MANAGEMENT2023 … Bring It On!
As 2023 draws closer, it brings with it the tantalizing thought of what you might be able to achieve when the calendar turns over. The consultants at McKinsey recommend setting an “aspirational goal” and an “acceptable result.” An ambitious goal raises your odds of success. But it also boosts your odds of feeling like a failure if you don’t reach the heights. So shoot for the stars but take pride if you only manage to reach the Moon.
MARKETINGReassure Your Base
Prices are rising, the economy is cooling, and skittish businesses are competing on price. Instead of doing that, protect your best customers by giving them extra attention and rewards, says small-biz consultant Andrea Hill of Hill Management. “Sending a handwritten ‘just glad you’re our customer’ note with a $10 gift card can get you as much in loyalty and word-of-mouth as a $500 boosted ad on Facebook,” she says.
SECURITYDon’t Be Rushed
Our emotions lead us into places we’d often be wise to avoid. It’s a thing that con artists know too well, says psychologist and writer Maria Konnikova, author of The Confidence Game. The answer? Pause. Take a moment. “Time is the great antidote to emotion,” Konnikova says. “Scammers will rush you. Taking space to reflect is your best defense against conmen. The same applies when reading a news headline, or a tweet, which wants you to hurry up and feel something. Don’t be rushed.”
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IDEASSave Good Concepts for Later
To be sure there are bad ideas, but there are also those whose time just hasn’t come. It’s this understanding that prompted author Oliver Burkeman to keep a running file of ideas from which virtually nothing gets deleted. “When I needed an idea, I’d peruse the list, and sure enough, most of the entries would still seem mediocre, stupid or derivative. But for mysterious reasons, one or two entries—entries that might have sat there looking lifeless for months or years—would suddenly feel ripe, full of life ready to be used.” Open a note in your phone today to get your idea list started.
STAFFINGInvest in People
A weakness for bright shiny tools is common among business owners. But according to management scholar Tom Peters, investments in people often pay off better than buying new tools. “Capital enhancements are important. They’re also cool. You can get your picture taken next to a new robot. People investments are invisible and hard to measure. The tendency is to favor the hard stuff over the soft stuff. But the soft stuff is invariably more related to long-term strategic success than the hard stuff,” says the author of In Search of Excellence.
MINDSETStart the Holidays Right
Good deeds are good for the world… and surprisingly good for the doer. In his book, Give And Take: Why Helping Others Drives Our Success, organizational psychologist Adam Grant introduced the term “5-minute favor.” It is the practice of carving out five minutes of your day to do something that benefits others—call a sick friend, mentor a seasonal temp, compliment your neighbor’s storefront—without expecting anything in return. Doing so will put you and staff in a positive frame of mind for the holidays and beyond.
MARKETINGPartner with Micro-Influencers
Needs a marketing boost? Consider a social media micro-influencer (fewer than 100k followers) to help get the word out in your local market. They target niche audiences and are trusted by followers.
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