Over the holidays, I was able to catch up with my friend and colleague, Stan. He often calls me when he is on a road trip. This time, he was traveling through Kentucky to work with a client in northeastern Ohio. As with most of our conversations, this was wide-ranging, including personal and business-related topics. We talked a little about Covid-19, politics, scotch, and cigars, and of course, Football. When we talk Football, it’s NCAA Football in general and the SEC.
Eventually, the conversation turned to our respective businesses, which occupied the remainder of our time. Stan’s business is booming! He is unique among Independent Consultants as he doesn’t suffer the feast or famine cycle. He has a strong network that feeds him new business regularly. That is the good news. The bad news is that he would like to retire. The revenue has been exceptional, however. So good that it has crowded out any recent consideration of retirement. But now, the workload is starting to take its toll. Also, he has other interests he wants to pursue. So, we chatted about him getting serious about making a transition toward retirement.
I asked him if he’d ever thought about taking on a protégé or two. It wasn’t the first time I raised that issue with Stan. He’s never been too keen on the idea, however. He believes that his network refers business to him because they know his capabilities and the quality of work he delivers. I agree with him in that assessment as far as it goes. But I seriously doubt that anyone expects Stan to do all the work himself. I told him that I believe he is laboring under the mistaken belief that his referring agents expect him to do all the required work himself. I am not buying it! Although the client expects results, they are not so concerned about how he achieves those results, assuming there is minimal disruption to their daily routine. Share on X I would wager that if Stan asked his network, they would agree with my assessment.
Leverage Your Consulting Projects
Employ Subcontractors
Train Subcontractors to become protégées
Offload lower value-added work assignments
Provide quality control and oversight
Expand the business while working the same hours or less
The apparent solution to Stan’s dilemma is to find subcontractors to perform the work under his direction. Employing subcontractors would give him more free time. Early on, Stan may be required to train these folks to complete the job to his expectations. However, once trained, Stan can work with the subcontractor to plan the scope of work, then let them execute the plan. Of course, Stan would provide oversight and direction. He would be the account manager, providing supervision and quality control.
Another way to approach winding down would be to divide the workload between high and lower value-added activities. Stan could assign the lower value-added activities to a subcontractor or protégée while taking on the more significant value-added workload. Again, he would free up his time while developing a resource to aid him in his transition.
Most independent consultants would be delighted to have Stan‘s problem. Instead, many fight the feast or famine cycle, trying to smooth out the peaks and valleys while growing their business. Often, these folks are not marketing themselves at the most basic level. However, they can still benefit by developing protégés or subcontractors to help them leverage their time during the cycle’s peaks. Better yet, they should consider marketing their services to someone like Stan, who needs help. They should consider growing their business by seeking work as a subcontractor.
Summary and Conclusion
The fundamental question Stan must resolve is, does he want to retire and close his business entirely, or does he want something that continues to generate income throughout his retirement? Then he must determine how to transition from one state to the next. Stan has an enviable position. He can afford to close his business and live comfortably. On the other hand, if Stan could maintain the business with minimal effort, there would be an additional source of cash flow to enhance his balance sheet. Furthermore, he would have an asset to sell or leave to his heirs. Stan has some exciting prospects to consider.
For more reading on growing your independent consulting business, check out these links.
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The Holiday Season is upon us as 2021 rapidly comes to a close. It’s been a crazy year but thankfully, not as much as 2020. Business is bouncing back. Those furloughed in 2020 are probably back at work. And, our children are back in school. That is not to say that we haven’t faced continued challenges created by the pandemic. There is a lingering imbalance in the supply and demand equation for labor. Supply chains are struggling to recover, and inflation is driving up prices. It is safe to say that we are in a better place than last year. I think next year will be better still.
The holiday season isn’t necessarily an ideal time to close deals or land a new job. People are distracted by other matters. They are busy closing the books on the fiscal year, on vacation, or engaged in their social calendar. Typically, this is the time to reflect on the year to determine our progress and prepare for the New Year.I have learned that, like me, most of my colleagues have a year-end closing routine. It is what successful people do. They think in a systematic way, planning, evaluating and adjusting. Share on XThey are accustomed to setting goals and measuring their results. This year, I decided to check in with a few of my colleagues to gain insight into their year-end closing routines. I was interested to hear their ideas. I knew that I would learn something useful.
It came as no surprise that everyone I talked with has a year-end closing routine. My colleagues talked about taking stock of their results compared to their professional and personal goals. They all talked about taking inventory of their accomplishments and shortfalls. Lessons learned and things to improve are memorialized. It is their first step in preparation for a prosperous new year. They use this process to determine goals and priorities for the New Year.
I noticed a few differences among them, however, mostly related to areas of emphasis. Some talked about a final push to maximize revenue and minimize accounts receivable. Others spoke about pushing income into the following year. They all spoke about accounting for expenses in the current year. It makes sense, of course, as professionals understand the importance of accurate accounting.
Year-End Closing Routine
Close the Financials
Recognize Employee Contributions
Evaluate Results/make plans to Close Gaps
Express Appreciation to Clients, Vendors, Mentors
A notable difference in approaches to the year-end routine seems to be between corporate employees and their entrepreneurial cousins. Corporate employees seem more internally focused, whereas entrepreneurs have a broader perspective. Also, there is a different focus between employers and those in private practice. Employers spoke to showing appreciation to their employees with year-end celebrations and financial rewards.
Still, others talked about reaching out to their clients to express gratitude for their business and check-in with prospects. The most exciting feedback was from those keen on expressing gratitude to customers, vendors, and mentors. One of my colleagues, Barry, said that he makes a point to call each of his clients and vendors to express his gratitude. He also calls prospective clients to remind them of his interest in helping them. Another talked about reaching people who had made significant contributions to their success. Recipients of such calls have said the impact is powerful! I like a personal touch, especially in an age when it is easier to send a fruit basket or an email. A personal phone call is much more meaningful.
Year-end closing routines are an essential component of sound business administration. Accurate accounting for the year’s results sets the baseline for planning and budgeting. Additionally, it reduces the risk that a spotlight will illuminate your business by the taxing authorities. However, this time also presents an opportunity to focus on key relationships and networking. Jobseekers should continue their networking efforts at an elevated activity level, while employers should recognize their employees’ contributions. Business leaders could thank their vendors and customers. Strengthening relationships may be your most crucial year-end activity. We should express our gratitude to key constituents who have contributed to our success. Consider making a personal call. It will make an enormous impact.
