Just a few short years ago, when our country elected George W. Bush for his second term in office, many people would have found it inconceivable to imagine that our country would elect an African-American president in 2008.  Whether or not you agree with the outcome of the election, I believe we have seen that regardless of what we want to accomplish, it is possible to overcome tremendous odds and win.

So what are the most important factors for overcoming the odds?  Here are three of the lessons we can take from observing the 2008 campaign:

• Focus on unshakable passion and commitment to a vision: To me, this is the foundation for overcoming the odds of any endeavor because it helps us to push past the inevitable obstacles. For example, some of the most popular reasons either candidate could have used to never enter the race included “too old,” “no money,” “not enough experience,” “minority,” etc.  But these obstacles represented only half of the truth.  Both candidates drew upon their passion and commitment to find the rest of the truth: all of the good reasons why they could win.  Obviously, passion and commitment to a vision won’t guarantee a desired result.  However, maintaining that focus makes it more likely that we’ll be doing everything that can be done under the circumstances.
• Acknowledge the odds - no matter how long- then develop a strategy to win: At the earliest stages of the primaries, when the odds of winning were the longest, Obama acknowledged the reality that Hillary Clinton had more organization and funding behind her.  She also connected strongly with a large percentage of Democratic women.  But rather than let these realities get in his way, Obama and his staff acknowledged the situation and developed a counter strategy: a grassroots campaign that especially appealed to voters Clinton had a more difficult time connecting with - young people, minorities, and the middle class.  Applying this lesson to any other situation that has long odds, the question we can ask ourselves is, “If one approach appears to be closed, what other options are open to us to get us where we want to go?”  Often, there are more choices available than we originally thought possible.
• Galvanize your supporters: It’s undeniable that Obama not only knew the characteristics of his strongest supporters, he also knew how to reach them and galvanize them into taking action on his behalf.  The key was to understand their needs and tap into their hearts before tapping into their minds.  He also found a way to communicate directly with his supporters, bypassing the media and using a variety of channels they actually tuned into.  For instance, no other campaign has used the Internet as effectively to reach out to young voters.  Applying this lesson, we can ask “Who are our strongest supporters, and how can we improve our communicadtion with them so that they are galvanized into taking positive action on our behalf?”

I’m sure that over time there will be other lessons we can take from the Democratic and Republican campaigns of 2008.  Stay tuned.

Living in the New York City Metropolitan Area brings a unique perspective to the yearly observances honoring those who perished in the attacks on 9/11.  It’s personal.  Our newspaper is still filled with stories of neighbors who lost their loved ones.  But this year there are more stories that reflect a spirit of determination to take control and live life to the fullest despite the tragedy.

For example, one woman who lost two sons in the attacks described how she and her family and friends now use 9/11 as a day to get together and celebrate the lives of these men, rather than mourn their loss. This shift in focus has given the family a strong measure of comfort that helps them live into life, rather than folding as victims.

It’s easy to get caught up in major problems and believe we have no control.  However, the reality is we always have a choice regarding how we deal with what’s in front of us - even during tragedies.  Many times, the best thing we can do under extremely tough circumstances is shift our perspectives:

• Who is still with us?
• What resources do we still have?
• What can we still do to move toward what we need and want?

These questions, and others like them, can go a long way in opening our minds to new ideas and behaviors that can lead us to a better place.

Resilience isn’t just about recovery. It’s also about making the best of the tough times.  Just as the family above had to come to terms with who and what they still have in order to get to the most out of life, we can all benefit from their example in shifting perspective when faced with any type of adversity. 

“A downturn is a terrible thing to waste.”  - excerpt from an interview with Frank Blake, CEO, Home Depot Inc., in The Wall Street Journal.

If ever a company had reasons to be concerned about survival, it would been Home Depot.  When Frank Blake became CEO a year and a half ago, the company needed major renovation.  Not only was it losing market share to Lowe’s, but employee morale was suffering.  Then the U.S. housing boom ground to a halt. 

What did Mr. Blake do?  Rather than taking a cut and slash approach to hard times, he chose to invest in the company. Over the past two years, the company has spent more than $3 billion on developing new systems, store improvements, and changing the company’s direction so that it’s more appealing to the do it yourself homeowner.

