I Need to Make A Decision

Having a rising high school senior has provided a new opportunity for our family. College tours and decisions. So many great places with different attributes and qualities. We’ve visited two universities so far and have several others on the schedule over the next 30 days. Apples and Oranges. How can she decide?  Having a Six Sigma/Lean Engineering mom brings a new decision making opportunity to this process as well. We’ve taken the C&E Matrix (Cause and Effect Matrix) to a whole new application. I’m not referring to the Ishikawa Diagram (fishbone) even though some disciplines call the Ishikawa Diagram a C&E Matrix. I’m talking about the decision making tool.

The C&E matrix is typically used to help us narrow a long list of suspected X’s (inputs) down to a more manageable one. For example if a process has dozens of inputs, it would be too difficult to start investigating each one – so instead they get prioritized based on the issue at hand which are categorized by Critical to Quality indicators (CTQ’s).

In my opinion, the reason the C&E is so powerful is that it keeps the emotion/gut in check. So we have put together a C&E Matrix for our daughter’s college decision making. The CTQ’s are what we’re calling “Important Factors”.  These are the things that are important to our her for college journey.  The inputs are the colleges and they are being measured against the CTQ’s she has identified.  The goal is to come up with a “top 3-5” list when we’re done with the circuit.  And then, assuming a standout – start the early application process.

Other rogue ways I’ve used this tool and the benefits:

• Employee hiring – helped me hire a widely diverse workforce with stills targeted to the job’s success factors not just someone like the employee previously in the role. 
• Deciding what family vacation to take – balanced all factors, not just cost and helped us think of options that catered to everyone’s preferences.
• Business investment choices – deciding when to invest in equipment, systems, furniture, office space, etc. is really a matter of two things – positive impact to the customer and positive impact to the revenue plan (of course regulatory factors supersede both). The C&E helps get the ego out of the way.

If you have questions on how to use this tool for your business or personal decision making, please let me know. And if you have used it in a unique or innovative way – share that with the New Day Solutions blog readers too.

Lead on!

Lori

I Need To Know How To Hold ‘Em and When to Fold ‘Em

When you are selling your own services, one of the most difficult things to do is to set your own price.  When I work with entrepreneurial or emerging consultant clients, we typically go through an exercise to determine market value, cost of good/services, market share strategy and regional pricing tolerance (where applicable).  However, the after that data driven exercise, complaints start to creep up regarding reducing prices and “free/pro-bono” work eating up too much time without any return.  Here are five things to do to avoid losing your livelihood and your sanity. 

1. Find out early in the sales process what the client’s budget is.  You want to ask them a budget question before they ask you a price question. If their budget is in line, then proceed.  If it is not, then quickly let them know that their budget is below your standard pricing.
2. Help them afford you – if you are consulting to help a company save money, then you can structure your contract to be your full price but has two pay components.  A base price (their budget) plus the savings realized up to 5% over your standard fee with a guaranteed minimum (your fee).   If you are facilitating a workshop, you can structure the contract to be your full price which includes the base fee for the workshop plus X number of presold workbooks.  They can either gift the workbooks to their employees, or ask the employees to pay for workbooks to make up the budget gap.  The key is to keep each invoice at or above your market value. 
3. No free-bies unless there is WIFM value (What’s In-it For Me).  If you can garner exposure (verified in advance), marketing, a chance to sell other products, etc. then it is a good idea to do some “free-in exchange for” work.  But be cautious.  For some crazy reason, friends and family often assume you want to work for free.  What’s up with that?  You can politely but directly say “that is something do for clients, and my fees are X.  If that is not something you’re comfortable with, I completely understand and I’d be glad to point you in another direction.”   When was the last time you asked an attorney friend to review a contract for you for free or an architect friend to draw up some plans for your new beach house?  Hopefully never.
4. When you are asked (in case you don’t get that budget question in first) “what is your fee, say something.  Even if it is “what is your budget?’.  Anything is better than, “um” “well” or nothing.  That’s the first clue that you are flexible or will negotiate – i.e. talked down.  If you have a price and stick with it, you can at least say it confidently and work on the details of the project as the conversation progresses.
5. Hold your own.  Don’t change price based on pressure of the prospect.  If they indicate the price is too high, ask them why they feel that way.   Ask them what they were expecting and where they are getting their price base from.  You may learn that a competitor is charging less – and you may have to either explain how your services differ or be willing to match price.  At some point if there is a competitive pricing issue you have to decide if you want to “compete” on a price, quality, or product differentiation.  Or, you may decide that you don’t want to compete and fold ‘em and move on to the next opportunity.    

I Need to Love It

Formula for making a living doing what you love:

Your strengths/gifts + Your passions/preferences + a desired product/service* =

A job that is fulfilling, rewarding ($$)  and provide long term vocational satisfaction

In my coaching practice, I often am asked, “How do I know what I those things are?”   Here are a few questions you can answer that will point you in the right direction:

When people say “thank you” you to you – what do they thank you for?  Is it for helping, solving a problem, being compassionate, your creativity . . . ?  This is your is what you are naturally good at – your strengths/gifts.

What things do I naturally do first and what things do I put off?   Do you get energy from talking with people, doing organizational stuff, research, reading/learning, planning, working on that volunteer or service project . . . ?  What you like to do first is what you are naturally drawn to, comfortable doing and/or are passionate about.  In here lies what you love.

What products and services that are similar in the market, and how many providers are there?   If there are very few similar other products/businesses that offer what you love then it probably isn’t a viable business strategy.  There aren’t that many original ideas out there  – but plenty of original ways to  specialize it and make it your own – so if it isn’t thriving already somewhere, it probably wont be.  If it, or something similar, is being sold –  chances are if you are good at it and love it – you’ll be successful at it.

