Smart Business Magazine, Oct 2012

24 Smart Business Indianapolis October 2012 Tips From the Top Michael Feuer Click or scan to read more columns by Michael Feuer WELCOME TO THE NEW NORMAL What produced success in the past may not work in the future The number of seismic changes in the way business is done during the past 10 to 15 years is unprecedented Just ponder the magnitude of all that has occurred as you read this list Cell phones became ubiquitous and computers with 24 7 Internet access moved from the screechy tones and beeps of telephone dial up to todays broadband connections that transmit huge amounts of data in seconds resulting in virtually everyone being constantly connected Instead of getting the latest news at 11 p m and sleeping on it we now receive a constant stream of information in real time Reaction time has moved from digesting the myriad of hard copy reports that awaited you at the office each morning to now making decisions simultaneously with that first sip of morning coffee while reading data on a smart device In addition the era of easy money is also long gone along with what seemed to be extraordinary and unlimited growth where the average company would do just fine propelled by a rising tide of good times The tragedy of Sept 11 jolted the world permanently altering the way people live and think about the future There are no more givens that one will grow up go to school get a job have a family and live happily ever after Two major wars have lingered beyond anyones worst expectations Then came the economic meltdown of 2008 when the wheels came off the wagon and the music stopped playing while everyone frantically searched for too few remaining chairs With the stock market crash and the banking lending meltdown even the most sanguine turned jaundiced toward their views of government business and what the future holds Even those businesses naively ensconced in their fairy tale cocoons realized it was no longer business as usual What worked for years would no longer move the needle Customers attitudes and loyalties could no longer be taken for granted as businesses acknowledged that future success and prosperity could well be the exception rather than the rule Does this mean that everything that weve learned in the past has gone swirling down the drain including basic business principles and practices that were sacrosanct There are no pat answers to deal with almost revolutionary metamorphoses If you dont change you most certainly will become a victim of change Welcome to the new normal If youre leading an organization today you must devote the majority of your time and efforts to looking ahead and trying to find the answers before your competitors even know the questions Change has become how we must do business What worked for your company previously is at best a fleeting memory overshadowed by the customers mindset of What have you done for me today In short there are no guarantees other than youll have to continuously get better or be gone A scary thought It all depends how you approach this new reality With changes come new opportunities new ground rules and the ability to find a better way and deliver that better way more efficiently and effectively So how do you go about preparing for the future Certainly you need to use all of the new tools that are at your fingertips Instant information on the Web is available to all of us with a few keystrokes directed at a growing number of sophisticated search engines Data that took weeks and months to gather can now be gleaned in minutes or hours While Americans are graying as the older than 50 crowd mushrooms dont ignore the young who know only this new way of life Does this mean you should add a few 14 year olds to your board Maybe not a practical idea but be sure youre at least talking to a couple of them on an ongoing basis Ideas come in many forms many times from the most unlikely You must retrain your team to challenge virtually everything and find a better way envision products goods and services that no one knows they even need yet and create a strategy to deliver them compellingly and creatively Will there continue to be business casualties You bet Much more importantly however there will be many business successes for those companies led by visionaries who answer that morning wake up call each day with an open mind to the new normal MICHAEL FEUER co founded OfficeMax in 1988 starting with one store and 20000 of his own money During a 16 year span Feuer as CEO grew the company to almost 1000 stores worldwide with annual sales of approximately 5 billion before selling this retail giant for almost 15 billion in December 2003 In 2010 Feuer launched another retail concept Max Wellness a first of its kind chain featuring more than 7000 products for head to toe care Feuer serves on a number of corporate and philanthropic boards and is a frequent speaker on business marketing and building entrepreneurial enterprises The Benevolent Dictator a book by Feuer that chronicles his step by step strategy to build business and create wealth published by John Wiley Sons is now available Reach him with comments at mfeuer@ max wellness com