Business leadership often focuses on the strategy of the business. Working on the business, not in it. While owners and managers need to set a strategic course, it doesn’t excuse them from knowing how the strategy is executed. In fact, not having a firm grasp on business execution is one of the most common leader deficiencies. This is largely apparent in the sales force. Many owners and managers had to prove their ability to develop business before taking on a leadership role. However, once they become leaders they largely disengage from a sales role. They make demands to hit numbers, but don’t actively participate in the business development process. Best-of-class business leaders are engaged with the sales force and have a clear understanding of how business development is executed. If you’ve ever watched an episode of “Undercover Boss,” you understand how important it is to return to the trenches in business. The premise of the show is that the CEO of a major corporation disguises himself as a job candidate and returns to the field to do various jobs within the company to learn firsthand what’s really going on. In one respect, the CEO discovers how great the people are, how hard they work, and the challenges they face in their daily lives. But that same CEO also gains a new perspective on all the little things that aren’t working well in the company. To really learn what’s happening in the business, leaders must experience the good and the bad within the business. This rule isn’t only for major corporations. Sales reports and feedback given to owners and managers is often censored. While disguising and inserting yourself is an extreme best left to television, leaders can ingrain themselves in the execution of the sales team. Make sure you have direct access to the sales activity-reporting tool and use it. In this way, you can compile data on what is actually happening rather than having it filtered through others
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Salespeople expect the CEO to understand their role, including its daily challenges. After all, salespeople create growth for the company. If the CEO doesn’t know or understand what the sales force is facing, how can he or she check to see if the team can execute to the vision for the company?
CEOs of medium and large businesses generally shift their role from producing (sales) for the business to strategy and operations. As a result, they can lose insight into their sales force and therefore, how revenue is generated. This encourages some salespeople to believe they know the business better than the owner or manager. This has two potential consequences: they either leave the company for a “better” opportunity or stay and begin hoarding account relationships while ignoring company directives and strategy.
Obviously, setting a strategy is part of the job, but firmly understanding how that strategy is executed is just as important. When leaders know how a strategy is executed, they will be in a position to make an objective analysis that helps with future strategic decisions.
It also gives them a firm grasp on the company because they clearly understand how the sales force operates and how revenue is generate
New research shows that even the pros invest more from the heart than from logic.The key for all investors, the researchers say, is to understand how emotions affect their behavior.
Reginald Shipman's insight:
Emotions are hard to separate when it comes to investing. Why because to some investing is like gambling and to a certain extent we like to trust our gut. If 9 professionals are right and 1 finance pro gets caught up in fraud for many it tells them that their gut is a better provider. Some people are sheep (look at the Madoof investors) whereas others are more informationally aggressive.
Emotions reak through segments that effect finacial decisions everyday. From politics to current news. From sports events to new and emerging technologies. Emotions will have an effect.
Trust what you know and experienced and what the consumer market wants and tells you is there solution.
When Chief Executive Robert Iger opens the Walt Disney Co. (DIS) post-earnings conference call to questions late Tuesday, he won’t be asked again to justify the $4 billion he spent in 2009 to acquire Marvel Entertainment.
Reginald Shipman's insight:
Doubters are always late for something that just makes sense. Disney and Marvel, this is just a a marriage that just made sense. Disney for it's financial muscle and Marvel for it's maturing techno market that now have great jobs and love to see their comic book icons on the big screen. the question here was alway execution and Disney is known for making magic happen.
TV watching is a mass function in our day to day. So it will be just a matter of time before this segment intergration takes place. The question will be will there be enough money on the plate for everyone and also how effective will the second screen ad impact be versus traditional TV advertising or will to two situations be duplicitoius. Companies buy ads based on impact, not potential impact.