Issue link: http://psai.uberflip.com/i/985928
W EEKLY EDITION MAY 23, 2018 The 5 Biggest Mistakes Companies Make By Mel Kleiman, 2016 PSAI Convention Keynote Speaker I first wrote and published the following during an economic recession. Although the business climate is robust these days, the competition for employees and customers is greater than ever and absolutely every thing's changing faster than ever too. That's why the following advice is just as relevant today. Read it now so your organization doesn't make any of these common missteps later: 1. Thinking you can cut costs and/or services to increase or maintain profits. In reality, we've been micro - managing where every penny goes for years. What I'm suggesting is that you take a look at the other side o f the coin and ask: "How do we improve profits?" You'll get an entirely different set of answers and ideas. 2. As the old saw goes: "You cannot do more with less." My twist on it is: "You can only do more with less if you add Hamburger Helper." In other words, instead of cutting this and trimming tha t, what we can look at doing better or differently. What we have to ask ou rselves is: Are we doing the right things and, if we are; can we do them another faster/better/cheaper way? Creative problem solving is the only way it's possible to do more with less. 3. What got you here will not keep you here or take you to the next level. As Bob Dylan wrote: "The times they are a changing," and you have four choices: You can ignore it, accept it, fight it, or create it. Judging by the evidence, if you're not evolving, not changing, the world is going to pass you by. Find your niche and fil l it, and then never quit innovating. 4. Focusing on the economy and the competition instead of the customer and your employees. There's little you can do about the economy and your competition. On the other hand, everything you do affects your customers and your employees. Do you know why people give you their business? Do you know why people choose to work for your organization? Do you understand why first time buyers become loyal customers and why your best employees continue to work for you? (Fighting agai nst anything only makes matters worse: "Don't be against the competition or try to fight the economy; be for your customers and for your people.") 5. Not doing everything in your power to make sure you have the best coaches and players as well as giving them the authority to do the right thing. Not everyone can be a great leader, but most of us can be great coaches. A great coach knows how to pick the b est players, finds out what motivates them, gives them the training and practice they need, and empowers them to succeed. When great coaches inspire great players, everyone wins. Many organizations didn't survive the economic upheavals of the 30's, 60's, 80's, 2001, or 2008 and, even in our healthy economic climate, many are failing today. (Think Toys 'R Us, Radio Shack, all the taxis put out of business by Uber and Lyft, etc.). Those who survived and eventually thrived: 1. Didn't diminish the customer or employee experience. 2. Found creative ways to make sure they were doing the right things in the best ways possible. 3. Devoted themselves to what they do best and innovation. 4. Kept their focus on their customers and their employees. 5. Built the best teams. (Didn't relax their hiring standards even when new hires were hard to come by.) P AGE 7