From Greg's Head

Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

As we navigate through this current recession, watching our politicians talk about change,  I recently recalled this quote from Eric Hoffer I learned at a leadership class I once attended, “In times of change, the learners will inherit the Earth, while the knower’s will find themselves beautifully equipped to deal with a world that no longer exists.”

So as a leader would you be classified as a “knower”, or a “learner”?  Or more importantly do you know the difference?  In Jim Collins book Good to Great he talks about Level 5 Leadership.  Level 5 leaders build enduring greatness through a paradoxical blend of personal humility and professional will.  Level 5 leaders channel their ego ambition away from themselves into the larger goal of building a great organization or company.

Knower’s have very limited ability to stretch themselves and get to panic mode very quickly.  On the other hand learners, have the ability to stretch themselves for a while before they reach panic mode.

What would your employees say about you…As a leader, are you a knower? Or a learner?  As you meet people each day, employees, prospective customer, vendors, advisors, etc. Ask yourself are they knower’s, or learners?  Knowing the difference could make a huge impact on your satisfaction.

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PKF Texas is one of the sponsors for the Houston Technology Center’s Roast of Paul Frison.  I’m on the Roast committee and am looking forward to seeing my good friend Paul “honored” in this way.  It’s shaping up to be a fun event.  The tickets are selling out quickly, so if you’d like to join in the fun, contact Sheila Whanger as soon as possible.  See you there!

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We've got one week to go before the Fast Tech 50 Class of 2009 is revealed.  PKF Texas and I are eager to celebrate the friends of our firm who will be a part of the accomplished FastTech 50 Class of 2009. As founding sponsors of the FastTech 50, entering its 9th year, we would like to invite you to join us by purchasing a ticket or a table. 
 
The 9th Annual FastTech 50 Awards Luncheon will be held:

Wednesday, November 4, 2008
11:30 am-1:30 pm
Hilton Americas Houston Hotel
1600 Lamar

The Houston Business Journal has made it very easy to register by clicking http://houston.bizjournals.com/houston/event/5417.  For more information contact Lee Ann Semmel at lasemmel@bizjournals.com or 713-688-8811.
 
This year we will again be recognizing the youngest company on the list with the Paul Frison Accelerator Award.  And will also be recognizing two new Enterprise Champions, business leaders whose exceptional companies demonstrate growth, industry leadership and above-average company culture.  
 
If you are on Twitter, be sure to search #FT50 for the latest Fast Tech 50 news.
 
We hope to see you there!

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I was thinking the other day about what to say about the GCEC event held at Rice on October 15-17.  There were so many exciting things and I wasn’t sure what to say….Then I received this email from a participant at the Conference - Robert Fishbone from St. Louis University - and I thought I would share his comments with our blog readers….

The 2009 GCEC at Rice University--Where else could you learn the following:

“A young boy becoming a Dr. so he could become an astronaut?

Thousands and thousands of lemonade stands teaching kids about entrepreneurship?

Recently released, eloquent felons starting and growing their own businesses?

One university in Cambridge being the birthplace for bazillions of dollars in new ventures?

Almost 50 schools shamelessly bragging to each other about their innovations?

And one guy playing his tie?

Hello:  It was an eye opening experience for me to meet and listen to so many of you at GCEC 2009.  And not just those of you representing large, well established programs, but smaller universities and colleges creating, or hoping to create, an entrepreneurship center or program that speaks to their own students, and the surrounding community...challenges being met with boundless energy and really clever solutions.”

I want to thank Mr. Fishbone for his comments….I think it says it all.  If you want to ask me about his noted lines, contact me through the blog and I will share that insight with you.

Also I would be remiss if I didn’t thank the entire staff of the Rice Alliance for their tireless efforts in organizing and planning such an event.  Brad, Mary Lynn, Yanette, Sheethal, Karina, Quynhmai, and Kerri you folks are the greatest and it’s a pleasure to both work and  play with the  Rice Alliance team.  The Rice Alliance set a very, very high bar as I think this was by far the best attended and from what I heard best content ever for a GCEC event.   Several participants were blown away by the event, venue, quality of speakers and places we visited…Ok they liked the hospitality room at the Marriott too.

I learned that a lawyer can make an excellent catering and beverage executive chief; that I can land the Space Shuttle “in the Sim” (that’s Astronaut talk for you laymen); and I can fly a T-38 trainer and not crash land.
 
Next year’s GCEC will be at Penn State, my colleague Jen Lemanski (yep she’s one of those) will probably being going crazy to get an assignment to attend and see Joe Pa and the Nittany Lions put on a good show.
 

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

As we emerge from the recession is your company is in the best position to take advantage of new opportunities in the marketplace?

Many entrepreneurs used the downturn in the economy as an opportunity to reinvest in their technology to  run their business better, faster and cheaper.  If updating your technology has been on the back burner, now is the time to take a look at your current business applications. 

