Turning Around the Troubled Company

Turning around floundering companies requires effective management at all levels of the organization. But how is this achieved? What must management do to be effective?

Jim Burkett knows something about making the right things happen. He has turned around twenty-eight underperforming and troubled companies, from Fortune 500 companies to smaller public and private companies, throughout the United States, Canada, and Europe.

Burkett has come up with a tool kit for turning around companies that includes:

  • Planning
  • Organizing
  • Measuring performance
  • Executing
  • Following-up
  • Real-time reporting
  • Problem solving

If you are facing the daunting task of helping to turn around your company, then you’ll want to join us for our Soundview Live webinar The Learned Disciplines of Management, coming up on July 29th. You’ll hear more about his tool kit along with practical examples of how turnarounds can happen.

Join us and invite your whole management team. And make sure to bring your questions to post for Jim to answer during the webinar.

New Summaries to Make an Impact

We all want to make an impact. Whether you’re trying to close a big sale, communicating a message to your clients, or leading your employees through effective decision-making, you are looking to make an impression. Soundview has three new Soundview Executive Book Summaries that help you make an impact in the workplace.

Now available for download:

the_innovative_sale

– by Mark Donnolo

The Innovative Sale by Mark Donnolo. Sales and creativity expert Mark Donnolo details six Innovative Sale principles –– pattern, variety, unity, contrast, movement and harmony –– that can be used to create better value propositions and assess your team’s Creative Quotient for Sales. This guide will help you incorporate creativity into your sales practices and better understand your customers.

 

 

brief

– by Joseph McCormack

Brief by Joseph McCormack. Senior marketing executive Joseph McCormack offers a step-by-step approach to getting to the point quickly and delivering every message with maximum impact. Brief describes how to use BRIEF maps, narratives and visual media to make your message more compelling. A master of brevity says less and gets more done –– learn how.

 

 

judgment_on_the_frontlines

by Chris DeRose and Noel Tichy

Judgment on the Front Line by Chris DeRose and Noel M. Tichy. Management experts Chris DeRose and Noel M. Tichy explain why frontline employees are so important and why it is crucial to involve them in decision making. Judgment on the Front Line provides a five-step process for building a frontline-focused organization and includes examples of frontline leadership in action.

How a Funny Name and Six Core Values Revolutionized Convenience

THE WAWA WAY

Win the Hearts of Your Customers

In August 2011, Philadelphia magazine described a burly, 300-pound, 24-year-old man named Jeremy Plauche, getting the logo of a convenience store called Wawa tattooed on his inner biceps. Plauche, according to the magazine, works night shifts for the rescue squad in Millville, NJ, but is originally from Louisiana. “I tried to explain to my friends there what Wawa was and what it means to people who live up here… and they kind of didn’t believe me,” Plauche tells the magazine. “Wawa is part of our culture. It’s part of our way of life.”

From the couples who marry at the Wawa where they met to the Facebook group People Who Miss Wawa How, consisting of former Wawa customers who have left the chain’s service area (Pennsylvania, New Jersey, Delaware, Maryland, Virginia and now Florida), Wawa is indeed a way of life for its fans. How does a regional convenience store elicit such devotion from its customers and even its employees (like those who kept a store on Long Beach Island open during much of Superstorm Sandy even though some had had their houses washed out to sea)? The history and principles of Wawa, as presented by former Wawa CEO Howard Stoeckel in a new book, The Wawa Way, can offer lessons for any business seeking to engender fanatic customer and employee loyalty.

Private and Shared Ownership

One key to Wawa’s success, according to Stoeckel, is its unique ownership structure. Nearly 40 percent of the company is owned by the Employee Stock Option Plan (ESOP), with the rest owned by Wood family members. The shared ownership with Wawa “associates” motivates all employees to make the stores a success, Stoeckel writes. Perhaps even more important, Wawa does not face the short-term pressures of a public company. “We’re not making decisions, as a lot of companies do, based on what Wall Street analysts or minority investors will think,” Stoeckel writes. “We’re making decisions based on the best long-term interests of the business.” One example are the concrete posts in front of every store to prevent customers parked in front of the store from accidentally plowing into the store (as happened a number of times). Deciding to put the posts in front of every single store “was hard to justify in terms of return on investment, but in terms of living our values and protecting people, it was the right thing to do.”

