Patents: A Low-Cost Method To Enter New Markets?

Did you know that patents offer a company a low-cost and low-risk way to enter a market and potentially earn a high return on investment? In fact, they can offer a way to diversify revenue streams outside traditional markets. Even though inventions may be outside a company’s core space, it may be worthwhile pursuing patents since they can add tremendous upside to a company’s value with limited downside.  Here’s how.

Patents provide their owners with the right to exclude unauthorized parties from using the inventions claimed within the patents.  This is true whether the patent owners decide to use the claimed invention in a product or not. So, a patent can cover application of the claimed invention outside of the core market of the patent owner, where they may never have considered actually introducing a product.

This versatility can be advantageous for a company seeking to diversify its revenue streams. Instead of launching new products outside of its core markets, a company can simply exclude others from using their patented inventions in these markets. Whereas the development, testing and marketing costs of launching new products can be high, running into the millions in markets with high barriers to entry, filing and maintaining a patent over its lifetime can be done at a fraction of the cost.

If any of these inventions become highly valuable, the potential licensing revenue can easily exceed the filing and maintenance costs of the patents. In addition, the company can sell the patents for a large profit. A patent can be thought of as a call option on an underlying asset, which in this case is the invention. If the invention is successfully adopted, the patent itself becomes valuable. It has a large potential upside relative to its downside. But remember, similar to a call option, the patent does have an expiry date.

Patenting, then monetizing these patents, outside a company’s core space can enable the company to diversify its revenue stream and alleviate the impact of adverse conditions in its traditional markets. The company can use these patents as leverage against competitors if necessary, and as bargaining chips in negotiations. All without the cost, risk and distraction of trying to launch a new product outside its core market space.

Ramesh Rajaduray (IP Strategist)
 

The Art of Being Acquired

Depending on your perspective, being acquired is either the reward for building a successful business or the penalty for failure.  Either way, it is an experience that most senior executives will go through during their careers.  In technology companies, an integration is often treated as an engineering challenge of rationalizing product portfolios, organizations and business systems.  A detailed integration plan with financial synergy targets is put in place and the management reporting begins.  However anyone who has been through a few acquisitions knows that success depends not just on good project management but on people management, particularly at the executive level.

A while ago I spoke with Harry Page, CEO of UBM TechInsights about the challenges of managing acquisitions.  He’s been through a number of them and has a perspective from both sides of the table.  I’ve shared similar experiences at Allstream (acquired by MTS) and Mitel (which acquired InterTel).  We agreed that the responsibility for a successful acquisition is shared between both the acquiring and the acquired executive team.

The process of integration is particularly difficult for the acquired company.  Harry pointed me to an article called “The Art of Being Acquired” written by RHR International, a leading management psychology consulting firm, which offers some good advice to acquired executives on ensuring a successful outcome:

1. Guard against performance decrements in the acquired business

2. Accept the additional responsibility for making the integration successful

3. Embrace the acquisition

4. Take symbolic steps

5. Keep ego needs in check

6. Accept the inevitability of new systems

7. Embrace new cultural practices

8. Appreciate the other side

9. Anticipate and be graceful about the power shift

10. Ratchet up the ability to compromise

11. Help the rest of the organization adjust

To be fair, the acquiring company must do its best to set clear expectations for how the acquired company will be run after the transaction.  But ultimately, it’s up to the acquired executives to channel the passion for their business into ensuring a successful integration.  Their choice is between creating a combined company that is a work of art, the piece de resistance of their careers, or one that is just a paint-by-numbers testament to resistance to change.

Doug Michaelides (VP Marketing)
 

The Sexiness of Being Tactical

As a sales person you probably climbed the sales career ladder through your ability to drive results and make things happen. If you think about it, most (if not all) of these activities were tactical in nature. As you’ve progressed to more senior leadership roles in Sales, your tactical hat seems to fit even better. There are many more tactical issues to sink your teeth into, and people increasingly come to you for help with operational challenges. In fact, you’ve become so indispensable now that you probably have people queuing up outside your office begging to see you. Oh that feels good!

