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Archives › May 2004
May 27, 2004
Virtual Meetings
Posted by Laura Rich at 4:41 PM
One of the coolest things to happen at the intersection of small businesses and technology has to be the development of software that makes it possible to conduct meetings from afar. Power up your computer and your clients may be staring back at you from the other end. Staring with smiles, of course.
But so-called conference meetings only work well when the software being used actually, uh, works well itself.
In this month's issue of PC Magazine the editors have gone to the trouble of testing out three such offerings. Here's how they came out:
Avecomm: This software does not offer video conferencing, but it is great for sharing applications, an essential aspect if you plan to use PowerPoint presentations, Web tours or any other software you might want to share. It also features the following: whiteboard and annotation tools; individual and group chat; file-transfer capabilities.
Macromedia Breeze Live: PC Magazine recommends this software for less interactive meetings, mainly in situations where you're presenting to others. The way to get around this is to make everyone a presenter, but that can get awkward, too. Here are some of the plusses: slide presentations, application sharing, Web tours, polling, instant messaging, chat, file sharing, whiteboard, and note taking.
Raindance Meeting Edition: This one received the highest endorsement from PC Magazine, which called it "the best of the products we've tested for small, impromptu meetings (even better than WebEx, in fact)." Raindance offers a familiar experience, according to the magazine's editors, who note its "Windows-like feel and intuitive drop-down menus and task panes.
The story is not available online, except to subscribers. You can learn more about these products at their sites:
17th Century Leadership Lessons for 21st Century Managers
Posted by Nicole Gull at 4:30 PM
It's amazing what you can learn about managing people from the 17th century. In the eight-episode run of the PBS series "Colonial House," a group of colonists went through two leaders, wandering through their own kind of wilderness before the right kind of leader showed up in the end.
I've always sort of loved to watch these historical reality series on PBS. It's pretty neat to watch 21st century people work their ways through daily life in "history." Earnest people working hard. Spending entire days in fields, building their own homes. Talk about Americana.
But this month's debut of Colonial House was a disappointment. It didn't seem the colonists were too happy to be a part of the project. They came. They whined. They accomplished little. I found myself so disinterested in their characters, as one episode bled into the next with painfully little progress. It got old fast.
You can look to the group's leader to find the source of the problem.
When the colonists were each assigned their roles in the community, it was clear tensions would emerge. Initially, everyone seemed to like Jeff Wyers, the governor of the settlement, and accepted him as their leader. But his success didn't lie in any obvious ability to lead: He wasn't a particularly strong leader. No one felt pressure to work too hard, as Wyers didn't seem to crack the whip all too often. Everyone sort of just went through the motions and things moved right along. As long as there were no problems, Wyers was the nice-guy boss and everyone was happy enough.
But once food rations were running low and everyone was tired of working on that house, things changed. The group looked to Wyers to motivate them. Unfortunately, Wyers had his own problems back home in he 21st century (the sad, sudden death of his daughter's fiancé), so perhaps he was distracted. He didn't rally the colonists in a way he should have and wasn't able to help the group find a sure-fire solution before he left for home. As a result, the colony' s debt to the company had been delayed payment for three weeks, morale hit a low and tensions emerged about how the new power structure on the colony would play out.
I believe Wyers wanted to see the colony succeed. I just question whether or not he really knew how to motivate so many different people--how to find that common ground. Maybe the colony lacked structure--people weren't being as efficient as they could have been had the governor organized or distributed responsibility differently. Or perhaps the whole lot of them were just lazy. It's hard to tell because Wyers' time was cut so short. He was only governor for about two-and-a-half episodes.
Enter Don Heinz. Heinz clearly wanted the job of governor once Wyers and his family headed home to attend to their grieving daughter. He was practically foaming at the mouth. Everyone knew it and I think that made it harder for the colonists to fall into line under his leadership. I don't think the colonists were convinced, initially, that Heinz cared as much for the colony as he did for himself and his wife, Carolyn Heinz. I wasn't. (I mean, when Carolyn became the governor's wife, she even made a comment that she felt that she was filling a high-profile role in the colony.)
