A healthy economy or your best employees?

Gregg Lederman — Mon, 21 Sep 2009 19:38:35 GMT

As a small-business owner, I’m accustomed to focusing on numbers. Did we hit the goals for the month? Were we able to improve sales? Did we increase profits?

While I know it’s important to keep a close tab on financial metrics like these, I’ve seen owners turn numbers into an hourly obsession.

As a business leader, ask yourself, which would you really rather have today: A healthy economy or the ability to replicate your best employees and the experiences they deliver for your customers?

This might seem like an odd question, but in a down economy it is more important than ever to define expectations for employees, communicate effectively and hold everyone accountable to deliver the results that keep your business going.

In the years ahead, there will be three things that will most impact the growth of your company. Unfortunately, two of them are completely beyond your control:

1. The economy. It’s ugly right now and you can’t control what happens next.
2. Your industry. You’re just one small part of the segment so you have minimal impact.

However, the third thing you have total control over:

3. Your employees. You totally control this, so you can replicate your best employees to drive experiences to a new level.

Make no mistake. It doesn’t matter if the economy is booming or if it’s a bust. You will win more and lose less if your employees stay consistent with delivering the experiences that customers value most. In turn, customers will thank you by providing their loyalty and by going out of their way to promote your business and share their experiences. And, by the way, so will your employees!

What are you doing to thrive in the Great Recession?

Gregg Lederman — Mon, 24 Aug 2009 12:26:25 GMT

We are knee-deep in what is now being called the “Great Recession.” I’ve read and heard various viewpoints
on things people can do, usually directed at the recently unemployed, to keep up their spirits and position themselves for success in today’s economic environment.

Cameron Herold, founder of BackPocket COO, recently showed me a list he shares with the CEOs he coaches, of things people can do to succeed in a recession. After studying his list, I came to the conclusion that not only do CEOs need a list, but so do the 90 percent of people who are still employed and trying to battle their way out of these troubling economic times. I’m referring to the everyday leaders and the employees who follow them.

So the economy is awful right now. Some say we’ve bottomed out, some say we are making a turn for the better and still others say watch out for more downsizing, missed earnings and layoffs to come. I say, “So what?” Focus on what you and your company— if you collect a paycheck for work, then yes, it is your company too—can do to thrive in this “Great Recession” while your competition complains about it. The Brand Integrity team and I came up with the top things we are doing and others can do to thrive during these times.

Let’s start with the obvious:

1. Keep your glass half full. Have a positive attitude.
2. Focus on the vital 20 percent. Typically, 20 percent of your efforts yield 80 percent of your desired results.
3. Create a hyper-focused work environment. For example, we start each day, even before checking our e-mail, by building our individual “Top 5” list of things we want to accomplish.
4. Make a “Stop Doing” list.
5. Reinforce important relationships. Make extra effort to connect with your best customers and prospects.
6. Add more value instead of lowering the price.
7. Recognize daily success around you. Find success, even if only incremental improvement, and recognize it!
8. Communicate, communicate, communicate.

These eight things to do to thrive in a recession are difficult to refute and are simple, though not easy. They take focus and energy. Pick the ones that seem most relevant to you and your company, and obsess about executing them. You may be astounded by the resulting increase in discretionary effort, a reserve of productivity in you and people around you. With encouragement, your company can create a healthy, high-performing work force that truly thrives, even during a “Great Recession”!

Gregg Lederman's Blog - Recession Strategy

A healthy economy or your best employees?

What are you doing to thrive in the Great Recession?