What to Do If Your “Year In Review” is a Disappointment

Some years, things go really well.

And some years, they do not.

If you’ve experienced a lot of difficulties in your business, you may be tempted to see it as a massive failure:

“What a crummy year! It was so terrible. I can hardly wait for it to be over.”

“The new year can’t come soon enough.”

Even you were not able to meet your strategic business objectives this year, I encourage you to consider the positives that happened, rather than speeding past it.

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6 Versions of the 3 P’s as seen on CNBC’s “The Profit” with Marcus Lemonis

One of my favorite TV shows is “The Profit,” a CNBC production starring multi-millionaire entrepreneur Marcus Lemonis.

CNBC The Profit, The Profit with Marcus Lemonis, Marcus Lemonis, The Profit TV show
CNBC The Profit with Marcus Lemonis

In each episode, Marcus evaluates a small business and decides whether to invest in its growth. The main tool he uses to make business decisions is called the “3 P’s of Business Success”: People, Process, and Product.

3 Ps, 3 P's, People Product Process, Product People Process, Marcus Lemonis, The Profit, CNBC's The Profit, CNBC, strategic risk
Marcus Lemonis – People Process Profit

I was curious about who first developed this concept. Was it Mr. Lemonis?

It turns out this concept has its origins in Lean (a systematic processing method used to eliminate waste). After doing some research, I discovered 5 additional versions that can add depth to your understanding of how to run a successful business.

In this post, you will see each of the six examples and illustrations, along with ideas on how to increase your level of business risk intelligence.

Continue reading “6 Versions of the 3 P’s as seen on CNBC’s “The Profit” with Marcus Lemonis”

How to Calculate the Impact and Probability of Business Risk

I was recently asked to explain the “Impact Score” in a Strategic Risk evaluation process. This is easy to do with a tool called the Strategic Risk Severity Matrix.

In this post, I’ll walk you through each step of using this tool, along with a practical example to demonstrate how it works.

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How to Calculate What Staff Turnover is Costing You

Did a long-time employee just hand in their 2-week notice?

Are you worried about how fast you’ll be able to find a reliable replacement?

Hiring the right people is extremely important for every business owner. That’s because staff are the most important resource in any company. Replacing an employee can cost significant money, time, and effort.

To avoid making an expensive and frustrating hiring mistake, you need a way to evaluate your company’s turnover data.

In this post, I explain some facts about turnover, why it relates to organizational risk, and how to calculate the total annual cost of adding new staff.

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What You Can Do to Boost Risk Intelligence After Losing Staff

If you own a business, you are responsible for every detail in your company: hiring, firing, and everything in between.

When a key employee hands you their resignation letter… what is your typical response?

Do you feel alarmed, frustrated, nervous, or angry?

Are you afraid of what could go wrong?

Without a clearly defined processes to deal with unexpected turnover in your company, you will be facing a lot of unknowns. Risk Intelligence is the ability to perceive what could happen before it happens.

If you feel blindsided by a sudden resignation, or shocked by events that forced you to fire key staff members, then it’s time to boost your level of risk intelligence.

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How to Recognize Implicit Bias After What Happened to Starbucks

A recent event at a coffee shop in Philadelphia has stirred controversy about subconscious bias, corporate policies, and how to repair a company’s fractured reputation.

In this article, I explain:

  • the facts behind this event (including quotes from the young men, Starbucks leaders, Philadelphia police and Mayor, and other experts)
  • What are Policies and Procedures?
  • When the Enforcement of Policy Shows an Underlying Bias
  • Starbucks’ Official Statement
  • Taking Action: What You Can Do to Prevent a Starbucks-Like Incident
  • The 7 Symptoms of Implicit Bias, and
  • My Conclusion

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Book Review of “60 Minute Operational Risk Management” by Stewart Lancaster

The book 60 Minute Operational Risk Management is a reference guide for leaders who want a practical framework for recognizing and responding to risk. It breaks down complicated, abstract concepts in easy-to-understand and visual concepts.

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How to Do a Year In Review

It’s that time of year… to review whether you have reached your goals!

As a business owner, you may feel ready to leave last year behind and move forward—especially if you’ve experienced failure: Disappointing sales, high staff turnover, unpaid invoices, frustrating delays, or negative outcomes.

financial crisis, downward trend, low profits, decreased revenue, bad results

But we shouldn’t avoid talking about failure. It may be easier to talk about happy things, but there are just as many (if not more) reasons to review the unpleasant ones.

In this post, I’ll explain the benefits of using a Year In Review, and how to start.

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5 Painful Discussions That No Organization Should Ignore

This is the final in a 3-part series about Pain and Decision-Making.

Part 1 | Part 2 | Part 3

In previous posts, I described ways to see pain objectively, and how to identify pain points, and ways to fix them. In this article, we’ll be examining some difficult topics that most leaders tend to avoid.

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What Happens When We Avoid Pain in Decision-Making?

Pain isn’t something most of us want to experience. We are hard-wired to avoid unpleasant conversations, experiences, and memories. And most of the time, this instinct serves us well.

But when it comes to recognizing risks — vulnerabilities and threats that could cause harm — avoiding pain is dangerous.

This is the first in a 3-part series about Pain and Decision-Making.

Part 1 | Part 2 | Part 3

In this post, I will review the basics of pain, our unique thresholds, corresponding fears, and how to evaluate and properly both pain and managing risk. Continue reading “What Happens When We Avoid Pain in Decision-Making?”