Nine Things Good Leaders Never Do When Running a Meeting
To do: Start and end on time. Provide information in advance so participants can work out solutions before entering the room. Limit agendas to single action-oriented sentences like “Determine the event location.” Clearly state what’s been decided, what needs to be done, who will do it, and by what date. Spend less time talking and more making progress toward your goal by following these simple guidelines. You’ll be on your way to delivering a great meeting that’s on time and on point.
by Jeff Haden on Inc.
Seeing Beyond the Loyalty Illusion
Are your investments in customer loyalty paying off? Maybe not, if you heed these stats: 23% of global consumers actively dislike loyalty programs, and only 12% will publicly endorse (or defend) a brand on social media. Adding insult to injury? Fifty-four percent of consumers have switched service providers in the past year. Yow! It’s enough to make any business owner rethink what “loyalty” really means. But don’t lose heart — here’s how you can maximize loyalty’s value for your customers and your business.
by Robert Wollan, Phil Davis, Fabio de Angelis, and Kevin Quiring on Accenture
Three Levels of a “Fix”
When a company runs into a problem, three approaches (or “levels”) of a fix typically apply: 1) Fix the problem, 2) implement an inspection, and 3) change or improve the system. Most businesses expend 30–40% of their total efforts fixing and checking processes, but only 1–4% making system changes. Even worse, those inspections add waste that may never go away. What if your company concentrated instead on continually refining its processes? Here’s how focusing on improvement can save money and time.
by Craig Tickel on GoLeanSixSigma
Ready for FASB? These 5 Disruptive Consequences Can Hurt Your Business
The new FASB standard, which aims to improve financial reporting on leasing transactions, is expected to impact all leased assets, not just commercial real estate. That means the new standard could affect almost all businesses — and how they operate. While a recent Deloitte poll found more than half of the companies surveyed plan to invest more time in converting to new reporting standards, only 14% felt “very prepared” to do so. Here’s how you can protect your business against potential disruptions.
by Howard Ecker on the Huffington Post
The Job Interview Will Soon Be Dead. Here’s What Top Companies Are Replacing It With
Eighty-one percent of people lie during traditional in-person job interviews — they think it’s the only way they’ll get the job. Fudging a little about certain skills may not seem like a big deal. But what if your new hire truly can’t hack it once he’s on the job? To avoid hiring misfires, companies are replacing face-to-face interviews with paid job “tryouts”: Candidates get a chance to temporarily join the team and show their stuff in real time. Here’s how two cutting-edge companies are turning job tryouts into triumphs.
by Marcel Schwantes on Inc.
Keeping Transformations on Target
Any leader who’s participated in a large-scale corporate transformation program knows the huge amount of planning, commitment, and hard work needed to pull the thing off. Unsurprisingly, McKinsey and Company research shows only 30 percent meet their goals. Common mistakes include burdening a few high performers with most of the work, trying to capture too many metrics, and not scheduling progress updates between milestones. Follow McKinsey’s detailed transformation plan for best results.
by Michael Bucy, Tony Fagan, Benoît Maraite, and Cornelia Piaia on McKinsey&Company
Neuroscience Study Finds Ads on Pandora Outperform TV and Radio Spots
To better understand music’s effect on memory, companies like Pandora are using science to assess the value of music in advertising. A recent neuro-marketing study showed that ads played during Pandora playlists stayed in listeners’ long-term memories better than terrestrial radio, TV commercials, or mobile video ads. So ads with music may help brands enter consumers’ subconscious memories and influence their future purchasing behavior. Sound interesting? Learn more about how ads affect the brain.
by Marty Swant on Adweek
Artificial Intelligence Comes to Financial Statement Audits
Using technology to audit your company’s financial transactions can save time, money, and frustration. But can businesses confidently rely on machines to do the best job 100% of the time? While computers can identify anomalies in data sets and complete repetitive tasks in record time, they’ll never replace the thoughtful examination and judgment the human mind can provide. Here’s how combining the latest technology with good ol’ human deduction can deliver the best of both worlds for your business.