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Industry leaders continually invest in refining and evolving their current product/service assortment through new product development. They do this to remain competitive as well as to generate measurable new top-line revenue for their organizations. Yet, the failure rate for new product introductions remains frighteningly high. Ask anyone what percentage of new products fail. The usual answer is somewhere between 70-90 percent.
Market Research can help reduce the failure rate considerably when applied relevantly and conducted correctly. But, there are five pitfalls that need to be avoided;
Test What You Intend to Launch
The features, benefits, and attributes that you use to describe and evaluate the product in research MUST match the product that you will bring to the market as closely as possible. Testing attributes that aren’t possible or too expensive may lead to unrealistic demand forecasts. For example, in testing a new online video game service, the research described the product as including hundreds of games from the top game publishers and a seamless interface and game-playing experience. Target consumer response to this concept was highly positive. However, when it was time to launch the product, many of the top game publishers were not included and the product required advanced drivers and high-powered PCs with very large RAM capacity to perform optimally. As a result, consumer expectations were never reached, and the product ultimately failed.
Don’t Depend on Qualitative Research Alone
Qualitative Research (focus groups, depth interviews, ethnography) utilize small, non-projectable samples. Qualitative research is very effective in providing guidance, hypotheses development, and disaster prevention. However, because the samples are small and not representative of the entire target market, the detailed findings developed solely on the insights from qualitative research may be wildly different from the reality of the marketplace. Always follow up with quantitative, projectable research to confirm hypotheses!
Respondents Will Often Overstate Their Intentions
Overstatement of intent bias is always an issue when measuring constructs such as “likelihood to buy” or “overall interest”. Respondents just can’t predict exactly what they intend to buy, especially if it’s a highly innovative product. There are a few ways to handle overstatement. First, when using scales, it helps that all of the data points are labeled or anchored so that there is no ambiguity of how to answer the question. Second, you may also want to consider using a down weighting scheme using historical empirical data to verify actual product take rates to survey results.Or, third, you may consider a hybrid approach, and instead of directly asking people for their own likelihood to buy, you ask them to project their forecast of what others would likely buy. In this way, you can overcome their personal… Share on XBut one of the best ways to overcome overstatement is to measure the likelihood to buy using a trade-off technique such as Discrete Choice or Conjoint Testing or MaxDiff. These techniques “force” respondents to make trade-offs and distinct choices of one product over the other, thus mitigating bias of direct questioning.
Evaluate Features, Benefits, and Attributes of the New Product In Bundles, Rather Than In Isolation
The most famous case illustrating this caveat is the Edsel. When developing the Ford Edsel, researchers tested various components of the car in isolation. They identified the preferred bumper, the preferred grill, the preferred dashboard configuration, and so on. When all the research was completed, they combined the top tested components together. But the car that resulted did not look or operate optimally. Utilizing one or more trade-off testing approaches such as Discrete Choice, Conjoint, or Max-Diff mentioned above will help to avoid this problem.
5.Remain Objective! You May Have to Declare that the “Baby” Is Ugly.
As a researcher, it is your duty to remain objective, to base conclusions and insights only on the data. The person or team developing the new project has a special interest in the success of the new product. But, for the good of the organization, if the research identifies flaws or inconsistencies, or simply disinterest, then it is important to clearly communicate this to the product team so that either adjustment can be made to improve the product or that the launch can be canceled. I once conducted a pricing test for a new product that indicated that the target price that consumers were willing to pay was about $100. However, the cost to make and sell the product was about $200. Unfortunately, despite the obvious discrepancy, the client decided to launch the product at a price of $285. Suffice it to say, the product was a flop. So, not only do you need to tell the client bad news, they need to believe you and act accordingly.
Following these guidelines will greatly increase your odds of success. But remember, ask the right questions, of the right people, at the right time.
Carl Fusco
Carl Fusco is an accomplished Marketing Research Consultant who helps businesses more effectively solve problems by applying research techniques and data-based insights. For more information email him at carl_fusco@yahoo.com or phone him at 770-364-7160.
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“Only a life lived in the service to others is worth living.” Albert Einstein
Stephen Dawson, DSL
I met Melissa in the summer of 1983 at a teenager retreat. We spent a lot of time together with the other teenagers and alone with each other during the retreat. We became quite fond of one another. We lived several hundred miles from one another. We ended our time together, wanting more of a relationship. Melissa wrote me a letter a month later she had decided there is no future for our relationship. She planned to spend some of her college years in both the United States and France. She did not see a way we could grow our relationship with distance.
I cried for an hour after I read the letter. I knew she was 100% correct. She had much more intelligence than me, much more class than me, and her family was much more wealthy than mine. There were no viable means to grow our relationship. I ran into her several months later, unexpectedly. Our conversation was awkward. We wanted to continue our relationship, but the spark was gone. I have not talked with her or seen her since that day.
Melissa served both me and us with her leadership demonstrated in her letter. She considered the facts, made a choice, and communicated herself well. Her efforts form the basis for a successful leadership strategy.
Consider the attributes of this story. Then, consider how your people, the followers of your leadership, are wondering how to grow a relationship with you. Who makes the first move? Who makes the next move? How will these moves be made? Oh, and there is accomplishing the work they are being paid to do.
I shared in-depth recently about love. I also shared leading by serving is a formal leadership style. I shared over the past several weeks how leaders I identified have demonstrated love to their followers, along with those outside of their organization. If things went well for you this past week, then you are wondering now how to deliver love to your followers. If things did not go well for you last week, then you are wondering now if loving your followers is worth the hassle. Let’s talk about the second item first, and then we will cover the first item.
HASSLE AVOIDANCE OPTIONS
I see there are three options when it comes to relating to people. The first option is to love them. The second option is to hate them. The final option is to care less about them. This final option may be considered to be a form of hate, but I identify it as a form of ambivalence. It is not a form of apathy.
If I know my leader hates me, then there is no point in my trying to follow them. I may be forced to follow them, but I will not perform at my best potential to deliver my work. It seems to me this combination is an inescapable attribute of humanity.
If I know my leader is unsure of either their love or hatred for me, then I am thinking the day will come when they chose to either love or hate me. I will wonder which option they will choose with more and more thought devoted to this wondering until the day comes when they make their choice. I will not focus entirely on my work, as I will have part of my attention direct elsewhere. It seems to me this combination is an inescapable attribute of humanity.
If I know neither hatred nor ambivalence empowers my followers to work fully to accomplish their work, then it makes sense to be the only viable option is to love them. I know of no credible evidence where I should conserve love. Conserve, in the form of holding back at some point. I may be too tired to give love, but this condition is a call to rest instead of a call not to give love. If I want the best return for my investment of time, money, and perhaps even a bit of social status, then it makes sense to me to maximize my investment of love into my followers so they will have the best potential to deliver to me the work I ask them, and perhaps am even paying them, to accomplish.
