Early in my career, back when I was consulting on AIX to help IBM development organizations transition to UNIX, I got to the point where my two most hated words were "paradigm shift." I got so sick and tired of hearing everything under the sun claimed as the next great "paradigm shift" that the term had lost all meaning. Unless you thought you had broad perspective and a new development radically alters it, then it can't be a "paradigm shift."
I'm writing this post for those of us that are a bit "over the hill" - the old dogs who [as the saying goes] are very slow to pick up new tricks. If you're in your mid to late 30's, chances are you might have missed the boat on social networking. If you're in your late 40's or your 50's like me and you have children, then your kids have grown up with MySpace and Facebook and you probably at least know that social networking is out there and that your kids spend a lot of time on it.
As "old timers" whether we've been involved in business, academia, social causes or political action; we know the value of building a network. We're familiar with terms like a "golden rolodex." We've been told since young adulthood just how important your reputation is and how you need to constantly work to "build that network" because you never know when it will provide you with a much needed opportunity or connection. Going back to the Preppy Handbook (Amazon) - all roads lead to Henderson Cram in the Old Boy Network.
Back in the 70's and 80's building a network and a rolodex meant a lot of time spent talking, pressing the flesh and getting to know people. The cycle time to build a circle of trust was months and years of effort. People actually typed out correspondence and picked up the phone. By the 90's email had taken over and some of us posted questions and answers on newsgroups. Within a matter of weeks or months, you could find people in your industry and establish meaningful business or personal relationships.
That gets me up to this week. Up until now I've watched from the sidelines as my wife generated global connections regarding our Gordon Setters on Facebook; I've had a Plaxo account (sorry Plaxo guys, but I never really got that much out of it); and I've gotten addicted to AIM to even resolve simple "sidebar" business questions between colleagues across the table during a customer conference call. But a task like marketing to the top 500 business in Florida or Fortune 5000 seemed like an impossible task that would take years of effort. Not so any more....
I received a LinkedIn invitation from a long time colleague asking me to join his network. That was just three days ago. LinkedIn has over 19 million active accounts. Establishing a connection with another individual potentially allows you to view contact information through 3 degrees of separation (friend of a friend of a friend). Within 1 day I had tons of possible contacts with 6 of the top 10 public companies in Florida - current, live, correct information that used to cost me a bundle in the 90's. It's been an exciting week: I have just started getting acceptances and loading my contacts in, but I already have access to a Rolodex of over 90K people. Thousands of people in my industry segment are now friends of friends.
This has truly been amazing. I have connected with long lost high school and college friends. I have learned much more about my peers than I would have ever expected. I have seen some of my peers leverage social networking to greatly expand their business and personal lives. I am left speechless at how I could have missed this, and eager to spread the word to my friends and colleagues who are still "old school." Whether you network for business, mentoring or just friendship; this stuff works great and it works really fast.
Don't get me wrong, trust is still built by reputation and over time - lots of time. But opportunity is born from wide perspective and having access to enough information to synthesize valuable connections. That is what LinkedIn, Facebook, MySpace and hundreds of other social networking sites make infinitely easier: putting the pieces together.
My company, V2E Group Inc, is all about helping businesses navigate the journey from Vision to Execution by helping them maximize performance, productivity and return on investment through Finance, Operations and Technology services and solutions. Jumping into social networking provided a true "paradigm shift" in my approach to business and personal life. I'd have to be crazy to not heavily recommend such a simple, quick, easy and powerful tool as part of our standard corporate guidance practice.
Everyone benefits from broad social networks based on trust. That has been a constant throughout human civilization. What has now changed for us "old dogs" is how we should go about generating these networks most efficiently. My suggestion is to take two or three hours to invest in LinkedIn, Facebook or another appropriate social networking site. The dividends will likely quickly appear. Get better connected to your current and old contacts. Reach out to your kids. Find some long lost friends and co-workers. If your current and old contacts are not in LinkedIn, Facebook, etc; then email them an invitation and point them to this blog as a testimonial. Why not leverage who and what you know? As I said, everyone benefits - and benefits quickly.
Even an "old dog" can learn new tricks. Give social networking a spin.
About the Author: Bill Franklin is founder and partner of V2E Group Inc, a management consulting firm helping it's clients with Vision, Strategy, Management and Execution through Finance, Operations and Technology Services. Everyone is glad to find a helpful partner along the way - who doesn't want another "Star" on their team? V2E Group is a helpful partner - talk to us about adding another "Star" to your team.
