The Coach's Corner

Archive for February, 2013

Is it possible to have too many advisors?

February 18th, 2013 // Tom Doescher //

Over the years, we have observed that the most successful business owners have carefully selected advisors, and these advisors may change from time to time. We have also noted that other owners have, in our view, too many advisors. The most successful business owners assess where they are strong and where they need help, and they identify potential advisors based on those factors. Many owners get advice from way too many people. Receiving a lot of advice may sound like a good thing, but someone explained the result this way: “Too many voices creates confusion.”

Do you have advisors (the right number, the right people) who complement your skills and knowledge, or do you suffer from “advice overload”?

Keep it simple

February 4th, 2013 // Tom Doescher //

We began to focus on Volkswagen (VW) when our son joined them a few years ago. We quickly discovered that one of their goals was to be the No. 1 automobile manufacturer in the world. We never have understood why companies would set a certain sales level as their goal, and we have watched as two great car companies with this same goal fell on difficult times. To our pleasant surprise, there was more to the story. We had an opportunity to hear a presentation by Tom Loafman, VW Director of USA Purchasing, who referred to VW’s four “pillars” (you could call them goals or strategies). The company’s first goal was to be the world leader in customer satisfaction, as measured by J.D. Power. Second on the list was attaining annual vehicle sales of 10,000,000. Third (which may be my favorite) was to become the top employer; Tom went on to say that if you were to interview the “man on the street” (say, in Chattanooga), they wanted him to say VW is the best place to work. Finally, the fourth pillar was to achieve earnings before tax of 8 percent. We thought, “Eureka! Someone is focused on profits!”

Can you articulate your goals as clearly as VW does?

The Advisor’s Corner

Tom DoescherYou’ll find stories from the trenches, business lessons, and pertinent questions to help you find inspiration, professional growth, and leadership savvy.

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