The Leading Edge - Spring 2008 - (Page 8)

cover Reading To leaRn arvard knows the value of learning lessons in business. Harvard Business School Press, in partnership with Fifty Lessons, a digital media content provider, is publishing a series of books, “Lessons Learned: Straight Talk from the World’s Top Business Leaders.” Each book in this series offers insights into how the world’s best-known experts “think, approach new challenges, and use hard-won lessons from experience to shape their leadership philosophies,” the publisher writes. Each pocket-size book can be read easily by the busy business executive. In fewer than 100 pages, the voices of 10 to 15 top business leaders share their insights. They deal with topics that include: “Managing Change,” “Leading by Example,” “Managing Conflict,” “Managing Your Career” and “Starting a Business.” The voices that can be “heard” in the books include executives from companies such as Domino’s Pizza, Avon Products, Ogilvy & Mather, Morgan Stanley, Williams-Sonoma, Microsoft, McKinsey & Company, The CocaCola Company, Black Entertainment Television and Dell to name a few. Each essay ends with several “takeaways” or bullet points of wisdom. For example, William Harrison, former chairman and CEO of JPMorgan Chase & Co., wrote an essay, “You H Must Adapt,” for the “Managing Change” book in which he shared insights and anecdotes. His takeaways included: “The more individuals and organizations are equipped and able to adapt to change, the more likely their chance of success. You, as an individual, must also be prepared to change.” It’s important for you to identify team members who see change as a positive force and remove those who perceive change in a negative light. You can use the positive energy to bring the doubters along.” Details about the books can be found at www.fiftylessons.com/hbsp or www.hbspress.org. e Read a good book lately? The leading edge alliance wants to know what books you are recommending these days for people interested in operating and growing a successful business. Tell us the book title and why you think it’s worth reading. e-mail your ideas to editor ann m. gynn at ann@wisegroup.com or call her at (216) 523-1212 ext. 17. See the exiT sign Most business owners focus only on income and miss out on a critical point—business value and equity, says harvey Zemmel, founder and ceo of Maximize your exit. “they believe their business should provide them with the income and lifestyle they deserve,” he says. “that’s fine but they are missing a critical point. yes, focus on income, but also on business value/equity. “At the end of one year, three years, five years, etc. the business can be sold and there’s a potential big payday.” Zemmel explains that business owners also err when they do not begin with the end in mind. “very few have a clear vision and written plan for the end game,” he says. when Zemmel operated an assisted living group, he mapped possible end scenarios from the beginning—breaking down centers, staff, profit margins, locations, unique selling propositions and potential buyers. And finally, Zemmel says, business owners fail to think like an investor. they may be technicians (busy doing), managers (starting to delegate through others), presidents (overseeing business with a team), but rarely are they investors who view the business as the “product” and compare this “investment” of time, return, etc. with other investments. continued from page 7 “My own hubris at my fees had actually kept me from a paid gig,” he says. “My customer took it that I had blown him off when that was never my intention. Since then I unabashedly quote my price and realize everyone is a potential customer.” Now when customers ask price, Phibbs makes sure he understands what the customers want in time and results, then he presents a smorgasbord of options. For example, “For a 60-minute presentation with two free one-hour phone follow-ups with one of your best dealers, the price is X. If you would like it to be 90 minutes it would be Y,” he explains. Phibbs continues, “Pricing is always difficult because no one wants to lose money, but you have to have it thought out ahead of time so you aren’t stuck like I was—being a jerk and losing business.” e VOLUME 8 n 8 ISSUE 3 n SPRING 2008 http://www.fiftylessons.com/hbsp http://www.hbspress.org

Table of Contents Feed for the Digital Edition of The Leading Edge - Spring 2008

The Leading Edge - Spring 2008 Contents No Place To Go But Up Lessons from Harvard Bits & Pieces Conducting Business Outside the United States Top 10 Misconceptions of Doing Business in Ireland In a Nutshell: Q&A The Leading Edge Alliance

The Leading Edge - Spring 2008

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