You like getting things done. Through hard work you can complete actions quickly.  The feeling of accomplishment contributes to your sense of self-worth. But completing tactical actions takes time. In fact as the business grows it begins to take most of YOUR time. You are constantly drawn into the current crisis. And the buzz of the tactical work remains as exciting and sexy as ever!

However the mantle of top-level sales leadership demands a shift towards greater focus on strategy and the empowerment of your sales team. Of course you still have to pitch in to deliver the revenue numbers come rain or shine, but your company, your investors and your team need YOU, the Sales VP, to be thinking and acting in a more strategic manner.

The best piece of advice I ever received (from a professional coach) was “only do the things that only you can do”. The next time you find yourself trapped in your office, clearing your overflowing inbox, answering urgent calls, handling constant interruptions or attending too many meetings, recite that little mantra and ask yourself how you might change your approach to the job.

If YOU are the one who needs to be strategic, shouldn’t it make you act differently? Can you delegate, prioritize, postpone, discard or build an organization to effectively handle tactical actions instead of you?  Try it and see. The sexiness of being tactical is alluring, but you’ll find there is real satisfaction in being strategic!

Joe Connelly (VP Sales)
 

Your Workplace Nemesis

Frequent readers know that I’m a fan of Dilbert comics.  Recently, Dilbert tried to recruit a new nemesis at work since his old one had retired.  According to Dilbert, the physics of work require that each employee be matched by an “anti-employee” called a nemesis.  It’s the nemesis’ job to continually thwart your progress and generally make your work life miserable.

It rings true doesn’t it?  We all run into the naysayers, political backstabbers and surly gatekeepers that interfere with making progress at work.  They test our patience, cause our blood pressure to rise and, in the worst cases, can lead to disillusionment and abandonment of good ideas.  And it all happens under the radar of upper management.  There’s no doubt about it, facing a nemesis in the workplace can be a toxic experience.

Yet even if it is sometimes justified, it’s often too easy to blame others for our failure to achieve our goals.  The truth is, a big part of our jobs is to influence people and build consensus for our ideas.  Those who actively oppose our initiatives are simply more extreme cases of everyone else that is neutral but still needs convincing.   Sure, it means more effort but there’s always a way around an obstacle if you are clever and committed enough.

The toughest nemesis though, is the one that knows us best.  Too often we subvert our own success through self-doubt, lack of preparation or lack of effort.  Facing a little bit of resistance, we throw up our hands and throw in the towel, conveniently blaming others for our own lack of conviction.  In doing so we further undermine ourselves by strengthening our inner nemesis.

So, the next time you run into an immovable object, tap into your inner irresistible force and redouble your efforts.  Believe in your own capabilities and you will find a way to overcome.  After all, you didn’t get this far by giving up, did you?

Doug Michaelides (VP Marketing)
 

Living a Networking Life

Some people have hundreds if not thousands of friends/connections/followers in their social network.  The funny thing is, according to Robin Dunbar, Professor of Evolutionary Anthropology at the University of Oxford, there’s a natural group size that marks the limit of those with whom we can have a real relationship involving trust and obligation. Due to limits in our brain, a natural group size for humans is about 150.  This “Dunbar Number” turns out to be surprisingly common in human social organizations:  historic English villages, church parishes, military units, etc.

Like the social networks of other primates, ours are naturally structured into a series of layers contained within each other:  5 “intimates”, 15 “best friends”, 50 “good friends”, 150 “friends” and 500 “acquaintances” all among 1500 “people we recognize”. More than 60% of our social time is devoted to our five closest friends with decreasing amounts given to the outer layers of our network.  But the outer reaches of our social networks still play a very important role in our lives.  Sociologist Mark Granovetter at Stanford University argues that these weak, widespread connections are often how we learn about jobs and other economic or social opportunities. With this in mind, let me share some valuable networking tips from a highly skilled networker who’s a good friend of mine (at least in the top 50!).

1.  Be curious

Networking isn’t about promoting yourself.  It’s about being genuinely interested in others.  So start your interactions by asking about the other person.  Odds are, they’ll return the favour.

