Lifestyle: Manage your time...

This is an open letter to all the horrible time managers out there...please take the initiative and manage your time, because it affects all of us!

All right, this is going to brief but hopefully informative and reflective. How many of you out there have been victims of a horrible time manager, or are one? (show of hands) I see about half of the crowd has raised their hands (hahaha).

I get it, we all have a lot going on in today's hyper fast, ultra digital world. We have our physical life and well-being to attend to and our virtual life, which is slowly creeping up on the physical, but not there yet. So we may be late to a meeting, date, friends birthday, wedding, etc., but why?

If the reason is: There was a horrible accident. I got lost. I was on the phone with my mom (who lives in another state/country). I ran out of gas, not a good one but acceptable (unless it happens more than once), etc. You get the picture. There are some legitimate excuses, however, for the most part being late is a product of poor time management.

I know it may sound "parental" in a way, at least my mom says this all the time; "You should leave early enough to prepare for traffic and/or accidents," especially when leaving for an interview, important work meeting, pretty much anything business related as social situations are allowed some leeway by default.

What I have come to realize as my life has gotten busier and busier, and as I've grown into a responsible man (thanks mom), is the fact that my time is valuable as is everyone's. If the meeting is at noon be there at noon (at least) or even better get there 10-15 minutes early. If you say let's meet at 3pm and you can't get there at 3pm, let everyone else know, preferably at least 30 minutes or an hour before. After all, everyone is busy, whether they are busy being productive that is another story.

"Better three hours too soon, than one minute too late." ~ William Shakespeare

Technology is supposed to make our lives that much easier, not harder. There are tons of apps out there that can help you manage your time and tasks, set reminders, set alarms, workout timers, monitor traffic conditions, estimated time of travel, etc. All there to make you more efficient and productive. Let's not forget the countless ways to communicate: text, social media, email, a PHONE call, so let's try and use it people.

Side note: The new iPhone comes out today and iOS 8, both of which have applications to help with time management.

Salutations,

Nicholas

Career: Know where you're going

Know where you're going...

To know where you are going is one of the best pieces of advice any one can receive.  I can't tell you how many times I've heard this growing up, from my parents, teachers, mentors etc.  However, I can tell you it is about just as many times as I've ignored the advice, not necessarily on purpose but more from being naive and inexperienced in life.  I was always one of those people that knew what I did not want to do or where I did not want to go, but that only gets you so far.  At some point you will come to a crossroads in life and you'll have to decide where you are going and where you want to be.  And having a general idea can be extremely helpful.

Although knowing where we are going and where we want to be is a great piece of advice, most go through life without an understanding of what they want for themselves, and what their purpose is.  Many of us let life dictate our future and our plans even if it is truly not where we want to be and go.  Napoleon Hill would refer to this as "drifting".  According to Mr. Hill, nearly 98% of the human population are considered drifters and only 2% are considered non-drifters; therefore the chances are, you, me, and most people you know are drifting.  There are countless reasons for why this happens and Mr. Hill goes in to the details in his books, Outwitting the Devil and Think and Grow Rich, and he explains it much better than I, so if you're interested I'd recommend giving them both a read.  I will, however, tell you that the act of drifting and non-drifting, for that matter, are in full control of the individual.

I actually have been drifting for the majority of my life.  Yea, I always knew what I did not want to do and where I did not want to go, but I never actually knew where I was going and what I wanted to do - until now.  So how did I figure it out?  We'll, it really wasn't rocket science, but it did take a lot of hard work, ups-and-downs, successes and failures, and mental toughness.  I'll outline 3 main steps that changed my path, and pointed me in a direction where I am excited to be adventuring towards.

1. Determination

Determination is what it takes to get through much of everything in life, but it is even more important when breaking out of the drifting mode and into the non-drifter demographic, which is not easy.  As everyone knows, life will always throw you "curve-balls" and try to beat you down, but it is how you choose to react to these life challenges that dictate the outcome.  You can't let these challenges have a negative affect on you, after all, you have a goal and an idea of what you want out of life and where you are going, so keep at it.  Take all those challenges and negative experiences and learn from them, but don't let them set you back - stay on your path and keep moving forward.  Believe me, I have gone through many ups-and-downs from moving to LA without knowing a soul to my dad passing away to leaving a job, laid off, etc.  But, in the end all has led me to where I am now, and mentally I've never been in a better place.  Determination is the one thing that has kept me going through all of this, and I believe it is the most important if one wants to break the habit of drifting through life.  Without determination one would try things a couple of times, maybe even just once and then give up - staying stuck in the same place mentally and physically.   I know this for a fact as I've had this mentality in the past.  I had no clue as to where I wanted to go and how I was going to get there, I just went with the flow.  After all, determination is what made Thomas Edison fail over 10,000 times before he came about the phenomena of electricity, which many of us take for granted as if it has always been a part of this world and human life.

2. Never stop learning

It doesn't matter what it is, never stop learning.  You could be the president and CEO of the biggest and best company in the world - think Amazon, Apple, Google, etc.  And the minute you think you know it all and stop learning, you will lose that competitive advantage, your job, the company will lose market share, etc.   In today's world, the information age, knowledge can be acquired quite easily and educating yourself should be at the top of everyone's list.  While you journey to where you want to go, gather as much information as possible along the way, on as many subjects, as you never know what you'll need on your way and when you get there.   Furthermore, as you learn new subjects and expand your knowledge of topics you already knew a bit about, your path and destination will become clearer with each step.  Maybe you had a general idea of what you want to do, the industry you want to work in, where you want to live, but as you continue to learn - the knowledge you gain may help you hone in on an that exact position, industry, company, city, etc.   Soon your vision will become a reality.

3. Write things down (your plan, ideas, tasks, etc.)

I know it sounds cliché' but it's true, write things down.  We all have ideas and plans in our heads, whether it be personally or professionally, your business plan, marketing ideas, etc., it doesn't matter.  If you ask me, if you don't have it written down you have nothing.  Now, I am not saying that having ideas in your head is a lost cause, quite the contrary, those ideas are the seeds that will lead one out of drifting and into the 2% of non-drifters.  The problem is a lot of us have those ideas for a great business plan, new invention, ways to find that dream job, where we are going - you get the idea; however, the majority of us do not act or succeed in transitioning these ideas in our heads into a reality.  As a matter of fact, for the majority of us life ends up dictating our situation and before we know it time flashes bye and it's either "too late" or the passion for that idea has left or the idea never was expanded on.  I know for me personally, writing things down, making lists, setting goals, and dates to complete "X" by this date has enabled me to have a clear vision of my plan to where I want to be/go.  To be honest, I tell clients that I meet with, many of whom are small business owners and entrepreneurs, where the most common thing among them is they all have plans and ideas, however, it is almost always in their heads, to write things down.  Write that growth strategy down.  Write the marketing plan down, etc.  How do you know how you are going to get there without having it written down?  How do you plan on tracking your accomplishments?  What if you forget?  How can I help you if we don't have it written down in a business plan, marketing plan, growth strategy, etc.?  The same can be said for ones life and where they are going...how do you know exactly where you are going and how you are going to get there, if it's not written down?

I really do not know if these steps will help everyone, but what I do know is this is what has enabled me to move forward and finally find a path to where I want to go, not just where I didn't want to go.  Now everything I do moving forward will be one-step closer in the direction of where I am heading instead of to the right or left, or worse, backwards.  And that is a pretty good feeling.

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Business: Do you follow up?

The all important FOLLOW UP.

Throughout my career I have seen many missed opportunities and lost relationships by not initiating a follow up email or call/text.  On the other hand, I have landed sales, clients, and job opportunities by taking the initiative and following up.  If you think about it, it is such an easy thing to do yet many of us do not take the time to follow up with a potential client, sale, or job opportunity.  We usually will make excuses, like we're too busy or it is the other person's responsibility to take action, after all we did our job, right?  Well, I'm here to tell you to take the initiative and be the one to follow up, you won't be disappointed, as many times that client, associate, hiring manager, etc., is thinking the same thing, and is awaiting your follow up note or phone call.

To me following up is one of the most important business and life decisions one can make.  If you're a salesmen or entrepreneur or anyone for that matter, you must be proactive in all that you do, and be ready at all times to take advantage of opportunities as they come, because you never know when the next one will arise.  This is especially important in today's fast-paced modern world, where we are all connected every hour of the day, following up can make or break that sale or business opportunity.

I have been on both ends of this, as I have been a hiring manager, and have hired people based on the fact that the candidate took the initiative and sent a brief, thoughtful follow up email, stating there interest and thanking me for taking the time out of my busy day to meet with them.  I was more than likely contemplating hiring them anyway, but had gotten busy and put it off.  Further, I have been on the other side as a salesmen, entrepreneur, and independent business and marketing consultant, where I've met with potential clients where everything seemed to have gone well; they liked me and the service/product I was offering, but then a week goes by, and then another, and heard nothing back.  I would then fire a brief follow up note, text, or phone call only to find out the potential sale or client had gotten busy and forgot to schedule another meeting or purchase the product/service, but was still very interested.  That said, I have also followed up a week or two later only to find out they purchased the product/service from another company or went with someone else's services.  Could I have landed the sale/job?  Maybe, if I was proactive and followed up sooner and shown my interest in working with them.  Who knows, that other company or person might have done so in a timely manner and happened to be in the right place at the right time - after all, out of sight out of mind.  Granted, maybe the other company/person might have had a product/service that more matched the clients needs, and I wouldn't have made the sale anyway, these things do happen.