By this time, the colonists seemed so deflated by their slow progress, it's doubtful they were going to put up much of a fight for a strong finish. Clearly, everyone just wanted to do their time and head back to their couches and SUVs. But, Heinz's glory didn't last too long, as Jack Lecza was close on his heels. When Lecza arrived, he challenged what the colonists had already accomplished. Though he wasn't the governor, he did exert power as a representative from the company that invested in the colony. He made the colonists start looking for alternative food sources like clam-digging and fishing, and he re-focused their attentions on making money for the colony. Lecza was full of ideas.
Lecza was clearly the strongest leader of the three. He saw the colony as a business and treated it as such. (He likened his time there to his real-life experience as CEO.) He wasn't interested in being liked. He was interested in seeing the colony succeed. He worked alongside the colonists (something I don't think Heinz did as well). He brought new ideas and new energy to the colony. This earned him the colonists' trust, and their sweat. It's too bad he didn't show up sooner.
What Would You Do If...
Posted by Bobbie Gossage at 9:43 AM
People aren't buying as many CDs and the more you do to shut down file-sharing, the more your customers resent and defy you. How would you fix it if you were in charge? What would you do if you were the RIAA?
May 26, 2004
Giving Up on SarbOx
Posted by at 4:00 PM
There's little more annoying than the biggest kid on the court threatening to take his ball and go home because he doesn't like the rules of the game. But that's what some chief executive officers are contemplating doing because of the added time and expenses related to the Sarbanes-Oxley regulations, according to a recent poll .
These gripes are coming at a time when the economy is adding back jobs and the Dow is above 10,000, having yielded a better than 17% return over the last 52-weeks. Why are people still bothering these poor corporate executives with these petty regulations? Wasn't all this corporate governance garbage supposed to fade from the collective public conscience by now?
Too bad New York Attorney General Eliot Spitzer is looking for a new job and keeps showing the general public how uneven the playing field really is. If the scandals had been isolated to Enron and WorldCom, corporate lobbyists could possibly have negotiated something of a reprieve by now. Instead, the hits just keep on coming. The last bastion for the small investor, mutual funds, has proven that it too likes to have its palms greased.
Fact is, investors and would be investors like to see people punished or at least to have some assurance that they might be. Seventy percent of investors wanted a penalty with both jail time and a fine for violating Sarbanes-Oxley, according to a January 2004 poll conducted by Harris Interactive for compliance software provider Movaris.
The numbers suggest that the CEOs polled by Foley & Lardner were probably just blowing off steam. There has been little surge in companies going private and there's no source explaining what motivated those that did. If your company is already losing money, has a small market cap and then someone hits you with a bill for a couple hundred grand, sure, it might be time to rethink things. But remember, you didn't have a lot to offer in the first place. That said, Sarbanes-Oxley isn't going to drive Wal-Mart into going private.
In general, the public doesn't want to hear it anyway. At least humor us and sign off on your financial statements, assuring us that you are 100% confident that it's all true. I have no doubt that Jeffrey Immelt is capable of learning everything each of General Electric's divisions is doing.
Finally, if you are thinking of going private, try not to blame it on the rules. Acknowledge the game is hard and also that you may not have been very good at it to begin with.
May 24, 2004
Formal Education vs. School of Hard Knocks
Posted by Carole Matthews at 4:04 PM
You hear it debated over and over again. Despite the proliferation of entrepreneurship programs in schools across the nation, most entrepreneurs will agree that, when it comes to becoming an entrepreneur, nothing beats experience. In Michael Cage's recent blog, "Formal Education and Entrepreneurship," he asks, in a nutshell, "under what conditions would you recommend formal education? College, an MBA program, whatever...?"
His answer, a definitive NONE. His advice: find a hard-nosed, seasoned mentor to show you the ropes. (Click here for his full blog.)
Inc.com posed a similar question to its users in a poll: Can entrepreneurship be taught? By May 2004, 672 users had responded, with 392 people saying no, it can't be taught; 280 respondents said yes.
What is the better way to learn how to be a business owner? Sitting in a class or getting out there and just doing it?
How Rude!
