What does a Formula 1 racing team, like Ferrari, have in common with a high-flying company, like Apple?
They’re both in highly competitive industries? They’re both focused on improving their performance? They’re both incredibly driven to succeed? They’re both intent on being the best in the world?
Yes, yes, yes, and yes.
In other words, they both strive, in everything they do, to achieve Operational Excellence (Op Ex). However, achieving Operational Excellence is far from easy, and (fortunately for Apple and Ferrari) only 36% of companies manage it.
So, buckle up and join this Process Street post, as we race through the following topics and learn, from the likes of Ferrari, Apple, Disney, and Google, how to become operationally excellent:
What do professional skydivers and successful project managers have in common?
They both identify, assess, and plan for risks.
Skydivers look at the conditions, equipment, and capabilities before, during, and after they jump out of planes. Project managers look at the conditions, equipment, and capabilities before, during, and after projects.
Buyer journeys are becoming more and more complex, not to mention competitive. To stay afloat, you should maximize every interaction you make with each potential customer. You need to focus on building meaningful relationships with your prospects through consistent personal interactions.
That is exactly what sales engagement is and, coincidentally, what this Process Street post is all about.
In this article, we’ll talk about the importance of sales engagement and give you some tips on how to get started. This is a brief overview of what’s to come:
What makes it worse (or perhaps better?!) is that it wasn’t my money.
It was my previous employer’s.
I was managing a website build for a big client and was under huge pressure to meet a tight deadline. So, as many do, I decided to start the project before the Statement of Work (SoW) was signed by the client.
This was a big, expensive, mistake to make.
It cost an additional $45,000 to re-work parts of the build that the client had verbally approved, but hadn’t legally signed off.
(Despite what you might think, this isn’t the reason I don’t work there anymore!)
According to research, 37% of projects fail due to a lack of defined and approved project goals and objectives, which come with a Statement of Work (SoW). This causes around 80% of organizations to spend at least half their time on expensive rework.
“Not using a Statement of Work – SOW during the project initiation is a major cause of project failure” – 4PM, Statement of Work – SOW
But what is a Statement of Work (SoW) and how do you create one?
Yet the cost of project failures is staggering. Failed IT projects alone cost the United States around $150 billion in lost revenue and productivity. And it’s frightening! Failure scares us all.
But, the good news is, failure, and how it affects you and your project’s overall success and profitability is controllable. If you can catch, or even predict, failures early enough, you can execute damage control measures and prevent them from completely derailing your project and its profitability. You can even use them to improve your project.
How can you catch or predict failures early?
By using a project tracker.
A project tracker is a snapshot of your entire project. It gives you and the project team a clear picture of how the project is performing, where the weak spots are, and which areas need the most attention.
Let me explain this concept further by taking you through the following topics in this Process Street article:
I should be sitting in a field, sipping a lukewarm cider, waiting for Aerosmith to come on stage and blow me away.
I should’ve been at the Glastonbury music festival; the UK’s (muddier) equivalent to Coachella.
But thanks to Covid-19 I’m not.
I’m stuck in my hot, stuffy office.
Although it’s heartbreaking, I’m not the only person affected by the decision to cancel the biggest event in my calendar, and music festivals and social occasions aren’t the only events to get canned because of the pandemic.
Most business trips, in-person meetings, and big, costly conferences have also been canceled or postponed.
But, before you start contributing to these losses and canceling your own conferences, there is another way.
Welcome to the world of virtual conferences.
As more and more businesses start to think of new, innovative ways to carry on with ‘business as usual’ during this troubling time, this Process Street post takes a look at the virtual conference. Not only is it a stop-gap until the virus disappears and normal life resumes, but it’s a great permanent replacement for the traditional, physical conference.
Join me as we discover the answers to the following questions:
Did you know that visual information is processed 60,000 x faster than text?
This explains why the average person remembers only 20% of what they read but 40% of what they see. This also explains why most companies use a form of visual management to communicate with their employees.
Let’s do a little test to see if people, in general, respond better to visual cues than text.
Look at these two depictions of a traffic light below.
One is a sentence describing a traffic light, and one is an image of a traffic light. Both traffic lights are on different colors:
1. The traffic light is on red.
At the end of this Process Street post, we’ll see which color traffic light you remember! No cheating mind!
In the meantime, I’ll take you through the following topics to explain what visual management is and how you can use it to effectively communicate with your employees: