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Who’s Afraid of the Big Bad Boss? Nine Tips

 

Bosses are inherently intimidating, even though most of them aren’t actually big, or bad.  Still, they are “the boss” and they have a great deal of control over your life, which can make them scary.

I met my first boss when I was eighteen. He seemed nice enough, but did expect a day’s work for a day’s pay.  I had a summer job as a stock boy in a warehouse, unpacking, stocking shelves, and filling orders.

About a month into the job, my family was leaving for an extended weekend vacation. Being so new I was afraid to ask my boss for time off, so on Friday afternoon I slipped out of the warehouse at 3:00 pm, two hours before quitting time.

Luckily, when I returned to work on Monday morning my boss was much kinder than I expected (or deserved). He did point out that “disappearing without notice” was not acceptable, but he later promoted me to running the billing machine when the regular operator left for vacation.

At age 27 I started my own law firm and have been “the boss” ever since.  But I still remember my initial fear about talking to the boss. If you share that fear I encourage you, for the sake of both your career and your company, to talk to your boss, especially if you’ve made a mistake.

As the boss I live in a bubble and seldom talk to any of our 3,000 tenants, our hundreds of suppliers, and even our seven hundred investors. So I need to receive important information and suggestions from my employees.

Several months ago, for example, two of my valued employees entered my office looking like death warmed over.  They had made a $137,000.00 mistake. I’m glad they found the courage to see me at once, because their mistake was growing by $4,000 per day, and we solved it the same afternoon.

If you find yourself in the difficult situation of having to break some bad news to your “big bad boss” here are some tips to make the experience less scary and more effective:

1.    Make a specific appointment for a five or ten minute meeting.  If I’m interested, it will be longer.

2.    Make the appointment for early in the day.  By 3:00 pm I’m tired and more likely to say “NO.”

3.    Tell me in advance what you want to talk about.  Make it as positive as you can.

4.    Suggest solutions.  By 9:00 am I have already heard about enough problems.

5.    Bring a one-page summary with you.  I can read faster than I can listen.  One week later I can read better than I can remember what you said.

6.    Thank me for my time.  We all like to be appreciated.

7.    You might practice your presentation in advance.  This will help you to be succinct.

8.    Be authentic.  People try to sell me something every day, and if I sense they are faking it I will cut them off without a second thought.  Or a second opportunity to see me.  When you are real we will connect.

9.    Remember that you are doing me a favor.  You are helping me to do my job better, and I want both you and our company to thrive.

My philosophy is that we’re all in this together.  As a boss, it’s my job to encourage my employees, to pay them fairly, and to steer clear of disasters.  It’s also my job to appreciate their candor, their courage, and their concern.

Alan

 

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Executing Your Investment Babies

 

I like investments because they work for me while I sleep.  They also work for me while I vacation on a beach in Hawaii.

The difficulty, of course, is finding a profitable investment.

Basically you invest in either a company or a person.  Either way, an investment should have three key attributes:

  1. An innovative idea.
  2. A ripe market.
  3. Great execution.

IDEA

While a good idea is important, the idea alone is not enough to guarantee a profitable return.

I used to invest in projects based solely on the idea.  I spent almost $1,000,000 producing a movie in the early 80’s.  The idea was . . . well, the title was Party Animal.  If you’re male and under 20 you might enjoy it.  I didn’t care for the execution of the idea, and lost a lot of money.

I invested more than $1,000,000 in a product called “Smart Pill.”  This is a capsule which is swallowed then progresses through the gut to diagnose certain intestinal conditions.  A great idea.  Unfortunately the CEO was inexperienced in financing, and I was left with a substantial income tax deduction when my entire investment disappeared.

A good idea alone is not enough.

MARKET

When you evaluate any investment, make sure there’s a strong market (present and future) for the product or service.

I have read that when the telephone was invented a prototype was presented to the mayor of Chicago.

“This is a wonderful invention,” he said.  “I can foresee the day when every city will have one.”