While the stock is still on a bit of a roller coaster ride, I can tell you that my husband (who has high standards about the service he expects from hardware stores) is once again willing to shop there.  If enough people have the same reaction, then Home Depot is definately on its way to recovery. 

The next time you think you’re stuck in hard times, take a long term performance approach to the future rather than cutting back in retreat.  Like Frank Blake, you may find that hard times can lead to better times ahead.

For more tips on how to boost your company’s performance, read the Harper Report Volume 5.5. 

Last night I attended what turned out to be a very inspiring evening.  Members of the New Jersey High-Tech community (AeA, NJ Bio, and the HealthCare Institute of NJ) came together for what has become a yearly celebration of business leaders, researchers, educators, and government officials working together to develop New Jersey’s presence as one of the premier high-tech states in the USA.  (Click here for information on inductees from 2008 and previous years).

Regardless of the particular aspect of technology that the inductees were from, they have common traits:

• Passion:  Whether it’s growing a business, discovering a vaccine, providing a learning and research environment for the next generation, or promoting favorable legislation, each of these leaders are excited about bringing their visions to life.
• Commitment:  We heard about the countless hours that inductees invested in overcoming obstacles that go with taking big risks.  Rather than becoming discouraged and quitting, these people rose to the challenge to find new solutions during hard times.
• Humility:  Each person saw him/herself working as part of a team and acknowledged those people.  They realized that it takes joint effort to bring dreams to fruition. 

While the inductees have all made extraordinary contributions, I believe that each of us has the potential to make big things happen.  The more we can tap into the traits above, the faster we can accelerate progress. 

I recently had the pleasure of interviewing William J. (“Bill”) Kroll, CEO and Chairman of the Board of Matheson Tri-Gas, for a webinar on “Avoiding the Pitfalls of Mergers & Acquisitions.”  Bill’s company is a leading supplier of industrial and specialty gases and equipment, and the company has continuously grown around the world through a series of successful acquisitions.
 
Bill has over 30 years executive management experience in almost every area of business.  He has been presented with numerous awards for his business acumen, including being inducted into the High Technology Hall of Fame in 2004.  In 2006, NJ Biz Magazine named him as one of the top 25 entrepreneurs in the State.  Here are just a few of the lessons he shared about leading a company through the challenges of Mergers and Acquisitions:
 

• “Don’t shy away from big deals:  These investments when considered as part of a long-term strategy may provide the needed foundation for future growth and opportunity, ultimately generating strong returns overall.”  He shared that recent deals from the past three years “have allowed Matheson Tri-Gas the opportunity for visions beyond $1BN with a national footprint.”  
  

• “Know your partner in order to assure common goals: This is critical when arrangements consider ongoing relations.”  Bill went on to tell us that knowing a partner – especially one from a very different national culture – can take time.  However, the return on investment is well worth the effort.

• “To achieve high performance results during integration do not force change for the sake of short-term gains.  Have a learning attitude and be mindful of an acquired company’s history and culture; assure common goals; agree upon strategies and timelines; and align rewards with integration and performance goals for integration and management teams.”

Ultimately, it seems that the characteristics necessary for a leader to grow a company through M&A are those that are necessary for a leader to grow a company under any conditions: the ability to plan, dedication, and a focus on long-term performance. 

Lately, we’ve been hearing quite a bit about difficult deals, from Microsoft-Yahoo to Delta – Northwest Airlines.  What do CEOs and presidents need to know to avoid the most common pitfalls and lead a successful merger or acquisition? 
 
I’m delighted to tell you that on Thursday, March 20, 2008 from 3:00-4:00pm Eastern, I’ll be interviewing William J. Kroll, CEO and Chairman of Matheson-Trigas, a leading supplier of industrial gases and equipment, as part of the “AeA Leading for Success” series.  We’ll discuss:
 

• Leadership lessons from Bill’s experiences with M&A
• Keys to picking the right target
• Guidelines for valuing a company
• How to minimize culture clashes and maximize productivity
• Tips for integrating operations and rewards to improve performance
• Ways to retain key talent

William J. Kroll, was named one of the top 25 entrepreneurs in NJ. He has 30+ years of executive management experience in almost every area of business, including forming joint ventures and international acquisitions.   AeA is a trade association dedicated to “Advancing the Business of Technology.” 
 
