PD Strategies Blog

Measurements make a difference in the operation of your business. You may have heard the expression, “If you can’t measure it you can’t manage it.” Well, if you want to have a sustainable business you need to have a strategic plan, which includes those goals and objectives, and a way to measure your progress. Without these elements you are relying solely on luck. What you measure is just as important as having a plan and executing it. For example, many business owners are familiar with the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization), or more simply said profit. That, however, is a measure of what has happened in the past. It may not predict what will happen in the future. Predictive analytics is the best way to step in and create your business future. It is far better to rely on predictive measurements to make decisions than to rely...

Do you see your Westchester County NY business the way that others do? You have been working in your business for a long time. Many times, when you see something every day you stop noticing. Does that make sense? For example, when you started your business you were focused on how you were going to get customers and what resources you would need to deliver the products and services to those customers. That might have been 2 years ago, 5 years ago or even 10 or more years ago. But you say, “I’m ok now because I have my routine set and it works without me thinking about it.” Here are two questions to ask yourself. Has a new team member joined and pointed out things you didn’t see? Have you had any suggestions or complaints by customers? Sometimes a person with a fresh set of eyes is needed to point...

Are you ready to take your Westchester County NY business to the next level? Most businesses say yes but do not know what that means.  First, you need to know where your business is now. Then you can see where you want to go.  Businesses like people go through growth stages and many drop off along the way.    Some businesses may survive due to external dynamics and then become stagnant.  The root cause could be a lack of entrepreneurial leadership. For example:  There are numerous great cooks and chefs that feel that because they understand how to create a great meal that, therefore, they would be a natural to open a restaurant.  They open the business and make sales. However, the owner is usually consumed with running the business and catering to every little detail.  There is very little time to step away from the day to day operation.  In most...

Fear of change is an emotion that can become paralyzing.   But change is inevitable and all businesses must expect it. You have probably heard it said that what you did to get you to where you are now will not get you to where you want to go next. Changing the right things and taking the right action is crucial. Here are 5 beginning steps to take in the process of change for better results: 1.        Make sure you know what business you are in. Whether you are in real estate, construction and contracting, graphic design, or consulting you must define what you provide to the customer. For example, Kodak should have realized that it was not in the film business but in the image and impression sharing business. In real estate are you selling houses or assisting buyers in improving their lives? 2.        Get in front of change.   The best...

As a business owner do you sometimes feel like you are a hamster running on a wheel. That is because are working IN your business, chasing every detail and putting out every fire. This is natural because it is what you first did as you started your business. You know how to run the business but that does not mean you are managing it. When you stop working does the business stop? If this is the case, then there is a lack of entrepreneurial leadership. For example, in the restaurant industry there are numerous great cooks and chefs that feel that because they know how to create a great meal that that they should open a restaurant. The restaurant might open and have sales but the owner might be so consumed with the food details that he might neglect other parts of the business. In most cases the business stops when...

Are you spending so much time working IN your business that you never get around to working ON your business? Michael Gerber discusses this in his book “The E Myth Revisited”, discusses the reasons. The e-myth or the entrepreneurial myth as described by Gerber incorrectly assumes that the desire of the new business owner or entrepreneur, plus capital, plus a profit goal will result in success. But this has not spelled success for business and the lack of the true understanding of what it takes has caused businesses to fail. Some businesses may survive due to external dynamics and timing but they will become stagnant and the owner will feel like a hamster on a wheel. There is a lack of entrepreneurial leadership. For example, in the restaurant industry there are numerous great cooks and chefs that feel that because they know how to create a great meal that that they...

Past performance is no guarantee of future results. You have heard that statement at the end of most investment advertisements and with good reason. Just because you were successful in the past does not mean you will be successful in the future. I work with business owners in Westchester County New York who define success through their vision, their values, and goals. In addition, they monitor and measure results. You may have heard the expression, “If you can’t measure it you can’t manage it” To begin, you need to have a strategic plan, goals and objectives, and a way to measure your progress. Without these elements you are relying solely on luck. What you measure is just as important as having and plan and executing it. For example, many business owners are familiar with the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization), or more simply said profit. But that,...

