B2b Illinois - October 12, 2008

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The Weekly Business-to-Business Forum Editor: Andrew Wheeler 815-929-5416 [email protected] B2B Illinois is a product of The Daily Journal Advertising Department.

Seven Deadly Managerial Sins that You Can and Must AVOID! Edward S. Piatt and Don Daake | B2B contributors

The road to success for leaders and managers, (however you define it), is rarely easy. Virtually all managers make their share of mistakes as they learn how to become effective in their roles. Even experienced executives must evaluate and readjust their management approaches periodically to make sure they continue to be effective. “Becoming a respected manager takes time and constant refinement” according to Max Messmer, author of “Seven Mistakes to Avoid as a Manager,” Journal of Strategic Finance, March 2006. Many leadership traits may be innate such as charisma and personality. However, scholars and practitioners agree – most management skills can be learned. A paradox of leadership is that knowing what does not work can be as critical as what does. Messmer outlines seven common mistakes managers make and how to avoid them.

Not promoting the company vision Repeatedly managers fail to share key details about company goals and challenges, thinking employees already know or will not be interested. By communicating to employees how their individual contributions relate to the company’s mission and vision, this will ensure they feel more invested in the outcomes of the firm.

Failing to listen to everyone on your team Listening skills are critical to becoming an effective manager. As a matter of fact, Jim Collins, in Good to Great, found that a spirit of humility and learning distinguished high-performing CEOs from failing CEOs. Managers need to be proactive in their communication style. They can use group brainstorming, one-on-one meetings, and engage in active listening. They also need to provide timely and honest feedback to employees’ ideas. These techniques eliminate the “us” versus “them” feelings employees may have.

Holding all the authority

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Most managers naturally resist giving up authority to their employees believing that “if you want something done right the first time, do it yourself.” By empowering your employees to focus on the processes involved in completing their work, you can focus on the bigger picture.

Employing poor decision-making Good decision-making is never easy. Sometimes managers slow down the workflow through indecisiveness because of a lack of information, distractions or political considerations. Nobel Prize winner, Herbert Simon, a generation ago, recognized that perfect information is never possible. At the other extreme are “cowboy” decision-makers, who make snap decisions and develop a reputation for being arbitrary. Managers must strike a correct balance between these two decision-making styles. When a decision leads to success, you need to share the credit and rewards with those on your team who played a role. When a decision goes bad, hold everyone accountable, including yourself! Be open in both situations about what worked and what did not work, so that everyone on the team can learn from the experience.

Withholding praise and recognition “If your employees do not feel valued, you greatly increase the risk of turnover,” according to Messmer. Employees want to feel valued. A manager offering praise during a staff meeting or in a private discussion can go a long way in making employees feel appreciated. Remember, though, the simple rule “praise in public, reprimand in private.” Thank those who regularly accept added responsibilities or increased workloads and when possible give them a tangible reward. Research has shown that many times a small PUBLIC monetary reward, plaque, or certificate is much more effective than a secret large cash bonus.

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Not investing in your staff’s growth By offering mentoring, in-house seminars and classes, or tuition reimbursement programs, the manager can boost their employee skills, morale and retention. Creating special teams, with the expertise to support organizational goals, can be exhilarating for all involved.

Failing to improve your own skills Managers must be realistic about their own strengths and weaknesses as well. They must set the example by looking at their own gaps in abilities and knowledge. Programs such as a “360 Review Process” can help mangers and leaders solicit suggestions from others to refine and enhance their skills and abilities. In summary, take an honest look at your current management thinking. Make sure you are not succumbing to any of these common and “deadly” seven mistakes. Go on the offensive, capitalize on your strengths, and work on your areas of weakness. Don Daake, Ph.D. is professor of business and director of The Weber Leadership Center at Olivet Nazarene University. Edward S. Piatt is an Ed.D. student at Olivet Nazarene University.

The B2B “Bad Economy” Cure: Five Reasons Why Now Is the Time to Embrace New Product Blueprinting Dan Adams | B2B contributor

Economically speaking, (and with apologies to Thomas Paine), these are the times that try men’s souls. This is especially true when those men (and, obviously, women too) are business leaders. If you’re one of them, you have a tough row to hoe. Keeping the customers you already have can be difficult enough in an age of consumer anxiety, vise-tight budgets and suddenly Scrooge-like bankers. But actually growing your company in the way it needs to be grown in order to thrive long-term—well, it can feel like an impossible feat. When debt financing flows freely, it’s easy to grow your company through acquisition. When consumers are on a buying spree, even a mediocre business can grow nicely. But when these go away—like right now—the real quality of a business shows through. After all, it’s hard to tell how well your engine is running when you’re coasting down a long, smooth hill. You have to grow from within. That means becoming a well-oiled, finely tuned new product machine. A company’s growth engine is its ability to deliver differentiated value to its customers through new products and services. Period. If you can’t develop new “stuff” that customers want to buy—and keep doing it over and over—you won’t be in business for long. As Peter

