-By Adam Witmer-
Everyone seems to despise meetings these days. And for good reason. Countless hours are spent holding our top-paid executives hostage, often spending more time than necessary and including people who really don't need to be there. Meetings, however, are a reality for all businesses. The challenge leaders face is to ensure that each meeting they hold is great. The good news is that any leader can hold a great meeting by taking three simple steps.
Read MoreWalmart leads the world as the largest and most powerful retailer. Their big box stores offer low prices and a large selection to their customers who line up to take advantage of the savings. As I explained in a recent post, Walmart has been able to offer such low prices due to their economies of scale. But it has come at an expense; their customer service is often nonexistent. And this provides an opportunity for other businesses to gain a strong market share in Walmart's shadow. One of these businesses is Target.
In this article, I am going to dissect Target's business model focus of customer service and how they have found a competitive advantage to compete with Walmart without (completely) slashing their prices.
Read MoreIn a recent post, I discussed the importance of being aware of economies of scale. I explained that it is important to be aware of economies of scale so that we can strategically innovate our businesses to gain a competitive advantage. This becomes increasingly important as big box corporations are able to cut prices further and further so that we can no longer compete on price. The good news is that big box companies leave many "holes" in the marketplace demand that need to be filled.
Every small business can compete with the "big box" by implementing three big business hacks.
Read MoreCompeting in the age of big box stores can be overwhelming. "Mom and Pop" stores have been run out of business by huge corporations like Walmart, Home Depot, Kroger, and yes, even Amazon. Yet, many consumers want to "shop local" and support business owners. But how can a small business compete with the big box giants of today? By applying strategic innovations to their businesses.
But first, we must understand why it is important to have an awareness of economies of scale.
I first learned of the concept of "economies of scale" in my high school business class. It was explained to me in basic terms that big businesses gain efficiencies from being large that make it difficult for small businesses to compete. While economies of scale include things like a knowledge base, expertise, distribution, partners, and advertising, one of the biggest challenges small business owners have in competing with giant retailers is price.
Several years ago, a friend of mine owned a game store where they sold all types of games, both common and unique. He was able to dig into a niche market and were experiencing success.
At the time, the game "Apples to Apples" was brand new and building momentum. My friend started offering this game early on before
Read MoreI recently met a fantastic artist. Scott Stearman is a sculptor who specializes in bronze work, such as life-size statues and memorials. The process he goes through to create the end product truly is amazing. Long story short, Scott actually starts his process with a very small clay model. This model is then magnified and processed to create a mold for the bronze, which is then finished. The part of this process that I found most intriguing is that the large finished product is being made from a very small model. This means that any errors that are made on the model are magnified multiple times when it is enlarged to create the bronze mold. Having a half inch error on a model can result in a four inch error when the model is magnified to become eight times larger.
I have found that the same is true with a business model. If a business does not fully refine their strategy on the small scale, it becomes magnified as the business grows. This is not always a bad thing, but how much more effective could a business be by being intentional? If a business model is not intentionally designed, the business will ultimately default on a business model that may, or may not be the most effective model for the business.
Regardless of the size of a business, any business owner can be intentional about the design of their business model by refining four strategies.
Read MoreThis winter has been brutal. We have had more snow than the "blizzard of '78," which I have heard about for as long as I can remember. All kinds of records have been set this year: most snow, coldest days, most school days cancelled. But one thing I haven't heard about is how all of the trouble this winter has caused can be an opportunity for innovation. Innovation opportunities always exist, but when we experience something as extreme as this winter was, innovation opportunities are even more present; the extreme amount of snow that we saw this winter has provided a great opportunity for snow removal businesses to hack their pricing models.
The opportunity that exists is based on an innovative best practice from another industry. Specifically, the hack is to...
Read MoreEveryone struggles with the fear of failure, especially when it comes to starting new endeavors. The thought of being unsuccessful often keeps us from heading down a new road. Failure wins before something is even conceived. How many inventions weren't invented because of self-doubt? How many businesses were never started due to this fear? How many people avoid following their passions and dreams because they worry they can't cut it? The answers to these question is, unfortunately: too many. The good news, however, is that the fear of failure can be overcome. Some believe that discipline is the easiest way to overcome this fear. While relying on disciple works for some, I have found something else: devotion. My devotion to the mission surpasses my fears.
The following are three practical ways to overcome our fears:
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A Leader's primary role is to ensure that a group of people produce a desired outcome. To accomplish this goal, a leader must encourage their team by setting a clear vision. The vision may be a short-term goal, such as a meeting agenda, or a long-term goal such as a five year plan. No matter what the goal, the vision is essential for motivating a team and getting others on board. Some leaders, however, appear to suffer from LADD - Leadership Attention Deficit Disorder.
Leadership Attention Deficit Disorder often manifests itself in three different ares:
Read MoreLeading difficult people can be like herding cats. No matter what you do, they won't follow you. You have goals to accomplish but certain people just aren't interested in what you are trying to achieve. They want to do things their own way and often seem to just ignore you. We have all experienced this. The good news, however, is that people aren't cats. And, we don't have to just force people to comply with our wishes. There is an easier way. Casting a clear vision as leaders helps us facilitate team progress in the most challenging of circumstances.
Read MoreVision casting is often viewed as the job of the CEO. Like a head coach, the CEO sets the direction of an organization and then spends a great amount of energy ensuring that their team also understands and works for the vision. Vision casting, however, isn't limited to CEOs. Great leadership, regardless of a title or position, involves effective vision casting.
I once heard an author talking about all of the ideas he gets pitched by non-authors who want him
Read MoreRadical leaders understand that change isn't important for getting ahead, it's important for maintaining where we are at. There is often a hidden dilemma behind change; we have to get out of our comfort zone and immerse ourselves into uncertainty. Uncertainty that we will be able to get to the same comfort level that we just gave up. Uncertainty that the change will not be as effective as the method we just left. Uncertainty that we will be as competent in a new method as we previously were. Without change, however, one thing is certain; we will be left behind.
Here are some ways to ensure we are not left behind:
Read MoreLeadership looks different today than it did just a decade ago. In years past, a leader’s authority was often derived from his or her special skill or expertise. Because a leader had a special skill (or inside knowledge), he was able to take an authoritarian my-way-or-the-high-way leadership style. In just a few short decades, all of that has changed. No longer can leaders rely solely on special information or expertise as a leadership advantage. Thanks to Google, information is just too easy to come by. The internet has leveled the playing field so much that newer generations are demanding a radical new kind of leadership. Organizations need radical leaders.
There are four R's to radical leadership:
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