LOVE DELIVERY OPTIONS
A relationship involves two or more people. If I have thousands of people in my organization, then it is impossible to spend individual time with each other. I must work with my direct reports to accomplish loving all followers of my leadership. I must instruct, model, and require my direct reports to love their direct reports, all the way to the lowest level of the organization. This step is what I call a mandate.
Next, I must know my direct reports are doing what I mandate of them. I must go to those at different levels in my organization and ask them individually to tell me their understanding of the mandate to understand what I required in my mandate is being accomplished. Talking in person is better. Talking by video is better than only audio. However, audio talking is better than not talking. It is more effective to go to the middle of the organization first, then the bottom when having these talks. This approach gives me accurate first-hand findings quite quickly. This step is what I call a measurement.
Next, I take any corrective action necessary to match what I mandated with what I measured to eliminate any variance. This action occurs speedily over a day or so. This step is what I call a demand.
If any of my direct reports disagree with my leadership, then it is best either I change my leadership, or they cease reporting to me. I am willing to discuss how I accomplish my work. I am not willing to discuss what I mandate. A mandate is derived by what I know must happen to preserve the organization, to grow it, and perhaps even turn it over to another leader at some future date. I know a mandate by the intersection of my worldview, my ethics, and my morals.
So, how about the followers? There must be enough of an intersection between leader and follower in their worldview, ethics, and morality for them to be able to accomplish the work in their hand. The best practices of both diversity and inclusion tell me I have a better chance of success with as much input as I can receive. Yes, there is a condition known as analysis paralysis. This condition is when a person cannot act on their work because they are taking in too many considerations. We covered this condition when we discussed being scared. The inputs never stop. So, it is best to have as diverse a follower set as I can have in my organization to ensure I have the most inputs possible. Furthermore, I had better love each of them if I expect each of them to be included in my organization by their choosing to do the work I have put into their hand.
BONDSERVANT
It is my considered position my loving anyone is a choice I must make daily. I must choose to make myself indebted to love. I do not force anyone to love me. It is impossible to achieve this action, so there is no reason to try and do it.
The idea here is to have a continuous conversation that matters. Matters, in the form of contributing productively to the desired outcome. It is spending the time talking about what organization members are supposed to be talking about: their work. Then, the purposeful conversations occur at all levels of the organization.
CAPTURING
Now, it is time to write out your action plan to know with certainty how you are going to lead your followers by means of love. Review the material we covered in our discussion on the topic of love. Then, write out a table with the following structure:
Column One, HOW. Write a sentence of how you will deliver love to your followers.
Column Two, STORGE. This column is populated with entries of YES or NO based on HOW you deliver love.
Column Three, PHILIA. This column is populated with entries of YES or NO based on HOW you deliver love.
Column Four, EROS. This column is populated with entries of YES or NO based on HOW you deliver love.
Column Five, AGAPE. This column is populated with entries of YES or NO based on HOW you deliver love.
This table now contains your Love Action Items list.
You should be able to write out twenty sentences of HOW you will deliver love without expending much effort. I encourage you to keep each sentence as short as possible while maintaining your clarity. Write out the HOW entries first, then come back and identify which love definition each HOW item matches. The result is each row in your table telling a specific action, matched with one or more specific love definitions, for anyone impacted by your leadership to understand your leadership style better. If you need some help with the HOW part, then read some of the work accomplished by Gary Chapman. Chapman realized there are five common love communication mechanisms.
My strategic partner David Daniels shared with me his thoughts on forming the Love Action Items list. “I have always welcomed different points of view, as long as they came from a positioning of the organization’s values and mission. However, once a decision was made, I fully expected my team to embrace and support the direction. I have watched so many situations where leadership gave the appearance of support to the leader and then went out and trashed the direction or lent unenthusiastic support of it.” I agree with David’s viewpoint. It is best to write your Love Action Items list from the position your people changes may involve changing some of your people who report to you directly, whether or not they serve as leaders.
Your analysis of your table containing your Love Action Items list will help you plan to deliver love to your followers. The best news is your followers will know how you are planning to act, know instantly how your actions match your plan and are empowered to contribute to your table by adding rows as you approve. The key here is your HOW items need to be received by your followers, and your followers HOW items need to be received by you.
Now, some good news. The four types of love expressed through five different options work out to be 465 different combination options. Clearly, there is no shortage of options available to anyone desiring to love anyone. Do some reading on permutations and combinatorics to learn more about combinations. Remember, the leader-follower relationship must work in harmony and not be forced to be effective. We will discuss the work you accomplished with your Love Action Items list next week.
So, I ask you: where do you want to go? I hope your answer is to develop the plans necessary to accomplish the strategy you know you need to achieve to arrive at your desired destination. If this is the case, then let’s get to work. If not, then I wish you the best of everything.
I hope we will see each other here next week. Email me if you need to talk before then.
Dr. Stephen H. Dawson, DSL
Executive Strategy Consultant
Dr. Stephen H Dawson
Stephen Dawson is an executive consultant of technology and business strategy, serving significant international organizations by providing leadership consulting, strategic planning, and executive communications. He has more than thirty years of service and consulting experience in delivering successful international business development and program management outcomes in the US and SE Asia. His weekly column, “Where Do You Want To Go?,” appears on Thursdays.
Dr. Dawson has served in the technology, banking, and hospitality industries. He is a noted strategic planning visionary. His pursuit of music has been matched with his efforts to lead by service to followers. He holds the clear understanding a leader without followers is a person taking a long walk alone.
Stephen has lived his life in the eastern United States, visiting most of the United States and several countries. He is a graduate of the Regent University School of Business & Leadership.
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I was being recruited in 1994 by a big-name record label out of Nashville to serve as bandleader for an up-and-coming country music guy. The deal terms proposed to me were pretty good, but I did not feel good about the deal in my gut. I passed on the work for one reason: they had not heard me play a note. They knew of my education and experience credentials but did not know too much about me as a person.
I recommended last week a short film for you to watch. I hope you watched it. We were going to talk about how your viewing experience of this short film went for you during our time together this week. The part about the whole person we covered last week is key to both this week and all things going forward. We will discuss the concept of inclusion as we meet now to go through how you felt during your viewing experience of the short film.