Posted by Nadine Heintz at 11:00 AM
Not sure if it's appropriate to join your employees for happy hour? Wondering if it's necessary to recognize staff birthdays? These can be tough questions for business owners to tackle. At large corporations, the boss usually follows the guidelines of the employee handbook. But most entrepreneurs play it by ear, making up their own rules along the way. To make matters even stickier, the line between boss and pal is often blurred at smaller companies, where the atmosphere tends to be more relaxed.
Luckily, Inc.com is here to help. Starting this week, Inc. staff writer Nadine Heintz will help you tackle office etiquette problems both big and small. Simply email your queries to nheintz@inc.com using the subject line "how rude" and check out the site each week for responses. Your identity will remain anonymous if you so choose, and remember: there are no stupid questions!
Weird Science
Posted by at 9:55 AM
This Friday, Americans will once again be able to join hands and come together in a unifying event, watching New York City laid to waste in all its cinematic splendor. The Day After Tomorrow rains down on theaters, proving once and for all that you can knock us down, but you will never crush our collective will, our unalienable right, to waste $15 (including medium popcorn and jumbo cola) watching the "fantasy" destruction of Manhattan.
A quick plot summary: global warming goes haywire, massive climate swings, unpleasant tempests ensue, people die, weathered bureaucrat says "I'm too old for this s-t," two young Hollywood hotties save the world then make out. The End. It's the type of big, dumb, $125-million spectacle that makes half-a-billion-dollars even though nobody seems to know anyone who has actually seen it. Oddly though, this science fiction movie has kicked up a tornado of controversy by using fictional science as its celluloid culprit. It's become a referendum on global warming and whether or not the events are "possible." They're not.
Which is not to say that global warming doesn't exist; it does, no matter what sort of "consensus" the White House is waiting for (and if you don't buy into global warming, well here's another organization that's looking for members). What is interesting is that ridiculous movie premise is being viewed by many environmental scientists as a good opportunity to spread the word about global warming. And in a related story, Splash is being re-released to get kids interested in marine biology.
Opponents are howling that it's cheap to use the massive, computer-effects-laden tsunamis and blizzards as a starting point for a debate on the state of Earth. It may seem paranoid and silly to be railing against Hollywood schlock, even if you are in the Flat-Earth Society, but they have a point. The Day After Tomorrow website links harrowing movie stills with stats such s, "in 2003 the hottest European summer on record caused more than 20,000 deaths" and "1.25 million species of plants and animal will be committed to extinction by 2050 due to global warming." If coupling computer imagery of a burning sun and an ice age with raw data isn't dishonest, it's certainly misleading and clear that the intent is to draw parallels between global warming and deadly Gotham big-screen plagues.
Twisting science to sell junk seems out-of-bounds. What does it say about the respect for the knowledgeable when some scientists feel they have to embrace a B-movie as an learning tool? It says science is on par with all the other marketing mechanisms at our disposal. But then again, why shouldn't science be treated like all the other gimmicks used to push product? Phony statistics and pseudo-science is used to promote all brands of partisan arguments or to ignore ones that don't fit with a prepackaged agenda. And it starts at the top. When 20 Nobel Laureates have to join a group called the, "Union of
Concerned Scientists" because facts are routinely ignored when they don't jibe with their layman's opinion, then maybe it is time to fight fire with fireballs -- blazing fireball infernos and Earth-shaking rains, coming The Day After Tomorrow.
In the words of Hippocrates, "There are in fact two things, science and opinion; the former begets knowledge, the latter ignorance." And boffo box office for a disaster/educational film steeped in science fiction.
May 20, 2004
Internet Rumors Die Hard
Posted by Carole Matthews at 12:46 PM
The Internet is a great way to get the word out. Unfortunately, for some companies, the wrong word occasionally gets spread. For instance, Procter & Gamble has been rumored to be associated with the Church of Satan because of a logo that had supposedly contained "666" within it. Though the logo has disappeared from the company's marketing line-up, the rumor hasn't, and can still be found circulating on the Internet.