2.  Look for connections

When you meet someone, look into their eyes and see their network.  Make it your job to try to connect the people you meet with people in your network.  Ask yourself how you can help them and help the people in your network through introductions.  As you create these connections, your value to your new acquaintance will be established and your value to you network will be enhanced.

3.  Collect information

Take notes on everyone you meet and file them away in a contact management system.  Think how impressed and touched your new acquaintance will be when, a year from now, you remember where you met and a few bits of information about your conversation.

4.  Follow up

If you make a commitment during a conversation, be sure to follow through.  Send the name of that book you mentioned.  Make the introduction you promised.  It cements the connection and it is just good manners.

5.  Keep your network alive

The whole point of a network is to use it. Exercising your network is like strengthening the connections between the neurons of an extended brain.  Reach out when you need help. Gather opinions or perspectives. Share information. Put reminders into your calendar that ensure you stay in touch with your contacts.  Sort them into layers and schedule which ones you will contact weekly, monthly, quarterly and annually.

6.  Put yourself out there!

Take heart in the knowledge that many successful networkers are introverts.  Networking is a learned skill.  When faced with a room full of people, recognize that there are interesting people in that room who will be interested in you. Have fun trying to find them! After you’re done, reflect on your successes and reconfirm your positive experience. But remember that networking isn’t just about social events.  Every interaction with another person is a networking opportunity. That’s what living a networking life really means.

As Professor Dunbar might say, we’re all just primates trying to make connections in our own ways.  Monkeys and apes create and nurture social relationships by grooming each other.  So rather than dread entering that room full of people, grab a cocktail and enjoy the human interaction. You have to admit it’s a lot better than facing a long evening of picking lice off strangers.  Yuck!

Doug Michaelides (VP Marketing)
 

Too Many Cooks

How many people are gathered around your senior management table? This is an important question in the effective operation of any growing organization. Having more managers around the table creates diversity of perspective (a factor in quality decision-making) and commitment cultivated through participation.  The downside, however, is the difficulty in developing consensus and making decisions. The risk, as Grandma might say, is that “too many cooks in the kitchen spoil the broth”.

This hazard is even greater in the absence of a common vision or clear strategy.  It’s tough enough trying to prepare a meal with cooks bumping into each other, but without a shared recipe it’s hopeless!  Sure, everyone gets to be in the kitchen where the action is, but nobody is having fun, and not much is getting cooked.

There’s a good reason that commercial kitchens employ a hierarchy of staff (sous-chefs and line cooks) supervised by a head chef.  When the heat is on and there are hungry patrons in the front of the house, clarity of purpose, well-defined roles and effective decision-making is essential to managing a complex, time-sensitive, production process. A ship has a captain, executive officers and crew for the same reasons.

A good chef, captain or chief executive frequently solicits the advice of trusted staff members but doesn’t allow consultation to obstruct formulating strategies or making decisions. Even in this age of social media and the democratization of ideas, the most successful companies, the icons of modern business, have been built not by broad managerial consensus but through the iron will of inspired leaders.  Google, Facebook, Microsoft and Apple have each had just one (or two) “executive chefs” setting direction and calling the shots.  Investors, the board of directors and employees invariably look to a compact C-level executive team to take ultimate responsibility for the success of the business.

So, by all means, foster managerial participation.  But be careful not to undermine the C-level leadership needed to move the business forward.  Most managers enjoy sitting at the table when it’s time to plot strategy and argue tactics. But their satisfaction will be short-lived if they find themselves mired in endless debate without making progress towards a common goal. Any cook would agree that there is no sense wasting time in the heat of the kitchen if the meal never gets served.  And your hungry clients certainly won’t wait around while you argue about what’s on the menu!

Doug Michaelides (VP Marketing)
 

Turning Procrastination Into ProcrastinACTION!

For busy executives, effectively managing tasks is the key to reducing stress and delivering timely results. There are many techniques for managing to-do lists – some people like paper others prefer automated tools. But even when you have the right tools, you first need to overcome that perennial enemy of accomplishment: procrastination.