INCLUSION
I, for lack of a better way to say it, was in the band of this up-and-coming country music guy in 1994 without accepting the offer. My customer was going to be out in a sea of lights. They would be nameless and faceless to me. I would be paid bi-weekly if two things occurred. First, the new material we were going to record into an album sold where the record company was happy with album sales. Second, concert tickets supporting music material the guy had going on before me and supporting the pending record album sold. I would be replaced in an instant if both of these conditions were not happening consistently. I was okay with this criteria combination, as it is the nature of the work. Not everyone sees it this way. The album Centerfield is the third solo studio album by John Fogerty. Fogerty played all the instruments on this album himself. I guess John did not want to have the collective risk of some people problems anymore at that point in his career.
The identified people problem suffering your ability to have strategic planning work accomplished was compacted into a few minutes during the Most film. The older main character realized the problem, considered it, and acted on it. He had to act, one way or the other. He acted under duress imposed on him from the circumstances, not any person or persons. All options presented to him hurt him. It hurt me to watch the film. It is probable resolving your people problem is going to cause you some hurt, one way or the other.
The definition of inclusion is simple: included. Included, in the form of being…in. The degree of in is another topic. The fairness of being in or out is another topic. All I am saying to you now is a person who is included in your organization is in your organization, period.
A recent discussion with David Daniels had Dave sharing more of his wisdom with me. “Inclusion as part of the D & I equation revolves around people feeling like their voice is heard while leadership supports this concept because they believe it produces better solutions, thus better results, both financially and with higher commitment levels of employees i.e. the ability to attract the best of the best in their industry.” I agreed with Dave. I see people providing their input as many rivers coming together in a pool to feed a tree. The tree, in this example, is the work the people need to accomplish. It is tough to remain distinct when mixed, but this condition is similar to a cake. Add the ingredients, mix them, bake them, and there are no more ingredients. There is cake. Altering ingredient amounts and types means a different tasting cake. A structural approach to strategic planning for the who part and when they get involved part helps to accomplish a preferred result.
HOW MUCH IN?
Remember I wrote a few paragraphs back my customer would be out in a sea of lights? Well, those people were to be a part of my organization. I needed them to be happy by spending their money for me to keep my band leader job. I was not sure I could deliver the collective satisfaction the folks in that sea of light were after, as the big-name record company out of Nashville had not heard me play a note. There had to be a stronger connection to know if we would make it to success by a probability calculation.
Your strategy work is not getting accomplished as you prefer. We pushed off the option it is not a time or skills problem causing the work delay. It would be best if you now changed who you include doing your strategy work. This change does not mean they need to leave your organization; only stop doing this work. If you realize they do not have the skills to do the work, then you have a separate set of staffing actions to accomplish. Additionally, you have to take a hard look at if they should have done the work based on the time allotted to them to do the work combined with the workspace resources where they perform their work. Again, as I said a few weeks back, you have to call it for what it is.
Thelonious Monk made a strong point without saying it. One must first be in the band before one can lead the band. Franklin Roosevelt made the same point: “You are either with us or against us.” Today, we are faced with how to best recover from the 2020 global pandemic. It is clear the definition of work for many roles has changed forever. So, who is in your band, so to speak, for your organization going forward?
Richard Florida and Adam Ozimek addressed some of the challenges with remote work going forward. “Before the pandemic, a number of communities developed strategic initiatives to attract newcomers—some aimed at high-tech workers but others open to anyone who commits to moving. Many include the lure of cash incentives, akin to the moving expenses paid by companies to new hires.” This criterion is no longer valid for many industries and companies. “To lure and support the growing ranks of remote workers, communities will need to build out more complete ecosystems for them to live, work and gather.” Meaning, the ability to do remote work effectively as a whole person has changed the workforce forever by establishing suburban life a primary regardless of distance from the office to home locations.
Nataly Kelly wrote about the complexities of having inclusiveness in a global organization. “While it might not be immediately obvious why an employee in Tokyo should learn about the history of slavery in the United States, if we want our global teams to work together, they need to understand one another’s realities.” Going deeper, the concept of data is still not managed well at the executive level. Data, in the form of understanding the facts for how we as humanity got to where we stand today.
Thomas Davenport and Randy Bean found in their survey executives are excited about implementing artificial intelligence in their organizations, but they do not have reliable data leadership skills and leaders based on “nascent and evolving” leadership roles. “The executives are usually pretty bullish about technology but quite bearish regarding whether their organizations are becoming more data-driven.” The survey shows the role of data officer at the executive level is not agreed on by a high majority of executives.
The pattern playing out is clear. The leadership’s proverbial music is not making the audience (the organization) happy enough for them to want to keep listening. The organization cannot understand how data, being facts, interrelates because the leadership does not have a strong enough grasp on the data lifecycle concept themselves. Bad data, either incorrect or insufficient, feeds into both inaccurate and ineffective data analysis. This combination destroys efforts such as the planning of strategy.
REFRAIN TO CHORUS
My work as a bandleader was to play acoustic guitar, sing harmony, arrange much of the music after songwriters derived a melody, set the performance tempo, and develop musicianship in the band members. It is not easy to hide during a live performance of music. Strumming the guitar only goes so far, as we say in the guitar business. One must play the guitar, in my case, with the other musicians to have a band. Add in the singing aspect, and the sound is either is or is not pleasant to the paying customer. Your role now as a leader is to use a refrain to help get your people either to or back to productivity.
You could swap guitars, swap guitar amplifiers, move the musicians to a different location on the stage, or any number of changes to help improve the sound of a band. Say you needed to pick out a chair for you to sit down in for whatever reason. You could pick from many different seating options to meet your need. If you need strategic planning work accomplished, you will need to keep making changes to find the mix that results in productive work output. You are looking for, as an analogy, both applause and continued funding from your audience for your strategic planning work. There is a time constraint to almost everything. The older main character in the Most film was under an explicit time constraint. Staying focused on the scope of the strategy you are trying to plan is a viable means to knowing if you are either spending too much time getting the work accomplished or if you are indeed not getting work accomplished.
I used the words of James Taylor to help me walk out most of my musical journey. “I believe musicians have a duty, a responsibility to reach out, to share your love or pain with others.” The older main character in the Most film made the same choice as Taylor: sharing love or pain with others. Both this older main character and Taylor are leaders in their respective lots of life. Leading is not easy, but I never said it was easy.
Take time this week and consider the topic of who you need and want to include in your organization. Think about the associated time constraints, the money constraints, and the pains of having people come and go either moving around or out of your organization. The world population reached 7.8 billion people as of March 2020. There is no shortage of people for anything. Clearly, you cannot pick everyone in the world because you do not have enough money to pay everyone in the world. Besides, you would get so big along the way you would be identified as violating antitrust. Selecting irrevocable choices…this is the harsh reality of accomplishing strategic planning. Perhaps playing some music you like to hear during your consideration time will help you go through this thinking easier.
