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Archives › July 2004
July 28, 2004
What Would You Do If...
Posted by Bobbie Gossage at 5:31 PM
Poor Rocco. First his show gets cancelled, and now he's barred from his own restaurant. And to add insult to injury, his own mother is still working there. What would you do if you had a partner who wanted to increase profits by using lesser quality materials and greatly delay paying your vendors (like Rocco claims Jeffrey Chodorow did)?
July 27, 2004
Miss Management: Toothpick Talk
Posted by Nadine Heintz at 5:19 PM
Each week, Inc. staff writer Nadine Heintz (Miss Management) will help you tackle office etiquette problems both big and small.
Dear Miss Management,
Someone close to me makes a regular habit of walking out of a restaurant with a toothpick in their mouth, and leaves it there for some time. I was always taught that this socially unacceptable behavior. I can't help finding this practice very distasteful and unattractive. Am I the one who needs to change?
Aghast in Atlanta
Dear Aghast,
There's nothing worse than having a piece of food lodged between your teeth. However, it's unacceptable to remove the offending morsel in public, let alone nibble a toothpick for a protracted period of time. Unfortunately, restaurants perpetuate this bad behavior by placing toothpicks by the front door, next to the matchbooks and mints, practically begging customers to start picking away right on the sidewalk. Instead, people should excuse themselves and attend to the problem in the bathroom. Discretion with any sort of hygiene matter is key, especially if you're attending a business lunch or dinner.
That said, I have a feeling that your acquaintance may be using a toothpick out of habit rather than out of necessity, kind of like smoking an after-dinner cigarette. Depending on how comfortable you feel with the offender, you might consider mentioning your disdain the next time you leave a restaurant together. If it's your boss or a coworker who's doing the picking, however, it's probably best to stay mum. At least you'll rest easy knowing that you're right and they're wrong.
Miss Management
Have a dilemma for Miss Management? Send her an e-mail and check back here Tuesdays for the answer.
July 23, 2004
Me No Likey Reed Bok Much, Fer Wat?
Posted by at 7:47 AM
Reading, after a certain age, diverts the mind too much from its creative pursuits. Any man who reads too much and uses his own brain too little falls into lazy habits of thinking.
--Albert Einstein
All right, all you out there who are updating the theory of relativity or are this close to a working model for time travel, you are excused. As for the rest of us, well, we aren't in danger of blocking the creative juices of our mind through that fancy book-readin' because the only lazy habits of thinking we've succumbed to is trying to figure out a way to use a Wiffle ball bat to retrieve the remote control that is all the way over on the other side of the couch...screw it, I can sit through another episode of Law & Order... oh good I've already seen it, this is the one where that guy killed his landlord, McCoy tricks him into screaming a confession in the courtroom...this show is so much easier to watch when I already know what happens and don't have to follow all those confusing details...zzzzzzzzzzzzzzzzzzzzz
A recent National Endowment for the Arts study announced (with much consternation from Librarians Local 647) that "literary reading is in dramatic decline with fewer than half of American adults now reading literature." There has been an overall decline of 10 percent from 1982-2002 with the youngest age groups eschewing books like homework and lima beans -- down 28 percent. Shockingly, the most important factor in determining who is an everyday reader ("literary" seems a bit strong; this survey could include Tom Clancy, Candace Bushnell or The Da Vinci Code) is level of education, damned if people with Masters degrees aren't more likely to enjoy Philip Roth than the GED'ers who prefer his cousin, David Lee.
Continue reading "Me No Likey Reed Bok Much, Fer Wat?"
July 20, 2004
Schwab: Return of the Founder
Posted by Laura Rich at 1:12 PM
Online brokerage firm Charles Schwab has never technically been an Inc. 500 company, but as an honorary member of the list, we keep an eye on it, anyway.
Today, the company's CEO, David S. Pottruck, resigned from his post under pressure from a board frustrated with his inability to deliver returns on major investments. Pottruck's m.o. was to make big purchases as a way to grow the company. In 1997, he headed the acquisition of U.S. Trust, a private bank, and last year spent $324 million to bring the research firm Soundview Technologies into the Schwab fold. Neither of these stanched a falling bottom line or stemmed pressure from competitors Etrade and Ameritrade who undercut Schwab in a business that, at its core, is really just a commodity, and not the something more Pottruck (and Schwab before him) hoped to create.