This is a program exclusively for CEOs and company presidents. Can’t make the “live” session?  A link will be provided to the recorded session.  For more information, including fees, view the full program description. 

In my previous post, I drew parallels between weather forecasts and economic forecasts, and discussed my views on preparing for both types of storms.
 
As it turned out, the predicted storm arrived right on target.  In fact, when all was said done, the total snow accumulation was 2-3 more inches than predicted, for a total of 9 or 10 inches coated by a glaze of freezing rain for good measure.
 
So what happens when the storm hits?  In the case of the weather, there was a televised emergency briefing by New York City Mayor Michael Bloomberg.  However his points could also parallel what we can do in the midst of economic storms:
 

• Get your priorities straight:  Bloomberg asked for our cooperation in helping the City address priorities.  He told us that the first priority is safety during the storm. Snow would be removed from the main roadways so we could safely get where we need to go.  Secondarily, he spoke about plans to minimize flooding from piled up snow as it melts.  The parallel in business is to make sure that your company’s key objectives are prioritized and clearly communicated to maximize teamwork and productivity.

• Find alternate ways to get where you need to go:  If your usual route is blocked with snow and mass transit is running on time, take mass transit.  Likewise in business, if your customers significantly cut back on new purchases because of the stormy economy, find alternative ways to provide value to them.  You may even discover new markets for your products and services. 

• Expect delays:  Bloomberg reminded us that no matter how much snow the road crews clear away, we should expect delays due to fender benders.  He suggested getting an early start if we have to go out and adopting a philosophical attitude about delays.  In business, the parallel attitude is to be prepared for the ups and downs of the economy, and to develop checkpoints and contingency plans to apply as necessary.

• Find ways to enjoy life despite the problems.  The Mayor reminded us all that snow happens in New York City in the winter, and the parks would be open for recreation.  The parallel in business: even when hard times happen, there are still good things in life to appreciate.  Be grateful for what you do have, and the hard times will be easier to take. 

Going through the storms, although difficult, doesn’t have to mean doom and gloom. It can also provide us with opportunities to reevaluate what we’re doing, and perhaps even find something better.   

For those of you who have followed my posts, you know that the entrepreneur and the astronaut are the same person:  recently I had the privilege of interviewing Gregory H. Olsen, Ph.D. for the first in a series of “Leading for Success” webinars.  In 2005, after an illustrious background as a research scientist and entrepreneur, Greg sold his company to become the third private citizen to orbit the earth in the International Space Station.  (See my previous “What’s New” post for Greg’s bio and background on the series).
 
While Greg and I discussed a wide range of issues related to growing and selling a company, as well as his experiences as a space traveler, there were three points he made that particularly stuck with me and can help us all become more effective leaders:
 

• Stay focused but flexible:  Throughout his career, Greg has been open to the possibilities around him, but has concurrently focused on achieving specific objectives.  For example, Greg did not start out in life knowing that he wanted to become an entrepreneur – or an astronaut. However, once he did discover these opportunities, he persisted – even in the face of multiple setbacks and rejections (example: he was rejected a few times from the astronaut program before he was eventually accepted). 

• Build relationships:  Greg discussed the teamwork that went into building his companies, often giving credit to others. In addition, he discussed the importance of being open with his staff in both good times and tough times.  The credibility and trust he established with others became an essential part of his ability to shape and maintain a high performance culture over the years.  This same spirit of teamwork was also critical to the success of his space mission..

• Take risks:  Greg discussed his reliance on instinct to ultimately guide him on taking risks, even in a turbulent economy.  While we couldn’t exactly define “prudent risk,” I believe it starts with balancing the benefits of an opportunity with its downsides relative to your objectives.  It also requires faith that you’ll be able to use your knowledge, skills, abilities, and resources to make the most of whatever happens.  Incidentally, Greg’s instincts paid off: after co-founding Sensors Unlimited (his second company) in 1992, the company sold for $600 million in 2000, the management team repurchased it in 2002 for $6 million, and resold it for $60 million in 2005. 

The biggest lesson I learned from Greg is that you can’t get ahead if you’re looking at backwards.  When you’re clear about your objectives, build strong relationships, and take prudent risks, good things can happen – even beyond your wildest dreams.