So, I ask you: where do you want to go? I hope your answer is to develop the plans necessary to accomplish the strategy you know you need to achieve to arrive at your desired destination. If this is the case, then let’s get to work. If not, then I wish you the best of everything.
I hope we will see each other here next week. Email me if you need to talk before then.
Dr. Stephen H. Dawson, DSL
Executive Strategy Consultant
Stephen Dawson is an executive consultant of technology and business strategy, serving significant international organizations by providing leadership consulting, strategic planning, and executive communications. He has more than thirty years of service and consulting experience in delivering successful international business development and program management outcomes in the US and SE Asia. His weekly column, “Where Do You Want To Go?,” appears on Thursdays.
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
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“We’ve got to try. Do you know what happens if we don’t try?” “What?” “Nothing.” Braveheart
Dr. Stephen H Dawson
I only have time now to watch movies on Saturday nights. Not every week, but when I can. I turn off the world by throwing my phone out the window, getting away from my laptop, and remember when life was simple enough to enjoy two uninterrupted hours of rest. I breathe easier when movie time arrives, as it is a pivotal stopping point in my week. I like movies that have a historical significance. They help me understand more of the historical topic, though I remember theatrics could skew the facts. The act of muddying facts with opinions is an activity found in theology, philosophy, and even unstructured discussion. Sometimes, we realize we are only opinionating. Other times, we are able to stay grounded in facts. The rest of the time, it seems like we do not care enough to do either.
I shared last week the perspective I hold of 2020 from the strategic planning position. Everyone, for the first time in world history, had to throw the majority of their plans out the proverbial window, as I do my phone on Saturday nights. We were all trying to come up with a new plan to face the events of 2020. We wondered last year if trying to have a plan was worth it anymore. I faced that question myself. I learned this past week several readers of last week’s column also faced this question. Some of them shared with me a few of their recent experiences. We all stand in 2021 with the same multi-pronged question: do we need to plan, or can we even plan anymore? I am sure the reasoned response to this matter is a resounding yes.
UNASSURED SUCCESS
Yes, there are plenty of smart folks who fail at their strategic planning, who then try to abandon planning. The Wall Street Journal reported Vale settled for $7 billion this past week for their part in a collapsed dam. The same periodical also reported McKinsey settled for $573 million this past week for their part in the opioid epidemic. Singapore reported this past week they will need twice as much fresh water in 30 years than they have now. These stories represent significant failures by professionals in their practice areas. I hope they work things out for the best. Their failures do not limit my life. I hope they will not limit yours, either.
OPINIONS VERSUS FACTS
I read a recent opinion on when to change a strategy during a crisis. The opinion operates by first achieving four measurements, then responding to each measurement accordingly. I practice strategy. I sell what I practice. I spend several hours each week reading. I read weekly many facts, statistics, reports, and opinions. Sometimes, these items are even assembled into a form of foresight. I read an article this past week in the Harvard Business Review about why it is challenging to have workers operate using quality data now that computing has been around for decades. I also face this challenge in my work to serve my customers. The reason for the workers not using quality data difficulty is the lack of belief held by both the workers and their leaders to change their culture to only have and use quality data. It is a failure of leadership.
I read an article this past week in the MIT Sloan Management Review about growing a human-centered business. The term data does not show itself prominently in that article. Can we ever establish a productive organization without first having quality data? Can we ever have a productive organization without it also using quality data? It is doubtful. Again, more evidence of the need for facts in hand versus operating only by an opinion.
I do not remember reading the professional report on what to do when we all have to stay home for weeks. Neither do I remember hearing an opinion from those older than me about what to do when a global health crisis occurs. I provide guidance to folks. It is my advice based on the best research and recommendations I can deliver to them. I would commit a critical error if I stated facts and opinions could be separate in the practice of any field of work. What I can tell you with certainty is planning is easy when the necessary facts are in hand. What is difficult is assuring any fact is not in actuality an opinion.
A lifetime can be spent to accomplish what seems to be only a bit of fact-finding. Think back to the time when it was unclear if the world was flat or round. Think back to life before antibiotics. The rush to get something productive accomplished is neither bad nor good. It is a reasonable tendency to want to demonstrate productivity. “We’ve got to try. Do you know what happens if we don’t try?” “What?” “Nothing.” I agree life does not always let us wait for research to occur before action must occur. Thankfully, planning to get facts often helps us stay out of a mess by working continuously to know we hold facts. Note, I did not say work endlessly and never rest.
WHAT NOW?
I hope I have sold you by now on the need to plan the strategy you want to accomplish. I realize you may be feeling overwhelmed now. I offer the best advice I can to those in this condition. The advice is to follow a two-step process.
Step one, breathe. Step two, repeat step one. No smug intended here. Realizing the unquestionable need to undertake strategic planning can lead to the thought of quitting the work before beginning the work. My first trip to Chicago happened in early grade school. I first saw a train rail yard there. The operation’s size taught me a bit about the thinking, planning, and work required to build a railway that would help build a nation. Today, most trains are operated by electric engines. A steam locomotive needs oxygen to operate. It needs to breathe. The industrial revolution is filled with images of steam locomotives. Sometimes the train tracks are elevated. I cannot imagine how much fill dirt and gravel hold up an elevated railway system.
I am reminded of rail stressing when I look at older railway systems. It was not until hydraulics were invented before the rails could be treated to handle a railway system’s stress. I can only imagine the number of train wrecks on railway systems that were not treated with rail stressing. Take some time, breathe, think about living without a plan to accomplish your strategy, and see if you want to advance beyond a steam locomotive to execute your strategy.
STRESSING BREATHING
Doing the work to accomplish strategic planning involves research. The plan you write helps to inform others what they must do as a group, a team, a department, a company, a family, or even a country to achieve the strategy. A human-centered plan may include technologies. The research work could be boring at times, but it is not boring for those who need a viable plan to carry out their proposed strategy.
The endurance metaphors abound at this point in your decision to not quit on your strategic planning work. Pressing onward. Get up a head of steam. Get on track. Then, the big one: fight the good fight. Again, as I shared last week, I am not sure what fight is being fought in our contemporary society, but it is appropriate to include it in this list of go-get-’em slogans. I hope to focus you now on breathing leading to trying.