All of the above scenarios could possibly be true, but the moral of the story is, it doesn't hurt to follow up in a timely and thoughtful manner, regardless of the outcome.  After all, it is just good practice to take the initiative and be proactive in all that you do, as you never know what the other person/client is up to or thinking.  I coach all of my clients, personnel, business associates, family and friends to make sure they follow up.  You always want to leave a positive impression with all people that you meet, whether it is personally and professionally.  In today's world, everybody is busy, and even though a follow up takes only minutes, most people won't do it or forget to, and by you taking the initiative you will standout amongst the others, and who knows, land that client/job, or at the very least expand your network and something may come up down the road.  Do yourself and business a favor, and always follow up!

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Business Strategy: Innovate

Innovation.  What do you think of when you hear the word innovation or innovate?  By definition innovation means a new device, idea, or method.  However, I, like many others, would say: Innovation, in business terms, is something that is tied to creating a new product, which is different from anything else on the market.  The iPhone, for example, would be an innovative product.  It changed the way we (humans) communicate with one another and interact with technology.  Everyone now has instant access to any information they desire, hundreds of thousands of applications that can perform any task and/or can "socialize" with a person(s) of their choice whenever and wherever they like.  This would be considered a radical innovation.

Innovation is most commonly tied to tech-based companies such as Apple, Google, Microsoft, Twitter, Samsung, Netflix, Amazon, etc.  Top 40 most innovative companies in 2014.  Companies that are driving how the consumer engages in their day-to-day lives.  Think of all the innovative products these companies have brought to the market in just the last 5 or 10 years.  Everything from iPhone, iPads, Google Glass, Samsung Smart Watch, Smart TV's, Nest, etc., and who knows what the next product will be.  The truth is technology, the way we know it today, is just in its infancy and will only become more advanced and integrated into our lives as time goes bye.

The above are all undoubtedly innovative companies and products, but does innovation only apply to these major companies or just in technology?  I'd argue most definitely not.  There are many other ways to innovate across all business units, and it does not apply only to a product or service.  Innovation can occur or be applied to anything from customer service, marketing techniques, business models, company culture, or overall strategy.

Customer Service is something all companies offering a service or a product engage in, no matter what the industry.  A company dealing in B2B or B2C must offer some form of customer service otherwise they would be unable to retain customers or garner new ones.  Take for example Time Warner's new customer service model - the one-hour service windows.  We all know the hassle of the four-hour service window and how inconvenient they can be.  In the past if you had a service inquiry you would get a time between 9am and 12pm or 1pm and 4 pm, and many times the technician would show up late or worse not at all.  This has caused a dramatic decline in their customer retention.  Well, to rectify this Time Warner has launched the one-hour campaign.  While this is only an incremental innovation it still is considered innovative.  Another example would be the banking industry.  I recently went out to inquire and compare small business bank accounts and found that the big three (Chase, Bank of America, and Wells Fargo) offer vastly different options, most of which are differentiated by monetary and customer service (incremental innovations).

Marketing techniques can also be innovative, and most of the successful brands have utilized this to capture market share and disrupt industries.  Think about all the advertisements we see on a day-to-basis.  Some studies have that number at anywhere from 250 to 3000 per day, depending on age group and where one lives.  This is astounding.  It makes one think how can a human brain digest and retain this mass inundation of advertisements?  Well, I'd argue it can't.   So how can a brand create a campaign that actually sticks in our minds and eventually persuades us to make a purchase - through innovative marketing techniques!  A brand that comes to mind (that is not considered a major global brand) is the Dollar Shave Club with their innovative and memorable ad campaign and video.  Although they did not recreate the wheel so to speak, they did use an innovative approach with a serious yet tounge-and-cheek style video, which intern caused the video to go viral and gain brand recognition.

