Help,Wanted,New,President,for, business, insurance Help Wanted: New President for General Motors

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The recent news of General Motor's expected loss of over $1.1M in the first quarter of 2005 surprised many observers. It reminded me of something GM's previous chair, John Smale, had told me back in 1994. We were having breakfastin Toronto when he made some observations about business which have stuck with me ever since.Smale was a brilliant guy and the former chairman of P&G before GM. He understood brand marketing and managing huge operations. I was privileged to be able to spend time one-on-one with him and remember it well. He'd remarked that large corporations, in addition to making money, have an obligation to other stakeholders as well. I took that to mean that he felt it was inevitable that an org like GM would occasionally have periods with losses, and that during such times it had to keep as many other commitments to employees, or suppliers, or other stakeholders, as was feasible. I believe his comment was enlightened. It bearsconsideration again for the world's largest automaker.In my experience, there are 3 key opportunitiesthat businessmanagers and operatorsmiss when they failto achieve maximum returns and benefits fromtheir investments. As both a business success coach and amanagement consultant; I see these overlooked repeatedlyIt's almost ironic, given that one of the most frequentcomplaints I hear from business operators is about theirperceivedinability to optimize resources due to a lack time to geteverything done each day. Here are 3 quick ideas which, ifdealt with effectively, will give many business managers animmediate lift in their results:1. Don't Buy a Dog and Then Bark YourselfThis problem impacts all managers; but it can be lessobvious in large corporations where the largeheadcounts make poor delegation skills less likely to causea business to fail.Over and over again I see managers hiring 'in their ownimage'. I think it's based on the idea that, "there's nothing wrongwith this operation that more of me couldn't fix".Let me be clear on this - Don't! It's a waste ofmoney; and even if you like having 'yes men' around you -it's a waste of everyone else's time. When hiring, alwaystry to find someone smarter than you. Look for someonewho brings new skills to your team, someone with freshperspective. And then let her or him loose on the tasks athand.Don't micro manage your new hire and tell her/him how to dotheir job. It will only cause 'reverse delegation' with alldecisions and needs being sent to you before any action istaken. And if you're the one making every decision; you'vejust lost a big part of the benefit of bringing in newtalent. Your time management ability for other issues isworsened as well.2. Do an ROI Analysis on Every SpendBy now we've all heard that most new businesses failbecause of under-capitalization issues.For all enterprises, effective use of working capital iscritical to success. However, if you are running a smalloperation with limited funding, poor usage may be theprincipal reason why you're trending toward failure.Many business operators just don't make the effort toreview the results of investment spending adequately. Theimportance of an objective analysis of what - if any -return came as a result of their spending is critical forany future business planning - and yet it's continuallyignored or postponed to a time when it's no longervaluable. I recognize it's difficult to determine (forexample) what marketing activity actually caused increasedtraffic; or what discount offer caused your phone to ring,or if adding 3 bodies actually improved company output. Butfailure to determine whether your investment wasappropriate will only result in further blind spending.Management-by-gut-feel often results in no positiveoutcomes. Test yourself.3. Usually, Your Results Aren't Due to the EconomyWhen I first became involved in the franchising businessback in 1985, the biggest problem I saw was that smallbusiness operators didn't understand the effects that theglobal economy could have on any business dedicated toconsumers. Today, it seems it's just the opposite.I frequently hear business operators justifying their lackof success on everything but internal companyissues. I don'tbelieve that most businesses fail to make their numbersbecause of some prognostication from the Federal ReserveChairman. Sometimes we can get so wrapped up in global issues that we forget why our customers came to us in the first place. We forget thatthey will continue to spend and grow regardless of what happens in Japan or Poland. Deal withthe issues that are really creating your current results. Unless your operation is doing everything to the best it can be done, look in the mirror before you start blaming the economy,orissues outside your controlfor your lackluster results. And by the way, Toyota's making more money and growing its market share in the US despite all being faced bythose obstacles cited by GM's management this year. It's not the economy.If you thought this article was worthwhile, you many want to take a free 7 part mini coaching course, “7 Secrets of Leadership Success” by signing up at http://www.BusinessSuccessCoach.net