THE REPORT BLOG

What to Do in the Office on Slow Days

I love the days before a long weekend, as well as Friday afternoons in the summer. I find that it is a great opportunity to do one or both of the following:

• Call that prospect that never answers the phone or has time to talk. Chances are, you won't get them, but if you do, it is likely that they will have plenty of time to speak with you (they just might be the only one in the office).
• Clean up that pile of paper on your desk that you look at everyday, but never get to.  Just think of how good you will feel when you come back on Monday.

Of course, there is one other option... GO HOME.

Employees vs. Customers: Who Comes First?

No, I don’t mean that it’s a competition, but there is a bit of a groundswell of companies putting their employee’s priorities first over shareholders, and even customers. Time magazine just wrote a piece on this subject, profiling two very successful companies who follow this mindset: Whole Foods and The Container Store. This was also one of the major learning lessons from restaurateur Danny Meyer’s interview with NY Report. Check out the interview, where Danny discusses this ideology in more detail.

But the core idea behind this concept is as simple as this - take care of your employees and they will take care of your customers.

Do You Suck as a Boss?

Every once in a while we have to ask ourselves this question. Sometimes it’s in response to something that happens or what someone says. Other times we just think back to some of the bosses we’ve had in our past careers and wonder if we’ve “become one of them.” Well, if you’re in doubt about your standings with your staff, check out Inc.com’s “7 Signs That You’re a Bad Boss.” 

Hopefully, you’re not noticing any of these signs in your company.

Get Ready for the Millennial Workers

This time of year, a new crop of Generation Y college graduates are showing up at our office doors looking for their first jobs. And as the baby boomers advance toward retirement, business owners need these new recruits. The problem is there is often a disconnect between what we as business owners are looking for and what they as entry-level employees expect. They aren't called the Entitlement Generation for nothing. The typical Gen Y worker expects to fill the following position after graduation:

Job title: Director of Ideas and General Office Critic
Salary: $70,000
Hours: 9ish to 5ish
Benefits: 1.5 hours lunch, summer Fridays off, an office and an iPhone
Responsibilities: Surf the internet, keep constant track of "what's up" via IM, offer solutions to antiquated company policies, roll eyes when given constructive criticism. Director of Ideas will NOT be required to send FedEx packages, take notes at meetings or make photocopies for anyone.
Qualifications: Brilliant and all-knowing. No experience necessary.

Unfortunately, this job description doesn't match any open positions I've heard of. But that doesn't mean this new generation won't be a great fit for our companies. For example, while they have high expectations of their employer, they also put high expectations on themselves. Their boldness may be aggravating to managers, but it is also a necessary quality in an entrepreneurial organization. Let's not overlook the fact that these kids are more educated than any other generation past. And most of all, this new workforce is by far the most technology-savvy. While their style may be different from the button-down attitude we're used to, maybe we should give them a fair shot at being successful at our companies.

Business owners have a management issue at hand. How do we usher in the new generation of workers and capitalize on their potential? I don't know the answer, but let me know if you've got some suggestions.

I myself am a Generation X worker. Our generation entered the workforce with an equally low set of expectations. The popular belief in the early 90's was that I would come to work unshaven, wearing a flannel shirt; half brain dead from watching too much MTV. That couldn't have been further from the truth. Well, maybe I did watch too much MTV.

If you'd like to read more on this generational divide, check out this article from The Wall Street Journal.

Learning About Business - from Street Performers

This past weekend I saw some great street performers in Central Park. And as wowed as I was by the show, I was even more wowed by their business acumen. Here is why:

• They used music to get a crowd (lesson - you need to do something to get noticed)
• They gave a short break dance before the "main event," in which one member was going to leap over 3 people (lesson - give people a reason to want to stick around and talk to you)
• They asked for money before the "main event" (lesson – it’s easier to get money while the excitement is high, and you might even get paid in advanced just by asking)
• They got the crowd involved in a number of ways – such as asking where people were from and cracking jokes (lesson - don't underestimate the value of building rapport)

By the way, my guess is that they cleared several thousand dollars that day.

Take a Moment to Enjoy Yourself

As some long time readers might already know, enjoying life is, to me, just as important as work. The people over at the employee retention consultant group Retensa also share this view, and for the 5th straight year in a row they have released their “NYC Summer Activities” list. 

NYC is a hotbed of activity, particularly in the summer. People from all over the country, not to mention the world, come to our city to enjoy its offerings. So why not take some time for yourself and enjoy the nice weather once in a while? And I encourage everyone to spread this list around to everyone you know.

