Home' Trinidad and Tobago Guardian : May 29th 2014 Contents Thrive while managing a
Family businesses are inherently
messy. With work and life almost inex-
tricably intertwined, balancing both
worlds is challenging - and people can
end up feeling exhausted, unappreciated
and stuck in certain problems. But family
businesses can thrive by focusing on a
Disentangle different relationships.
To keep your house in order, create four
separate discussion rooms (not silos) for
specific interactions: one for business
managers, one for the board, one for
owners and one for family members.
Manage your "crocodile" brain. This
is what neuroscientists call gut emotions
that affect thought processes and damp-
en impulse control. Identify and under-
stand the emotional side of business to
make rational decisions.
Develop the next generation. Your
role, while central, is temporary. Prepare
your children to succeed in your business
by challenging them with real jobs, letting
them fail and then helping them up.
Accept that they will lead differently.
(Source: "How to Thrive While Leading
a Family Business" by Josh Baron and
Engage with the
The growth (and growing competitive
pressures) of the collaborative economy
has big brands wanting in.
As customers increasingly buy from
one another (and not from your large
company), you need to engage with this
market or risk watching your own rev-
enue streams be disrupted.
Understanding the core drivers behind
this new economy, and learning how
to fit them within existing models, will
help established companies enter the
collaborative arena. Consider these ideas:
Less buying, more sharing. Stop
measuring success in terms of units
sold---think in terms of units used. Peo-
ple are buying less and sharing more,
so think about offering goods and serv-
ices outside the traditional sphere, for
example, through sharing or rental serv-
Less consuming, more producing.
New technologies have turned individ-
uals into producers and sellers. By inte-
grating crowd-produced goods into your
supply chain (like West Elm did with
Etsy) and attracting small-scale sellers,
you gain a competitive edge.
(Source: "Established Companies, Get
Ready for the Collaborative Economy"
by Alexandra Samuel.)
Try new tactics to hire
better data analysts
Acquiring the best marketing analytic
talent is critical for a company to tap
into the powers of big data. But because
of how tight the market for analytic talent
is - and how critical it is to business
growth---marketing leaders are struggling.
Companies must adopt different strate-
gies for hiring and keeping people, and
a range of tactics exist that can improve
Use more specific language. Have ana-
lytics and recruiting teams collaborate
to redefine characteristics of an ideal
candidate - then use precise and dis-
cerning language to cut your search time
Take an "always on" approach to
recruiting. Since this kind of talent is
always in demand, don t wait for a spe-
cific position to open up. Constantly
searching for the best potential hires can
keep you a step ahead.
Beef up management s analytical skills.
Educate senior managers on the basics,
so they have a clear sense of what s need-
ed from the analysis and can ask the
(Source: "Recruit Better Data Analysts"
by John Forsyth, Christine Moorman, and
@2014 Harvard Business School Pub-
lishing Corp. Distributed by the New York
BG16 | COMMENTARY
BUSINESS GUARDIAN www.guardian.co.tt MAY 2014 • WEEK FIVE
Imagine the path
If you re procrastinating, stuck
or struggling to meet a goal, try
this (seemingly simple) technique:
Write your goal down, then devise
different possible ways of achieving
it, and finally, close your eyes and
imagine yourself carrying out each
one. Evidence shows that imagining
a movement will stimulate the
movement areas in the brain; so by
envisioning the steps you must take
to reach a certain objective, you
"jump start" the brain into action.
And focusing on creating clear
mental images can also help reduce
anxiety and improve confidence.
This may seem more challenging
if you don t know the distinct steps
needed to reach your goal; but
imagery hones your attention and
actually activates particular brain
regions that make you capable of
unconsciously mapping a path to
success. So not knowing "how" is
OK.Just focus on your goal and imag-
ine the different paths toward reach-
(Source: "To Reach Your Goals,
Make a Mental Movie" by Srini Pil-
Include sceptics in
your strategy making
Sceptics can derail even the best
strategies. Those who strongly
believe that a strategy is wrong can
work against it or fail to advance it
- but this is why it s critical to
involve skeptics in the early stages
of the strategy-making process.
This is when criticism can be put
to the best use. Strongly encourage
any doubters to speak up so that
people can see what might be
wrong with the potential strategy.
These questions will trigger
thoughtful evaluation and push you
to make the best strategic choice.
If sceptics have a voice in the
process---and if you listen to their
feedback---they are far more likely
to help conceive of and support a
new strategy and assist in moving
If no one is speaking up about
the potential risks of a new strategy,
ask your team members to take up
the role: "What would a skeptic
worry about here?"
(Source: "Playing to Win Strategy
TIPS & TALKING
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