by Bill Brennan, Mike Baccala, and Mike Flynn on CFO
Seven Ways Managers Motivate and Demotivate Employees
Motivated employees are just better all around — more creative and productive, with higher sales figures. They’re also less likely to walk when times get tough. Research reveals that managers directly influence 70% of their employees’ motivation — ergo, good manager-employee relationships can mean the difference between holding on to your best employees and watching them go. Keep your people engaged and happy by banishing this bad behavior from your management team.
by Dr. Travis Bradberry on Huffington Post
What You Can Learn From the World’s Most Innovative Companies of 2017
If you want to know where innovation is headed, take a look at the Fast Company 2017 list of 50 Most Innovative Companies. Who’s #1 this year, who’s new to the list — all interesting, but the kernels of insight lurking beneath the surface are far more intriguing. For example, it’s possible to take a “boring” product that most people use every day (and would be hard-pressed to live without) and transform it into a $200-million-a-year business. Dig into all 10 deeper innovation insights here.
by Robert Safian on Fast Company
The Next-Generation Operating Model for the Digital World
Every company wants to build value, deliver great customer experiences, and use the latest technologies to improve quality and efficiency. But how? Adopt a next-generation operating model. Start by stepping back and reimagining your business’s entire customer experience. Focus on simplifying customer journeys and streamlining the internal processes behind them. It sounds like a lot of work — and it is — but you can tackle it with a strong plan and support from your senior leadership team. Follow this two-part approach.
by Albert Bollard, Elixabete Larrea, Alex Singla, and Rohit Sood on McKinsey & Company
Doubts Arise as Investors Flock to Crowdfunded Start-Ups
The JOBS Act of 2012 lowered the regulatory barriers preventing companies from raising money from ordinary people. But many companies aren’t compliant with SEC rules, and unsophisticated investors have given money to companies that weren’t financially certified or audited; other companies have assigned themselves valuations so high their investors aren’t making their money back. Before you invest — or start a campaign of your own — find out what’s being done to protect investors and entrepreneurs.
by Nathaniel Popper on the New York Times
Can You “Fix” Colleagues Who Aren’t Self-Aware?
Are you self-aware? Are the people on your team? Working with a boss or colleague who is not self-aware — who doesn’t realize how their behavior (and we’re talking negative behavior here) affects others — can be a real challenge for people. Employees tend to avoid interaction with bosses like that; before you know it, they’re withholding important information and losing trust. If someone needs to do you a favor and point out your blind spots, this is the article they want to read first.
by Daniel Goleman on LinkedIn Pulse
Four Ways CEOs Can Conquer Short-Termism
Short-sightedness in business (and in life) can stunt growth and limit opportunities. Experts cite short-termism — when a CEO focuses solely on short-range business results — as a major threat to business. To keep an eye on the big picture, businesses like door company Masonite and healthcare company Aetna are implementing key practices to help them maintain perspective, set realistic goals, and adopt effective mindsets regardless of current economic conditions. Here’s how they’re doing it.
by Kate Isaacs, David Langstaff, and Russell Eisenstat on Harvard Business Review
No Marketer Is an Island: Meet the 7 Personas of the Modern CMO
From prospects and customers to employees and investors, today’s marketing departments handle a wide variety of internal- and external-facing specialties. As the relatively new role of CMO has matured over recent years, many business leaders have come to expect their CMO to be a marketing master: thought leader, brand marketer, strategist, and analytics whiz all rolled into one. But is it possible to find all of these skill sets in a single person? Maybe … but then again, maybe not. Place your bets on someone capable of drafting a superior team instead.
by Tim Kopp on CMO
CFO Brings “New Thinking” to Private Equity Portfolio Firm
While Andy Goldstein is taking traditional initial actions as digital publisher Purch’s new CFO (he’s executing a 90-day action plan and assessing data, people, processes, and reporting), his ultimate goal — to infuse the 13-year-old firm with “new thinking” more suited to the mentality of a larger company — is bound to shake things up. One strategy he’s considering: a potential redesign of the business’s financial structure. Check out Goldstein’s plan for guiding Purch through its next stage of growth.
by David McCann on CFO Magazine