More recently, a Minneapolis-based coffee company is battling a rumor that its company is linked to terrorists. Caribou Coffee's CEO Michael Coles says the 2-year-old Internet rumor that his company is connected to Islamic terrorists is hurting sales and threatening the business' expansion plans.
The rumor alleges that the company is owned by an Islamic bank that employed Sheikh Yusuf al-Qaradawi, an outspoken Palestinian supporter. Coles has addressed a small truism in the rumor candidly -- the business is 88% owned by Atlanta-based Crescent Capital, the investment firm arm of the First Islamic Bank of Bahrain, and Qaradawi was an adviser to the bank until the bank severed ties with him in June 2002.
But, his efforts aren't making much headway in killing the rumor online. Furthermore, experts say, the more you address the rumor, the more you're raising awareness of it in the public's eye, which could further hurt a company. Caribou, however, has taken a different tack, creating a campaign to "set the records straight," which Coles believes will help people see "the real truth" about the company.
What would you do? Risk gaining more attention by addressing the rumor publicly, or just let it run it course? I suppose you could go about managing it as you would bad press: supply facts to the media, as Caribou has done in the Chicago Tribune article referenced for this blog (free registration required to access full article); develop useful contacts in the media to handle it; and take the initiative. But how effective would these tactics be on the Internet?
May 19, 2004
Marketing with Case Studies
Posted by Carole Matthews at 10:04 AM
Case studies are nothing new to the world of academia, where they've been used as traditional resources of learning for years. And many websites and publications regularly write case studies to help readers relate to others' challenges and perhaps find solutions to their own.
So it's certainly not a stretch to consider boosting your business' marketing efforts with a few. John Jantsch at DuctTape Marketing suggests adding case studies to your marketing arsenal to help explain to potential clients how you've "successfully delivered your service to a real life client." Case studies are powerful because they let potential clients see what you might be able to do for them. He's also provided this quick case study format to get you started in writing your own:
1. Define the client or situation.
2. Define the problem.
3. Solution that was offered.
4. Results achieved through working with your company.
Find more about Jantsch's take on case studies on his weblog.
May 18, 2004
Culture
The Restaurant - What the heck?
Posted by Nadine Heintz at 3:13 PM
The folks at NBC must be re-editing the remaining episodes of the Restaurant with the hopes of getting better ratings. I can't imagine why else the airing of the show would be so sporadic. It was listed in the TV section of the newspaper yesterday, but when I flipped to channel 4 at 10 o'clock, Crossing Jordon was on! Maybe NBC didn't want to compete with CSI: Miami, which last night introduced the new spin-off, CSI: New York. After alll, Rocco can't hold a candle to Gary Sinise and David Caruso. Hey, maybe they should open a place, CSI: The Restaurant. It could have a crime theme and everything. OK. I'm getting a little out of control. But I'd definitely have dinner there at least once. As for Rocco's, I'm not so sure!
Today's news
Survey of Boston CEOs Reveals Hiring Plans
Posted by Carole Matthews at 10:33 AM
Today's announcement of the 16th Annual Globe 100, The Best of Massachusetts Business, not only listed the strongest publicly traded companies in the Massachusetts, it also revealed some insight from Globe 100 CEOs regarding the economy and hiring plans.
Overall, the group surveyed has a decidedly optimistic outlook, with 82% of the CEOs saying the economy is much brighter than a year ago. Two-thirds of those surveyed said economic improvements will lead to increased hiring over the next year, according to Kimberly Blanton, Globe staff writer, in "Economy's on rise, hiring soon will be too, CEOs say."
Eighty-two percent of the 74 CEOs who responded expect the the economy to be in "better shape" next year. Ninety-five percent expect their companies' revenues and profits to rise and 60.8% forsee the Dow Jones industrial average hitting 11,000 over the next year.
For more information on the survey and the Globe 100 go to the article on Boston.com.
May 13, 2004
Easy-to-Use Blogging Software
Posted by Carole Matthews at 10:36 AM
Want to start your own online journal? As Anne Stuart points out in "Blogging for Business," it's fast becoming an easy, effective way to connect with customers and establish more of a personality with prospects and clients. But how do you get started? Anne outlines what makes a good business blog in her piece, but you'll need the right technology to jump on the blogging bandwagon.
