The Advisor’s Corner

Are You Looking for Career Advice, or Do You Regularly Give Career Advice?

September 9, 2019/in Ideas to help you build a solid team, Sharpening Your Personal Leadership Skills/by Tom Doescher

Tom Doescher

If your answer is yes, I would highly recommend reading Strategize to Win by Carla A. Harris, vice chair of Morgan Stanley. I try to be careful not to suggest too many books, but Harris provides some common-sense (or not so common) tips regarding jobs — or, as I like to say, careers. She’s a very good writer (or has a great ghost writer), which makes it a quick, easy read. You can tell she’s a consultant because she also offers some great checklists at the end of each chapter, and poses thoughtful rhetorical questions. Maybe the only caution would be that she’s a Wall Street investment banker, so for some her advice may not be as helpful. Here are my takeaways:

Sadly (to me), she suggests people entering the workforce today should plan six to eight five-year modules at different companies. As a guy who spent 40 years at the same awesome firm, that’s hard to hear — but I understand.
I think that much of Harris’s wisdom would be beneficial, even if you’re in a great place and intend to stay. In my experience, today’s workplace reminds me of a fast-forwarded video. There never seems to be enough time. Customers are more demanding than ever, and technology has sped up the way we receive and share information, but humans are still humans. Harris is very clear that you need to take charge of your own career.
Harris is talking about the workforce (both leaders and associates), but I believe her advice applies to customer/client relationships, as well.
Sorry to bring up introverts again, but Harris’s advice will encourage introverts to step out at times. Harris says she often hears people (probably introverts) erroneously say, “I don’t need to go out of my way to build relationships; I’ll let my work speak for itself.” This observation applies to both your company and your customers/clients.
She also provides her spin on being a leader. According to Harris, a leader should have leverage; be efficient in communicating; be willing to act; be diverse; engage; and be responsible.

When I reflect on my daily conversations with owners and associates, I realize that Harris addresses so many of the common challenges faced today. If she lived closer, I would probably figure out a way to meet her, and would use her as an advisor. She has obviously experienced many different “real life” business situations and has an ability to simplify a lot of facts into some practical, logical action steps.

Let me stick my neck out. If you engage in business (as an owner or associate), I would highly recommend reading this book.

Is Your Employee Turnover Too High?

August 26, 2019/in Sharpening Your Personal Leadership Skills/by Tom Doescher

Tom Doescher

In this historically low unemployment environment, many business owners are struggling to keep their people. According to the leadership coaching team Bliss & Associates, the cost of employee turnover averages 150 percent of the employee’s annual compensation. Wow!

In his book, The Dream Manager, Matthew Kelly offers some very practical advice. The book is a fictional story/fable, similar to Patrick Lencioni books, and it’s a powerful, quick, easy read. Kelly opens the book by quoting Thoreau: “Go confidently in the direction of your dreams. Live the life you have imagined!” He goes on to quote statistics on the high level of disengagement by employees in the workplace today.

Kelly states that people generally do not leave because of money. Remember Marcus Buckingham’s Gallup results and his 12 Questions, now reduced to 8? (You can get a PDF copy of both the 12 and 8 Questions in the Resource section of my website.)

Most of the book is about “dreams,” but the fictional company owner reluctantly agrees to a one-question employee survey, recommended by his COO. Here’s the question: Why do you think so many people come and go from our company? It’s a very simple, but powerful, question, and although the results are shocking, they’re relatively easily dealt with. However, as my mentor, Ken Kunkel, used to warn me, “Be careful what you ask for.” By that, he meant that if you ask, you need to be prepared to do something, and not just “receive and file” the advice. You’ll probably be surprised, and it may cost some money, but do the math. How many people left your company last year? What was their average compensation? Multiply that result times 150 percent, and that’s what it’s costing now, if you do nothing.

Most of the book involves a revolutionary idea that may be more than you’re willing to take on at this time. I would still encourage you to read it; it may stimulate an idea or two that you can implement.

If you’re concerned about your high turnover rate, I would highly recommend you and your leadership team read The Dream Manager.

If you’re a financial/wealth management advisor and you’re looking for ways to use your skills and give back to your community, I would also recommend you read this book.

Do You Want to be More Successful Developing New Business?

August 12, 2019/in Extraordinary Customer/Client Service/by Tom Doescher

Tom Doescher

I just finished reading a fascinating book, Win Bigly, by Scott Adams. For those of you who read the daily comic strips, you’ll recognize Adams as the Dilbert cartoonist. If I haven’t lost you yet, guess who the book is about? President Trump.

Adams, a self-proclaimed ultra-liberal, was in a very tiny group that predicted Donald Trump’s victory in 2016. He says he took a lot of heat and abuse, especially from his liberal neighbors in California.

I would highly recommend the book, which was very entertaining, but not for that reason. Adams, who would say he’s a persuader as much as a writer, refers to President Trump as the Master Persuader — and possibly one of the best in human history. Reading along as Adams makes his case, it dawned on me that he’s describing the best marketing/new business/Hunters I’ve ever known.

As you read the book, assume you have two products to choose from: Hillary Clinton or Donald Trump. Which would you buy? The choice has almost nothing to do with their positions/platforms. Now, I’m sure I’ve offended many of you, but I suggest that you read Win Bigly as a “How to win that next big customer” playbook.

Here are a few of Adams’ observations:

Trump is the most persuasive human he has ever observed. (Editorial comment: Keep in mind that Adams vehemently disagrees with most, if not all, of President Trump’s positions.)
When they were done criticizing Trump for the “error” of saying he would build one big solid “wall,” the critics had convinced themselves that border security was a higher priority than they had thought coming into the conversation. The reason the wall imagery was good persuasion is that it was both simple to understand and memorable.
A big opening demand in a negotiation will form a mental anchor that will bias negotiations toward that high offer.
Humans think they’re rational, and they think they understand their reality. But they’re wrong on both counts. The main theme of this book is that humans are not rational.
Humans literally make decisions first and then create elaborate rationalizations for them after the fact.
Trump is so persuasive, policies don’t matter. People voted for him even though his policies were murky and changing.
Visual persuasion is stronger than oral persuasion. Trump always paid attention to the colors and symbols associated with his brand — his shirt was always white and his tie colors were always from the American flag.
What you might not realize is that each of us is “marketing” all the time. (Editorial comment: For those of you who know me well, you know I struggle with “business casual” dress. Show me a great new business developer and I bet they look sharp.)
If you want to make a good first impression, don’t jokingly complain about the traffic on the way over. Try to work into the initial conversation some positive thoughts and images. (Editorial comment: People love to be around the “sharp” new business developer because they always share a positive, uplifting, inspiring story.)

My challenge to you is:

After reading the book, evaluate your sales process, including handouts and pitch.
Is it a bunch of facts and details?
Does it appeal to your customers’ emotions? Is there a WOW factor?
Would you buy anything from you?
Do people like being around you or do they hide when they see you coming?

I would love for you to send me stories of instances where your company has applied the principles in Win Bigly and has won new business.

Are You Looking for Career Advice, or Do You Regularly Give Career Advice?

Tom Doescher

Is Your Employee Turnover Too High?

Tom Doescher

Do You Want to be More Successful Developing New Business?

Tom Doescher

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