Regardless of the method we might prefer to manage our to-do lists, it is sometimes just too tempting to move a task to the next day. It’s human nature. The more tedious, annoying or difficult a task promises to be, the more likely we are to postpone it until suddenly the deadline looms. And if there isn’t really a firm deadline, unpleasant tasks are even more likely to be pushed out.

One way to get a handle on this is to keep track of each time (and how many times!) you defer a task. After 5 delays, consider whether the task is really still necessary. If not, simply remove it from your list. If the task was imposed on you as an action item from a meeting, you must inform the people who assigned the action of your decision (don’t sweat, they’ve probably given up on it anyway). Alternatively, see if you can delegate some, or all, of the task, if it simply can’t be abandoned.

Once you’ve cleaned out the stale tasks from your to-do list, you are left with a smaller set of challenging (but important) tasks that have to get done. Set yourself a goal to complete at least one of these each day or perhaps three each week. You may find the thought of tackling these tough tasks about as inspiring as going for a run on a frigid winter morning, but the feeling of accomplishment when they are completed is liberating. You’ll immediately feel your stress levels start to drop. Think of each check mark on your to-do list as a little Victory symbol in your battle to get things done!

Cutting through to-do list noise so you can tackle the really daunting tasks will also earn the respect and appreciation of the many people who are counting on you to meet your deliverables, whether they are colleagues or your boss. With that kind of positive reinforcement, who knows, you may just start enjoying your to-do list.

So now that you have resolved to stop procrastinating, it’s time to buckle down and get to it. For as every productive worker knows, you can’t finish a job if you don’t get started!

Natalie Giroux (VP Technology & Intellectual Property)
 

Make vs. Buy: A Sticky Marketing Decision

We have two large maple trees on our property which we tap every spring to get 40-60 gallons of sap that makes about a gallon of delicious syrup.  Some people (like our neighbour, for instance, who doesn’t hesitate to call us crazy) wonder why we spend weeks burning up propane to boil sap to get maple syrup when it’s readily available in the store.

Well, it is true, we could buy it, but then it wouldn’t be our own creation.  There’s no doubt that our syrup tastes sweeter because we have the pride of creating it and the joy of sharing it (sparingly!) with family and friends.

My neighbour’s attitude towards buying instead of making maple syrup is something that I’ve dealt with throughout my career as a marketing manager.  The perennial question is when should a company “buy” marketing communications services from a contractor or agency vs. to do the work in-house with employees?

I’ve worked with both models over the years, and I have to admit that, like making maple syrup, I appreciate the feeling of ownership and achievement that comes from creating something internally.  As a manager, I enjoy coaching teams and helping them discover what they’re capable of.  It is fun to stimulate idea generation and empower an in-house team to deliver exceptional work!  But it doesn’t always work that way.

If your internal team is wasting cycles trying to come up with something that just doesn’t hit the mark, there may be a skillset or resource shortfall.  In that case, buying marketing services externally is likely the better solution.  If you run the fully loaded numbers, the financial choice between making your marketing syrup in house vs. buying it from an agency is often breakeven.  So the decision is really about timeframes and outcome.  Who will do the better job by the target deadline?  As a manager, your job is to seamlessly integrate the efforts of the agency and the internal marketing communications team. You need to foster the external perspective without alienating your staff.

Make or buy?  At home, I make maple syrup but buy it when I run out or if the weather affects sap production.   At work, I bring in outside help when I need it to manage workload, add new competencies or stimulate new thinking. But I’m always sure to include my existing team in the planning and workflow, so they can share in the enjoyment of the tasty results!

Sandra Pacey (Director, Marketing)
 

Marketing Under The Radar

The key to good marketing is finding good markets (see what an MBA does for you?). The best marketers are skilled at finding markets that their competitors don’t see. In marketing parlance, they are better at segmenting the market so that they can use focused techniques to reach it. If your competitor is gaining market share and you don’t really understand how, odds are that they have a clever marketing team that has found a different way to look at the market and are attacking it in a way (value proposition, distribution channel, promotional tactic, etc.) that you aren’t even seeing.

