Monday Mornings with Madison

BUSINESS LESSONS LEARNED FROM BORDERS

In September, 2006 (just five years ago), Borders – a 40-year-old company — was profitable and growing.  It was the number two book retailer in the U.S., selling cheap books at discount prices.  Borders’ competitive advantage in its heyday was that it stocked tens of thousands of titles in a single store when most independent bookstores could ill afford to stock a fraction of that.  Borders also had a superior inventory system that could optimize, and even predict, what books consumers nationwide were likely to buy.  Beyond the U.S., the Borders empire had grown to over 1,250 stores globally including the U.K., Ireland, Australia, New Zealand, Dubai, Oman and Malaysia.   Continue reading

1 Comment

UNCOMMON COURTESY

It seems any time the word “common” is included in a phrase or expression, one often finds it is really not so “common” after all.  Take, for instance, common sense.  Common sense means to have sound and prudent judgment based on a simple perception of the situation or facts.  Yet, there is a lot of evidence that common sense is not that common.  For example, even though casinos make millions, people go to casinos to gamble hoping to win though just by looking around at the lavish setting it is fairly obvious that the odds are overwhelmingly against them.    Continue reading

Leave a comment

EMERGENCY PREPAREDNESS

It was 10 years ago yesterday that the United States experienced the most devastating and tragic acts of terrorism in our nation’s history.  No one will forget where they were when the events of that day began to unfold.  Most adults east of the Mississippi River were either at work or on their way to work while most children were arriving or already at school.  Those acts, while focused on New York, Washington DC, and Pennsylvania, showed that terrible, unexpected events can strike anywhere, anytime, without warning. Continue reading

3 Comments

LIFELONG LEARNING

As summer begins to wind down and children head back to school, we are reminded of the sounds, smells and sights of school. A bouquet of sharpened pencils. The sound of zipping new backpacks. The crinkle of brown paper lunch bags. The anticipation of seeing old friends and meeting new teachers. Most importantly, we remember the challenge of tackling new subjects and expanding our minds. Literature. Creative writing. Geometry. Biology. Geography.  Continue reading

Leave a comment

WHEN THINGS GO WRONG

Mistakes. We all make them at home and at work. In every company, employees make mistakes from time to time. We correct them and keep going. Every once in a while, though, there is a deal, transaction, order, request or sale that is fraught with problems, errors or mistakes from start to finish. The product or service requested bumps along, hitting snag after snag. Or, there was just one mistake made but it was a doozey! Certainly, every business owner or manager has had a transaction nightmare…. an order, request or sale that went terribly wrong. Continue reading

Leave a comment

THE AGE OF ENGAGEMENT

Until about a decade or so ago, a company’s ability to influence the buying process at large was handled by its marketing department and the primary strategy was push marketing. Influential messaging was delivered in a monologue. Manufacturers, retailers and service providers pushed products and services at consumers using a finite number of touch points. Communication was a one-way street. Print ads in newspapers and magazines delivered pithy slogans to a predetermined circulation. Continue reading

Leave a comment

THE POWER OF SUBTLE SUGGESTIONS

Did someone describing what they had for dinner suddenly made you feel hungry?  Has simply looking a picture of beautiful beach suddenly made you long for sun, sand and surf?  Has the mere mention of chocolate preceded a strong craving for it?  That is the power of suggestion at work.  How the power of suggestion works exactly is not really well understood in science but there is a lot of evidence that people are influenced by it. Continue reading

Leave a comment

THE PRUDENCE OF PREVENTION

A common theme in business and work-life columns, bylines and blogs is how to keep up with the minutiae of tasks that crop up in the average hectic, fast-paced life.  There is never enough time to do everything that needs doing. Work. Home. Health and Fitness. Family. Between job and personal demands, the list of tasks that require attention goes on and on. List makers have To-Do Lists that never seem to shrink.  While smart phones help track the responsibilities and errands as they emerge, there are typically some tasks that fall between the cracks because they don’t require regular (weekly or monthly) attention. Some are things we ignore until something (read: something unpleasant) happens to remind us. However, as any doctor or lawyer will tell you, it is better to prevent a problem than remedy it later. To avoid overlooking little things until they become big things, each person should ask themselves these questions twice a year.   Continue reading

Leave a comment

THE VALUE OF PROPER ONBOARDING

It’s 8:28am when Michael arrives for his first day at work for Acme Enterprises. He walks up to the receptionist and says, “Hi, I’m Michael Berger, your new sales person.” Looking puzzled, the receptionist responds, “New sales person? I didn’t know we hired a new sales person.”  She calls the HR manager who informs her that Michael has been hired.  Continue reading

Leave a comment

EXERCISE YOUR WAY TO SUCCESS: PART 2

FITNESS IS PROFITABLE FOR YOUR CAREER OR BUSINESS.

Last week, we examined the many benefits of exercise for the body and mind. We confirmed that physical exercise not only strengthens and enhances the physique, it also repairs, rejuvenates, refreshes and reinvigorates the three-pound muscle that is the brain. Indeed, exercise is key to overall wellbeing. But fitness is good not just for each individual. It is also good for business. Employees who are fit are less stressed, more energetic, more focused and need fewer sick days.  Staff fitness also helps reduce the cost of health insurance. Thus, exercise is both a business and career enhancer. That may explain why many Japanese companies provide time on the job for calisthenics and stretching exercises. Continue reading

Leave a comment