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The 8020Info Water Cooler
Issue #107 - Vol. 7 No. 10
July 30, 2007


1. The Invisible CEO -- Chief Emotional Officer

In most companies, the CEO is the chief executive officer. But for family businesses, a second, invisible CEO is often required: Chief emotional officer.

Experts explain in Knowledge @ Wharton that this insider handles the emotional aspects of keeping the family and the business together. "Not only do they provide emotional support -- smoothing over things and keeping communication open -- but they also help acculturate in-laws, protect family traditions and values, and make sure the family gets together to socialize and have fun," says John Ward, co-director of the Center for Family Enterprise at Northwestern University.

He points to the New York Times, where Iphigene Ochs Sulzberger strove to preserve family ties, having what her obituary called a "quiet but decided influence" on the newspaper. One of her children called her "the glue that held us together." Ward says if the chief emotional officer dies or is incapacitated, there is a huge vacuum, which must be filled. "That's the Achilles' heel for family firms," he says.

The role, he says, must be recognized by all. In times of stress, it can be particularly difficult, and in some families may be better filled from outside. Christopher Po, CEO of his family's Century Pacific Group, says the very presence of an outside advisor during some tense family meetings can be beneficial, forcing everyone to behave better and choose their words more carefully when emotions run high.


2. Who's Wired For The Bottom Line?     Top

Inc.com columnist Francisco Dao points out that some individuals are money makers and others are money wasters. Research by E. Ted Prince, an adjunct professor at the University of Florida, found that eight of 10 people will lose money when placed in a position of profit and loss responsibility. To ferret out the money losers when recruiting, Dao suggests:

  • See what they order for dinner. Take them out for dinner, on the firm, and see how they spend the money. Do they order the most expensive items on the menu, or are they frugal?


  • Find out if they developed anything unique or legitimately useful in their last several positions. That will tell you if they are inclined to add value, or are just placeholders.


  • Ask other people about their spending habits. Check to find out whether they explore less expensive options and seek out good deals.


  • Be wary of grand thinkers. "Most of us are taught to admire grand thinkers and we can easily be seduced by their visions of changing the world, but the path to such grandeur is almost always extremely expensive -- and money losing," he advises.


Apply these same tests, he stresses, to those already on staff. Whether you're in business, a non-profit, or government, you want individuals to be careful with the money you take in.


3. Are You A Safe Person?    Top

Leaders must be approachable -- people must feel safe speaking to them. If not, nobody will tell them the truth. Timothy Habbershon, of Babson College, says in Business Week Small Business you need to ask yourself whether you exhibit any of these characteristics of an unsafe leader:

  • Bases all decisions on position and power.


  • Reacts with anger and aggression.


  • Looks for someone to blame.


  • Personalizes failure and puts other people down.


  • Never asks others for their views or advice.


  • Thinks he or she is always right.


  • Sees everything as black or white.


  • Ignores suggestions and input.


"If you fall into any of these traps, there is good reason to change, and soon," he concludes.


4. Three Stories That Create Emotional Drive To Buy    Top

There are two things every new prospect wants to know: what can you do for them -- and can you really do it? On RainToday.com, consultant Vickie Sullivan says while factual information gives clear answers to those questions, stories provide the proof. In particular, she cites three types of stories that can convey your message:

  • The Eureka Story: People want to know the background of your firm and the principals, and on what they base their point of view. Show why you are distinctive.


  • The David and Goliath Story: Stories that highlight overcoming a formidable opponent create hope and show your mettle.


  • Against All Odds Story: This is about the obstacles you had to overcome to achieve what you have. It's similar to the David and Goliath story, but the challenges are not an individual but something environmental, from a learning disability to a sluggish economy.


The right story can create chemistry and connection.


5. Zingers    Top
  • Ten ways to create a great web site: Know what you want from it. Make it easy to get around. Use lively and relevant content…. and update it regularly. Keep it simple, legible, and consistent. Go easy on the flash animation. Check it on slow connections and all platforms. Avoid annoying pop-up windows. Make sure the links work. Get users involved in blogs or forums.
    (Source: Management Today)


  • For all major decisions, ask yourself: Can I live with this for 20 years?
    (Source: Achieve-IT blog)


  • The brutal truth is that prospects aren't interested in your free trials, free assessments or free workshops, says consultant Jill Konrath. Even if your company has something to give away for free -- like the firm that analyzes phone bills to help save its clients money -- don't lead with that in presentations but focus instead on the value you provide.
    (Source: Selling To Big Companies blog)


  • If you want to receive fewer e-mail ccs from people who report to you, make clear to them the level of decision-making authority they hold and coach them to accept responsibility for their decisions and actions.
    (Source: Business Writing blog)


  • When you need to concentrate, try an electronic lockdown: Turn off your computers, PDAs, and the like while turning on your automatic answering machine.
    (Source: Defeating The Demons of Distraction, via Pause newsletter)

6. Q & A with 8020Info    Top

Question: What are the five best time management tips?

8020Info Associate Harvey Schachter responds:

No such list can be definitive, but here are five very helpful tips:

  1. When something is in your head, always mark it down somewhere, as Get It Done advocate David Allen stresses. That may be today's To Do list, your list of things you have to do in the future, or your calendar, picking a time when you might be able to accomplish it.


  2. Either at the end of your workday or the start, write out a To Do list for the day with a reasonable number of items. Divide them in some practical way that works for you, such as big and small, top three items and the rest, or can't wait and can wait.


  3. Stephen Covey advises us to categorize our work by urgency and importance. Most of us fail to spend sufficient time in the important but not urgent category, because the urgent and unimportant overwhelms us. Figure out how to spend your time mostly doing important tasks. Indeed, that may be the best way to divide your daily To Do list.


  4. Don't leave things until close to the deadline. Do them well in advance, and get them off your desk (it will impress others to work with somebody who beats deadlines) or let it simmer for a while, and then tweak it with a fresh mind nearer to the deadline.


  5. Get some time in the office when nobody else is around.



7. News From Our Water Cooler:
Communication in All Directions
    Top

When we happened to revisit the Douglas Reid Strategy Primer on the Queen's School of Business website this week, we were reminded that successful strategy implementation depends on two key elements.

One is the process of allocating sufficient resources -- skilled people, time and money -- to get the job done. The other, as the ever-quotable Professor Reid notes, is "relentless communication in all directions -- upward, outward, downward, and sideways."

8020Info's focus group research and communication plans have helped many clients implement their strategy more effectively by helping them develop a focused message and select the best activities to communicate "in all directions". 8020Info would be pleased to discuss how we might contribute to your implementation plans. Enquiries are welcome at (613) 542-8020, or by email at watercooler@8020info.com.

For More on Strategy: The full interview with Professor Douglas Reid can be found at:
http://business.queensu.ca/queens_leaders_forum_new/newIdea.php?issue=13&subsection=1


8. Closing Thought    Top

"The art of being wise is the art of knowing what to overlook."
-- William James
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