Better Business Results

How to Build a Product Development Portfolio in Tough Economic Times

Announcing Pam Harper’s New Podcast Series – “Accelerating Progress”

Tune in on a monthly basis as I interview some of the top thought leaders in the world on issues related to strategy, leadership, organizational growth, and business performance.  Podcasts can be accessed on iTunes, as well as through Pam’s Blog.

My first guest is product development expert Katherine Radeka of Whittier Consulting. We discuss "How to Build a Product Development Portfolio in Tough Economic Times".

Accelerating Progress - Pam Harper Interviews Katherine Radeka

How to Increase Ethical Behavior

According to an article on msnbc.com, Chesley Sullenberger contacted his local library to ask for an extension and waiver of overdue fees because the book he borrowed from them was left in the cargo hold of the jet he landed in the Hudson River several weeks ago.  The librarians told reporters they were impressed with his sense of responsibility, waived all fees, and dedicated a replacement book in his honor.  The subject of the book Sullenberger left on the plane was "Professional ethics." 

Unfortunately, there are few situations that have such clear cut prescriptions for how to behave ethically. Most of the time we're faced with messy circumstances that contain multiple nuances.  The right answer is often wedged between a rock and a hard place.

While policy manuals and ethics officers can help, they're no substitute for personal accountability.  Ultimately, each of us must be clear about our own values, how we interpret circumstances, and where we will draw the line when faced with demands that aren't in line with our standards. 

The more ingrained these personal values are, the less we need to rely upon policy manuals and ethics officers, even when faced with messy and extreme circumstances.  Just ask Chesley Sullenberger. 

The Power of Ceremony During Tough Times

On the three days leading up to and including January 20, 2009 the world had a chance to join in multiple ceremonies honoring the inauguration of President Barack Obama.  It was impossible not to be moved by the grandure of the events as they unfolded, and news reporters frequently referred to "the orderly transition of power" as an important part of our country's system of governance. What's interesting, however, is that we often overlook or underestimate the power of ceremonies in our own companies during times of major transition. 

I'm struck by how often I've come into the aftermath of major leadership transitions (large-scale layoffs and reorganizations due to merger and acquistion) that have been marked by little or no ceremony except for former employees being escorted out the door by security guards in front of their traumatized colleagues. The next day everyone is expected to go on as before - only with faces missing and responsibilities scrambled.  

Can an organization going through major upheaval benefit from a ceremony to ease the pain of transition?  Absolutely. Here are three ways:

• Accept major transitions.  Whether or not people agree with what is happening, it's essential to acknowledge that life as it's been is changing. The bigger the change and the more people it impacts, the more important it is to process it collectively. 
• Take stock of the past.  Going through any type of ceremony leads to reflection about what has been happening up until this point.  For example, during the presidential inauguration there were many references to history and the progress we've made as a country - for better and for worse. 
• Focus on the future. Ceremonies also get us thinking about what we're moving toward.  Painting a broad picture of the future with a few concrete priorities to begin to focus on provides a common understanding and continuity.  For example, while the President Obama's speech was visionary, I also watched a feature about the new presidential website where you can learn more about initial priorities and sign up for updates. 

While we don't need to have multiple day ceremonies marking company leadership and organizational transitions, neither should they be ignored altogether.  Ceremonies can help us get through the tough times in order to see better times ahead.  Yes they can. 

How to Overcome the Odds and Win

Just a few short years ago, when our country elected George W. Bush for his second term as President of the United States, 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 an exciting demonstration that it is possible to overcome tremendous odds to get more of the outcomes we really want.  

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 obstacles.  For example, at the beginning of the campaign, some of the most popular reasons either candidate could have used to stop campaigning included “too old,” “too young,” “no money,” “not enough experience,” “a minority,” etc.  It would have been easy for either candidate to never try or to quit had they lived into their very real obstacles.  But these obstacles represented only half of the truth.  Both candidates tapped into their passion and commitment to find the rest of the truths: these were all of the good reasons why they could win. Certainly, passion and commitment to a vision won’t guarantee a desired result.  However it’s 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, Obama acknowledged that winning was a long shot and 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 used them to develop a counter strategy: a grassroots campaign that especially appealed to a larger number of voters Clinton had more difficulty 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 is closed, what other options are open to us to get us where we want to go?”  Often, there are more choices 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 action on his behalf.  The key was to understand their needs and tap into their hearts before he tapping into their minds.  He communicated 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:  Who are our strongest supporters, and how can we improve our communication with them so that they are galvanized into taking positive action on our behalf?  

 I’m sure that over time there we will learn other lessons from both the Democratic and Republican campaigns.  Stay tuned. 

What Families of 9/11 Can Teach Us About Resilience

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. 

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How Hard Times Can Lead to Good Times

"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, we invite you to read The Harper Report Volume 5.5. 

Lessons from Leaders in the High-Tech Hall of Fame

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. 

Lessons On M & A From An Award-Winning CEO/Chairman

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. 

How to Avoid The Pitfalls of Mergers and Acquisitions

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. 

Tips for Making the Most of The Storm

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.