Now, the founder, Charles Schwab himself, will return to his original post. It's not uncommon for founders to return to the helm of the company they founded, but is it always a solution that works? What will Schwab bring to the post that a new CEO couldn't? Are founders able to make changes more easily than someone else?
How Rude! Silencing Loose Lips
Posted by Nadine Heintz at 7:45 AM
Each week, Inc. staff writer Nadine Heintz (Miss Management) will help you tackle office etiquette problems both big and small.
Dear Nadine,
I work in a small office where everyone plays multiple roles. The Office
Manager / HR Manager is on my list. As an HR Manager, I believe she should
be practicing "confidentiality." Not only is she poking her nosey-nose in
where it doesn't belong, she then goes and tells the entire office. For
example, when I was having problems with a co-worker and went to the HR
Manager, within 2 days it was broadcast to the rest of the office and
people were coming and asking me about it. I find this incredibly
unprofessional and unethical. Unfortunately, I don't think she realizes
this. As a department manager myself, I would like to speak to her
directly about this, but my concern is that she is also the Exec. Assistant
to the Owner and I don't want to step on any toes. Do I go to the owner
with this, thus "getting her in trouble?" I fear this, too, will be
broadcast throughout the office and I don't want it coming back to my door.
Please advise!
Dear Reader,
Sure, expecting employees to wear many hats is par for the course at growing companies. But the role of HR manager shouldn't be handed to just anyone. Good HR is key to keeping employees happy and productive. Unfortunately, your gossipy office manager/HR manager doesn't seem cut out for the task. In fact, she seems to have exacerbated your problems with your co-worker tenfold. If she didn't realize that your conversation was confidential, she's obviously clueless, and the chances of her suddenly seeing the light are probably slim at best. For the sake of the business, you must go to the owner.
If you use the right approach, you can do so without looking like a tattletale. First, make sure there's no other way people could have found out about the problems with your coworker. Perhaps the HR person addressed him or her and then told everyone? If you're sure it was nosey-nose, or if she has a bad track record, e-mail your company's owner and request a few minutes of his or her time. Make sure that you're calm and collected before walking into the meeting. Then, simply state the facts of the case: You told your HR manager something in confidence, and, before you knew it, everyone in the office was asking you about it. Remember to stay calm.
If the company's owner has any sense at all, the HR manager will either be reassigned or reprimanded severely and set straight. She'll probably tell everyone about it, but never you mind. Everybody's talking about you anyway, so you don't have much to lose. Besides, something tells me that your coworkers will be grateful that someone finally had the nerve to silence Miss Loose Lips.
Miss Management
Have a dilemma for Miss Management? Send her an e-mail and check back here Tuesdays for the answer.
July 16, 2004
Martha: Alone with Her Thoughts
Posted by at 1:19 PM
The U.S. economy got great news today: Martha Stewart received a sentence of five months in prison and five months home confinement. This is going spark a flurry of entrepreneurial activity. I expect Martha to come up with at least ten new businesses while out of the public spotlight. One for each month.
Like her or hate her, you have to admit that the Domestic Diva is a helluva entrepreneur and businesswoman. She juggled a television show, a magazine, and a home goods line and still found time to make her own investment decisions. Imagine what she can do with some time to herself.
Here are ten businesses Martha should consider, divided between Hard Time Martha and House Arrest Martha:
Hard Time Martha:
Free Martha, Inc. - You've seen the t-shirts and bought the mug: Free Mumia. Free Winona. A plain black t-shirt with a white stenciled image ain't gonna cut it for the queen. Let Martha handle it with the tastefulness and tact that got her where she is today.
Escape, Inc. - Tutoring fellow inmates on breaking out of the cellblock has to be worth a few packs of smokes. Digging through a wall is like digging in a garden. There's no doubt that Martha could make the finest rope ladder out of bed sheets that you've ever seen. And who could bake a better pick-and-file cake? No one. That's who.
Conjugal Visits, Inc. - Let her turn the trailer into a real love nest for the jailbirds and their pigeons.
Club Fed, Inc. - Who else would you put in charge of the day spa?
Memoirs, Inc. - The book is coming. You know it. I know it.
House Arrest Martha:
Cellblock Renovations, Inc. - Just back from a 15 year stay in prison? Can't get used to sleeping in that king-sized bed? Let Martha design your home to give you what you yearn for, right down to the communal showers and dull-bladed dinner knives.
Courthouse Attire, Inc. - You're going to wear that to the hearing? Let Martha dress you for the big day. She endured months of Women's Wear Daily reporters stalking her around the courthouse. She set the standard for courthouse chic.
Ankle Charms, Inc. - Gotta make that ankle monitor work with open-toed shoes and capris.
Day-trader - Martha has great sources.
Tour Guide - Martha's famed Turkey Hill Road home will be open for business. Feel free to get there early: She's up by 4.
July 14, 2004
What Would You Do If...
Posted by Bobbie Gossage at 5:54 PM
In yesterday's Wall Street Journal, Vanessa Fuhrmans wrote an interesting story about Pitney Bowes's battle with health care costs ("Attacking Rise in Health Costs, Big Company Meets Resistance"). The story documents the large company's efforts to pinpoint the sources of its rising medical expenses (rising hospital prices, too many MRIs and CT scans, shortened doctor's hours, and huge marketing campaigns for drugs like Nexium).
From the article:
What Pitney Bowes learned tells the larger story of why health costs keep rising in America: A dysfunctional market creates few incentives for any of its participants to deliver efficient care. In fact, competition among insurers, health-care providers and producers of drugs and equipment can often lead to higher, not lower prices.
Even a big company with an entire team dedicated to rooting out the source of rising health-care costs has little power to change these dynamics. "We can isolate certain phenomena and try to act on some and advocate policy for others," says Jack Mahoney, the corporate medical director at Pitney Bowes, who oversees its health-care strategy. "But when you come right down to it, even the biggest company out there will tell you they don't have much influence on the market."
And health care is often more costly on a per employee basis for small to mid-sized companies that can't use their size to muscle better prices from the insurance companies. So today I ask, what would you do if you could change the health care system?
How Rude!
Grounds for Grammar
Posted by Nadine Heintz at 11:34 AM
Each week, Inc. staff writer Nadine Heintz (Miss Management) will help you tackle office etiquette problems both big and small.
Dear Nadine,
I've noticed lately that some team members are sending e-mails and not using capital letters at the beginning of sentences and not using proper punctuation. Are there any rules to guide us in this area or is this a trend to save time, etc.? I look forward to your answer. TomDear Tom,
Unfortunately, poor punctuation and e-mail do seem to go hand in hand. And, during the past few years, capitalization has become passe. Sometimes I try to be "cool" and send out all-lower-case e-mails. But, inevitably, I delete the whole thing and start over again. It just doesn't feel right. I guess we're both old-fashioned, but we're not alone.
Thankfully, proper punctuation has had a bit of a rebirth recently thanks to a book called Eats, Shoots & Leaves, by British author Lynne Truss. The book's title riffs on an old gem about a panda who walks into a bar, has dinner, shoots the bartender, and leaves. It turns out that he ignored the punctuation in a description of "panda" in the encyclopedia. The entry read "panda: eats shoots and leaves." In the book, Truss rails against the current trend towards bad punctuation, and, judging by its runaway sales, she may just turn the tide. You can do the same in your office.
I suggest that you treat the situation with a bit of levity. Perhaps you should read the Truss book, then bring it up at the watercooler or at lunch. Tell the panda joke, then mention that you're saddened by the lack of punctuation and capitalization in e-mails these days. At the very least, you'll get some people to think twice before hitting "send."
Miss Management
Have a dilemma for Miss Management? Send her an e-mail and check back here Tuesdays for the answer.
July 12, 2004
Small Business Sensitivity
Posted by Laura Rich at 5:52 PM
The Wall Street Journal, that cauldron of big, public company news, today released its "Small Business Report," taking pains to point out the pragmatic, as well as karmic, differences between big and small companies. High on the package's points of emphasis: small businesses are more likely to be rocked by market dynamics than their larger brethren. "For small businesses, there is simply less margin for error," says Dave Anderson, a leadership consultant in Agoura Hills, Calif., and recent author of "Up Your Business," in the Journal piece. (Paid registration required.)
Do you agree? Have small businesses been more vulnerable to the downturns of the last few years? And if that's true, does it, by turn, make them more likely to benefit from the seemingly oncoming upswing?
July 8, 2004
What Would You Do If...
Posted by Bobbie Gossage at 1:17 PM
Enron founder and former CEO Ken Lay is pleading innocent to the charges of conspiracy and fraud. He and his lawyers are pointing the finger at CFO Andrew Fastow, who already pleaded guilty several months ago. Do you think he's digging a deeper hole for himself by shirking all responsibility? What would you do if you were in his shoes right now?