Try this:  analyze your existing customer base to find unique ways to segment the market. Look back over the past couple of years and collect as much information as you can about each customer: industry sector, geographic location, company size, size of sale, features/options purchased, method of purchase (ie. channel), when they purchased, why they purchased, who were the key decision-makers, etc. Use your financial records, installation/maintenance records, CRM (you do have a CRM, right?), etc. to try to get a complete picture. Now it’s time to look for patterns. You’re trying to perform a “firmographic” segmentation of your existing client base so you can identify similar companies that are likely to buy your product or service.

Once you’ve identified some common characteristics of your existing customers, you can develop the marketing tactics to most effectively reach new ones. Ideally, you’ve identified some novel patterns in the data that will enable you to reach your ideal markets while flying under your competitor’s radar. This approach to marketing is particularly effective when you are up against a large competitor that can outspend you in market development. They’ll see the smoke when you start winning business but by the time they figure out what you’re doing, all that will be left are the ashes – you’ll be off lighting fires in the next target segment!

Doug Michaelides (VP Marketing)
 

Domain Names Can Be More Important Than Trademarks

In this day and age, when business development, sales and marketing are frequently done through the Internet and social media, the need for formal registration of corporate trademarks can sometimes be less important than registering key domain names.

If domain names are not appropriately secured, someone can link a site of unrelated or inappropriate content to it, creating confusion or worse.  Imagine a company that owns only the “companyname.ca” domain because the .com domain was already taken. After a few years in business, pornographic content suddenly appears at the related domain “companyname.com”.  The site probably never refers directly to the company’s name, so even if “companyname” is a registered trademark nothing can be done short of trying to buy the domain. Of course at this point buying the domain becomes an expensive affair because the company is in a poor negotiating position. If this seems unlikely, consider the fact that there are many companies devoted to registering domain names that they are never going to use themselves, just like patent trolls.

While it would seem to make sense that trademarks and domain name assignments should be linked in some way so that owners of trademarks automatically own the key domain names associated with them, this isn’t the case. The best advice, if you have a limited budget, is to secure all domain names in all relevant countries related to your company name (and possible variations) before trademarking the company name. The ™ symbol can always be used as a common law trademark for the company name in the meantime. The same applies to securing proper Facebook, Twitter and other social media site account names. Once the relevant domain names are secured, it is less likely someone will bother trying to use the same company name to create mischief.

Think ahead and be prepared.  These days it seems there are trolls lurking under every bridge – even the virtual ones!

Natalie Giroux (VP Technology & Intellectual Property)
 

The Marketing Wheel of Goodness

Recently I was invited to speak to a pragmatic but creative group of subject matter experts during their staff meeting to explain what we were up to in the marketing department.  Going in, I expected a little skepticism but hoped that I’d be able to co-opt them into supporting our marketing initiatives.  I figured I had about 1 minute to steer the conversation in a way that would enable us to have a productive meeting.

“Marketing”, I stated while standing at the whiteboard, “thrives on three things:  content, engagement and measurement”.  I drew a circle with arrows connecting the words together to show an iterative process.  “Great content creates engagement with prospective buyers. The degree of engagement is measured then used to guide improvements to the content and the way it is communicated.”

“It’s like the marketing ‘wheel of goodness’!” someone joked.

I had their attention so I elaborated on each category in the “wheel”:

Content includes blog posts, editorial, whitepapers, webinars, press releases, infographics, presentations, etc.  Basically it is the brainpower of the company.  It is also the lifeblood of any marketing department and the basis for permission marketing.  The marketer offers valued content in exchange for the right to interact with the audience.

Engagement is the audience interaction that is prompted by the content.  It could be in the form of comments on a blog, retweets, web or telephone inquiries, questions during a webinar, visits to a web page, referrals of content to others, a request for a sales presentation, etc.  The objective is to stay engaged with the members of the audience so that when a need arises, your company is top of mind.  Engagement is the first step towards creating a sales lead.

Measurement is the way you learn whether your content is creating the right level of engagement with the right type of audience.  Website analytics, social media stats, marketing automation systems, etc. are all ways to assess the impact of content marketing and track the progress of the relationship with the audience.  A marketing automation system can also be used to tailor the content to appeal to specific personas to further improve the level of engagement.