Writing for the Associated Press, Anick Jesdanun's Internet column "Review: Easy-to-Use Blogging Software" offers a couple of suggestions for the best tools for beginners: Blogger and Moveable Type.
Here's a quick rundown of their features and pricing from Jesdanun's article:
Blogger's Blogspot
Price: Free
Some Useful Features: Automatic wizard that helps you set up quickly; automatic spell checker; automatically archives old posts by date; new postings e-mailed to mailing list for free.
Downside: Exposes the average user to too much HTML -- e.g., when you highlight something to be bolded, you don't see it in bold, you see the code; can't search postings.
Moveable Type's Typepad
Price: Cost begins at $4.95 a month
Some Useful Features: Time-delay feature to have entries show up tomorrow or next week; underline text feature; can add clickable e-mail address; upload images, docs and music files; TrackBack features lets you know when other sites have linked to your blog.
Downside: Exposes user to too much code; need to upgrade to the full Moveable Type software to create mailing lists and for search feature; not always easy to use.
Jesdanun's final verdict (free subscription required to read full article): Start with Blogger until you grow into Moveable Type.
May 12, 2004
Technology
IBM Challenges Microsoft's Office Suite
Posted by Carole Matthews at 9:47 AM
Just when Microsoft is gearing up to become the end-all be-all for small and growing businesses, IBM has launched an alternative to Microsoft's ubiquitous Office. As reported by Antone Gonsalves of SmallBizPipeline, IBM's server-based bundle of desktop applications includes e-mail, IM, word processing, spreadsheet and presentation software. The products, part of IBM's Lotus Workplace strategy, run on Linux, Unix or proprietary operating systems used in handheld computers and cellular phones.
Will it ruffle Microsoft's feathers? According to Toni Duboise, analyst for market researcher Current Analysis, its a niche play for IBM that likely will have an impact on companies using Linux and mobile users, but corporate users won't be abandoning Office just yet.
To read the full story, go to IBM Launches Alternative To Microsoft Office.
May 11, 2004
Great American Business Leaders
Posted by Carole Matthews at 10:31 AM
Harvard Business School's Great American Leaders database shares the names and stories of of individuals whose business acumen has shaped how people have lived, worked and interacted during the 20th century. The database stemmed from Harvard's Leadership Initiative, which strives to put into context the development and performance of leaders past in an effort to better prepare today's and tomorrow's leaders.
Sorted in a number of different ways, from gender to industry, some familiar faces in the database include Oprah Winfrey and Henry Ford. The online version of the database -- though robust in and of itself -- includes only a sample of the profiles the school has accumulated over a two-year research period. You must fill out a form to receive a full version.
Culture
The Restaurant-Week 3
Posted by Nadine Heintz at 9:49 AM
At first I liked the controversy between Rocco and Jeffrey, but now the whole show, and the whole restaurant, is being overrun by it. The atmosphere at Rocco's is pure poison, between Jeffrey's big mouth, Rocco's crybaby routine, and the other unsympathetic characters, like the mean floor manager with the blonde hair. What is her problem? The entire show is a great example of what NOT to do with your business. It's an entrepreneur's worst nightmare.
I suppose the question now is what can Rocco and Jeffrey possibly do to save the restaurant? It seems like a peaceful resolution is out the window. And I know from reading the papers that there's some kind of lawsuit going on. To me, that seems really sad. It's a good restaurant, with what seems to be tasty food, spiffy decor, and a lively waitstaff. But that's all going down the tubes just because Rocco and Jeffrey can't get along, even though it seems like they both have the same priority: making the restaurant a success. The problem is, to Rocco, that means playing on his B-list celebrity status to market the restaurant, and his books. While Jeffrey would rather have Rocco focus on cooking and mingling with customers. If only they could sit down and have a rational conversation, they could probably work it out.
