In the October 2008 Newsletter
Turn Worst to Best / Everything is Possible / Act NOW for Big Bonuses
REMINDER. Act by today, October 31st, to get help and receive big bonuses at the same time. See "Support Through Tough Times" below.
Turn Worst Times to Best, Touch Hearts, What Lance Knows
Check out my latest blog postings. There you'll learn about:
||A Proactive Plan to Turn the Worst of Times into the Best
||A View from the Other Side of the Desk In Tough Times, Touch Hearts
||What Lance Knows That You Should
To make it even simpler, you can subscribe to my blog's feed so you'll automatically receive new postings when they're released.
Everything is Possible
A recent study by the Survey Research Center of the University of Michigan, which was cited in the New York Times, showed Americans are more pessimistic about their situation now than they have been for over a quarter-century. A few days ago at the Fortune Small Business Growth Summit in Atlanta, Tom Peters, the keynote speaker and co-author of In Search of Excellence, polled the audience of 300 executives on how long they believe the downturn will last. Over 57% believe that it will last at least 2 years. Doom and gloom is in the air. What can you do about it?
BELIEVE AND ACT
Do what the most successful people and organizations do believe and act. At the same Growth Summit, Henry McGovern, CEO of American Restaurants headquartered in Poland, shared his inspirational story about building a $3B fast-growing business. It's now the largest restaurant chain in Eastern Europe, employing 16,000 people. It started in 1993 with one Pizza Hut outlet in Wroclaw, Poland and was built on the philosophy: "Wszystko Jest Mozliwe" or "Everything is Possible."
This is a perfect example of successfully executing the "Attraction Strategy" (described in Ch. 8 of Pursuit of Passionate Purpose). Remember the famous saying, "If you think you can or you think you can't, you are right." American Restaurants obviously believes they can. That's why their BHAG® (Big Hairy Audacious Goal) is now to become the "#1 Restaurant Company in the World!"
Both in good and in challenging economic times, choose to believe just like American Restaurants that "Everything is Possible." This Optimism is the "O" of the nine SUNFLOWER traits that effective Passionate Pursuers™ possess. Carry a hopeful, upbeat disposition and believe that good prevails. Carmine Gallo, author of "Optimism in a Recession" (Business Week Online 4/28/2008) agrees and suggests that "you surround yourself with builders, not distracters." Google the phrase "Hot Dog Story" and learn of a classic business story involving this principle.
However belief is not enough, you must take proper action.
WHAT CAUSES FIRMS TO FAIL IN A RECESSION?
We can learn a lot from the history of business with its ups and downs. Studies of what causes firms to fail in an economic downturn bring forth valuable lessons (Bigelow & Chan, 1992; Geroski & Gregg, 1996). Companies fail because of cash flow issues, reduction in customer service levels, and lack of marketing investment.
Companies that have been rapidly growing before a recession are especially vulnerable in a downturn. That's because they're using their cash flow to support their growth, and small changes in cash flow impact them greatly.
HOW TO GROW DURING A RECESSION
Based on research studies from many sources, here are two practical pointers for turning the worst of times into the best of times. More pointers will follow in the next newsletter.
||DEVELOP A GOOD STRATEGIC PLAN AND EXECUTE IT. What does your firm stand for (what is your core ideology), where do you want to go, and what is your plan to get there? As I write in Ch. 5 of Pursuit of Passionate Purpose, "Those with a plan outperformed those without one. Having a written plan is a key factor in effectively pursuing passionate purpose." A recent study by Andrew Benett reported in Brandweek that 86% of domestic consumers believe it is important that companies stand for something other than profitability. Over 70% believe businesses bear as much responsibility as governments for driving positive social change. Now is the perfect time to define your core, revise your strategy, and plan for next year. Then focus on executing it. Don't wait. Group, individual, and custom coaching programs are available from my company to help you. Learn more.
||FOCUS ON SERVING YOUR CUSTOMERS. What are you doing to understand your perfect customers and profile them, so you can market to those that fit that profile? What are you doing to keep your current customers satisfied and to retain them? It's up to 8 times more expensive to get a new customer than to attract business from an existing one. Benett's study also revealed that 80% of American consumers felt it was imperative for businesses to maintain a dialogue with them. James Campy's research, Outsmart! How To Do What Your Competitor's Can't, with over 1000 high-velocity companies growing between 15% and 5000%, concludes that growth companies are open and transparent with customers and employees. Build customer delight and sales revenue through extraordinary relationship programs that allow two-way communications. After I designed and delivered a customer program for one of my clients, that firm closed on millions of dollars of new sales revenues. Learn more.
Support Through Tough Times and a Lot of Bonuses
Sign up for the "Pursuit of Passionate Purpose" Coaching Program this week by October 31st at 11:00 MDT and you'll receive the Learning and Coaching Program at a dramatic discount plus get a ton of truly fantastic bonuses.
Simply go to www.tmsworld.com/coaching.html and sign up for the GROUP (or INDIVIDUAL) Learning and Coaching program. You'll receive an email with instant access to your bonuses. CUSTOM programs are also available.
Upcoming Public Events
Monday, November 3 - Friday, November 7, 2008. Theresa kicks off the GROUP Learning and Coaching Program via online audio and web conferencing. Register as described above.
November 7, 12, and 13, 2008. Theresa presents "To The Top: Grow to New Heights in Profit, Productivity, and Passion" to groups of CEOs in Fort Collins, Broomfield, and Denver.
Sunday, November 23 - Wednesday, November 26, 2008. Theresa is in the Dayton / Cincinnati area with various business meetings. Contact Theresa at tms@TMSworld.com and 303.817.3307 to get in touch and schedule a meeting.
Thursday, November 27 - Sunday, November 30, 2008. Theresa is in the Chicago area with various business meetings. Contact Theresa as above.
Focus, Finish, and Fly to Live, Love, Laugh
Theresa M. Szczurek, Ph.D.
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CEO, Entrepreneur, Consultant & Business Coach, Speaker & Author
Technology and Management Solutions, LLC
Theresa M. Szczurek, Ph.D.
Technology and Management Solutions
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