Then I made my pitch.  I asked the subject matter experts for their help in generating content and participating in interactions with prospects.  By demonstrating that we had a structured marketing process, and the tools to measure our marketing success, I received enthusiastic responses to my request for blog posts, whitepapers, comments on industry blogs and participation in sales calls.  I wasn’t really surprised since they are passionate about their business.  But now that the marketing wheels of goodness were turning, I was very glad to have them on board!

Doug Michaelides (VP Marketing)
 

A New Understanding of IP Within A Competitive Environment

Until now, intellectual property (IP) has been viewed in the same light as other forms of property. Indeed, if we look at the websites of bodies such as the World Intellectual Property Organisation (WIPO), the following is offered as an answer to the question, “What is Intellectual Property?”:

“Intellectual property (IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.“

Throughout history, intellectual property has been viewed simply as the assets realized through the process of creative innovation. However the time has come, to take a broader view of intellectual property. It is time for a new understanding of intellectual property within a competitive commercial environment.

The strategies and tools used to develop, build, maintain, and realize value from “creations of the mind” owned by a company must be included in this broader view. Examples are:

  • Invention disclosure programs
  • Licensing programs
  • Acquisition programs

    • The strategies and tools used to discover, and defend against, the threats posed by the “creations of the mind” owned by actors external to a company must also be included in this broader view. For example:

  • Competitor patent monitoring programs
  • Defensive litigation strategies

    • Therefore, within a commercial environment, IP encompasses:

    1. The assets realized through the process of creative innovation, i.e. the “creations of the mind” owned by a company.
    2. The strategies and tools used to develop, build, maintain, and realize value from the “creations of the mind” owned by a company, and
    3. The strategies and tools to discover, and defend against, the threats posed by the “creations of the mind” owned by actors external to a company.

    When IP is considered using this new and broader perspective, a company is able to both improve the return on its IP assets and better prepare for the challenges posed by its competitors.

     

    NB:  with this post, we welcome Ramesh Rajaduray, IP Strategist, to Stratford Managers

    Ramesh Rajaduray (IP Strategist)
     

    How Big Is Your Deficit?

    No, this isn’t another commentary about sovereign debt or the government’s budget.  I’m referring to the technical deficit that accumulates when a product team rushing to deliver a development project is forced to make tough decisions like:

    “Yes, we should develop this in an all-encompassing way.  But there’s no time to lose!  So let’s take a faster, more focused approach.  We’ll deal with the rest later.”

    “We’ll put all those bug fixes into the next release.”

    “We can live with that behavior for the time being.”

    These are often the right choices at the time.  I’ve certainly seen companies delay a product launch too long while they polish every little bit of tarnish on every minor feature. In the meantime, a competitor releases a product that is “good enough” and eats their lunch.

    Yet product executives should still be aware of the technical deficit and consciously decide whether they need do something about it. If you don’t actually know what your deficit is, I suggest you wander down the hall and talk to the engineers.

    The list of technical compromises often gets pushed out of sight because rarely is anyone willing to pay to address it. Some items may get fixed when a customer demands it or when a piece of code happens to be rewritten. But over time, forgotten bugs start to trip up the development team. Gradually it ends up taking half an hour to compile software that used to compile in a fraction of the time. The engineering team can’t seem to churn out features as fast as they used to. In the lab, they start talking about how a “total rewrite” will soon be necessary to advance the product. There are hundreds, or even thousands, of bugs in the tracking system that haven’t been resolved for years. All this adds up to higher development costs that compound release after release unless you bite the bullet and start to work off your debt.

    One solution is to make a good hard “bug scrub” one of the “features” in your next product release. Just take some percentage of your backlog and start cleaning things up. Or consider a “strengthen the business” feature.  Have someone work on improving compile time or creating tools that will save effort in the future. If you consider the potential recovery of lost development time these approaches will pay for themselves in short order.

    Assuming some technical debt can make sense.  But eventually you need to face the music.  So be sure to pay some off from time to time before, like the Greek financial crisis, it spirals out of control.

    Chris Barrett (VP Engineering)
     

    Willpower For Managers

    The managers I respect most have the ability to control their emotions, think clearly and remain focused regardless of the bedlam around them.  I marvel at their patience when dealing with difficult people and I feel inadequate when I think of my occasional temper tantrums.  I wonder if managerial self-control is an inherent personality trait or something that can be cultivated?

    A recent article by Roy F. Baumeister in NewScientist magazine claims that willpower is not so much a moral quality as a muscle that can both tire and be strengthened.  Controlling thoughts and emotions, restraining impulses and performing tasks and duties all draw from the same reserves of willpower.  After you exert any sort of self-control you have less willpower for new demands.  Cutting back effort conserves what remains.

    Since willpower is used when making choices, daily decision-making also tires the muscle and impairs self-control.  In the NewScientist article, the author recounts a study that examined the difficult decisions faced by parole judges.  Early in the day, and after eating, judges were more likely to take the risky step of granting parole than later in the day, when their willpower was depleted from making choices, or before meals when they were hungry.  It was easier just to keep the convicts locked up than summon the self-discipline to carefully weigh the pros and cons involved in granting parole.

    In fact, there appears to be evidence that willpower is a kind of “energy” that is tied to levels of glucose used to carry energy from the digestive system to muscles and organs.  Studies show that after exerting self-control, people perform better on the next self-control task when given a slug of glucose between tasks.  This suggests why dieting is so hard.  In order to resist tempting foods you need willpower.  But to have willpower, you must eat.  As you restrict food intake you diminish the psychological strength needed to succeed.  Out comes the junk food.

    What can you learn from this to become a better manager?  First, armed with knowledge of willpower, you can schedule your tougher decisions and interactions for when you know you’ll be better equipped to tackle them.  Second, like training for a marathon, you can gradually improve your willpower “muscles” by exercising them regularly.  Third, if you’re trying to lose weight, stop smoking and manage a tough work situation all at the same time, remember that you only have so much willpower, so don’t let a little backsliding stop you from persevering.

    When all else fails, take a tip from the willpower researchers.  Stir some sugar into your coffee, grab a can of soda or snack on a few jellybeans.  It won’t do much for your diet but it might just help you make a better decision when you really need to.

    Doug Michaelides (VP Marketing)
     

    Making Ideas Stick

    Recently I had a conversation with a brilliant CEO who shared his frustration at trying to keep track of the many business ideas that constantly race through his head.  He was certain that he was losing good opportunities before he could capture his thoughts.

    I’ve seen this challenge in many entrepreneurs and senior managers who spend long days buried in emails, voice mails and meetings.   Finding the time for a structured planning session with their management teams is challenging enough; capitalizing on spontaneous thinking is next to impossible!  Yet we have all experienced that some of our best ideas come when we’re not consciously looking for them.

    A few years ago I was coaching a senior marketing manager who was struggling with this issue. I handed her a 3”x3” sticky note pad that fit easily into her notebook or pocket and suggested that every time an idea popped into her head, she write it down.   Since her quarterly team meeting was coming up, we instructed her entire team to follow the same practice – record their rapid fire ideas on how to improve their stalled market share on a sticky note pad as they thought of them.  The rules were simple:  don’t dismiss any thoughts or notions; just write them down.   Don’t edit or censor.  Even the crazy ideas can be built upon by the rest of the team.

    When the group assembled for their quarterly meeting, they stuck all their notes on a wall then began grouping them into similar threads looking for themes.   Through the physical process of posting and grouping the notes, they shared some great (and wild) ideas, laughed a lot, and came up with some novel approaches that hadn’t been considered before.  In the end, everyone had contributed to the planning process and they left their meeting with three solid projects to pursue.

    Writing down your thoughts captures good ideas and stimulates further thought.  Make it a habit, whether you use paper and pen or an app.  But when it comes time to pool your ideas with others, in my experience, the process of physically touching each idea and manually moving sticky notes around on a wall generates useful interaction that’s not easy to replicate electronically.

    Business is a contact sport.  This is one great tactile way to capture your ideas and make them “stick.”

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    Sandra Pacey (Director, Marketing)
     
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