July 7, 2004
How Rude! Oldies That Aren't Goodies
Posted by Nadine Heintz at 2:46 PM
Each week, Inc. staff writer Nadine Heintz will help you tackle office etiquette problems both big and small.
Dear Nadine,
I own a small business with five employees. My office manager has been with me from the beginning, and she's been invaluable. The only problem is, she insists on playing the golden oldies all day long at her desk, which is the only desk in our entry area. I play classical music in my private office sometimes, but I can't stand the sound of that annoying music just outside my door. How can I ask her to put a lid on the doo-wop without hurting her feelings?
Tuned Out in Tennessee
Dear TOT,
It sounds like a case of taste discrimination. Since you play music in your office, your office manager probably assumes the same rules apply to her. If you come clean and tell her you simply don't like oldies, you'll seem like a snob or a jerk, neither of which are good qualities in a boss. Instead, you might start by lowering your own radio...or turning it off completely. Maybe she'll follow suit. If subtlety doesn't work, try asking her nicely to turn down her tunes so you can't hear them. That's not asking too much. It's certainly within your rights to ban music from the office completely. But that could hurt office moral. After all, a little doo wop is better than a lot of groaning and grumbling.
Have a dilemma for Nadine? Send her an e-mail and check back here Tuesdays for the answer.
July 6, 2004
Gephardt Defeats Edwards!
Posted by Rod Kurtz at 4:48 PM
Those of you living in the New York City area may have felt a little Dewey-Defeats-Truman redux this morning after seeing the front page of the New York Post, which boasted an "EXCLUSIVE" story about how John Kerry had already selected Dick Gephardt as his running mate. Kerry, of course, set the record straight a few hours later -- after the Post hit newsstands -- rendering hundreds of thousands of copies laughably inaccurate.
We've had other headline goofs since the 1948 presidential election, when the Chicago Daily Tribune made its famous proclamation, but they still, well, make headlines. Today's embarrassing flub, however, is a little different. Just minutes after Kerry announced John Edwards would round out the Democratic presidential ticket -- and not Gephardt -- copies of the now-dubious Post started appearing for sale on eBay.
This tells me two things. One, for those doubters out there, the spirit of entrepreneurship is alive and well. If there's a buck to be made, someone will make it. And I kind of like that pluck.
Secondly, and perhaps more importantly, I think this speaks to how quickly –- relatively speaking -– the Internet has become the universal site of commerce. After spotting copies of the 25-cent Post selling for as much as $26 (and counting), I mentioned my discovery to a colleague here at Inc., who blithely countered with something like, "Of course."
More noteworthy than the sale itself was her response -- that this was easily accepted, no big deal. Sure, it's unlikely that any of these newspaper hawkers will find themselves on the Inc. 500 list anytime soon, and they're certainly not the first to peddle bizarre collectibles on eBay's online bazaar. But I can't help thinking this is yet another example, albeit small, of how the Web still holds virtually limitless potential for all things business.
You've heard lore about the millionaire entrepreneur who started a thriving business in his garage. These days, it seems, you don't even need the garage. A computer and a phone line will do.
July 2, 2004
Lessons Learned?
Posted by at 3:23 PM
When looking back at the euphoria of the dot-com stock market of the late '90s, everyone has taken on a new mantra: Never again. Never again will we fall into the trap of quick gains rooted in little substance.
But look out: there were 29 venture-backed initial public offerings in the second quarter of 2004, double the number in the first quarter and the most such IPOs since the third quarter of 2000, according to a report issued today by Thomson Venture Economics and the National Venture Capital Association. Those 29 offerings raised $2.1 billion, marking the third consecutive quarter in which the offering amount exceeded $1 billion. The report also said there were another 79 companies already filed with the Securities and Exchange Commission and weeding their way through the IPO pipeline. Uh oh?
Not so fast. Deep breath. Remember our mantra. Returns on the second quarter IPOs were only about 18 percent, said Thomson. You'd fire your broker if you didn't get that in the first hour of trading during the bubble. Additionally, the median age of the venture-backed companies going public during the quarter was nearly 7 years. The median age during the sizzling second quarter of 1999 was half that.
Does this look like lessons have been learned? Hard to tell. But I'd never say never.
Today's news
What Would You Do If...
Posted by Bobbie Gossage at 10:05 AM
Looks like Microsoft is going to launch its own search engine (a $100 million venture), in an attempt to take part of Google's pie. Microsoft has a way of dominating whatever area it enters, but Google and Yahoo already have a very strong foothold. How do you think this will fare? What would you do if you were Bill Gates?
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