That’s the phrase one of my oldest and closest banker friends always used – he became the President of a major division of a major bank before he retired. You may not know that word – and it’s at least a “50-center”, maybe more, but he loved it and used it on me all the time.
… pause … have you looked it up yet or are you waiting for me to tell you? … come on ….
Yeah, that’s what I thought. Okay. It means charitable, as in “we’re not a charitable organization” … meaning we do have a few basic rules:
Those are the basic rules … which is why I’m getting pretty tired of the endless news articles and blog posts about the lack of adequate capital for small business.
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Today there’s constant bickering among advocates who claim that the banking community is unwilling to lend to small businesses, and those who say that small businesses won’t need loans until their business improves. Since we’ve finally solved the chicken or the egg question, maybe we can use the same HECToR super computer to find the solution to this conundrum?
In Cash for Chocolate, WSJ outlines several creative ways to raise funds for those of you looking for an innovative solution. I like the idea of “chocolate bonds” where you receive a box of chocolates every month as part of your investment return, or receive a “grocery discount” when investing in a local food market.
There are many ways to get creative … so don’t hesitate to think about what you can offer that would be appealing to your ideal investor and test it out on a few of them. The worst that can happen is that they reject the idea and you try something else.
What’s the most creative financing idea that’s worked for you? Have you seen other innovative financing ideas that work?
The flood of public embarrassments and public floggings never seems to end. Two of my most recent columns, Get it Right the First Time and The Keys to an Apology, summarize BPs woeful public gaffes, the transcendence of umpire Jim Joyce ‘actions following an almost perfect baseball game … and some valuable insights about how to manage such situations.
I missed Mark Zuckerberg’s appearance (the founder of Facebook) but Carmine Gallo captured the essence of his recent public appearance in his article, How to stay cool in the Hot Seat” in which he offers some candid observations about how to respond to such incidents.
I follow Carmine Gallo because I really enjoyed his book, “The Presentation Secrets of Steve Jobs“. The members of the Exkalibur Leadership Forum are now reading it during our quarterly discussion about presentation and communication skills. It does a superb job of providing practical advice about how to make a powerful presentation using some of the demonstrated techniques of Apple CEO, Steve Jobs.
“You can have brilliant ideas, but if you can’t get them across, your ideas won’t get you anywhere.– Lee Iacocca
When I visit the websites of many of my Bay Area clients, I often find broad product offerings and detailed product specifications, accompanied by routine background and contact information … but rarely do I find a blog with which the company communicates with its customers.
Social media has exploded
The world of social media has blown the doors off traditional means of communicating with customers and employees. YouTube is now receiving more than one hour of recorded video for each minute on the clock – with over 2 billion page views – and it just celebrated only its fifth anniversary. In just over six years, Facebook has garnered more than 400 million subscribers and continues to grow.
With powerful social media tools like these, as well as LinkedIn, Twitter, Tumblr, Digg, del.icio.us, Buzz, etc., most middle-market companies are overwhelmed by the choices. But most of them are not moving fast enough because – be dead sure of this – these tools, advancing at an increasingly faster pace every day, are here to stay and flourish. If you’re not part of that conversation,
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“Pride is concerned with who is right. Humility is concerned with what is right.” — Ezra Taft Benson
I was ready to return to our series on strategic finance after my last column about the integrity of umpire Jim Joyce and the accountability of BP… until I read a comment in the Washington Post by Jeffrey Pfeffer, a professor of organizational behavior at Stanford University. Citing Henry Ford’s infamous quote, “Never complain, never explain,” as the preferred way for business leaders to deal with disasters like the Gulf oil spill took me by surprise.
BP is the poster child for a failed apology
In appearing to criticize BP’s CEO Tony Hayward for apologizing for BP’s actions, Mr. Pfeffer extols the value of being on the “winning side,” that people respect strength and diffidence does not convey winning or power. Research in social psychology, he continues, “shows that acting embarrassed or remorseful conveys less power and results in less favorable impressions than acting angry.”
In the context of BP’s PR debacle, those comments seem wildly misplaced. Does Mr. Pfeffer think BP would have won our hearts and minds by taking no responsibility, “never explaining,” and that he should have acted like he was angry that people blamed BP for this unexpected accident? I can’t imagine worse advice than if I recommended that you chase down every meal with a quart of engine oil.
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Everyone knows WHAT they’re doing … no exceptions … and most know HOW they’re doing it … but few know WHY they’re doing it! Simon Sinek argues that people make emotional decision to buy or follow someone only because they BELIEVE what YOU believe … which is all about WHY you’re doing it … NOT what or how you’re doing it.
Watch his provocative video from the TED conference and see if you’re clear about WHY you’re in business. Do your customers understand this? Does this provide the foundation for your relationship with them? If not, how can you go deeper to create that connection?
Today is usually a day for hot dogs, parades and festive celebrations of the birth of this wonderful nation we inhabit.
In that spirit, I’d like to dedicate this holiday to a dear family friend, Cpt. Kevin Mott, an Army Ranger who was badly wounded in Afghanistan this week and is returning to the U.S. for treatment. Our hearts and prayers are with him and his family for a rapid and full recovery.
Another day, we can debate the wisdom of our foreign policy and the wars in which we’re currently engaged … but today, I’d like to pay tribute to Kevin and the men and women with whom he serves. We stand straighter because of their bravery and commitment and shed tears for their innocence and selflessness as they put themselves in harms way for the country to which they give so much and from which they ask so little.
They aren’t encamped on a comfortable bar stool celebrating Independence Day. They’re carrying out their mission in the unforgiving terrain of the Korengal Valley and Kunar Province of Afghanistan, without electricity, plumbing or running water,
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Early birds – those of you who get up early – tend to be more proactive, more successful in business … while the night owls … that’s me … have been shown to be smarter, more creative, funnier and more outgoing … not so bad, huh?
HBR recently published some research by Biologist Christoph Randler, who surveyed 367 university students about “what time of day they were most energetic and how willing and able they were to take action to change a situation to their advantage.” More of the morning people agreed with statements like “I spend time identifying long-range goals for myself”.
Which are you? Do you think it effects your performance, say compared to some of your colleagues? Can you change it? Do you want to?
Welcome to Exkalibur. I’m Lary Kirchenbauer, President of Exkalibur Advisors, Inc. Please take advantage of our resources to help you build your business ... and let me know what more we can do to serve you.
Read my latest column from the NY Times affiliate, the North Bay Business Journal.
Not only do you get honesty and integrity from Lary but you also get creativity, maturity and deep business acumen. Lary is the diamond in the rough for middle market companies in need of corporate advisory services and transaction services.
Kelly O. Kay, Partner, Center for Corporate Innovation