Meet with your management team to discuss the following areas that IT can support:

• Where are the areas with constant pain points?
• What new products are available for your industry? 
• What are you missing that will increase productivity and better serve your clients?
• How will a new system/process save you in the long term?  And what type of investment can you handle to get that new system or process?

By improving your processes and leveraging your technology, you can streamline your business, becoming more efficient and responsive to opportunities. And, as a result grow, your company will move past your competitors and better position itself in the market place.

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Fortune Small Business just released their annual rankings of the top metro areas to launch a small business and Houston came in at number four! They cite the Texas Emerging Technology Fund, the Medical Center and the Greater Houston Partnership as a few of the reasons small businesses can find success here.

There’s a side bar called “Launch Toolbox: Resources for Getting Started in Houston” and there are some familiar names listed.  The Rice Alliance, GHP and University of Houston’s Small Business Development Center are all featured.

I’ve said it before, and I’ll say it again, I’m glad Houston’s finally getting this kind of national attention.  We’re so much more diverse than the Oil Town stereotype.  The more people realize this the better off our economy and our city will be.

In a similar vein, Fortune Small Business has a slideshow on their website featuring “Indie Houston.”  From BBQ to our museums and boutique hotels, it’s got a great sample of what our city has to offer.  Kudos to reporter Adriana Gardella for taking the time over the past few years to get to know our city, culture and people. 

What quirky only-in-Houston things is the slideshow missing?  Are there any hidden gems that we should know about to highlight the best of Houston?

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Last night’s presentation was fantastic and all the universities were excited about the Kick off reception and open session.  Michael Holthouse led a presentation on Lemonade Day and how educating the youth of America on how to run a business will make our country stronger and better.   The evening closed out with a session on Shameless Self Promotion of the various entrepreneurship centers across the country.

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

What is your company’s plan for taking advantage of opportunities in 2010? As we near the end of the year, have you scheduled an executive retreat to strategize with the key players in your company?  

A retreat is an opportunity to get away from the office to focus on your business with your management team. 

Using tools like a force field analysis, waste reduction process or one page plan help identify your management team’s ideas to improve the business.  They also aid in creating an implementation plan for any new systems or processes.

Consider bringing in a facilitator to assist with structuring your discussions and stimulating new conversations.  The facilitator can also serve as a third party to hold you and your management team accountable for the action items that stem from the retreat.

These meaningful conversations about the future of your company are a critical component of what will help your business continue to grow.

You may download white papers about the tools mentioned at pkftexas.com/RTP.

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Tonight kicks of the 2009 Global Consortium of Entrepreneurship Centers at Rice University.  For the next three days the top global entrepreneurship centers in the world will have their representatives on campus for 2.5 days of education, relaxation, and networking.  We are very proud to be a Gold Level Sponsor of this event for the Rice Alliance and we wish all the attendees the best.

Looking at the agenda we have some outstanding keynote speakers from Houston:
Michael Holthouse, Dr. Bernard Harris and Dr. Jack Grill will be delivering some key addresses.  Also speaking will be Dr. Ed Roberts, Founder and Chair of the MIT Entrepreneurship Center.

I will be blogging from the event, as this an invitation only function so to learn what’s going on, check my out blog the next couple of days.

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PKF Texas and I are eager to celebrate the friends of our firm who will be a part of the accomplished FastTech 50 Class of 2009. As founding sponsors of the FastTech 50, entering its 9th year, we would like to invite you to join us by purchasing a ticket or a table. 
 
The 9th Annual FastTech 50 Awards Luncheon will be held:

Wednesday, November 4, 2008
11:30 am-1:30 pm
Hilton Americas Houston Hotel
1600 Lamar

The Houston Business Journal has made it very easy to register by clicking http://houston.bizjournals.com/houston/event/5417.  For more information contact Lee Ann Semmel at lasemmel@bizjournals.com or 713-688-8811.
 
This year we will again be recognizing the youngest company on the list with the Paul Frison Accelerator Award.  And will also be recognizing two new Enterprise Champions, business leaders whose exceptional companies demonstrate growth, industry leadership and above-average company culture.  
 
If you are on Twitter, be sure to search #FT50 for the latest Fast Tech 50 news.
 
We hope to see you there!

Posted In Tecknowledgy Comments Permalink

Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

When was the last time you asked your clients about your performance? Do you have a regular survey process or, a debrief meeting at the end of each project?

The ideal situation would be to have consistent ongoing communications with your clients, so you know exactly where you stand.  Be sure you’re asking the right questions.

Communications consultant Scott Cytron of Cytron & Company suggests that it’s easy to ask, “How are we doing?” but the answer is usually along the lines of “Just fine…”  This doesn’t get you the answers you need to make any necessary adjustments.  A better question would be, “How can we serve you more effectively?”  It leaves room for the client to truly tell you what, if anything, needs to be changed. 

