“A business is simply an idea to make other people’s lives better.”
Sir Richard Branson
Founder of Virgin Records, Virgin Atlantic
and other enterprises.
The 7-38-55 Rule, Properly Understood
Many communication courses stress the importance of the 7-38-55 rule. The rule, as it's usually cited, states that “7 percent of communication is conveyed by our words, 38 percent comes via our tone of voice, and 55 percent comes through body language.”
An article from Inc Magazine suggests that the rule may have been misapplied, but is still extremely useful if you understand what the rule REALLY means…and when it’s applicable. 57 Years Ago, a Legendary Psychologist Discovered the 7-38-55 Rule. It's Still the Secret to Exceptional Emotional Intelligence
15 Tech Trends
Before long, many companies will begin strategic planning for 2025. No matter the industry, technology considerations are strategic across the board. How well informed are you and your team in this area?
McKinsey Technology Trends Outlook 2024 offers a broad overview of what business can expect, culminating in 15 Tech Trends that may impact your business. Each is presented with an executive summary and additional links for a deeper dive.
Tech-Enabled Marketing
Many SMB companies often under-prioritize marketing initiatives because of a successful sales force and a strong economy carrying them forward. The late, great Dr. Peter Drucker offers this observation: “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
Vistage Speaker Marc Emmer follows the money and the tale it tells about the state of play today in marketing. He writes “Our annual review of marketing trends and spending benchmarks reveals a stunning subplot; the confluence of technologies including AI has already reshaped the field of modern marketing. Technology now comprises 20% of marketing spend and is projected to grow to 31% within five years. Tech-enabled marketing departments are accelerating performance.”
Mr. Emmer’s recent post will help C-level executives get caught up on current marketing realities and “How marketing spend has been transformed forever” and with it, how all of us will compete. (His post includes several other helpful links).
Econ Recon:
The consumer is 2/3 of the economy and the latest report on retail has economist Brian Wesbury concerned even though retail sales were “better than expected, but not as strong as the headline suggests.” Check out his thoughts on July Retail Sales.
A Note From Scott:
As you seek to grow the value of your business, where are you getting your advice? At the club? From family members (who may have different agenda)?
What if you could get confidential agenda-free advice from successful CEOs and business owners who have been down your path before you? Who understand your goals, your business, and who ask the challenging questions that no one else asks?
My CEO peer advisory group consists of 20 high-performing, non-competing business owners. They share their experience to help each other solve their biggest challenges and opportunities in a confidential forum. They grow faster with less stress.
Contact me if you think you may be a candidate for our team. Typical members are growth-oriented CEOs/owners of southeastern New England businesses with revenues between $10 million and $200 million.
Do away with being 'lonely at the top'.
Scott
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