Leadership
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Imagine attending a conference and being introduced to a prospective client. This person asks about your company and professional background. Instead of replying to the prospect you say, “Let my friend Dave here tell you all about us.” And then you walk away without speaking a word.
It is extremely unlikely that this potential client would end up hiring you. But in a way, that is what many companies try to do when they use canned programs to implement their customer relationship management.
I don’t believe it is possible for anybody else to tell your story the way you can. Others might be able to provide the basic details, but in order to truly explain your company’s character and culture it needs to come directly from you.
There is ample evidence that executives in the commercial construction and design industry are hesitant to enter into unknown business relationships.
According to a nationwide survey I read recently in Construction Executive magazine, 83 percent of respondents said their primary source of business is a combination of repeat clients, referrals and networking. Yet amazingly, 33 percent said they do nothing to nurture existing business relationships.
What’s going to happen if your competition makes the effort to cultivate business relationships with a personal touch, and you simply rely on canned programs? Sure it takes a lot more time and work to do it on your own.
Success is never easy, but if you don’t take the initiative, someone else will.
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email
Tags: be prepared, business, Challenges, Communicate, Leadership, networking, opportunity, relationships
Few people endure slumps and a downturn in performance as often as professional athletes. Even the greatest sports stars suffer through stretches where seemingly nothing goes right. During his heyday, Michael Jordan had a commercial in which he stated, “I’ve failed over and over and over again in my life.” Then, after a short pause, he said, “And that is why I succeed.”
The point being that we all will go through tough times. To me, The key is how we handle the difficulties, and what we do to maintain a positive attitude and emerge stronger and better.
We have been in an economic slump for the past three years. This downturn has been longer than anything I have ever experienced, and it is not over. But things are improving. Most people expect that 2011 will be better than 2010, and 2012 will be even better than that.
Still, the psychological effects of a bad economy are similar to an athletic slump. Eventually it is difficult to keep your spirits up and you become convinced that the good times will never return. That is precisely when it is vital to visualize success.
A recent article in the Wall Street Journal stated that golfing legend Jack Nicklaus used to step back and “consciously regain a positive frame of mind” whenever things were going wrong. Former Atlanta Braves pitcher John Smoltz broke out of a lengthy slump by watching a two-minute video of a series of perfect pitches he had made.
Here are a few things I do to try to encourage those around our office to keep their spirits up:
- We have company lunches from time-to-time. Some of the ladies in our office take advantage of our kitchen and cook some wonderful and tasty full-course meal for everyone.
- We go on company outings occasionally. Recently, many members of our staff attended a local football game and we invited not only staff, but their family as well.
- We ensure that all employees have knowledge of our projects and company functions. While not mandatory, their level of involvement is determined by their own interests and time. This increases their own interests and helps create a sense of not only teamwork, but also ownership of the projects.
I am interested to hear how you keep employee moral up in your office or other suggestions you may have on this topic ?
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email
Tags: be prepared, business, Challenges, Communicate, construction, economy, opportunity, Recession, success
Thanks to several social media tools, I have been able to stay connected with increased frequency than before web 2.0. A couple of years ago we started using several of these and the effectiveness of helping with relationships has been very encouraging. I can count on a brief exchange with someone due to my blog posts, as you see here, on Facebook or on Twitter. On the other hand, I will say that social media can be a detriment to your time management efforts.
The internet is a large and highly populated space and it is easy to get lost or chasing rabbit trails. I compare it to someone looking into a refrigerator when one is hungry, but not really sure what they want, yet they open the door to see if anything has changed. Some would compare it to insanity; doing the same thing over and over and expecting a different result each time.
But through the use of Social Media, companies can now focus their attention on specific audiences much easier and start topics of conversation with just a sentence. In addition, you can make people feel more important by personalizing the messages sent. I enjoy reaching out to old friends to check on their well-being as well as business acquaintances, as I believe that this is a lost aspect of business today.
I believe that the economy is getting better and to me, it more important than ever before to be sure that you’re strengthening and maintaining relationships with your clients and associates in the most efficient ways across multiple platforms.
Listed below are some other blog posts to help you on your way:
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email
Tags: be prepared, business, character, Chris Brogan, Communicate, communication, Customer Relationships, Customer Service, hard economic times, networking, opportunity, social media, success
Making mistakes is common for everyone. We all make them. Admitting to mistakes is not always an immediate reaction. Instead, many try to redirect the blame to others or maybe provide incomplete answers back. I tell our folks at Stewart Perry that they will always make mistakes along the trail and it is a sign of real maturity to admit what may have happened and to provide solutions.
