Wednesday
09Dec2009

What books have been most influential to you?

What books have made the biggest difference in how you think and act in the business world? Looking for a good book to read? Here’s my personal list:

MULTI-DISCIPLINARY

VISION AND STRATEGY

TEAM

ACTION

And more influential than any other – The Holy Scriptures

Enjoy!

bp

Wednesday
02Sep2009

What's wrong with incentives?

Last night I watched Dan Pink make his case for what’s wrong with many corporate incentives. Watch his talk from TED and judge for yourself.

bp

Monday
24Aug2009

Learn and adapt. Learn and adapt.

David Ogilvy, the father of modern advertising, once asked an employee what books he had read about advertising. The copywriter responded that he had not read any and that he preferred to rely on his own intuition. David then said, “‘Suppose your gall bladder had to be removed this evening. Would you choose a surgeon who has read books on anatomy, or one who relies on his intuition?’”

What are you a student of?

I’m not just talking about formal education – as important as it is. Nor am I talking about your functional skills as an engineer, sales person, or financial expert, which most of us are committed to improving.

Instead, consider whether you are a student of the management skills and practices used most consistently in your work. Management practices like leading meetings, energizing and motivating others, solving problems creatively, communicating with integrity and asking the tough questions. What are you doing to become better at these foundational skills?

For some, like Ogilvy, the quest to curiously explore, discover, learn, and then effectively apply that knowledge seems almost second nature. For most of us, it takes a lot of work. And work at learning we should.

A study conducted by researchers at Stanford, the London School of Economics, and McKinsey & Company assessed the actual management practices of 4,000 medium-sized manufacturers around the world. The conclusion… better management practices are strongly linked with better financial performance.

What is the best way to learn these skills?

In a study of leadership, researchers interviewed some of the world’s top leaders. Remarkably, participants in the study talked consistently about of their commitment to learning as one of the most important factors in their success. However, their approach to learning wasn’t one dimensional.

These leaders learned from books and other sources of information, but even more importantly they actively learned from their problems and personal crises, by challenging conventional wisdom, and by surrounding themselves with mentors and even a few ‘devil’s advocates’ or insultants.

According to researchers, these leaders didn’t see learning as hard work, but a personal quest. Researchers commented that the participants in the study were “to a person, full of energy, curiosity, and confidence that the world was a place of wonder spread before them like an endless feast.”

Become a life long learner by…

  • Turning every adversity and trial into a learning opportunity. Ask yourself what you can learn from your most difficult and painful experiences… and then put it to work.
  • Studying anything and everything. Read widely. Read frequently. Keep a journal of the highlights of your learning and how you will apply it in your professional and personal life. Share what you learn with others.
  • Finding mentors, a sage, a true friend and listen to what they have to say. Join or create a peer group and learn from what executives in other industries are doing. Stop discounting your ‘devil’s advocates’ and start listening to what they are trying to teach you.

…and help others learn and adapt by…

  • Talking less and asking more. Ask lots of questions. Open ended questions with no right or wrong answer, questions that force others to think deeply. And then give them time to respond.
  • Building learning into your organization’s processes. Require your teams to use after-action reviews with every successful and unsuccesful project.

Learn and adapt. Learn and adapt. Over and over again!

I’m passionate about learning and am experimenting with how to foster it with others using social networking.

I’ve created a Facebook group called Life Long Learning. Join and share, don’t just lurk. Introduce others to great books and articles you’ve recently read, experiences you’ve had – you’re own crucibles – and what you’ve learned and are going to do differently.

bp

Monday
13Jul2009

What is strategy?

I recently came across a great article in the Harvard Business Review entitled, ‘Can You Say What Your Strategy Is?’ by David Collins and MIchael Rukstad.

Not only can’t most of us say what our strategy is, most would struggle to define the word. The authors discuss three elements of strategy: Objectives, Scope, and Means. Use the following questions and graphic to help clarify your strategy. Then write it down on a single page and leave it on your desk so that it can inform every decision you make.

  • What and where do you want to be in 2 - 3 years?
  • What does success look like?
  • What are the characteristics of your best customers?
  • What do you deliver that is hardest for your competitors to match?
  • What are the boundaries of your business?
  • What is your value proposition?
  • 
What unique combination of activities allows your firm alone to deliver your value proposition?
  • What are your best at?

bp

Friday
10Jul2009

Accelerating failure

Three in every four new products fail to deliver desired results once launched. Success products are more than a service, widget or some software. Launching and scaling a product requires a clear understanding of target customers, sales and marketing tactics, pricing, value propositions, delivery, support and training services, and operations and possibly manufacturing plans.

Product failure often flows because one or more of the elements of the total project are flawed – poor pricing, poor service delivery, ineffective value proposition, … Yes, you have to get the total product right to achieve breakthrough success. There is no “if we build it, they will come.”

Another reason products fail – we delay failure. Most of us are afraid to fail, yet success is always built on the shoulders of productive failure. Whether your just starting out or nearly finished with a product, there is power exposing our work to prospective customers and learning from them. The cost of delaying failure is very high, get the big issues solved quickly and reduce your costs and risks.

Another surprising cause of failure is sabotage from within. Sometimes individuals or even entire teams unwittingly undermine their product development efforts. There are many reasons:

  • Conflicting priorities,
  • Lack of skills and knowledge,
  • Being too committed to an idea, or
  • Even having too many ideas.

Learn to recognize disruptive behaviors in yourself and in leaders, peers, and subordinates and practice powerful tools like tough love, active listening, and team first to stop it cold.

bp