Business Models, or how the firm plans on making money, is yet another way a company can innovate to gain a competitive advantage.  This to me is the most effective way to compete in a highly competitive globalized market place.  Not everyone has an idea nor the funds to create and implement a radically innovative product, however, if one can develop and implement an innovative business model they would have a fighting chance - even if they are offering the exact same product or service as the competition.  An example of this, again outside of the obvious major corporations, would be in my previous industry.  I worked in the music industry for over 6 years, and as we all know, the music industry is one of the most competitive and most effected by the advent of the internet, therefore competition is fierce with saturation on all fronts.  So how does one enter the market place and cause other, more established competitors, to notice?  By having an innovative business model.  There are a few that come to mind: one being Jingle Punks and the other Music Dealers.  Both of these companies entered the industry in 2008 and are now two of the most recognized in the industry.  What was their innovative business model you ask?  Well, they implemented a 50/50 business model where the artist splits the gross revenues 50/50 with the company.  Granted this is not a sustainable business model for any business in any industry; however, it enabled them to build their catalogs with above average content quickly - thus enabling their competitive advantage when marketing to and courting clients.

Company Culture is something that has been misunderstood and underestimated in the past, however, has made a rapid resurgence - becoming one of the most important factors for a business to succeed, garner market share, and attract top-level talent.  By definition company culture is the values and behaviors that contribute to the unique social and psychological environment of an organization. Many companies use minor incremental (sometimes radical) innovations in their company culture as a competitive advantage and to court and retain talent. A company that comes to mind is Zappos. They are known for their innovative cultural design which empowers all employees, encourages change and personal growth, creates a fun, light and positive environment, has an open horizontal structure, and has a list of core values that all employees adhere to. Their CEO Tony Hsieh has even written a book based on the importance of company culture called Delivering Happiness. Checkout their core values here.

Overall Strategy is something that all company's must consider, preferably prior to launching into the market, and should be monitored constantly and adapted as necessary.  By definition strategy is the quest to gain and sustain a competitive advantage.  Sounds simple enough, right?  Well, you'd be surprised how many companies (small and large) are lacking an overall strategy and are just "winging it" day by day.  A strategy is not just "let's make money".  It is the managers theories about how to gain and sustain a competitive advantage; How a company differentiates itself; What to and not to do, etc.  Furthermore, strategy is a combination of all of the aforementioned topics, and an innovative strategy is what separates a company from the competition.  A good and obvious real world example of this would be Google.  Google is by far the most dominate search engine with over 68% of the overall market share.  This is despite competition from Yahoo!, Microsoft Bing, and the Chinese search engine Baidu.  How can Google maintain such a dominant position in an industry where billions of people use the service on a day-to-day basis?  Innovative overall strategy!

As mentioned above, we are now operating in a highly competitive global economy and innovation is considered the most critical aspect of business moving forward.  It is no longer just a buzz-word, it is essential across all business units and industries.  If you're standing still, you're falling behind exponentially.


As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

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Lifestyle: So much to learn, so little time

I can remember growing up and not even thinking twice about how important it is to learn and be educated. My primary focus was on playing sports and enjoying time with friends - that was the most important thing.  Throughout grade school and high school I basically coasted along, going through the motions and getting mostly B's with a few C's and A's, mostly without much effort outside of the classroom.  This mind-set didn't change much, maybe even declined as I graduated high school and went to junior college at Harper and ECC.  I barley went to class and had no desire to learn anything new.  You could say I thought I knew it all as most teenagers assume - at least the males.  I pretty much spent most of the time partying with friends and enjoying life, without even a clue as to what I wanted to do.

Moving on to my decision to go to a four year college in 2000.  I felt I had to do something as I, and the majority of the people I was hanging with, really had no direction - and drifting through life.  So I had a self-realization, so to speak, and went through (mentally) what it is I really like to do, outside of playing sports.   I came up with two paths - both of which would enable me to move out of the mid-west and to the west.  It came down to culinary school and film/audio school.  Well, I chose to go to film/audio school at Columbia College Chicago.  This is where things started to change for me mentally, as the subject matter and teachers at Columbia were intriguing, engaging, and informative.  Although I had been more engaged than ever, I was still only giving about 75% effort towards learning, homework, and classroom participation.  This could be attributed to just growing up and realizing how the world actually works or just slow to adhere to authority.  Needless to say I graduated with a 3.0 average (not bad) and made the move to Los Angeles shortly after.

Not to lose sight of what this post is about, as it's not about me per-se but it gives a real life example to compare to; it's the fact that there is so much to learn and so little time.  The amount of information out there that we now have instant access to is mind-boggling to say the least.  This phenomena really hadn't occurred to me until recently.  Learning is actually addictive, and the personal growth one can achieve through this access to information can be exponential.  I say exponential meaning once your mind is trained to obtain and process information and you break through the misconception that you know everything and/or are content with who you are and what you know, the craving to learn overcomes and drives you.