Bill's LinkedIn Public Profile is: http://www.linkedin.com/in/wnfranklin (feel free to add him to your network).
Thursday, March 6, 2008
Monday, March 3, 2008
Methodology for Business Success
Overview: Vision, Strategy and Execution under a Management Framework
Most businesses know what they want– they have a clear Vision of the end state they wish to achieve. However to reach that Vision, they need to do three things: formulate a Strategy that can actually achieve the Vision, develop a Management plan that coordinates activities, goals, objectives and metrics used in the Strategy, and finally Execute the plan successfully. Getting the right Business Methodology makes all the difference.
Seeing the Forest and the Trees without getting "Lost in the Bark"..
Using a familiar metaphor, it is all about understanding the way you want to see the “Forest” – your Vision. You need to know the details of how the "Forest" can and should arise from "Trees and Bark" – that level of detail is your Strategy. The "Trees and Bark" represent the projects and activities that allow your business to function. You will need to take time to determine the specifics of measuring and evaluating the progress of the "Forest, Trees and Bark" – your Management plan. Finally you must take specific actions as the "Forest, Trees and Bark" mature - you must Execute.
Most businesses fail to realize their Vision because they lose perspective and get "Lost in the Bark." They have never taken what they perceive as the "luxury" of the time to pause and review operations from such a strategic approach, instead being consumed by the tactical problems of day-to-day activities. That's a perfectly logical situation: Running a business is all about the details of execution and operations - it's all "Trees and Bark." Without that focus, a business can't function. But without stepping back to watch and plan for the strategic development of the "Forest," the business will fail to reach (or likely never really know) its true potential.
Vision
As stated previously, businesses generally know the Vision of what they want to achieve. Business problems that are identified (or any general failure to meet expectations) naturally result from shortfalls in Execution – not doing the right things at the right time. Instinctively businesses look to the trees and the bark for the problem, instead of also going back to determine if there was a problem with the Vision, the Strategy or Management plan. “Where did we go wrong? We had a clear vision, a strategy and a management plan…”
Strategy
Most often, problems start with the Strategy. In the words of Lou Gerstner, former CEO of IBM, “Vision is easy. It’s so easy to point to the bleachers and say ‘I’m going to hit one over there.’ What’s hard is saying, Ok, how do I do that?” Strategy means having the data to have a Plan that can be Executed with certainty of success – measurable, quantifiable, traceable success. Gerstner states the essence of a Strategy as: “Good strategies start with massive amounts of quantitative analysis… blended with wisdom, insight and risk taking. A successful, focused enterprise is one that has developed a deep understanding of its customer’s needs, its competitive environment, and its economic realities. This comprehensive analysis must form the basis for specific strategies that are translated into day-to-day execution.”
Business is full of pitfalls: Customers must be targeted out of a super set of every possible demographic; they continue to demand a more satisfying and sophisticated experience as a precursor to conducting business. The specific dynamics and methods of optimally advertising, or being “found,” change monthly. Competitors can gain an advantage and “raise the bar” while you were caught “flatfooted.” Of the many things you might do, a large number will cause more harm than good. There will be a seemingly endless line of experts recommending even the worst tactics, which may result in the deterioration of your business. Of all the activities to complete when allocating resources toward a business operation, getting the Strategy correct “now” rather than “later” is clearly the prudent choice. Otherwise, expectations are likely not going to be met regarding results that are on time and on budget.
Going back to Gerstner’s advice, “Good strategies start with massive amounts of quantitative analysis… blended with wisdom, insight and risk taking.”
Execution
Even with a good Strategy in place, many businesses fail to Execute and achieve their desired level of success. Sometimes this is from not having the right resources - resources are scarce and businesses must "pick and choose;" carefully managing staffing, skills and development to succeed. Often businesses make the smart choice to invest in capabilities and operations central to their business, and outsource other skills and operations which are not their core competency. Sometimes, all employees need is a little mentoring or assistance from seasoned veterans in their field - Subject Matter Experts who can transfer their knowledge and then move on. Finally, some businesses just need a little help in finding a few more of the right people on either an interrim or long term basis.
Management Framework
Even with a great Vision, a winning Strategy, and the right people and skills for Execution of your business activities; without a strong Mangement Framework, your business is likely to get off track, miss objectives, and fail to maximize its performance, productivity and return on investment.
About the Author: Bill Franklin is founder and partner of V2E Group Inc, a management consulting firm helping it's clients with Vision, Strategy, Management and Execution through Finance, Operations and Technology Services. Everyone is glad to find a helpful partners along the way - who doesn't want another "Star" on their team? V2E Group is a helpful partner - talk to us about adding another "Star" to your team.