Gloria Gaynor asserted, “I will survive.” It seems as though she did, based on how many times I have heard her say those words over the years. A good way to get out of desperation is to form a plan, work the plan, and rejoice you are no longer desperate. I shared last week if you, at your lot in life, can understand strategic planning as a series of plans involving simple communications, then you have the necessary understanding to undertake your strategic planning efforts. I stand by these words. I urge you to spend time this week alone, breathing, and focus your thoughts on trying to begin to accomplish your research work to support you in carrying out your strategy by working on your plan. Yes, we should be breathing all of the time. Yes, I am saying to de-stress instead of distress. Yes, we are talking about your strategy as a metaphoric train to carry out your strategy. I am hopeful I can help you train yourself to breathe relaxingly, to consider the work you need to accomplish deeply, for you to undertake your work diligently, and for you accomplish your work with excellence.
So, I ask you: where do you want to go? I hope your answer is to develop the plans necessary to accomplish the strategy you know you need to achieve to arrive at your desired destination. If this is the case, then let’s get to work. If not, then I wish you the best of everything.
I hope we will see each other here next week. Email me if you need to talk before then.
Dr. Stephen H. Dawson, DSL
Executive Strategy Consultant
Dr. Stephen H Dawson
Stephen Dawson is an executive consultant of technology and business strategy, serving significant international organizations by providing leadership consulting, strategic planning, and executive communications. He has more than thirty years of service and consulting experience in delivering successful international business development and program management outcomes in the US and SE Asia. His weekly column, “Where Do You Want To Go?,” appears on Thursdays.
Dr. Dawson has served in the technology, banking, and hospitality industries. He is a noted strategic planning visionary. His pursuit of music has been matched with his efforts to lead by service to followers. He holds the clear understanding a leader without followers is a person taking a long walk alone.
Stephen has lived his life in the eastern United States, visiting most of the United States and several countries. He is a graduate of the Regent University School of Business & Leadership. Contact him at service@shdawson.com.
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I am a planner, a work-the-plan, a get-it-done kind of guy. I’m not particularly eager to live without a purpose helping to guide me to a predetermined destination. I modify the plan when it is suitable. However, I adjust the plan with justification for the change. I work on the concept of mapping out where I want to go in comparison to where I am from a figurative standpoint. It works for me and for the customers I have served over my years of caring for them.
2020 had me in the company of what seemed like the majority of the human population. I had more people coming to me for my advice on what they should do amid global health, economic, and political upheavals than I have experienced in years. It became clear to me the pattern resident in these inquires was an espoused anger hiding their genuine fear of the unknown. These people had an unquestionable problem. The answer to this problem was clear: help them with the strategic planning of their circumstances.
I considered at length the anger I witnessed. The Latin adage si vis pacem, para bellum is translated as “if you want peace, prepare for war”. I also heard the angry people tell me they were fighting this and that. They were fighting against COVID-19, fighting for a political agenda, fighting to stay in business, fighting to either have or prevent this or that. It was not clear to me who they were fighting, how they were fighting, and often why they were fighting. I found the deeper I went to understanding their fighting, the more I could see their fears. They were trying to get back to peace by fighting in some type of hostility. I understood this condition, as I struggled with it myself for years.
There are many clear reasons before us today as to why anger has advanced to fighting. A 2020 report from the Corruption Perceptions Index published annually by Berlin-based Transparency International ranked global regions where corruption occurs. A summary review of these regions also found strong economic growth where there is little corruption. The Wall Street Journal reported this week McKinsey is in settlement talks with states over how they advised Purdue Pharma to boost their OxyContin sales. I will spare us both the heartache of addressing the drama trauma of the 2020 US election events. Suffice it to say, there is quite a bit of undeniable defiant aggressiveness by those we are to be trusting for leading us to cause their followers to be upset with their performance, upset to the point of angry, and angry to the point of undertaking some type of fight with them.
WHAT IS THE POINT?
I both read and hear from those around me, and abroad, they feel burned. Burned, in terms of being misled by their leadership. Misled, to the point of metaphorically having their hand burned by being told to trust touching the pot that is quite hot. Misled, in terms of not having income anymore from employment that is no more. Misled, from not being sure what political topic we are working on now as there are so many topics, and a good leader would have the decency to tell their constituents what topic to work on for the moment. Being burned, as it were, is no justifiable reason not to have a plan to carry out the strategy you need to accomplish for your life and for your followers, for you to realize success. I get mad when I burn my hand. I release adrenaline to deal with the pain. It is a form of controlled anger. It is an act of survival, as I am not sure how badly I hurt myself from the burn. I have not cut my hand off as of yet to respond to any burning, any pain, or perhaps the shame of having burned my hand. It took me years to learn being burned, as it were, by an unhealthy relationship is not a justifiable reason to not continue to relate to people. The example I present here is both literal and figurative. They both hurt, and they both changed my behavior. The point is to use the pain of your being burned, perhaps by yourself from not having a plan to accomplish your strategy, to change your behavior now for the betterment of you.
WHAT TO DO?
The most direct form of counsel I can provide anyone undertaking strategic planning is to calm down, eliminate anger, and move to a reasoned position. “He who angers you controls you.” I make this statement because those who have no plan to determine and accomplish their strategy have come to me in a state of calamity. I have no reason to believe this combination will change based on what I know of human behavior. I cannot overstate the value of a calm approach to accomplishing strategic planning. I have seen people achieve this counsel somewhere between a matter of seconds and a matter of years. Sure, some parts of strategic planning can be accomplished from an upset, angered, and even unreasonable position. However, I am talking about getting out of the mess you find yourself in sooner than later. It is not my place to judge how anyone arrived at their lot in life. It is my place to help them move to a better place should they want my help. Better, what is better? We all follow someone, one way or the other. Defining betterment is a question only a follower can answer. Only the follower can answer it because they decide with each step they take to continue following their leader once they have determined their leader is leading them to a place more preferable than where they stand now.
WHERE TO START?
I lived near the ocean for many years. I would spend time daily looking at the beauty of the clouds. The ocean always seemed to have more clouds than land areas. The sky above us, the unknown. I have flown in planes and jumped out of them by parachute. Looking at the sky helps me have a more refined view of the circumstances I face, to help me put things into a more healthy perspective. The sky over the ocean is so much different from the sky over land, such as Tennessee’s mountains. A recent morning had frost in the backyard, reminding me both warm and cold days have colors to alter my perspective of the moment. A significant difference is the amount of heat coming off the continent to the ocean’s vast openness. Get the heat off of you by putting aside anger, deciding to stop traveling to an unknown destination, and begin the work of determining where you want to go. Sure, read the thermodynamics laws as the starting point for your strategic planning if this will help you. However, please do not decide you need to master them before undertaking your strategic planning efforts. The key here is to take action now with your first step. Putting aside anger to meet the fears you face of not having a well-prepared strategic plan now to live this thing called life is a huge step. Take a moment and give yourself the credit you deserve for taking this step.