All the trouble with management is trickling down to the lower ranks. What was up with that waitress who was accused of taking a shot with customers? It didn't look like she actually had the shot. But maybe I missed something. At any rate, I didn't think she deserved to get canned. She was a bit of an airhead, but the customers seemed to like her ditzy routine. I felt bad for her...until she did that thing with the bananas. What the heck? That was ridiculous. I also feel bad for that new cook who Rocco hired from the Culinary Institure. He has no idea what he's getting into!!!!!!!! Why would Rocco hire someone new knowing that Jeffrey's unhappy with the payroll situation? I guess he's looking to replace the head chef guy. I don't know. I can't keep track of this soap opera.
Anyway, the ratings for the restaurant haven't been great, despite Mark Burnett's best efforts. Maybe that's because Rocco and Jeffrey are so irritating to watch. The only sympathetic characters on the show are the head chef, that guy visting from Italy, and Rocco's mom. If I can't stand watching Rocco on TV for one hour a week, I can't imagine how his employees feel!
Their Spidey (Common) Sense Wasn't Tingling
Posted by at 9:42 AM
How well received were those Spider-Man logos on the playing field? This little ditty gives you a small hint.
Let's all sing an updated version of the classic 1967 theme song.
Spider-Man, Spider-Man Alienated the average fan (subscription required) Corny gimmick they tried to wield But they desecrated the playing field He's Out! Fans don't need Spider-man!
Was it dumb? You're darn right! Let's just keep the bases white. But if kids miss the ads won't that be a shame? Heaven forbid they watch the game. Good riddance, there goes that Spider-Man!
May 6, 2004
A Horse of the Same Color, Green: Part 2
Posted by at 1:06 PM
First things first: In the prophetic words of Meat Loaf Aday, "two out of three ain't bad," as long as you were wise enough go with Smarty Jones and Imperialism while ignoring the Footnotes in favor of a Lion Head during the Kentucky Derby. If I only had made it to the OTB... alas, it's still exciting that we have an undefeated horse heading into round two of the Triple Crown. Hopefully by next Saturday's race jockeys will be allowed to sport Spider-Man masks, that way Marvel and Sony can raise brand awareness of their summer tent pole among the youth of America who have thus far ignored the arachnidan superhero because they are so wrapped up in handicapping the ponies. I think Madison Avenue is missing a golden opportunity to spin their corporate web -- the Peter Parker Preakness. Can we get this done by May15th?
Ridiculous? I think not. In yet another plummet towards the bottom of the sports-advertorial-complex, major league baseball has decided to defile the infield by adoring the bases with Spider-Man logos on the weekend of June 11-13. And irony of ironies, guess what squad is opposed to the idea of the web slinger leaving his mark on the home bags? Those arbiters of subtlety and muzzled marketing opportunities, the New York Yankees. It's hard to imagine that George Steinbrenner finds the comic imprints tasteless and silly, so it must be one of three things: (1) he didn't come up with it first; (2) he refuses to work with Spider-Man, resident of Woodside, Queens, prime Mets territory; or (3) he was already in negotiations with Batman. But instead of refusing to participate, the Yankees are taking the high road and will only allow the Spider-man logo during batting practice and one game…while pocketing the $100,000. You want to make a statement in pinstripes, George? Donate your cut to stopping Dr. Octopus.
Of course, the marketing folks say this is necessary to bring in "the younger demographic" that is "looking for nontraditional breakthrough ways to convey 'Spider-Man' messaging. ...It's the future of how we generate excitement inside the stadium and about the game itself... " NO! NO! NO! The future of baseball does not rest on selling more crap. It rests on grown millionaires hitting a ball really far. And chewing tobacco. Rivers and rivers of chewing tobacco.
If it's the "youth demographic" they're after, I say we take the advice of Cubs manager Dusty Baker, "You've still got to touch base, whether they got spiders, scorpions or snakes on them." Watching Jeter go headfirst stretching a double into a triple only to be bitten on the schnozz by a tarantula...now that's something the kids would pay close attention to. Someone call the ad geeks.