Take for example my recent studies at Northeastern University where I obtained my MBA.  The amount of information and knowledge I gained just by dedicating myself to learning the material has been a life changer for me.  I like to describe it as a mental evolutionary leap.  It was the first time I actually gave 100% effort towards school or any learning for that matter.  Now, I can essentially talk business and economics with anyone, from Fortune 500 execs to Professors to regular people.  To be honest, it has gotten to the point where I'd rather sit down and read a book or watch an educational documentary, or a TEDTalk than some mindless television show or movie.  I've even contemplated going for a PHD, if it did not cost an absurd amount of money of course.

The point is, once you realize the importance of education and the value of being informed, the more you want to know and obtain, and the less time you want to waste on meaningless content - it's an addiction just like cigarettes or alcohol.  Further, the more educated one is the more freedom one has and the less chance one has of being controlled by fear.  Couple all that with the fact that life is short, even if you live to 90, that is only a blink of an eye in the broad scope of life on earth.

We are living in the information age, and now have access to everything and anything at the push of a button or by typing a few keywords in a Google search.  Many of the top universities are now offering their courses online to anyone interested, granted you will not get credit or a diploma; however you will gain the knowledge which can be applied to your daily life and career.

Learn as much as you can while you can - you will not regret it - and no one can ever take what you've learned away from you. You can lose material things, family and friends, but what knowledge you have that is yours (outside of a mental disease or injury).  In my opinion the most important thing to living is consuming information and growing as a man and as a human.  And then passing that education/knowledge down to others willing to listen and learn.

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Business Strategy: True Company Identity

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I see this far too often when consulting and communicating with friends and clients who own/run startups and small to mid-sized businesses - NO true company identity.  The lack of company identity is at the top of the list when it comes to failing small businesses and/or start-ups, and should be addressed from the initial launch if possible, as the longer this goes on, the harder it is to fix.  There is far too much competition in today's global economy to not have a company identity. What I mean by true company identity is: What type of product/service do you offer?  How much does it cost?  Who are your target demographics?  Is your product/service of poor, good, or great quality (hopefully good to great)?  What type of culture does your company have?  Does the branding of the company portray what you do?  etc.  The point is, potential and current clients must be able to identify with your product/service quickly, so when they are searching for it they can immediately identify what it is you do and what your company is about.

Now, I understand the fact that running a small business or start-up is extremely difficult (I've been there) and it truly is survival of the fittest.  In order to make bills and bring in cash many owners become frantic and will except any and all work, service a diverse set of clients, etc., as long as they are comfortable doing the job, selling the product/service, etc. However, this is only a short-term strategy and usually ends up costing the firm in the long-run.  For instance, let's say you have a small business with 5 or less employees, including you.  This is not a lot of people and one would assume your access to resources such as capital are minimal to nonexistent; therefore, everything you do needs to be calculated in such a way that nothing is going to waste (time, money, people, etc.).  Granted this is a lot easier said than done, when the reality and fear kicks in and you need to make X amount to make rent this month, things begin to scatter and unravel.  I'm sure many of you have been there, as I've seen it one too many times.  This is the reaction of a small business owner who has failed to create, implement, and communicate a true company identity prior to all the panic and fear setting in, I call this " survival mode", doing anything at all costs.

The problem with lacking an overall company identity, as stated above, is the issue of panic and fear will be reoccurring.  Yes, you may have a good month or two and think to yourself (or thank higher power) your problems have been solved.  Well, chances are this will happen again and again, and you will have a bad month or two in a row, then what?  The reality is, yes, you took in any and all jobs that you and your employees skill-sets can handle, however, your company is still lost and new and potential clients will not find you if your brand and company is all over the place.  So make sure  when it comes to true company identity you have one.

A new start-up or small business does not have the time nor the resources to continue down this path, so make sure your next venture, or this one, has been branded as such that it can be easily identifiable  to everyone - exactly what you do, your product/service, etc.  And once its identity has been determined commit any and all resources towards securing a favorable market share in that space.  Once a desirable market share has been obtained, then, and only then should you attempt to extend your product/service line, target markets, etc.   This is not to say, a company should not be thinking ahead and working towards a viable and sustainable vision for the company at all times; or taking on jobs that are not in line with the identity; if you have the time and resources by all means take on the work as long as it's not obstructive to your day-to-day operations.  And if you have dedicated yourself and your company towards this identification and things have not gone as planned, then adjustments need to be made accordingly.  However, I firmly believe that if a company has done its research and its leaders have properly created a true company identity, all resources are dedicated and focused on obtaining market share in that space, the company has positioned itself for success and a chance for survival, at least throughout the growth phase.

As always, I'd love to hear your comments on this topic, True Company Identity, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Ciao,

ModernManTellsAll
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