My journey with music had me performing as an instrumentalist for several decades. I learned so many crucial lessons about enabling followers, those attending my concerts, to appreciate my work by understanding the material I performed with greater depth. They understood it more when I spoke for a minute or two about the song I was to play, either before or after playing each song. It was not me bragging about my greatness or diminishing the listeners who did not know all of the finer points of a tune I would play for them. It was bringing new insight to them about what they were hearing. It matched a story to the song, perhaps a current event, along with what I knew of the audience in that moment, which helped form my spoken words to them. It was augmenting their ability to listen to what they were there by their choice to hear.
It saddens me when someone comes to me and tells me they need strategic planning, want strategic planning, are unsure what they will do without strategic planning, but are afraid they will not do strategic planning well. A music producer I worked with would go and sit with his daughter at her house, who had given up her career as a stockbroker to be a stay-at-home mother. The producer’s grandchildren invariably had other children around. He would attempt to make a point to the toddlers about something he had on his mind. He concluded that if he can get his point across to toddlers, then he has succeeded in his messaging efforts. He used his powerful messaging ability to help me understand how to record better some of what I called pretty good music. If you, at your lot in life, can understand strategic planning as a series of plans involving simple communications, then you have the necessary understanding to undertake your strategic planning efforts. Note, I did not say you have the understanding of a child. What I am saying is you have the innocence of a child. This innocence is a critical success factor in accomplishing effective strategic planning.
The planning of your strategy most likely involves more people than just yourself. It is reasonable to hold a bit of fear that you will harm them by planning poorly. I encourage you not to become angry at them as you find a way to tell them you did not yet prepare the strategy you need to accomplish. Such anger will only harm the relationship you have with them. How many press conferences have you watched in the past few months where either the speaker or an interviewer was angry? How many excuses have you read in the recent business news where low earnings are not the business leadership’s fault? How many times have you seen children trying to learn virtually their school work from home and decide schooling is not worth the pain? There are more than enough examples around us today to understand the gains from having strategic planning more than justifies the pain of getting your first planned strategy written down and executed. Think about you living out 2021 without accomplishing strategic planning. How do you think you will enter 2022 with two concurrent years of little to no strategic planning accomplishments?
So, I ask you: where do you want to go? I hope your answer is to develop the plans necessary to accomplish the strategy you know you need to achieve to arrive at your desired destination. If this is the case, then let’s get to work. If not, then I wish you the best of everything.
I hope we will see each other here next week. Email me if you need to talk before then.
Dr. Stephen H. Dawson, DSL
Executive Strategy Consultant
Dr. Stephen H Dawson
Stephen Dawson is an executive consultant of technology and business strategy, serving significant international organizations by providing leadership consulting, strategic planning, and executive communications. He has more than thirty years of service and consulting experience in delivering successful international business development and program management outcomes in the US and SE Asia. His weekly column, “Where Do You Want To Go?,” appears on Thursdays.
Dr. Dawson has served in the technology, banking, and hospitality industries. He is a noted strategic planning visionary. His pursuit of music has been matched with his efforts to lead by service to followers. He holds the clear understanding a leader without followers is a person taking a long walk alone.
Stephen has lived his life in the eastern United States, visiting most of the United States and several countries. He is a graduate of the Regent University School of Business & Leadership. Contact him at service@shdawson.com.
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To move your business forward in this economy, you need to be nimble and efficient to maximize profits as the marketplace changes. And of course, employee safety and cybersecurity are musts.
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Can we connect for an introductory phone call this week or next?
I look forward to the opportunity to discuss how Bright Water can help you and appreciate that you are busy, so if you’d prefer not to be contacted again, just let me know.
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Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
Wednesday night, I did something I have not done in a long time. I am glad I had the opportunity to do so! When I say, ‘a long time,’ I mean long before the appearance of Covid-19. Wednesday, I enjoyed a five-hour dinner meeting with a friend and his business associates. The venue was my favorite Cigar-friendly Steakhouse in the Northern Suburbs of Atlanta. This meeting included cocktails and a fabulous dinner followed by cigars. As we began our meeting at 6:00 p.m., I made it home before midnight. It was beyond my usual bedtime, yet manageable.
The Invitation
At the beginning of the month, my friend Tom asked if I was available to join him on the 21st for Steaks and Cigars. He said that a friend was coming to town on business and we should meet. As I said, the location is a personal favorite. I happily accepted. Fifteen years ago, I placed Tom as a CFO for a regional restaurant brand. He recently retired from that company, having survived several ownership changes. It was a long but productive evening.
Arrival and Introductions
Cabernet Steakhouse
I arrived promptly at 6:00 p.m. and joined our party already in the first round of drinks. Tom greeted me, then introduced Jeff, our host. Then Jeff introduced his colleagues. We spent the next hour getting to know one another over cocktails. As this was our first meeting, we took our time, sharing background information, both personal and professional. It was a free-flowing conversation, often taking short detours to discuss tangential topics. We found that we shared many interests. No one was in a particular hurry to order dinner.
Getting to Know you
We enjoyed a good exchange of ideas. We shared perspectives and insights about the state of the economy and explored how we might work together. We also discussed opportunities that may present themselves. Tom told us that although he was retired, he is open to interesting opportunities. He talked about his consulting work with a mutual friend. I encouraged him to consider work as a fractional CFO. This role is in great demand and would provide him a lot of flexibility. In fact, our host came to realize that he needs the benefits of a good CFO. Tom may have landed his first gig, with a little help and encouragement from me.
It was not all business of course. Much of our discussion was about where we grew up, places we lived and visited, and personal interests. We found that we shared many interesting experiences. It was a great time, catching up with an old friend and meeting new folks.
Food – Beverages – Cigars
Cabernet Steakhouse
Thankfully, I maintained discipline over my food and drink intake throughout the evening. Two pints of Guinness over five hours is well below my limit. Although the quantity of food ordered was more than ample, I controlled myself in that area too. The remainder of the evening was for casual conversation with fine cigars and cocktails. After six hours of sleep, I felt completely normal. My self-control meant that I was better equipped to connect with my hosts.