When I visit with our clients, I tell them that we may make some mistakes along the way on their projects and if we do, we will work toward solutions. I have been in the construction business long enough to know that customers, designers and others involved in the property development process also make mistakes. We will try to help them work through these situations as well, just as we wish for them to help us in return.
We make decisions based on the information that we are given and this information may or may not always be accurate. To me, if you accept the error instead of avoiding it, it will start the correction process sooner. The way in which you handle the mistakes can say a lot about the way you do business. Granted we do live in a society where lawyers are involved at every turn and I would think it would be safe to say that has some impact on the methods in which things are handled.
Good leaders in business admit mistakes and move on.
A couple of ideas we try to live by:
• Let’s all admit when we make a mistake and seek solutions and let’s try to have the team support each other.
• Leaders show strength by showing vulnerability. Part of this vulnerability is admitting the mistake.
Nothing is ever perfect and mistakes are sure to be made. Admitting the mistake will be appreciated, strengthen the relationship and in the end, is a win-win situation.
Is this not what we are all striving to do?
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email
Tags: be prepared, business, Challenges, character, Customer Relationships, customer satisfaction, Customer Service, Leadership, opportunity, passion, relationships, Team, Teamwork
Are You Saying Thank You Enough?
As the year comes to a close, I wonder what it would be like if more of us said thank you to each other. Not just at the end of the year, but throughout the year…
I can count on my two hands the amount of times that someone from downstream has thanked us for a material order or a subcontract we have given them over the past few years. Maybe it’s because people were too busy (before 2007)…or maybe they do not think what a wonderful opportunity this would be to build a relationship.
I’m not talking about the obligatory Christmas present or card. I’m talking about genuinely connecting throughout the year to say “thanks.” If you and your business did this, I suspect that your relationships will strengthen more because your competitors are probably not taking the time to say “thanks” either.
Two simple words, expressed in different ways.
From what I have read recently, people who show gratitude have more energy, more optimism, better social contacts and are healthier. We say thank you (a lot) and we try to do it in different ways because we are sincere. It’s who we are. It’s our culture and besides, we enjoy doing business with our customer relationships.
A teaspoon of honey goes a long way to strengthen the relationships for more opportunities which leads to more success.
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email
Tags: be prepared, business, Challenges, character, customer satisfaction, Customer Service, opportunity, passion, relationships, success, Teamwork
Last week we finished our United Way campaign in the city but it was not without a real push by its leadership and the United Way. Someone said that while the economy is cyclical, community needs are constant.
I have been thinking of some ways that small businesses can give back to the community that provide value to the recipient organization and at the same time provide some value to the company. A few suggestions came to mind:
- Give time and services instead of money. Most of us can afford to part with a few hours of our time, and the personal experience usually is much more rewarding than simply writing a check. Like many, we have participated in community service for a number of years, which is fun for our folks and helps worthy organizations. The Pig Iron BBQ competition is one that fits this category we usually do annually.
- Develop a charitable project for the entire company. Finding something the company can do together is a way to build a stronger bond among your team and help build morale.
- Donate to non-profits instead of charging them a reduced rate for your services. If you charge the full rate and then donate some of it back to the non-profit, the donation is tax-deductible.
- Join forces with other companies. If you cannot afford to give as much this year, reduce the amount of your donation but try to find some other companies to match it. A way to turn less into more.
- We allow non-profits the use of our facilities. A much-needed conference facility can be of much use to a lot of non-profits nowadays.
I’d be interested in hearing your thoughts on how you and your company help others. What’s the ROI on helping others?
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email
Tags: Challenges, character, Communicate, Community, Customer Relationships, economy, hard economic times, Leadership, opportunity, Team
When the first Tour de France bicycle race was held in 1903; Maurice Garin, the winner, clocked in nearly three hours ahead of the second-place finisher, Hippolyte Auconturier. This year, the margin of victory was a mere 39 seconds. The three-week-long race covered 2,263 miles. That means winner Alberto Contador traveled each mile 0.0172 of a second faster than second-place finisher Andy Schleck; a miniscule margin to victory.
Things are looking brighter, for sure, yet the margin for error to get a project and to be successful is definitely smaller than it used to be. To me, it is important that we watch out for every opportunity and be ready for the right ones that are a fit.
Our attempt at finding and securing new business is similar to a fisherman stretching a net across a river. The web in our net has to be pretty tight these days to catch opportunities that come by and not let them slip away. There are project opportunities out there for all of us; the key is to ensure that we land our fair share.