You might remember that years ago FedEx initiated an amazing service.  You could bring a document to your local FedEx office.  They would fax your document from that office to their office near the recipient, and then deliver the faxed document.  Wow!  But that service lasted less than one year.  Their cost-conscious clients soon bought their own fax machines (remember that slick paper?) and faxed directly to each other.  The market for the FedEx innovation vanished.

EXECUTION

I have been asked over the years to help other entrepreneurs get started.  I like to do this.  I have revealed my forms and operating procedures to potential competitors.

I am happy to share this information because I realize that the idea itself, while important, is not the primary driver behind success.  The operating procedures that I and my staff have worked out over the years are also important.  But the procedure, “Collect all rents strictly on time and collect a late fee if the rent is paid after the grace period expires” is just a guide.

In real estate the three most important factors are “location, location, and location.”  In business the three most important factors are “execution, execution, and execution.”

On the internet you can easily find all of the lyrics to the song, “Over the Rainbow.”  But have you ever heard that song sung off-key and with a scratchy voice?  Perhaps it should be sung by Judy Garland.

The first successful computer spreadsheet was VisiCalc, introduced in 1979.  I’ll bet you don’t even know what computer first used it.  And VisiCalc has been completely overtaken by competitors.  It isn’t around today. 

Let’s abandon our fantasies about investing in the next great idea, or the next great market, and focus on all three factors – idea, market, and execution, both at the office and at home. Your investments should prosper, and so should you.

Alan

P.S.  I love food.  My wife doesn’t like to shop for groceries or cook.  She says, “That’s what restaurants are for.”  Who am I to argue with her?

 

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Always Leave Them Wanting More

 

When I was twelve years old my mother took me and my younger brother to Hawaii to meet my father who had been traveling in Asia with the Xavier Cugat band. We stayed for one week at a small motel in Waikiki.  By now a fifty-story hotel has undoubtedly risen from that same small plot of land.

While in Honolulu we toured the Dole pineapple plantation where I was treated to what felt like Christmas in April.  Sweet, delicious pineapple. The sight of it. The scent of it. The taste of it in unlimited quantities. And it was all free.

There were fountains from which no water flowed, just pineapple juice. Not from a can that cost eighteen cents, but from a pineapple juice fountain!  Free. This was a once-in-a-lifetime opportunity for a fat, ravenous young boy who didn’t have nearly enough money to pay for everything he wanted. I ate pineapple. I drank pineapple. I bathed in the pineapple juice which covered my face, neck, and sticky hands.

You can probably imagine what happened next. Thanks to my pineapple binge I couldn’t stand the sight or taste of that cloying tropical fruit for many years. Even the thought of pineapple juice chased my appetite to never-never land. At Dole I simply had too much.

Dole was generous.  Too generous.  They completely ignored the basic show business adage that you should always leave your audience wanting more. If you think they will sit still for twenty songs, sing fifteen. TED Talks are strictly limited to eighteen minutes, not an hour and a half.  If you’ve ever fallen asleep in class you know exactly why.

Ever since my pineapple splurge as a twelve-year-old, I’ve applied my Dole lesson in many ways. If I think I would enjoy two weeks of vacation, I plan nine days. I eat at my favorite restaurant less often than I think I might prefer.  I don’t turn on my TV set for every soccer game, though I have been taking in more than a few World Cup games from Brazil.

Let’s have lunch once a month, not twice.  When my children were young I bought them candy at the market, but not every time. Whenever I am tempted to overindulge I remember the Showbiz mantra.  Well, not every time.  Today I gobbled down two (small) hamburgers for lunch.  I won’t touch another hamburger for a week or two.

In the interest of your own future enjoyment, you might consider showbiz wisdom and leave yourself wanting more.  You might also leave others wanting more, including more of you.

Years ago I asked a Texan “How did you like our three hour dinner?”

“Waahl,” he drawled, “Ah feel like the monkey who made love to the skunk.”

He paused for dramatic effect. “Ah enjoyed about as much as Ah could stand.”

Enjoy yourself, and your life, in moderation.

Why do I aim to limit my blog entries to six hundred words?  To leave you wanting more, not less.  This one is five hundred fourteen words.

Alan

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