The Turning Point
I am convinced that this week was a personal turning point. This is the first time, since the beginning of the pandemic, that I feel that I am back to a normal routine. Tuesday night I attended a live event with another group. Although it was of a shorter duration, it included over 50 people. As I write this post, I am looking forward to two more ‘one-on-one’ meetings before the end of the week.
My Takeaway
Cabernet Steakhouse
One should not underestimate the value of personal contact. Hearing different perspectives from people you know and respect, is most useful. For example, Tuesday I received validation for my strategy working with a coaching client. I received further validation regarding my belief that tenures are shortening, especially for more seasoned executives.
It is difficult, if not impossible, to close a business deal without building a relationship. It requires a personal connection. It is difficult to become more effective without speaking to people who have faced similar situations. I cannot be sure, but I believe it is time to get on with our lives, including a renewed focus on strengthening personal relationships.
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My first 3 Blogs focused on the selection process to obtain the best possible Diversity and Inclusion (D & I) candidate for your organization, then transitioned to Step 1 of the DDC approach – the Assessment. Before exploring Step 2, I wanted to add a bit more texture to Step 1. It starts by gathering key information on the company i.e. the vision statement, values, and demographic composition of all levels of the organization. This information helps the CDO frame confidential 1 on 1’s with each member of the leadership group starting with the CEO. These sessions are critical to obtaining a relationship of trust allowing for a free and honest sharing of information to the CDO, which is best achieved by utilizing an outside resource.
Once these 1 on 1’s are completed, the CDO meets with the Executive Leadership Team (ELT) twice with the goal of reaching alignment. The first meeting focuses on sharing D & I priorities, solidifying key D & I definitions, and finalizing the Vision of Success (VOS). The second meeting revolves around integrating a D & I lens and actions around the current/future Annual Plan. Next, the ELT establishes measurement components (outcomes vs. impact) utilizing the measurement technique currently used by the organization i.e. SMART, FAST, etc. Finally, a communications plan is established to cascade the good work done by the ELT, led by the CEO.
Once the aforementioned steps have been completed, three new key steps need to be energized. First, a D & I Council needs to be established and comprised of a diverse group of “high potential” employees. The right Chief Diversity Officer (CDO) should lead this selection of this group and with the lead of the Succession Planning process in the organization. The CDO should also lead the guidance and implementation of this group. The primary purpose of this group should be to provide the CEO & the ELT with honest and constructive input on a regular basis. The company vision, values, and VOS need to guide this group, so it stays focused on its primary mission, optimizing the engagement of all employees leading to improved results.
The second part of this step centers around the CDO meeting with each ELT member and his/her key team member(s). Why? To take a similar approach within each business unit, as undertaken by the ELT. This action step helps ensure that the D & I lens, along with accountability, is cascaded throughout the company. The CDO partners with each ELT member to ensure integrity and continuity within the entire company.
Finally, the CDO needs to shape the Learning and Development (L & D) roadmap for the organization, as part of the 4-5-year strategic D & I plan. While every company’s needs will vary, I strongly urge you, the CEO, to focus on the ELT, first. Build and improve the skills of this level to optimize your results. Avoid the tactical trap of doing a bunch of D & I related courses, initially, as so many companies do. The best tool for 1 on 1 development for the ELT is the Intercultural Development Inventory (IDI). As a certified administrator with significant experience with the IDI, I can administer and coach your team to expand their skillset in selecting and developing a diverse team through real-world and effective guidance.
David Daniels, Daniels Consulting
Dave Daniels is an accomplished Senior Business and Human Resource executive with a proven track record of developing, implementing, and delivering upon both short and long-term results. He has held management and executive-level positions with companies large and small throughout the United States. Dave has managed his career in a way that provides him with an exceptional breadth of experience and capacity to contribute to improving brand and financial results for his employer in every capacity he has served.
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The Holiday Season is upon us as 2021 rapidly comes to a close. It’s been a crazy year but thankfully, not as much as 2020. Business is bouncing back. Those furloughed in 2020 are probably back at work. And, our children are back in school. That is not to say that we haven’t faced continued challenges created by the pandemic. There is a lingering imbalance in the supply and demand equation for labor. Supply chains are struggling to recover, and inflation is driving up prices. It is safe to say that we are in a better place than last year. I think next year will be better still.
The features, benefits, and attributes that you use to describe and evaluate the product in research MUST match the product that you will bring to the market as closely as possible. Testing attributes that aren’t possible or too expensive may lead to unrealistic demand forecasts. For example, in testing a new online video game service, the research described the product as including hundreds of games from the top game publishers and a seamless interface and game-playing experience. Target consumer response to this concept was highly positive. However, when it was time to launch the product, many of the top game publishers were not included and the product required advanced drivers and high-powered PCs with very large RAM capacity to perform optimally. As a result, consumer expectations were never reached, and the product ultimately failed.
Qualitative Research (focus groups, depth interviews, ethnography) utilize small, non-projectable samples. Qualitative research is very effective in providing guidance, hypotheses development, and disaster prevention. However, because the samples are small and not representative of the entire target market, the detailed findings developed solely on the insights from qualitative research may be wildly different from the reality of the marketplace. Always follow up with quantitative, projectable research to confirm hypotheses!
consider using a down weighting scheme using historical empirical data to verify actual product take rates to survey results.
The most famous case illustrating this caveat is the Edsel. When developing the Ford Edsel, researchers tested various components of the car in isolation. They identified the preferred bumper, the preferred grill, the preferred dashboard configuration, and so on. When all the research was completed, they combined the top tested components together. But the car that resulted did not look or operate optimally. Utilizing one or more trade-off testing approaches such as Discrete Choice, Conjoint, or Max-Diff mentioned above will help to avoid this problem.
team so that either adjustment can be made to improve the product or that the launch can be canceled. I once conducted a pricing test for a new product that indicated that the target price that consumers were willing to pay was about $100. However, the cost to make and sell the product was about $200. Unfortunately, despite the obvious discrepancy, the client decided to launch the product at a price of $285. Suffice it to say, the product was a flop. So, not only do you need to tell the client bad news, they need to believe you and act accordingly.
My first 3 Blogs focused on the selection process to obtain the best possible Diversity and Inclusion (D & I) candidate for your organization, then transitioned to Step 1 of the DDC approach – the Assessment. Before exploring Step 2, I wanted to add a bit more texture to Step 1. It starts by gathering key information on the company i.e. the vision statement, values, and demographic composition of all levels of the organization. This information helps the CDO frame confidential 1 on 1’s with each member of the leadership group starting with the CEO. These sessions are critical to obtaining a relationship of trust allowing for a free and honest sharing of information to the CDO, which is best achieved by utilizing an outside resource.