Everyone does business different ways, but here’s what works for us:
• Remain true to our core competencies and make the most out of the opportunities.
• Building brand awareness utilizing social communications and other marketing efforts.
• Strategic Relationships with others in the industry. We keep the radar up for each other.
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email
Tags: business, Challenges, Community, Customer Relationships, networking, opportunity, relationships
“Necessity is the mother of invention.” I have always believed this as a truth, particularly in these tough times.
Some jobs might have vanished in the recent Recession, but to me, creative ideas will always be with us. There are plenty of smart people out there who found themselves unemployed in the past year. Instead of trying to find work with a different company, many of them took their ideas and developed a new business.
While the news media seems to focus on corporate layoffs, they rarely report on the creation of thousands of startup companies. A down economy actually is the perfect time for the development of quality startups. People who wouldn’t have taken the chance as long as they had a steady job no longer have an excuse for not striking out on their own. A mortgage-banking friend recently told me that in regards to retail space, there are more leasing opportunities these days because of all the new businesses. These ventures may not be credit worthy yet but it’s a prospect for landlords, just the same.
Statistics back up my friend’s thoughts, showing that employment is trending toward smaller shops. According to the U.S. Small Business Association, small firms:
● employ more than half of all private-sector employees.
● pay 44 percent of the total U.S. private payroll.
● generate 6 trillion in annual revenue.
I have seen a lot of small businesses start in the past year or two. Many will succeed where larger companies fail because they are able to nimbly maneuver through the economic obstacles. Once the economy gets better, I believe these startups will be poised to thrive.
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.
Tags: company, down economy, econmoic obstacles, economy, employment, layoffs, new business, private-sector employees, Recession, small business, startup company, startups, U.S. private payroll, U.S. Small Business Association, unemployment
I say both, but that’s the short answer. Here’s how I got there.
photo from Elise Michelle's Flickr photostream
For me, Saturdays in the fall often involve at least a little bit of college football. While I was watching last weekend, I thought about how important communication is on the field. A quarterback might be blessed with tremendous athletic ability and have intricate knowledge of every play in the book, but neither does him much good if he doesn’t call the play correctly in the huddle.
It’s the same nearly all of what do as business leaders. Technical skills are undoubtedly essential for long-term success. But I’m not sure that as far as essentials go, an aptitude for communication shouldn’t rank right up there with technical know-how. If you have a head full of knowledge but can’t relay it clearly, then what exactly have you accomplished?
It’s my opinion that a focus on communication should filter into Human Resources. Many companies make hires based solely on a person’s technical merit. This can be a problem if it turns out that the new hire has trouble interacting with clients and co-workers. If a person is unable to manage client expectations or motivate team members, suddenly all of that technical knowledge doesn’t seem so important.
Over the years, we’ve hired English majors who have gone on to become terrific construction managers. That’s because they are attentive to detail, they’re leaders and, most importantly, they know how to communicate. We want folks who can throw the ball deep downfield, and also make sure there is somebody there to catch it.
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.
Tags: Communicate, communication, construction manager, detail, huddle, human resources, knowledge, long-term success, technical know-how, technical skills
I read recently in the Wall Street Journal that as of May, retailer Bed Bath & Beyond had $1.64 billion in cash and short-term treasuries, and expects to generate at least another $600 million by February. Nationwide, non-financial businesses had approximately $1.85 trillion in liquid assets as of June. That’s pretty good, I would say. It’s just short of the record high set in the first quarter of this year.
To me it seems that executives at many U.S. companies are in a similar situation these days. They have a significant amount of money at their disposal, and they’re not sure what to do with it.
They’re not expanding like they once were because consumers aren’t spending like they used to. There is no need to increase production amid such anemic growth. Couple that with low interest rates, and companies can’t find any meaningful way to invest their money. And so the cash sits, waiting for a profitable use.
Eventually, consumers will pay down their debt, begin feeling good about the economy and start spending again. The good news is, when that happens—and it feels like we are now on the up tick—there is a wealth of cash ready to pour back into the market.
Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.
Tags: Bed Bath and Beyond, Commercial Contractor, Construction in the Recession, Liquid Assets for Construction, retail construction, Retail Space, Wall Street Journal
Imagine attending a conference and being introduced to a prospective client. This person asks about your company and professional background. Instead of replying to the prospect you say, “Let my friend Dave here tell you all about us.” And then you walk away without speaking a word.