Small Business Ownership through the Eyes of a Nine Year Old

Take a moment to enjoy this short, 30 second video about small business ownership from NFIB. I stumbled on it the other day and I think every business owner can appreciate the humor in seeing a young girl discuss the trials and tribulations of owning her own lemonade stand. It definitely put a smile on my face.

Is Your PR Firm Screwing You?

The majority of NY Report's content comes from industry experts, so you can say we are pretty reliant on contributors. But there is an interesting paradox here; while we get dozens, maybe even 100’s of article submissions each month, we are constantly on the lookout for something really compelling for our readers. So we like to get pitched. We have a page on our website where people can submit pitches (never a full article), which helps us keep things managed. But even with all the information and guidelines on our site, we still get "direct" pitches, which we don't mind too much because we understand that not everyone knows about our process.

But what drives me nuts is when we get totally irrelevant pitches that have no relevance to me or my company. Here are a few that we got last week:

"Energy Drink With a 'Kick' Sold via Multi-Level Marketing (company located in KY)" 

"Marketers Plans for "PET Plastic" Bottles; plastic suits, plastic furniture, etc."

"BREAKING NEWS-Sustainable Investor of the Year"

Here is my point: I hate getting "pitched" (if you can even call it that) by someone who is just blasting out emails to a list. When I get these irrelevant press releases, I add the sender to my junk list. So, if by chance, they do have something relevant to send me in the future, it’ll go straight to my junk box and I will never even know about it. So make sure your PR is working to target the right people, or else it could be your company that ends up in my junk mail box.

Of course, this doesn't mean I get upset when I get a release or a pitch that may not be a good fit for us, but is at least "on target". I mean, we are in the media business after all. Those emails do not get labeled as junk.

CEOs Share Actionable Strategies for Shaky Economy

With the economy on every business owner’s mind, I thought I’d share with you some tips from the members of Vistage, a CEO peer group, on the actions they’re taking in their own businesses.

• PRICE INCREASE ON SMALL ACCOUNTS
  
• CREDIT FACILITY INCREASED
  
• CR COLLECTIONS PROCESS TIGHTER
  
• MINIMIZE BACK BILLING
  
• HIRING FREEZE/USE TEMPS FOR UNSKILLED JOBS
  
• NO LO.BALL ASSUMPTIONS IN BIDS
  
• CONTINGENCY PLANS REQUIRED WITH NEGATIVE ASSUMPTIONS
  
• MAX CASH FLOW
  
• HIRED MORE SALES PEOPLE
  
• PAIN-BASED SALES TARGETING OF CLIENTS/CUSTOMERS
  
• SECTOR TARGET MARKETING – HEALTH CARE AND OTHERS LESS AFFECTED BY ECONOMY
  
• TOWN HALL MEETINGS/ CONFERENCE CALLS
  
• HIRE PEOPLE TO WORK ON RETENTION
  
• OPEN BOOKS TO ONE MORE LEVEL OF PEOPLE
  
• INCENTIVES FOR LONG TERM CONTACTS WITH SAVINGS NOW
  
• OFFER VENDOR GROWTH BASED PRICING WITH REDUCTION NOW
  
• CONSOLIDATE LIST OF SUPPLIERS FOR GREATER LEVERAGE AND LOWER ADMIN COST
  
• SHUT DOWN UNDER-PERFORMING UNIT
  
• DELAY CAPITAL EXPENDITURES
  
• MORE OUTSOURCING, ESPECIALLY TO LOCAL BUSINESSES 
  
• DISCIPLINED MANAGEMENT PAYS OFF WITH ALL STAKE HOLDERS AND MAY ALLOW REDUCTION IN COST OF CAPITAL WHEN OTHER COMPANIES CANNOT

While not all of the above tips may apply to your business, it’s always good to know what steps other business owners are taking. And if you plan on implementing one or more of the tips in your company, I’d love to hear about it.

Speed Dating with Venture Capitalists

It's Internet Week here in New York, and last night our editorial assistant Mike Jha attended a unique networking event. The Hatchery, a venture collaboration group, held a networking event at Pace University as a chance for tech start ups to connect with resources such as venture capitalists, lawyers, consultants and etc. What made this event unique was its “speed dating” format. Technology entrepreneurs were able to sign up for five minute sit downs with various advisors affiliated with The Hatchery. While five minutes is not nearly enough time to get into much detail, as with actual dating, it is just long enough to get inspired or form an opinion and the nearly 400 business owners and technology executives in attendance concurred. The event was a rare chance for start-ups to meet people who can help them act on their ideas. 

If you’re in the technology business or want to do business with technology companies, check out The Hatchery for info on their upcoming events.