If the feedback is negative, be sure to ask enough probing questions to get to the root of any issues.  Though tough to hear, you need to have as much information as possible to rectify or improve the situation. 

On the flip side, if the feedback is overwhelmingly positive, ask the client if they would be willing to provide a written testimonial, or have their experience profiled for a case study. 

As we near the end of the year, now is the time to be having these conversations.  Your clients will appreciate you are taking the time to make sure their needs are being met.
 

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As you know, my firm, PKF Texas and I are huge supporters of entrepreneurs.  We received an email (see below) promoting Lemonade Day 2010.  Houston’s Lemonade Day is run by Prepared 4 Life, a not-for-profit dedicated to teaching kids life skills, character education and entrepreneurship.  I think this is a great program and the earlier we can spark a future entrepreneur, the better!

Have you heard the buzz about Lemonade Day?
Sponsored by Prepared 4 Life and its many community partners, Lemonade Day is a city-wide program designed to teach youth how to start, own and operate their very own lemonade business.
It provides an opportunity for a community to show kids they care and to come together for a common purpose – to train the next generation of entrepreneurs through a free, fun, engaging, experiential activity.

The power of Lemonade Day is simple. The lemonade stand, an American icon that symbolizes the entrepreneurial spirit of the United States, is the cornerstone of our educational program. Almost every adult in this country can recall experiences of either selling lemonade or buying it from their friends. By teaching business fundamentals, the Lemonade Day experience literally changes the course of kid’s lives. The real payoff may be years down the road, but the effects are already being seen.

Today, Lemonade Day has become the largest city-wide program of its kind for youth. This program has grown from 2,600 registered stands in 2007 to over 27,000 registered stands in 2009. It is estimated that participating youth from all the cities sold over two million glasses of lemonade and donated almost $500,000 to charities of their choice. Houston’s 2010 goal is to impact 50,000 youth!

The recent and future success of Lemonade Day points to a partnership of community leaders, sponsors, volunteers and educators. We invite you to learn how you can play an important part in helping us reach our goal.

To learn more about Lemonade Day, please check out our website, www.lemonadeday.org or contact JC Perez at jcperez@prepared4life.org.

Lemonade Day!
Sunday, May 2, 2010
www.LemonadeDay.org

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Inc. Magazine recently ran a very insightful article featuring an interview with John Kotter, Harvard Business School professor and author of Leading Change, one in a series of books about change. 

He had a lot of great advice for entrepreneurs about keeping a sense of urgency while navigating the challenges of business.  The point that resonated with me was when he was warning against complacency and said, “…Whom should we be comparing ourselves to?...Don’t just look for new customers but also for new competitors. Broaden your definition of competition.  You go from ‘Here we are, the dominant player’ to ‘Here we are, this dinky business in a much larger pool.”

I think it’s an interesting thought.  You might be the top company in your industry, but who are your competitors outside your industry?  Who are you competing against for funding? They won’t necessarily be in your field.

How does your business respond to challenges?  With a sense of pointed urgency or with frantic responses?

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

From an early age, we’re taught to take a risk to get ahead. Risk helps us discover something new about ourselves, but at what point do we stop to examine how risky our behavior really is compared to its outcome?

The business environment isn’t much different. Successful professionals in today’s companies need to constantly analyze their place in the market, and fully understand, assess and plan for risks that can directly and indirectly impact their organization. 

No one wants to spend money needlessly, especially in the current economic climate. However, can your business afford to have any surprises? Taking a “wait and see” approach could leave your business vulnerable to unforeseen issues.

An Enterprise Risk Management (ERM) initiative provides the greater likelihood of achieving a variety of objectives, fewer surprises and an improved understanding of all levels of risks in the business.

ERM is one of the critical components of a good corporate governance process established by company management and monitored by the Board of Directors.

There are many steps to a successful ERM, but these six major categories must be included in the project:

1. Define and Select the Framework.
2. Identify the Risks
3. Assess the Risks
4. Evaluate the Risks
5. Address the Risks
6. Monitor on a Continuous Basis

The goal is to get everyone in the organization to think about risk and how it is impacting, or may impact, the success of the project, process, business segment, corporate strategy or overall organization.  Don’t wait until your business gets out of hand to implement your ERM and better manage your risks.
 

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Reviews have generally been favorable for the upcoming release of Windows 7.  It will be formally launched on October 22nd, just in time for the holiday shopping season.

I’ll be curious to see if it is truly better than the much maligned Vista.  From what I’ve heard and read, Microsoft really listened to the end users and took the steps to address their problems.

Steve Ballmer, Microsoft’s CEO, said recently, “Windows 7 is the best PC operating system we have ever built.”

I certainly hope he’s right.  Microsoft seems to be making the right decisions this time and will fare much better with this roll out.

Are you as a business owner going to make the switch to Windows 7 immediately or are you going wait for the dust to settle?

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