation of brand(s) – too much hype – empty promises – not delivering on expectations – leads to dissatisfied clients who will alienate the brand.
  • Weak financial controls – cash flow dilemmas – over leveraged/under-capitalized (high debt-to-capital ratio) – not reinvesting a certain percentage of profits for future growth.
  • Absence of sound marketing program(s) and/or brand strategy. A brand is defined by how it behaves, from the products it builds to how it treats its customers, to the suppliers with whom it works.
  • Growing too fast and not staying on course as the company grows.
  • Lack or very little employee training & development.
  • Deficient in control systems – reactive rather than pro-active.
  • Lack of continuous improvements or complacent.

The way to solve an organizational problem is to swiftly confront the structural issues with a moral sense of purpose and ethics. It must also have preventive systems in place in anticipation of issues which may arise.

For its clients to receive stellar service, the enterprise must have its house in order. Besides structure and an efficient operation, employees should be trained and empowered to do their jobs efficiently.

Companies that disrespect their employees and shut-out clients get willfully isolated and have a short life span through an erosion of market share and significant loss of revenue. Thus, a company’s goal should place emphasis on serving its people properly and fairly. Higher morale generates higher profits – though occasionally other priorities hinder that objective, for example, self-serving behavior by certain executives.

Superman Businessman

Operational prevention: Implementation of systems and risk management

To preventing operational problems before they even occur requires anticipating them through operational intelligence. The purpose of risk management is to identify potential problems before they occur. To do so entails early and in-depth risk analysis through the collaboration and involvement of all parties involved in running the business. It’s where brainstorming occurs about potential problems regarding the product(s), service(s), market(s) etc. to search for and foresee issues, as well as create solutions in advance – eluding the element of surprise at some point in time. Risk management is comprised of: 1) Identifying, outlining and analyzing potential risks; 2) A course of action in handling the identified risks, as well as the implementation of risk control/elimination plans when/where necessary.

Business leadership should contemplate allowing constant flexibility to adjust strategy when necessary if the initial one isn’t effective.

There should be continuous checks and balances – especially with regards to internal financial controls through various procedures implemented to reduce errors or possible embezzlement by staff. Trust but verify ought to be the organization’s mantra and actual implementation.

Perhaps you can consider a risk analysis software such as a SAS platform whose practical use offers best practices to help the company establish a risk-aware culture through various enterprise risk models and forecasting. We note examples of aircraft pilots who diligently prepare prior to a flight – or ship captains making their plans prior to voyages at sea.

When all is said and done – avoiding pitfalls

Companies with inept leadership usually fail in the first or second year, but even established companies can stumble badly when they outgrow the capabilities of the founding team. According to statistics, as the latest available numbers from the two U.S. government statistical agencies responsible for providing data about new businesses illustrate, The Census Bureau and the Bureau of Labor Statistics, five years after new establishments were founded (1995, 2000 and 2005 respectively), 50%, 49 and 47 percent of them (correspondingly) were still in operation.

To be a successful and sustaining entrepreneur requires vision, strategy, execution and constant diligence – along with plenty of sacrifice. A new generation of young entrepreneurs think the road is smooth and a fast track to easy wealth. Obstacles and sacrifice are part of the deal. Harnessing opportunity and overcoming challenges on a daily basis to top the competition is constant work. These conditions are true no matter what the sector of business engagement or company size.

Enterprises spanning a wide array of industries, have earned distinction as “well-” or “best-” managed” by demonstrating business excellence through a meticulous and independent process that evaluates their management abilities and practices – by focusing on innovation, continuous training, brainstorming and caring for their employees’ well-being – as well as investing in meeting the needs of their clients.

Well-run companies thrive no matter what and learn from their mistakes – making certain they don’t repeat them. However, never give failures a second thought. There are no dress rehearsals in business either.

Onwards and upwards!

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Bold Leadership: 10 Ways to Eradicate Organizational Politics

by James D. Roumeliotis

Office Politics 1 of 2

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When the boss of the company for which, we will call Erica, worked for was trying to create rift between her and her immediate superior, by sneaking around and creating misunderstandings, the situation worsened to the point that the manager eventually felt the need to resign from the company. Many similar unethical situations occur every day at most businesses anywhere on the planet.

It is human nature that when dealing with people you’re up against various personality characters – partly innate and partly as a result of the person’s upbringing. In the study of psychology, there are five personality traits which are used to describe human personality. They include openness, conscientiousness, extraversion, agreeableness, and neuroticism.

That said, it’s no wonder why it can seem as a challenge when dealing with some colleagues – in particular if their character differs from yours and their selfish goals are front and center. This applies to all types of organizations/workplaces whether for profit, non-profit, private or public. With the Myers-Briggs personality assessment, one of the most widely used psychological instruments in the world, the outcome can be one of 16 distinct personality types amongst which included are “The Doers” and “The Idealists.”