Many businesses are started each year. Many don’t last. Michael Gerber, in his book “The E Myth Revisited”, discusses the reasons. The e-myth or the entrepreneurial myth as described by Gerber incorrectly assumes that the desire of the new business owner or entrepreneur, plus capital, plus a profit goal will result in success. But this has not spelled success for business and the lack of the true understanding of what it takes has caused businesses to fail. Some businesses may survive due to external dynamics and timing but they will become stagnant and the owner will feel like a hamster on a wheel. There is a lack of entrepreneurial leadership. For example, in the restaurant industry there are numerous great cooks and chefs that feel that because they know how to create a great meal that that they should open a restaurant. The restaurant might open and have sales but the...

Creating high performing teams is a critical component to building a successful organization and maintaining a competitive edge in a rapidly changing market place. High performing teams begins with the leadership of the organization. Leadership’s role is to create the environment that allows teams to be successful by creating and providing a clear vision that empowers employees to succeed. When leaders of an organization provide a clear vision, their employees are more excited and passionate about accomplishing the organizational goals because they can see that they are an integral part of making the vision a reality. And, by encouraging employees to think outside of the box, to do things differently, to be creative and innovative, leaders empower their employees to accomplish the organization’s goals. To illustrate the importance of teams let’s consider a flock of geese. A flock of geese has a common goal – fly south for the winter. They...

Today, the most successful inventions, products, or innovations are a collaborative effort. Gone are the days when one person or one company has all of the answers. We live in a competitive society and collaboration is critical to innovation and separating our organization from others. Since there are no individual performers in a collaborative effort the ability to communicate is one of the most important components of collaboration. You probably know someone in your organization that can create a negative impact simply by saying good morning. This is because our communication is not simply words. It is not what we say but how we say it. Our communication includes our writing, tone and volume of voice, eye contact, and body language. Confrontation will kill collaboration but many confrontations are the result of poor communication. Although we meant it one way it was taken another way. Here is an example to illustrate...

An effective leader does not simply hand out jobs for others to do. The effective leader first puts the structure and processes in place to assure the successful execution by others. In other words, an effective leader knows how to delegate with confidence. Consider an example. Let’s say you want to open a restaurant because you are a great cook and really love to cook. If that is your primary reason I would suggest that you get a job as a chef at a restaurant. If you want to open a restaurant you need to manage and understand all elements of that business, but primarily, be able to manage and hold your employees accountable. I have a client who had built a very successful home services business. He did the sales and his wife did the bookkeeping. He hired service staff to work with him. He has a successful business but...

Contrary to what you may think education and skills do not create success. There is a saying that knowledge is power. That is also wrong. It is the application of knowledge that is power. In school teachers would say, “Johnny could be a great student if he would only apply himself.” With that being said why are we fixated on grades, degrees, and experience on resume when hiring people? In Good to Great Jim Collins explains that building a great organization is as simple as “Getting the right people on the bus, the wrong people off the bus, and the right people in the right seats.” It may be simple but it’s not easy. You will need to change the way you hire people. Unfortunately, all too often managers tend to make hiring decisions by looking at background in the industry, jobs held before, and job history. Significant time is spent...

Most successful business owners cite laser focus on the right things as paramount to their success. Staying focused and staying sharp on the things necessary to grow and change is important. But sometimes business gets lazy and in a rut. The owner stops seeing the big picture. The business has had years of successful sales and profits. Since the business is still making money and continuing to operate the reasoning is, if it’s not broke don’t fix it. But recently the business has experienced a decline in sales and profits. In short, there have been changes in the economy and the market. In order to remain successful the business owner must refocus. How are you doing? Take this 5 area checkup: 1. Make sure you know what business you are in. If you make cell phones do you provide smart phones or do you create facilitated mobile communication? If you run...

Do you know why you are in the business or career you are in? Does it really matter? Many of us recognize the Nike tag line “Just do it!” While I certainly believe that is great advice it is not true universally. I was recently working with a Westchester County NY coaching client on his business development. He was struggling with his growth and was having trouble getting his team on board. He was having a hard time accomplishing the objectives that we have worked on together in his plan. These were the goals that he had established in previous sessions. After failing to complete some of the tasks we had outlined from our previous meetings over several weeks, I asked him these questions, “Why did you set these goals and if was important why have you not begun to execute on what you set out to do?” He responded that...

I work with numerous business owners in Westchester County who are working on making their businesses more successful. These businesses define success through their vision, their values, and goals. Then to stay on top of their business they monitor and measure results. You may have heard the expression, “If you can’t measure it you can’t manage it” Well, if you want to have a sustainable business you need to have a strategic plan, goals and objectives, and a way to measure your progress. Without these elements you are relying solely on luck. What you measure is just as important as having and plan and executing it. For example, many business owners are familiar with the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization), or more simply said profit. That, however, is a measure of what has happened in the past. It may not predict what will happen in the future....

“I recently had to take some time off and during my absence the company did not have enough sales to even cover our overhead.” A Westchester County NY business owner relayed this situation to me. She was frustrated. “My business needs to operate when I am not there,” she said, “but at this time I am afraid to take a day off.” If you are a Westchester County NY business owner and this sounds familiar you should know that it is a common problem. As business owner you want sales growth and business stability but don't feel your employees can get it done. Your solution will lie in becoming a leader who trains, develops, empowers, and delegates with confidence. It is important to have the right people doing the right jobs. So start by having job descriptions for everyone. Make sure that every staff member is qualified for the job. Find...

According to a dictionary definition an entrepreneur is “one who organizes, manages and assumes the risks of a business or enterprise.” So you are a risk taker if you are an entrepreneur. It is true that many startups do not survive. That, you say, is the risk that is assumed. But there is bare risk and then there is managed risk. Using the investment community as an example you can be a great risk taker, do day trading including option buying and ride a roller coaster. Or you can make a managed long term diversified investment plan. Both choices involve risk but the second choice of diversifying manages that risk and results in a successful outcome. Michael Gerber, in his book “The E Myth Revisited”, discusses what I would suggest are the unnecessary bare risks in entrepreneurship. The e-myth or the entrepreneurial myth as described by Gerber incorrectly assumes that the...

Many great entrepreneurs have something in common. At one point they failed in business but then they later became smashing successes. Some of these entrepreneurs include Henry Ford, Walt Disney, Mary Kay, Bill Gates, and Richard Branson. The difference between these entrepreneurs and other business failures is that these individuals learned from their failures and used those lessons to build successful enterprises. Education is a short cut to experience. Recently, three of my colleagues and I shared some lessons learned from the front. You can avoid some of the mistakes which will lead to failure by taking note of these lessons. Q. When you develop a business plan why do you put it aside and forget it. A. Many businesses put in the effort to develop a business plan but then fail to take action on the plan. The plan is a living document and it needs to result in the...

What do you think about when you hear, “I’m Loving It.” Or what do you think when you hear, “Just do it.” You probably said McDonalds and Nike. Why are you able to recall this so quickly? Over a period of time you have heard commercials on TV and radio that continually mention the taglines of McDonalds and Nike. You did not intend to learn this tagline but the advertiser’s use of spaced repetition planted it in your mind. How did you learn your multiplication tables when you were young? Or how did you memorize that poem when you were in grade school? That was also spaced repetition. Spaced repetition is the most effective and powerful way we learn. So how are you incorporating spaced repetition into your learning process, and what about your process with other staff or junior associates? Are you responsible for teaching some other staff how to...

Have you wondered whether you would benefit by having a coach? Here is some information on what coaching is and what it is not. Is it right for you? Coaching relationships vary considerably. There are life coaches, sports coaches, health coaches, business coaches, and so forth. Here is some information on the nature of coaching, its benefits, and how it varies from other type of consulting. Sometimes people confuse coaches with traditional consultants. They might ask a coach for advice. However, a coach’s role is not to provide answers or solutions. Instead a coach helps the client develop their own potential. If you have ever been motivated to act or energized by way of conversations you have experienced the effects of coach. Here is an example. If a child asks you how to spell a word you could provide the child with the correct spelling. That would be the consultant approach....