No time to mess around
Trust is a hard thing to earn, but an easy thing to break. When you’re working with multiple vendors on tight timelines, you’ve got to rely on the trust that they’ve earned, or else risk taking an inordinate amount of your time to review every detail of the deliverable. Ronald Reagan said it well: “Trust, but verify.”
That works great when you’ve got the time to do it, but what about when you don’t? Furthermore, what’s the point of saying you trust your partners if you feel compelled to check everything that they do or say?
If you’re feeling that way, you either need to form new business relationships, or find a way to provide yourself with quick verification that your needs are met. Hidden checklists are a powerful ally. By hidden checklists, we mean the inspection of a critical detail that, if found wanting, would alert you to inspect the remainder of the deliverable for flaws.
When you’re considering doing business with a potential vendor outside their particular area of comfort or expertise, be certain that you can fulfill each other’s needs by clearly communicating in advance. But what do you do when your attempts at clear communication are met with assurances that they can be done without any proof, or worse still, met with silence?
Possibly the most notorious example of a hidden checklist is the now-famous “Brown M&M” clause in the concert riders for Van Halen forbidding any brown M&Ms backstage.
What may have seemed like boorish rockstar behavior was actually a deeper dive into ensuring that both parties — the Van Halen brand, composed of band and crew, and the local promoters — knew what they were getting into before the show went on.
Brown M&M clause
“Van Halen was the first band to take huge productions into tertiary, third-level markets,” wrote David Lee Roth, Van Halen’s original lead singer, in his autobiography Crazy From the Heat. “[T]here were many, many technical errors, whether it was the girders couldn’t support the weight, or the flooring would sink in, or the doors weren’t big enough to move the gear through.” Van Halen often dealt with venues that had never been approached by a band with such extensive production needs.
Roth explains the band had a particular tactic for ensuring their safety. As “a little test, in the technical aspect of the rider, it would say ‘Article 148: There will be fifteen amperage voltage sockets at twenty-foot spaces, evenly, providing nineteen amperes…and article number 126, in the middle of nowhere, was: ‘There will be no brown M&M’s in the backstage area, upon pain of forfeiture of the show, with full compensation.’”
There it is: the hidden checklist item that you’re looking for. Buried within multiple pages of an agreement, or just as one of a few items that you’ve requested, it’s the critical detail that you’re looking to see satisfied.
It serves as a clue to see if the rest have been read, much less addressed.
“I would walk backstage, if I saw brown M&M’s in that bowl…..well, line-check the entire production,” said Roth. “Guaranteed you’re going to arrive at a technical error. They didn’t read the contract. Guaranteed you’d run into a problem. Sometimes it would threaten to just destroy the whole show. Something like, literally, life-threatening.”
Everybody wants some (trust)
Whether life threatening or not, you deserve to make the dealings that you have with customers, suppliers, and other partners as smooth as possible. The best pathway to creating an atmosphere of trust is to clearly communicate mutual expectations. This includes defining operational terms, what those look like, and the time frames that satisfy your collective needs.
However, once you’ve defined those elements, as you’re building those tendrils of trust between you and them, it’s always good to make certain that your interests are met and that blind trust doesn’t leave you blind-sided.
Keep your company’s operations lean by following these proven strategies
(BUSINESS) Keeping your operations lean means more than saving money, it means accomplishing more in less time.
The past two years have been challenging, not just economically, but also politically and socially as well. While it would be nice to think that things are looking up, in reality, the problems never end. Taking a minimalist approach to your business, AKA keeping it lean, can help you weather the future to be more successful.
Here are some tips to help you trim the fat without putting profits above people.
Artificial intelligence frees up human resources. AI can manage many routine elements of your business, giving your team time to focus on important tasks that can’t be delegated to machines. This challenges your top performers to function at higher levels, which can only benefit your business.
Consider remote working
Whether you rent or own your property, it’s expensive to keep an office open. As we learned in the pandemic, many jobs can be done just as effectively from home as the workplace. Going remote can save you money, even if you help your team outfit their home office for safety and efficiency.
In today’s world, many are opting to completely shutter office doors, but you may be able to save money by using less space or renting out some of your office space.
Review your systems to find the fat
As your business grows (or downsizes), your systems need to change to fit how you work. Are there places where you can save money? If you’re ordering more, you may be able to ask vendors for discounts. Look for ways to bring down costs.
Talk to your team about where their workflow suffers and find solutions. An annual review through your budget with an eye on saving money can help you find those wasted dollars.
Find the balance
Operating lean doesn’t mean just saving money. It can also mean that you look at your time when deciding to pay for services. The point is to be as efficient as possible with your resources and systems, while maintaining customer service and safety. When you operate in a lean way, it sets your business up for success.
How to apply to be on a Board of Directors
(BUSINESS) What do you need to think about and explore if you want to apply for a Board of Directors? Here’s a quick rundown of what, why, and when.
What does a Board of Directors do? Investopedia explains “A board of directors (B of D) is an elected group of individuals that represent shareholders. The board is a governing body that typically meets at regular intervals to set policies for corporate management and oversight. Every public company must have a board of directors. Some private and nonprofit organizations also have a board of directors.”
It is time to have a diverse representation of thoughts, values and insights from intelligently minded people that can give you the intel you need to move forward – as they don’t have quite the same vested interests as you.
We have become the nation that works like a machine. Day in and day out we are consumed by our work (and have easy access to it with our smartphones). We do volunteer and participate in extra-curricular activities, but it’s possible that many of us have never understood or considered joining a Board of Directors. There’s a new wave of Gen Xers and Millennials that have plenty of years of life and work experience + insights that this might be the time to resurrect (or invigorate) interest.
Harvard Business Review shared a great article about identifying the FIVE key areas you would want to consider growing your knowledge if you want to join a board:
1. Financial – You need to be able to speak in numbers.
2. Strategic – You want to be able to speak to how to be strategic even if you know the numbers.
3. Relational – This is where communication is key – understanding what you want to share with others and what they are sharing with you. This is very different than being on the Operational side of things.
4. Role – You must be able to be clear and add value in your time allotted – and know where you especially add value from your skills, experiences and strengths.
5. Cultural – You must contribute the feeling that Executives can come forward to seek advice even if things aren’t going well and create that culture of collaboration.
As Charlotte Valeur, a Danish-born former investment banker who has chaired three international companies and now leads the UK’s Institute of Directors, says, “We need to help new participants from under-represented groups to develop the confidence of working on boards and to come to know that” – while boardroom capital does take effort to build – “this is not rocket science.”
NOW! The time is now for all of us to get involved in helping to create a brighter future for organizations and businesses that we care about (including if they are our own business – you may want to create a Board of Directors).
The Harvard Business Review gave great explanations of the need to diversify those that have been on the Boards to continue to strive to better represent our population as a whole. Are you ready to take on this challenge? We need you.
Average age of successful startup founders is 45, but stop stereotyping
(BUSINESS) Our culture glorifies (yet condemns?) startup founders as rich 20-somethings in hoodies, but some are a totally different type.
There’s a common misconception that startups are riddled with semi-nerdy, 20-something white dudes who do nothing but sip Nitro Brews and walk around the open office showing off the hoodie they wore yesterday. It turns out that it’s extremely rare that startup offices resemble The Social Network.
However, the academic backdrop for the real social network story (AKA Harvard), produced statistics that will serve to put the aforementioned misconception to rest. According to the Harvard Business Review, the average age of people who founded the highest-growth startups is 45. Say what?! A full-fledged adult?!
In fact, aside from the age category of 60 and over, ages 29 and younger were the smallest group of founders that are responsible for heading the highest-growth startups. I guess you can accomplish a lot when you’re not riding around the office on a scooter all day.
The study also found that older entrepreneurs are more likely to succeed. The probability of extreme startup success rises with age, at least until the late 50s. It was found that work experience plays an important role.
Many will argue, “Well, what about someone like Steve Jobs?” You could easily argue right back that it took Jobs until the age of 52 to create Apple’s most profitable product – the iPhone.
The study continues to answer questions like, why do Venture Capitalist investors bet on young founders? This goes back to the misconception at the start, and there’s a notion that youth is the key for successful entrepreneurship. Wrong.
There is also the idea that younger entrepreneurs are likely working with less financial options, so it may be common for them to take something from a VC at a lower price. As a result, they could be viewed as more of a bargain than older founders.
“The next step for researchers is to explore what exactly explains the advantage of middle-aged founders,” writes Pierre Azoulay, et al. “For example, is it due to greater access to financial resources, deeper social networks, or certain forms of experience? In the meantime, it appears that advancing age is a powerful feature, not a bug, for starting the most successful firms.”
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