9 Steps to a Better Bottom Line

profit

How to Improve Your Bottom Line

In the last several years, businesses have faced smarter competitors, continual change, technological innovations, and uncertainty.

It seems more difficult than ever to both grow the top line of a business and the bottom line, too.

That’s the challenge that Dr. Dorriah Rogers, CEO of Paradyne Consulting Works, takes on.

From her work with some of the most complex projects and organizations, Dorriah has developed a 9 step program to grow net profit. After reading her new book Decide to Profit: 9 Steps to a Better Bottom Line, I asked her to share more about her research and experience.

 

“The man who removes a mountain begins by carrying away small stones.” –Chinese Proverb

 

Tell us more about the 9 steps and how you arrived at them.

The 9 steps are the result of many years of implementing various profit-focused solutions and systems across many different types of industries and companies.  At one point in my consulting career, a senior executive (almost, but not quite) jokingly asked me if I could develop an “Operations Manual” of all the tools I had at my disposal.  That was the genesis of the 9 Steps.  From there, I kept refining the steps, making sure they were interrelated, and asked for real-world feedback from my clients, until I had it down to a system as simple as I could make it.  I wanted to create a process that was not overly complicated to understand or use, and I wanted to create something that both managers making decisions and employees wanting to make an impact could readily implement to help their companies improve profitability.

 

“Whenever man comes up with a better mousetrap, nature immediately comes up with a better mouse.” –James Carswell

 

Identifying the system that needs improvement seems straightforward, but it isn’t as easy as it sounds. What if you can’t seem to identify which one is off course?

Agreed.  It is not simple to get started.  And that is why so many of my clients struggled.  They either focused on too many improvements or the wrong ones.  In many cases, most managers and employees inherently know where they need to start, or in what general area, and that is as good a point to begin with as any.  It may not be as tight a starting point as you might want, but the 9 Steps will help to define and clarify if it is the right place to focus your attention and resources as you progress.  Keep in mind that a “system improvement” could be as big as an entire corporate overhaul (like the Lego case study in the book) or as small as an internal vendor payment process.  The idea is to find those things that are impacting your ability to make money.  So the first place to start is to discuss internally which things are impacting your ability to generate profit.  Not revenue, but profit. 

Companies have a choice: keep doing what you’re doing and make incremental (or no) improvements to your bottom line, or tackle your best estimate of the system within your organization that could potentially have the biggest impact on profit.  You might start out with the wrong one, but the beauty of the 9 Steps is the iterative process built into it.  Along the way (and fairly soon) you will realize that the system you chose to improve might not be the right one because it is NOT positively impacting your financial goals, and the steps will prove that out for you through the ROI process.  At that point, you simply readjust, and the 9 Steps will guide you closer to those areas that will have the biggest impact.  So in short, start somewhere and the 9 Steps process will get you where you need to be.

 

“Creativity is thinking up new things. Innovation is doing new things.” –Theodore Levitt

 

Beware the Expert Loop

What is the expert loop and how does it often cause problems?

The expert loop was first coined by Alex “Sandy” Pentland in his November 2013 HBR article entitled “Beyond the Echo Chamber.”  In it, he posited that within organizations only a handful or individuals are viewed as the experts and the only ones who are capable of making important decisions.  I agree with his conclusions that, in fact, seeking information outside of this expert network is often much more valuable.  Time and time again I have seen the phenomenon of top executives sitting in rooms with the same small group of people as they rehash both problems and ideas in a tired, circular rhythm. The same ideas are beaten to death, and the same people are heard.  Even when new people are brought into the conversation, their ideas are often dismissed or even scoffed at as the experts re-establish their positions of authority at the top of the food chain. The problem this creates is twofold: a lack of true innovation and the stifling of a culture of continuous improvement.  While it is true that experts should (and do) have great ideas, it often requires a fresh perspective or a dissenting voice to shake things up and move the company in a new direction.  Some of the best ideas I have ever heard have come from the most unexpected voices.