Drucker put it, “The business enterprise has two—and only two— basic functions: marketing and innovation. All the rest are costs.” Here are a few steps that will help you with your innovation mission: Step 1: Market Research. Beautiful product development in an ugly market segment makes no sense, so sift your potential opportunities early and cheaply. You do this with internet-based market research, combined with simple but effective screening tools. Step 2: Discovery Interviews. Technical-commercial teams interview customers using qualitative techniques to uncover dozens of needs in depth. You enter the customer’s world to discover and understand what will excite him. Step 3: Preference Interviews. In a second round of interviews, you quantitatively prioritize customer needs that are most important and least satisfied. You replace your internal bias with hard data...and kill your project if customers aren’t eager for change. Step 4: Side-by-Side Testing. You compare existing products you may have with your competitors’ best. This baseline helps you attack their weak spots, avoid getting blind-sided, and optimize pricing...possible only when you understand all your customers’ options. Step 5: Product Objectives. You now have a wealth of outside-in

3 Keys to Engage Any Audience Jon Stetson | B2B contributor

Running a successful and effective meeting, whether large or small, requires one key element: engagement. If you want customers and employees to receive true value from your message and take action on your ideas, you must make the effort to engage your audience. The more involved and engaged people are, the better their comprehension and retention of information. Chances are you had teachers and professors who taught via lecture format, and others who taught with a hands-on and involvement approach. In one class you sat in your seat for the prescribed amount of time and simply listened to your instructor drone on (perhaps taking a few notes just to stay awake), and in another class you interacted with the instructor, answering and asking questions, forming project groups, presenting and receiving ideas, and perhaps even getting up and moving about the room. When people are engaged, they pay attention. This then creates a synergy, because the speaker or meeting leader feels the engagement and responds with more energy and enthusiasm, which builds even more engagement. When it’s all over, both recipients of the communication have a higher reward factor. To make every meeting and interaction you have meaningful and engaging, keep the following engagement principles in mind:

1. It’s about surprise. Connect to your listeners in an unexpected manner. You want to create an interactive experience that causes the “a-ha” light to go off in people’s brains and the “deer-in-the-headlight look” of astonishment to cross their face. Give people startling facts, tell a relevant joke, engage them with real-life stories – anything to help form a connection. All four corners of the room are “touchpoints,” so make sure everyone in each of the four quadrants is engaged and involved in the experience – even those people who tend to hide in the back row or in the corners.

2. Find a bigger shared interest. People love to share and talk. If they experience something collectively, they talk about the experience every time they have the opportunity. Therefore, rather than just talk to people, give them something to talk about. For example, you could have them do an exercise together, role play with volunteers or have attendees act out a skit to drive home a key point. Always remember that engagement is about connecting experiences that drive conversations, long after the engagement is over. When you do so, people will talk about you, your company or your brand to others.

3. Focus on your listeners. Never forget that the only people who matter in your meeting are

customer and competitive data. Your project team uses this data to create a blockbuster product design in which specific customer needs are targeted and market reaction predicted. Step 6: Technical Brainstorming. You’ve got the “what” (your product design), but must now consider the “how”...preliminary technical paths to pursue. This brainstorming includes technical solutions that come from outside as well as inside your company. Step 7: Business Case. Would a venture capitalist fund your project? Twelve points must be addressed in every blueprinting project. This drives out assumptions, bias, omission and wishful thinking before you begin heavy spending in the product development stage. Companies that take this approach consistently launch products that are eagerly embraced by their customers. Dan Adams is president of Advanced Industrial Marketing, Inc. He is an award-winning speaker and conducts workshops in every region of the world. For more information, visit newproductblueprinting.com. His book, New Product Blueprinting: The Handbook for B2B Organic Growth (AIM Press, 2008, ISBN: 9780-9801123-4-4, $35.00) is available at bookstores nationwide and from major online booksellers. your attendees. Therefore, make your listeners and/or attendees the true stars of the show. Focus on their needs and intertwine examples they give you in casual conversation into your presentation. Additionally, during your talk, solicit audience feedback and get their opinion on topics. Everyone loves to be treated like a VIP. When you keep your audience actively engaged and involved, they will become your biggest evangelists. People appreciate being treated as special, which occurs when they are involved, and as such, their message retention is much greater. No matter what, always leave your audience with a content driver that they can remember, act upon and share with others.

The Power of Engagement When you take the time to engage your listeners, you provide enough value so you become an indispensible resource to your attendees, who in turn become your best sales force. Remember, people want something more. Good meetings engagement is strategic, because attendees are ready to receive one or more messages you want to deliver to them. This process allows you to create, innovate, entertain, and deliver content in a lasting and meaningful way. Jon Stetson is an internationally acclaimed intuitionist, and he provides intelligent, interactive entertainment and experiences to business audiences worldwide. The Stetson Experience offers a connection between mind, mirth and mystery, entertaining groups that include President Bush, Donald Trump and CBS TV. For more information, contact Jon at www.JonStetson.com. 101208201106275

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