It’s hurricane season. For businesses on the coast, a crisis may be looming on the horizon. But even companies far from the coast will likely face a crisis at some point… as a result of Mother Nature or some reason. It’s not just possible; it’s probable. It might be something small like equipment failure at a manufacturing plant. Or it could be something truly catastrophic, such as the BP Deepwater Horizon oil spill. No matter how much a company safeguards against calamities, it is impossible to avoid every possible problem. But there are 10 best practices for managing business during a crisis. Do you know them? Continue reading →

If being unique and standing out is essential in today’s noisy, competitive marketplace, how does a company go about differentiating itself? That’s the challenge and that’s also where the magic is. Has your company differentiated itself? If not, here’s how. Continue reading →

It has been said imitation is the highest form of flattery. Perhaps for the one being imitated, but it does not speak well of the imitator. Being just like another business is not good. Staying fresh, relevant and unique is key to business success. The most successful and longest-lasting companies in the world have survived and thrived, in large part, by differentiating themselves in the marketplace. So why is differentiation so important and how does a company go about differentiating itself? Continue reading →

Imagine a tree replete with lush fruit weighing down its verdant branches. The fruit is ripe for the picking. Now imagine that those opulent berries are creative thoughts. If creative ideas are the most valuable fruits a mind can produce, how does one increase the harvest? Is there a way to fertilize the soil in order to be more original? Are there things a person can do to be more artistic? More innovative? More imaginative? Is it possible to increase the mind’s inventiveness and readily harvest a continual, bountiful yield of fresh ideas? In a word, yes. Here’s how. Continue reading →

It is predicted that in the next 15 to 30 years, robots will be used to perform the most routine, repetitious, dangerous and data-intensive jobs, displacing a multitude of workers. Given this forecast, every person today needs to consider what jobs are beyond automation. Artificial Intelligence experts agree that creativity is one area where robots will not be able to outperform humans any time soon. That places creativity as a key ability. But is creativity a talent one is born with or is it a skill that can be acquired and cultivated? Are some people just more creative while others don’t have a “creative bone” in their bodies?
The answers might surprise you. Continue reading →

People are so risk-averse that they prefer to AVOID LOSS even more than they desire a POTENTIAL GAIN. That explains why in 10 Seasons of Shark Tank – a program about investors who fund startups – the “sharks” invested in just 11-19% of the 895 pitches they heard in 222 episodes. Even the most daring investors are risk-averse. What’s more, this is true even if what can be gained is more valuable than what is lost, and even if what is lost isn’t valued anymore. That’s the Sunk Cost Fallacy at work, and it’s SINKING YOUR SUCCESS. 

Want to avoid this cognitive distortion?  Continue reading →

There are many factors that affect the decision-making process, both personally and professionally. One factor is called “escalation of commitment”, when we commit further to a course of action or direction simply because of a past decision. This is often because of the sunk cost fallacy… a highly illogical but common thinking error. It is a major problem for companies weighing whether to persevere or reverse course on a decision. So what is the sunk cost fallacy and who is vulnerable to it? Is there a way to side-step this flaw when making business decisions? Continue reading →

According to an article published by MIT Sloan Management Review, “Meetings are a central fact of organizational life.” They can be invaluable as a mechanism to disseminate vision, craft strategic plans, develop responses to challenges and opportunities, brainstorm and gather ideas, and generate higher levels of employee involvement. They key words there are “can be.” So many meetings end full of promise and momentum… and then nothing else happens. Even a skillfully organized and expertly managed meeting can end up being a total waste of time. Why? Because it is only what happens AFTER a meeting that really matters. That is where the proverbial rubber meets the road. So how do you maximize meeting effectiveness? Here is how. Continue reading →

“Business” and “meeting” go together like mac and cheese. But most folks agree that meetings are akin to having dental work… meaning that at best it is a painful necessity and at worst an activity to be avoided at all cost. However, when done right, meetings can be effective way to increase interaction, cooperation, teamwork, creativity and connection. The key thing to understand is that there is no one-size-fits-all or ‘right way’ for how companies should handle meetings. It varies depending on company’s size, culture, technical tools, industry, and tasks. Here are some meeting best practices to increase meeting effectiveness. Continue reading →

Every company hires employees that don’t work out from time to time, for one reason or another. It is unfortunate given the cost to replace employees, but it is normal. There are many reasons why employers may hire employees that, even after extensive vetting, ultimately don’t work out. Lack of real skills. Bad attitude. Idleness. Gossiping. Personal problems. Clashes with management. When it is clear that an employee is just not a good fit for the job, you’d think that the logical next step is to terminate that person’s employment. But, more often than not, business leaders do not let go of bad employees right away. Quite the contrary. Firing is often the path of last resort. Why is that? Is that wise? Continue reading →