Most businesses know what they want– they have a clear Vision of the end state they wish to achieve. However to reach that Vision, they need to do three things: formulate a Strategy that can actually achieve the Vision, develop a Management plan that coordinates activities, goals, objectives and metrics used in the Strategy, and finally Execute the plan successfully. Getting the right Business Methodology makes all the difference.
Seeing the Forest and the Trees without getting "Lost in the Bark"..
Using a familiar metaphor, it is all about understanding the way you want to see the “Forest” – your Vision. You need to know the details of how the "Forest" can and should arise from "Trees and Bark" – that level of detail is your Strategy. The "Trees and Bark" represent the projects and activities that allow your business to function. You will need to take time to determine the specifics of measuring and evaluating the progress of the "Forest, Trees and Bark" – your Management plan. Finally you must take specific actions as the "Forest, Trees and Bark" mature - you must Execute.
Most businesses fail to realize their Vision because they lose perspective and get "Lost in the Bark." They have never taken what they perceive as the "luxury" of the time to pause and review operations from such a strategic approach, instead being consumed by the tactical problems of day-to-day activities. That's a perfectly logical situation: Running a business is all about the details of execution and operations - it's all "Trees and Bark." Without that focus, a business can't function. But without stepping back to watch and plan for the strategic development of the "Forest," the business will fail to reach (or likely never really know) its true potential.
Vision
As stated previously, businesses generally know the Vision of what they want to achieve. Business problems that are identified (or any general failure to meet expectations) naturally result from shortfalls in Execution – not doing the right things at the right time. Instinctively businesses look to the trees and the bark for the problem, instead of also going back to determine if there was a problem with the Vision, the Strategy or Management plan. “Where did we go wrong? We had a clear vision, a strategy and a management plan…”
Strategy
Most often, problems start with the Strategy. In the words of Lou Gerstner, former CEO of IBM, “Vision is easy. It’s so easy to point to the bleachers and say ‘I’m going to hit one over there.’ What’s hard is saying, Ok, how do I do that?” Strategy means having the data to have a Plan that can be Executed with certainty of success – measurable, quantifiable, traceable success. Gerstner states the essence of a Strategy as: “Good strategies start with massive amounts of quantitative analysis… blended with wisdom, insight and risk taking. A successful, focused enterprise is one that has developed a deep understanding of its customer’s needs, its competitive environment, and its economic realities. This comprehensive analysis must form the basis for specific strategies that are translated into day-to-day execution.”
Business is full of pitfalls: Customers must be targeted out of a super set of every possible demographic; they continue to demand a more satisfying and sophisticated experience as a precursor to conducting business. The specific dynamics and methods of optimally advertising, or being “found,” change monthly. Competitors can gain an advantage and “raise the bar” while you were caught “flatfooted.” Of the many things you might do, a large number will cause more harm than good. There will be a seemingly endless line of experts recommending even the worst tactics, which may result in the deterioration of your business. Of all the activities to complete when allocating resources toward a business operation, getting the Strategy correct “now” rather than “later” is clearly the prudent choice. Otherwise, expectations are likely not going to be met regarding results that are on time and on budget.
Going back to Gerstner’s advice, “Good strategies start with massive amounts of quantitative analysis… blended with wisdom, insight and risk taking.”
Execution
Even with a good Strategy in place, many businesses fail to Execute and achieve their desired level of success. Sometimes this is from not having the right resources - resources are scarce and businesses must "pick and choose;" carefully managing staffing, skills and development to succeed. Often businesses make the smart choice to invest in capabilities and operations central to their business, and outsource other skills and operations which are not their core competency. Sometimes, all employees need is a little mentoring or assistance from seasoned veterans in their field - Subject Matter Experts who can transfer their knowledge and then move on. Finally, some businesses just need a little help in finding a few more of the right people on either an interrim or long term basis.
Management Framework
Even with a great Vision, a winning Strategy, and the right people and skills for Execution of your business activities; without a strong Mangement Framework, your business is likely to get off track, miss objectives, and fail to maximize its performance, productivity and return on investment.
About the Author: Bill Franklin is founder and partner of V2E Group Inc, a management consulting firm helping it's clients with Vision, Strategy, Management and Execution through Finance, Operations and Technology Services. Everyone is glad to find a helpful partners along the way - who doesn't want another "Star" on their team? V2E Group is a helpful partner - talk to us about adding another "Star" to your team.
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