Here is a link to someone who has taken her passion and not only has made it into a thriving business, but is bringing joy into people’s lives every day!  Kathy Shires, Director of Animal Assisted Therapy at the Foundation for Blind Children in Phoenix, Arizona trains Collies to help children who are visually impaired and who are in rehabilitation therapy.  In less than one minute and thirty seconds, you can watch an amazing story featuring her Collies at work.  Her passion and her dogs are making the world a better place, one lick at a time.  Click on this link http://teamk9therapy.com/  go to “interesting videos” – and watch the first one!  Hats off to you, Kathy for sharing your gifts in such a special way.  If you are interested in donating or being a sponsor – contact Kathy through their website. 

• Video Courtesy of KPNX TV Channel 12 Phoenix, Arizona April 27, 2010

*definition of desired product/service – something a customer is willing to pay for!

 To your passion!

Lori

I Need to Know What to Do.

The number 1 reason people leave a job/company is lack of leadership. 

People make decisions to join a company based on four straightforward criteria.  The need that is their most pressing issue carries the most weight so as the list proceeds if the first requirement is met – the others carry less weight.  Conversely, if the first requirement is not met, each following requirement becomes more important in sequential order. Prior to the recent economic downturn the order for decision making went something like this –

1. Who I work for?  – if the leadership requirements are met the rest are less important.
2. What will I do?  Will I love, like, tolerate, or stomach it?  If no. 1 is met, I’ll move further down that list.  If no. 1 is not met I will need to really like/love what I do to “stomach” the boss.
3. Where will I live? – Do I have geographic constraints that I want/require?  I may forgive 1 and 2, if I can live/be where I need to.
4. How much will I make? – If the others are met, money may not be an issue.  Other rewards take over.  However, if 1, 2, and 3 are not met – it needs to be the “offer of a lifetime”.

I have seen that the economic climate has created new level of financial stress on the un/under employed.  Many decisions are being made with no. 4 in the first position, with a much lower threshold for acceptance.  Taking a job “just for to have one – or a paycheck” is a major cause for poor performance, stress related health issues, and resentment in the workplace.

My prediction is that when unemployment rate begins to drop, many people will have a burning desire to address the emptiness of job dissatisfaction and be interested in reordering the criteria back to leadership. 

Are the people joining or leaving your team, doing so because of  you or your signature on their paycheck .  . . or both?

I Need An Edge

Competition is fierce these days.  Who doesn’t want to make a good impression, win the sale, or get promoted?   How do you set yourself apart from your competitors? 

Here’s what I like to call the 10% edge.  5 small things that won’t cost you a fortune but will present you like a million bucks.    

• Make sure you have great shoes.  They should be professionally appropriate, clean, neat, scuff free, and without holes in the soles.  Yes, it’s visible when you cross your legs.  Try using a dryer sheet to give a polished shine to your shoes and eliminate the dust if you haven’t worn them for a while.
• Carry a nice pen.  It doesn’t have to be a Mont Blanc. Choose something classic, easy to hold, and doesn’t look disposable.
• When you are meeting with someone face to face, eye contact.  Looking up like you’re searching for the next word, or looking down and away gives the impression you don’t know your stuff.  Look ‘em in the eyes and show your confidence.
• Follow up in writing – pen and paper writing.  Send a note via snail mail instead of email.  One way to do it efficiently is to stamp and address the envelope before you go to your meeting.  As soon as your meeting is over, sit in your car, office, building lobby and write the note capturing relevant thoughts to show your insight.
• Groomed Nails – short and clean .  Men, your hands can take abuse throughout the day.  If you’re not into manicures, a moisturizing lotion will do wonders.  Keep a small bottle of  non-greasy unsented lotion in your briefcase or car.   A quick application before a meeting will remove the appearance of those rough spots.  Ladies, no long crazy nails.  Not professional.  If you don’t have time for frequent manicures, 5 minutes every 2 weeks will do the trick.  Use a single coat of Sally Hansen No Chip 10 Day Nail Color in Tough Buff.  It looks great, dries fast and lasts for at least 2 weeks.   

Bonus:  Smile!  We get so caught up in the seriousness of business that we forget to let our face know that we’re having fun.  Do you remember the last time you were in a meeting and the presenter didn’t smile?  Snoozer!  Your client, prospect, or future employer will see you as a positive person and want to do business with someone who can be professional and happy.

I’d like to know what you do to set yourself apart from other 90%!

I Need a Job

In today’s market there are three people for every single open job.
So, what do you do to be that one in three??? Many people spend a lot of time and potentially a lot of money developing their “perfect” resume and a well written cover letter and then voila!  We’re ready.   Hit Career Builder, Monster and Craig’s list – shot-gun those beauties out there and wait for a hit.   Stop the madness! For the best results, customize your resume each time you send it out to include the terminology for that position.  Because so many people are in the job market, recruiters are relying on word search technology to find the best suited candidates before even reading the resume.

Also critically important – your cover letter is not a form letter and is not a verbal regurgitation of your resume.  Write it specifically for the job you’re interested in.  It should highlight how you believe you can add value, why you are interested in the company, and what you know about the position.  If you can address the letter to a real person versus “To whom it may concern” all the better.

Save the cover letter and resume using a common title so you can easily refer back to it when you head out for your interview.   For example, AcmeCustSvc cover062609.com and JSmithAcmeCustSvcResume062909.com