Culture
Buying Into Gmail
Posted by Bobbie Gossage at 11:22 AM
Google's Gmail, the free email service with one gigabyte of storage that is still in beta testing, continues to spark debate about its controversial email scanning for the purpose of serving up ads. And while many people have expressed feelings ranging from discomfort to outrage at the idea, the demand for this free email service is definitely there. Every Gmail beta user was given two free invites for other users. As you can see, on eBay, these invites have been selling for upwards of $50-$60 each (though I've read that in the past some have sold for as much as $300)... for a free email account. It seems to be related to the lure of a fresh email address. One auction I saw had a title that read something like, "Are you HOT? Are you a BABE? Get HotBabe@gmail.com before it's gone!"
I'm still undecided on the Gmail issue. I've been using it for a couple of weeks, and I really like the program. I would even go so far as to say it's the best browser-based email I've ever used. It's fast, easy to use, and it makes it really easy to sort and locate emails. It also refreshes automatically every couple of minutes, and the ads were unobtrusive. And it's free. Another thing- one gigabyte is a lot of space. It's the equivalent of 500 free Hotmail accounts. With that much storage, it's tempting to use Gmail to archive emails. And while I don't mind if a computer reads my email (I have spam filters that read them already), it is scary to think how easy it might possibly be for someone to quickly scan or search through every email I've ever received without having to tell me about it, let alone come to my house and show me a subpoena. Personally, I'm hoping Google can solve these privacy issues and launch Gmail, because it has a lot of potential.
May 5, 2004
Today's news
Costs Rising for Contractors
Posted by Carole Matthews at 2:29 PM
The escalating prices of commodities like steel, iron, drywall, plywood and concrete is hitting contractors' bottom lines pretty hard these days. Add to that higher gasoline prices, and one discovers that the construction industry is getting much more expensive to be in. The culprit seems to be a building boom in China, which is decimating inventories and driving prices higher. Much of the higher cost is being absorbed by contractors, since many businesses sign contracts--and agree to pricing--well before an order or project is completed, leaving them to foot the bill for anything above and beyond what was agreed upon.
In Tampa, as Benita Newton notes in "Costs go through the roof," some business are stockpiling critical materials when they see prices begin to rise and are trying to pass along the increased costs to customers. Even the Florida DOT recently implemented a steel price index for its contracts to account for increases in project costs. Yet most business are taking a bite out of profits to meet demand in this competitive industry.
May 4, 2004
Today's news
Six Finalists Chosen in UM Biz Plan Contest
Posted by Carole Matthews at 2:44 PM
The University of Maryland announced six finalists for its business plan contest today. In its fourth year, the contest has produced successful start-ups in the past, including Chesapeake PERL and AnthroTronix, which have both received more than $7.5 million in funding combined.
This year, the finalists all hail from various arms of the technology industry, including:
Maryland Data Recovery--A company using patent-pending technologies to target data recovery, data storage, and intelligence communities.
Mindsay--Its Web-based social networking product for Generation Y combines blogging, cross-networking, and IM.
Pervasive Technology Engineering--Plans to offer fiber optic sensors to the automobile and airplane engine market.
Squarespace--Internet publishing company touting a Lego-block style content management system which helps users create complex websites through a drag-and-drop interface.
TruGamerz--Its ThumbMaster product gives gamerz added leverage, comfort and control.
MacroPhage Networks--Creators of a technology that mimicks the human immune system.
Whether these businesses will be success stories next year is anyone's guess. Part of the equation will be whether they'll secure the necessary funding to realize their business goals. If the angel investment and VC investment markets keep up their current pace, they just might have a shot.
Good Management Pays Off
Posted by Carole Matthews at 10:32 AM
At least that's what a recent McKinsey Global Institute study suggests. MGI interviewed 100 companies from France, Germany, the U.K., and the U.S. regarding three management strategies that have been long thought to improve corporate performance: talent management, lean manufacturing, and performance management. After scoring the companies on these three criteria, MGI compared the scores to key financial metrics, revealing that those companies that scored favorably in management had overall better financial performance.
May 3, 2004
Performance Compensation Issues
Posted by Carole Matthews at 10:06 AM
Fresh Inc. reader JHB suggested we discuss "Is Pay or Happiness More Important to Employees?" in a March 29 weblog. He recently brought to our attention one reader's comment to his initial blog: "My growth and the company's growth are intertwined, and not as separate as most imagine, in my view," and suggested we follow up on this topic.