One reason organizations fail to reach their potential is the overwhelming presence of internal politics.  The organization’s leadership should be held accountable for allowing this to flourish, let alone exist. Likewise, the situation can cause career crisis for those who are victims of this organizational plague.

What are internal/office politics and why do they even exist?

Essentially, politics result when several or most of the employees of an organization are behaving in an awkward way through their attitude, and actions that misalign with the best interests of the organization. As a result, productivity gets stifled, morale drops to low levels, and various close-knit groups are formed ‒ all of which compete with each other in a negative sense. To use the analogy of energy, it’s like several forces pulling in different directions.

Office politics constitute several forms amongst the staff including:

–          Backstabbing

–          Disrespect for colleagues and superiors

–          Resentment

–          Jealousy

–          Insecurity

–          Hatred

–          Selfishness

–          Power struggles

–          Favoritism/injustice

–          Nepotism

–          Gossip and rumours

–          Tight knit groups

–          Malfeasance

–          Possibly bullying as a result of aggression

According to a recent Inc. magazine article by Janine Popick, at her email company, she identifies 4 “office politicians” that will poison your culture. They are, the bully, the ass-kisser, the information withholder, and the squeaky wheel. You can read about their characteristics in detail here.

Office politics exist in various intensities and for several reasons, though it starts with people ‒ all of whom are of different origin, background, personality type, come to work with personal baggage and have their own agenda. The business lacks cohesiveness amongst its staff and leadership. The blame for this outcome goes squarely to the organization’s management which is either oblivious to the fact or negligent in eradicating it. Therefore, accountability begins at the top of the organization, department or division. Incidentally, politics don’t solely exist in large companies but in mid-size and small enterprises too ‒ though more prevalent in larger companies due to the number of employees and managers.

What initiates it in the first place and subsequently makes it thrive are:

–          Deficient direction from the top,

–          Lack of teamwork amongst the staff and management ‒ not everyone is in sync,

–          Negative vibes within the organizational culture, and

–          A lack of communication.

Office Politics 2 of 2

Eradicating it from the status quo

For reasons specified above, internal politics shouldn’t be tolerated. Some would argue it’s a fact of life at work and ought to be regarded as a necessary evil, so just play along with it. Those same people have not understood or concerned about the negative effects it causes an organization.

The solutions that can be implemented to minimize politics require initiative and conscientious effort. It’s also not a onetime effort but an ongoing monitoring process. This is where bold leadership makes an impact.

Consider the following:

  1. Hire employees with the right attitude rather than focus solely on skills;
  2. Concise job descriptions, proper on-boarding and continuous training along with shared organizational values;
  3. Putting in leadership positions, those who are respected, competent in their role and can empower their subordinates;
  4. Avoiding any means of favoritism ‒ total equality;
  5. Avoid any form of nepotism ‒ most notably in in smaller organizations;
  6. Develop and implement a sound communication strategy ‒ replace confusion with clarity and uncertainty with certainty;
  7. Seeking creative ways to boost morale and make every employee feel as if part of a cohesive family working together in a positive team spirit for a common goal;
  8. Offer incentive compensation arrangements which reward performance and teamwork, hence are aligned with the goals of the overall organization;
  9. There should be no direct reporting to anyone the employee has a personal relationship with.
  10. Make it clear, with constant reminders, that there is zero tolerance for animosity amongst the staff. Everyone should be in sync for the good of the organization.

Finally, encourage openness with an open door policy along with the ability for the staff to discreetly convey their complaints and labor disputes to a third/neutral party, as well as encourage suggestions for improvements.

Consider this typical scenario as an approach to minimizing politics at your company. If you’re in a situation when you meet with one of your staff members, perhaps a direct report, he/she might start criticizing a colleague in subtle ways so as to indirectly give his/her best appearance. This is a sign of political play. The most effective way to put an end to it is by tactfully explaining why it’s not morally correct to speak behind anyone’s back. Rather, urge this person to discuss or assist his/her colleague head-on despite requiring some courage to do so.

In conclusion ‒ confronting the disease head-on with conflict management

Internal politics are a detriment to any organization. It’s up to the leadership to identify and stamp it out through its policy of intolerance. It is, after all, management’s responsibility to monitor the culture, morale and productivity of the staff, otherwise the situation may become too misaligned overwhelmingly affecting the bottom line.

There is no such thing as “ditty” office politics. Its mere existence is adequate to cause strain to the organization and its employees – regardless of stature. It is unethical behavior. If there’s a conflict, stop it in its tracks by going to the source of it. This should be done in person, and if necessary one-on-one in a private setting. Perhaps some coaching along with talk straight may be necessary to discuss how to work well with the other individual and encourage this person to talk to each other.

At the end of the day, office politics is the direct result of a lack of focus and lack of teamwork. Someone has to take responsibility for it and not allow it to thrive, let alone exist. Encourage your staff to work in harmony and keep an eye out for the office politicians. Politics is a human dilemma. If you can’t eliminate it, at east contain it. Consider conflict management in your human resources arsenal.

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