The Six Core Values

The true secret to Wawa’s success, however, is that it lives its six core values, Stoeckel writes. The ESOP and concrete barriers are just two examples of Wawa’s core value of “valuing people.” Stoeckel also recounts numerous stories of how associates “delight customers,” from bringing a Thanksgiving dinner to a wheelchair-bound customer who would be alone for the holiday, to lending a $200 coffee pot to a customer when the store ran out of coffee-to-go boxes (the customer cared for an invalid spouse and usually bought a coffee-to-go box every morning). The Wawa Way is also filled with examples of how the company follows its remaining four core values: “embrace change,” such as the decision to add fuel to its business model; “do things right,” “do the right thing,” and “have a passion for winning.”

Any company will have ups and downs, and Stoeckel is candid about some mistakes the company has made – including a poorly thought-out strategy for adding fuel to the mix in the 1980s and some questionable products. Wawa continues to excite the passion of its customers, however, because as it moves through different strategies and decisions, it continues to remain true to its core values and traditions. This is a manual on delighting customers.

What is a Responsible Entrepreneur?

“Responsible entrepreneurs are a special breed, seeking to transform industries and even society itself. They challenge and refine cultural assumptions, laws, regulations, and even the processes of governance. This requires them to do and think far beyond what is usually required of business leaders.” Carol Sanford

In Responsible Entrepreneur, Carol Sanford, one of the most trusted names in responsible business development, offers a blueprint for this new kind of business leadership, describing the means by which any entrepreneur can pursue a higher order of work.

Sanford maps this journey through four archetypes:

•The Realizing Entrepreneur:  Industry Game-Changer (Steve Jobs, Sarah Slaughter)

•The Reconnection Entrepreneur: Society Game-Changer (Richard Branson, Cheryl Contee & Kipp Baratoff)

•The Reciprocity Entrepreneur: Culture Game-Changer (Oprah Winfrey, Michiel Bakker & Annalie Killian)

•The Regenerative Entrepreneur: Governance Game-Changer (Larry Page, Jay Coen Gilbert & Shainoor Khoja)

We have invited Carol to our upcoming Soundview Live webinar, The Responsible Entrepreneur, to give you a better understanding of which archetype most aligns with your goals, so that you can learn how to grow your business into a powerful platform that can leverage change, and even change the foundations that create our most pressing problems and issues.

For entrepreneurs seeking to pursue world-changing results, or impact investors looking to align their capital with their values, The Responsible Entrepreneur provides the frameworks to build a business and to evaluate and direct investments to create the greatest benefit for all stakeholders. For anyone who wants to make a difference in the way businesses affect the world, The Responsible Entrepreneur lays out ways to make that aspiration focused and doable.

Join us on July 24th for our webinar with Carol Sanford, and bring your questions to post during the live event.

Is Being Busy Impairing Your Productivity?

In What Keeps Leaders Up at Night, business psychologist Nicole Lipkin writes “Keeping busy may make you happy, but at some point excessive busyness can overwhelm your coping capabilities. That’s when we become too busy to win. Excessive busyness can impair performance and produc­tivity, making you increasingly forgetful, fatigued, and prone to poor decision making and problem solving.” In a Soundview Author Insight interview, she points out there are ways to recognize if you’re too busy to win:

Being too busy to win speaks to the constant battle most of us are fighting in this constantly wired and connected global community that we live in. When you think about it, our brains are kind of like these shelves from IKEA. You set it up, and over time you forget the directions said you only can put 50 pounds on the shelf. So you keep piling books on that shelf, and tchotchkes on that shelf, and you ignore that the middle is starting to sag. You put another book on, another book on, then snap, and your shelf breaks, and you act surprised. Well, our brains are equivalent to a shelf from Ikea.

As we start piling more and more on, that shelf starts sagging. Most of us completely ignore the symptoms of that sagging shelf, and we keep allowing more and more things to pile up on it and inundate it. Some of the symptoms, which I’m sure you’ve experienced from time to time, I know I have, are let’s say going to the supermarket or store and completely forgetting what you went there to get, or rereading over and over the same paragraph in a book and retaining absolutely nothing or forgetting simple things, struggling with sleep, or struggling with staying asleep, and the list goes on and on and on.

The thing is, unless you have significant mental health illness or are struggling with a significant learning disorder, as humans, we’re supposed to be able to remember what we went to the supermarket for. We’re supposed to be able to read a paragraph, get it, and move on to the next. We’re not supposed to be in a chronic state of edginess or agitation.  These are the signs that our shelves are sagging, but most of us ignore them and chalk it up to just life. The problem is, the more you ignore these signs and symptoms, the worse you get. The truth is, and we all know this, you can’t be great when you’re too busy. A ball or two is going to drop. We just need to stop and pay attention, because the signs are very, very obvious.

In the interview Lipkin also expresses the challenges every leader faces and how to overcome them. She also talks about what causes “good boss gone bad” syndrome and how to self-diagnose. Soundview subscribers can log in to their online libraries to listen today!