JHB would like to know: How does one "intertwine" the company's growth and personal growth?
Is it a matter of rewarding personal performance with a raise when the company's bottom line improves? What happens when well-intentioned efforts do not result in bottom-line improvements?
Or, is it a matter of concentrating on a basic pay structure and using bonuses to vary the compensation based on personal and company performance?
Or, is it that each year a percentage range for raises is determined, regardless of how well the company has performed? How do employees figure that percentage should be calculated?
JHB has his own personal preference, but he's interested in knowing what others have come up with -- from both sides of the desk.
May 1, 2004
A Horse of the Same Color, Green
Posted by at 7:24 AM
Former shipbuilding magnate George Steinbrenner has two loves, er three, the Yankees, horse racing and ad revenue. Like Donald Trump, his only rival in the revered/reviled class of New York City entrepreneur, Steinbrenner is stinking rich, has no barriers to getting what he wants and defines a certain type of big city entrepreneur: the Master of the Ostentatious Universe, an arena of self-promotion best represented by King George's turtleneck/sportcoat combo and love of seeing himself on the back page of the New York Post. He is a tacky, classless man with gobs of cash and legions of fans who think he is an "entrepreneurial" genius because of said gobs of money.
This season, King George replaced the deep left field out-of-town scoreboard with a billboard for the New York Stock Exchange, which reportedly deprives fans sitting behind home plate the chance to keep tabs on the rest of the American League. Perhaps fans who congregate behind Jorge Posada don't care about the Angels/Orioles outcome, but it doesn't matter if they did because it seems pro ball sports are now played mainly to support the advertisers. So why not just go the whole nine yards: "Ladies and gentlemen, you are looking live on tonight's showdown between the Manhattan Mallomars and the Dallas Dr. Pepper, brought to you by the good folks at Safeway. Say, after the game, why not swing by Safeway for some Dr. Pepper and Mallomars? It's what the pros eat."
I bring this up because one might think the Boss would have the horse sense not to alienate his loyal ticket holders (AKA main customers) by depriving them of something they crave (Red Sox scores) for something they don't (a banner for a stock exchange that is closed during night and weekend games). Unfortunately George's ads-at-all-costs has taken hold of his other beloved pastime the sport of kings: horse racing. Initially, in a remarkable bit of restraint, officials from Churchill Downs banned jockeys from turning themselves into human Nascars during the Kentucky Derby, but alas, it was a fleeting victory.
A judge ruled they too have every right to trample fans interest in the actual sport itself and allowed for human billboards, although it did prevent a rumored jockey boycott, which would have been the shortest walkout in recorded history.
At this very moment, Manhattan ad geeks are figuring out how to adorn horses with endorsements for Bud, Rolex, McDonalds, and inevitably, Elmer's. I for one want only to see the shine of the silks in a paddock free of a Home Depot orange and Sprite Remix lemon-lime, but the Steinbrenner mentality always seems to win the day. Maybe I'm in the minority though, if the market is free I guess Willie Shoemaker should've been able to shill for Philly the shoemaker over at Nike. Allowing jockeys (a group that absolutely deserves the extra bucks) to score Jim Beam contracts to line their little pockets, may be the American way, but is "entrepreneurial" synonymous with the crass selling of every inch of real estate in a ballpark and sticking Krispy Kreme logos onto riding boots? At Yankee Stadium and Churchill Downs, the answer is yes.
And speaking of free market, professional sports and the American way, I it's time we only offer prize money to horses sired in the United States. It's gotten too hard for American ponies to compete, what with those Arabian Stallions, next thing you know the Kentucky Derby will turn into the Boston Marathon with all their foreign victors. So, new sports rule, keep the global ad markets free, but the prize money remains stateside, that way we always come out ahead, just like the Yankees in the World Series.
Oh one last thing, before the mint juleps kick in, take Smarty Jones, Read the Footnotes and Imperialism in a trifecta.*
*Inc. gambling tips are too be used only for gentlemanly wagers, which is probably for the best, seeing as how 45 minutes ago I didn't know a single horse in the Kentucky Derby.
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