Succeeding in difficult economic times

Krissi recently appeared on the WCET (PBS) program "Business Beat", discussing what company owners, leaders and managers must do to succeed in today's difficult business environment with host Crystal Faulkner. See it here.

A transcript of their discussion:

FAULKNER: I’m Crystal Faulkner with the CPA & Business Advisory firm of Cooney, Faulkner & Stevens. My guest today is Krissi Barr, president of Barr Corporate Success.
Krissi, you go in and you help companies identify things they need to do to be more successful and then you actually stay there and help them get those things done. With so much changing today, what should companies be doing to plan for the future?

BARR: Three things. If you’re a golfer, you’ll remember the acronym “PAR”. Prioritize – focus on what matters most. Adapt to change – see change as an opportunity. Innovate. And the R, responsibility. Take ownership of the outcome. Make sure you get it done. Take action today. Surfacing across all of that is: Make sure your team is aligned to what your priorities are. And make sure the team, if it’s dysfunctional, builds a real strong foundation of trust, because you’re going to need that trust in these times.

FAULKNER: Well, how can people keep positive when it seems like employees, employers, and even the country is experiencing such tough times? What’s the secret of staying positive through all of this?

BARR: A lot of it is you. Focus on what matters most. Focus on the future. The power is in the future, it’s not in the past. So think about: What’s the core, what do I need to do? A couple of basics: Take care of your own energy. Focus on: Are you exercising? Are you getting enough sleep? Do you have quiet time? Tired people make mistakes, and right now is a time you can’t afford to make mistakes. Take care of your financial house. Make sure that you have enough finances and cash and flexibility to be able to take care of those things. The biggest one out of all of it – pivot. So many of us focus on what we’re afraid of. We go, “Gosh, I don’t want to lose that customer,” or “I don’t want to lose my job.” You should pivot, and go, “I want to provide the best service for my customers so that they see I’m an ally in helping them get through this tough time.” Or, “I’m going to be the best employee, and produce the best results for my company, so that my company comes out of this stronger than ever.” If you focus on what you want, versus what you don’t want, you’ll stay more positive.

FAULKNER: How can leaders and managers of companies help their employees stay motivated to do all those things you just mentioned?

BARR: That’s a tough one. I mean, you see customer or employees surveys. People go, “Communicate, communicate, communicate.” So I’m going to tell leaders and employees: communicate. Over-communicate if you have to. Make sure people understand what your vision is, what you’re doing, how the people in the company fit into those priorities, what are they doing to contribute to success, what are they doing to that helps your customers. Everybody – I don’t care if you’re in the accounting department or in sales – at one point or another is servicing the client, maintaining the client, or selling to the client. And they need to understand how they fit. That’s the best way. And also, don’t judge as much, but coach. Coach employees. When they see that you really care about them, that you’re committed to this – because it’s a lot of hard work – they’re going to trust you.

FAULKNER: Krissi, that’s wonderful advice. Thank you so much.

The Chicken or the Egg?

In recent years, many studies have shown that high performing companies have employees with high employee morale, but which came first? Do the employees have high morale because their companies are doing well, or is the company performing well because the employees have high morale?

Morale by a Nose!

In The Enthusiastic Employee (Wharton School of Publishing), we see that high morale does indeed have a causative effect. The stock of companies which showed high morale in 2004 outperformed those in the same industries in 2005, as compared with more than 5,500 other companies in the same industries. Those stock market results are largely driven by earnings statements, creating a visible cause-effect relationship between morale and profit.

How is your company morale? Do you know?

Let your workers do the talking...

Marketers are increasingly investing in non-traditional marketing methods such as viral marketing, targeting trendsetters in conversational marketing. You may have the world's best marketing force already in your employ. Don't underestimate the power of employees who love their jobs, and their companies. Tap into the "viral marketing" you already have at your fingertips, and make sure it's working for you.

Barr Corporate Success is a results-oriented consulting firm helping business leverage leadership, build teams, foster accountability, increase profits and sustain long-term growth. To enjoy the benefit of more than 20 years of management excellence, please e-mail Krissi Barr, krissi@barrcorporatesuccess.com.

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