 

9 Steps to Improving Your Bottom Line

  1. Identify the system that needs improvement.
  2. Put the right team together.
  3. Identify the goal.
  4. Observe the system.
  5. Identify bottlenecks within the system.
  6. Brainstorm.
  7. Select optimal solutions for improvement.
  8. Implement one change at a time.
  9. Sustain a culture of continuous improvement.

 

Unlock the Power of Brainstorming

How Your Business Will Profit from Innovative Collaboration

Drive Strategic Collaboration

Imagine a world where your customers want your organization to succeed. Where your employees are personally committed to your company’s success. Where your organization is not focused only on its own results, but on a collaborative effort that spans a community and beyond.

David Nour’s new book, CO-CREATE: How Your Business Will Profit from Innovative and Strategic Collaboration, takes these dreams on as he explores ways to drive strategy and innovation. His new work challenges us to think about relationships in a completely different way. I recently asked him about his work and new book.

 

“Your brand identity is beyond your control.” -David Nour

 

Co-creation. Share with our audience what it is and why it’s important.

It means collaborating with your most valuable business relationships to transform your business or revenue model. It can drive how you iterate, innovate or disrupt your market and in the process, evolve far beyond anything you could do alone.

 

“Introspection leads to right action.” -David Nour

 

You start the book by saying that, “Introspection leads to right action.” What’s the best way to do this?

Real introspection takes three critical elements:

  1. Think Time – Unfortunately, given the hectic pace most of us work these days, we don’t get enough quality think time to set the minutia of the day aside and really consider our relevant strengths and strategic relationships, as well as personal or professional growth opportunities.
  2. An Inner Circle – We need to surround ourselves with fewer, but more authentic and impactful, business relationships. Most of us could dramatically benefit from fewer partnerships and alliances and more thought partners who will tell us what we need to hear.
  3. Leading Drivers – We can’t raise the bar on our intellect, performance, execution and results… if we don’t measure leading drivers of our progress—not lagging indicators of where we’ve been, but predictive insights toward where we’re headed. You can’t win a race looking in the rear view mirror. Focus your energies on the road ahead.

 

Stay In Tune With Your Customers

The Secret to Higher Profits in a Digitized World

The Decline of Customer Satisfaction

Customer satisfaction is going down, not up.

How can that be in a world with unprecedented technological progress?

 

“A brand is the sum of the good, the bad, and the off strategy.” –Scott Bedbury

 

Tema Frank founded Web Mystery Shoppers International, the world’s first company to test omnichannel customer service. Her new book, People Shock: The Path to Profits When Customers Rule , shows off both her decades of business experience and the research from interviewing over 150 business leaders. She developed a formula to help businesses improve the customer experience in the midst of a digitized world.

I recently asked her about her research.

 

“The key to getting work done on time is to stop wearing a watch.” –Ricard Semler

 

What is PeopleShock?

As we automate more and artificial intelligence wipes out jobs, the smaller amount that is left for human to human interaction becomes critical. Companies that are people-focused (while using technology to support those people) are the ones that will win in an era of increasing competition and social media power. If you get the people side right, PeopleShock is your key to success. Ignore it and your company will soon be history.

 

“If you’re too busy to build good systems, then you’ll always be too busy.” –Brian Logue

 

Get the 3Ps of Profit Right

Please share your 3P Profit Formula with our audience.

Customers are cranky, and they’ve got more choices than ever before. So you’ve got to keep them happy, and that means getting all of the 3 Ps of Profit right:

Promise – Having a clear aspirational, inspirational and memorable reason for doing what you do inspires staff and customers. It also gives staff a filter for decision-making: Would their action be consistent with the company’s promise?

People – Business success comes from connecting effectively at a human level with people inside (staff) and outside your organization. Outsiders include not only prospects and customers, but people we sometimes overlook, like suppliers, distributors, lenders, investors, media and the public.

Process – As time goes by, some of the processes that got you to where you are stop making sense.  To deliver consistently great customer experiences, you have to regularly re-assess how you’ve been doing things. Start by looking at processes from a customer point of view. What do they experience? Then look at how that lines up with what you do internally.

 

“CEOs are the ones who must conduct the corporate orchestra.” –Tema Frank

 

How does this translate into higher profits?

The Secret Weapon That Solves Your Toughest Sales Challenges

Dealstorming 

Is it possible to increase innovation in sales and achieve higher growth?

How can diverse perspectives increase your sales results?

Is there a consistent way to increase the likelihood of closing your biggest deals?

Does your organization have a high-potential opportunity?

 

Last year, I was presenting at a conference in Africa. The theme of the conference was based on an African proverb:

 

“If you want to go fast, go alone. If you want to go far, go together.” –African Proverb

 

That night, as I enjoyed a memorable dinner with the unique, powerful sound of an African choir ringing in my ears, I reflected on this proverb. Its wisdom struck me in a new way at a deep level. So many major corporate initiatives are stymied because one person wants to act alone. The motivation to act alone may be rooted in the idea of a hero, or it may be simply because someone wants to demonstrate personal accountability.

Still, going farther requires collaboration.

 

“The best sales-driven companies have developed the habit of conscious collaboration.” –Tim Sanders

 

Debunking Creativity Myths

Recent studies on innovation and creativity have debunked the myth that innovation happens in the eureka moment. I’ve interviewed numerous experts who tell me creativity happens more in teams than alone.

And so, when I read Tim Sander’s new book Dealstorming: The Secret Weapon That Can Solve Your Toughest Sales Challenges, I found myself smiling as I saw these truths eloquently memorialized and backed up with research and experience.

Dealstorming: The Secret Weapon That Can Solve Your Toughest Sales Challenges is a monumental book not only for sales leaders but also for all corporate leaders. Whether saving, reclaiming, or winning new business, the techniques Tim shares are proven and actionable. Every organization wants to improve its results, and this is the best blueprint for achieving higher growth that I’ve seen in years.

But, beyond the dealstorm, the techniques in this book teach collaborative practices. The relationships built in this process do not stop with the sale, but continue, fostering a sense of purpose well beyond the deal.

I’m convinced that the techniques in Dealstorming will help you close more business, build better relationships, and increase your organization’s creativity.

 

“Innovating is not a way of doing things; it’s a mode of thinking.” –Tim Sanders

 

How to Win the Complex Sale 

Many people think that the sales process is impossible to define and one where you just go with your gut. In your new book, Dealstorming: The Secret Weapon That Can Solve Your Toughest Sales Challenges, you reveal that the sales process is just the opposite: a structured, repeatable process any team can use to win the large, complex sale. What experience and research led you to this conclusion?

Over my 30+ year sales career, I’ve noticed that despite the sharpest of perspectives, without a process you get a mess. The Funnel Activity Management System has been in place for decades, where managers focus on key metrics like cold calls or closing ratios in order to produce a predictable level of sales. Or so one might think.

Throughout that process, the rep used his or her gut feeling to determine which product to pitch, how hard to close and when to move on. But today, that system is necessary, but no longer sufficient for landing high quality sales.

Around the turn of the 21st century, I began to develop the sales collaboration process I call Dealstorming. At Yahoo, while leading the ValueLab and then serving as Chief Solutions Officer, I had the opportunity to participate in 40+ strategic selling situations, where theories were tested and then measured in dollars and cents. Over the last decade, I’ve refined this process through my consultancy, where we’ve participated in 60+ dealstorms at a variety of business-to-business companies. The range of experiences has helped me create a scalable process where managers could leverage a few successful Dealstorms to train the Account Executive on how to run their own.

In writing this book, I have interviewed 200+ sales leaders to understand how they’ve approached problem solving at the deal level, and what works in today’s global-social-mobile world. Collectively, all of these experiences have produced a way of innovating at the deal level that will work for small businesses and enterprises alike. Sometimes the ‘storms will be terrific trios and in other cases, an alliance of many.

 

Copyright Tim Sanders. Used by Permission Copyright Tim Sanders. Used by Permission

 Free! Sales Genius is a Team Sport is a free e-book taken from Tim Sanders new book. Sign up for our informative blog posts and get it for free. We keep your email safe and we don’t spam. Be more awesome this year.

Already on my list? Enter your email above and you'll get instructions on how to access the webinar.

Know the 4 Levels of the Sale

Truths to Empower Millennial Leaders

Empowering Millennial Leaders 

On a trip in the Rockies, Jon Mertz experienced the wonders of aspen trees and walked away with a strong perception that the Millennial generation and these aspen trees shared many of the same qualities. He saw them both as “connection-rich, purpose-filled, and community-centered.”

Jon is the author of Activate Leadership: Aspen Truths to Empower Millennial Leaders and he blogs at Thin Difference. He recently shared some of his concepts and his research into the Millennial generation with me.

 

Survey: 6 in 10 Millennials want a sense of purpose at work.

 

Facts About Millennials

You write about Millennials. Share some facts on this generation.

In the United States, Millennials are the largest generation, standing tall at over 80 million, and they make-up over 30 percent of the workplace today. They are quickly becoming the majority. Millennials cannot be ignored and should not be stereotyped. After all, Millennials are the next generation of leaders. Period!

Some statistics that energize me about this next generation of leaders are:

  • 64 percent of Millennials say they regularly keep up with what is going on in the world.
  • 75 percent of Millennials claim businesses are more focused on personal agendas than helping society, and 6 in 10 want to feel a “sense of purpose” in working for their organization.
  • 87 percent believe business success should be measured in terms of more than just financial performance—elements to include are employee satisfaction and retention, customer satisfaction and retention, and contribution to local communities.

What Millennials have the opportunity to create is a new digital citizenship. The new digital citizenship has the potential to enhance trust, transparency, purpose, accountability, and sustainability within and across organizations. I know this sounds lofty, but I believe in what Millennials are bringing to politics, business, and charitable organizations.

 

“Clarity is the fuel to make collaboration work.” -Jon Mertz

 

Millennial Misconceptions

What’s are the biggest misconceptions about them?

The biggest misperception about Millennials is that they are an entitled generation. New influences were present through societal and technology changes, no different than previous generations. Intensity of change accelerates, though. What I have found is not a sense of entitlement but a sense of how can we make things better. Embedded in this is a strong sense of purpose and problem solving. These are the traits Millennials are using.

An example of this is the Food Recovery Network. Two college students volunteered at a nearby homeless shelter. Back on campus after lunch, they saw good food being thrown away. How can people a few miles away have little food and good food is being thrown away here? They set out to solve this problem by working with the university to deliver the food to nearby shelters. Today, this social good initiative is active in over 160 chapters and has recovered over 1 million pounds of food across the United States.

Millennials are not entitled, but they are blazing a trail of renewal in solving real problems with purpose-filled solutions.

 

Survey: 87 percent of Millennials believe business success is more than just financial performance.

 

Find the Right Tempo

Let’s talk about patience. You say it cultivates growth. There are other times that we need a high sense of urgency and drive. How do you know what is needed?

There is no stock answer to finding the right tempo between patience and impatience. What patience engages is a visual of pace and stride. Patience embodies doing the work, learning our craft and honing our skills. Being patient is not wasted time. It is as Steve Martin said, “Being so good they cannot ignore you.”

Copyright Jon Mertz, Used by Permission Copyright Jon Mertz, Used by Permission

On the order side is stride. To achieve bigger missions and purpose, we need to step up to start a company, change jobs, move on, or re-start. Getting this timing right takes the right alignment of heart and mind. More specifically: