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May 2014 - Vol 9, Issue 5
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One Month to InfoComm
InfoComm is upon us and despite Recession-driven predictions that trade shows will die out, this will probably be the biggest InfoComm ever! Folks often ask me what they would really miss by not showing up. Let me tell you...Everything. If you are not connected to industry trends, your peers, and changing technology - how can you possibly keep your business relevant? I can make no rational argument for not attending InfoComm if you are in the AV Industry. I hope to see you there!

Want to schedule a visit with Tom Stimson at the show? I sure want to meet you. Either attend my Workshop (see below) or send me an email to schedule a private meeting.

A coaching client recently challenged me with a simple question (happens all the time, no news here). He asked, "What should I be working on?" Simple enough, but tough to answer. There is often a long list of things that need attention, but my job is to identify the most important item - the next step - to focus my client on what's really important to them now. We can then drill down into the specifics of what that task really means and requires.

I want to answer that question for everyone, but where do we start? This month's survey asks about key business issues facing managers and employees. There is room as always to express your opinion, vent, or share - but remember that the survey results will be shared with our readers, so keep it nice.

I have had several emails from Stagers asking "What happened to the Rental & Staging Forum at InfoComm?" Guess what? It's no longer in the program. Time for a change. However, Infocomm knows that Stagers want to get together and network, talk business, and get some fresh insights. The Forum time slot has been filled with a innovative workshop concept:

At InfoComm in Las Vegas, Tom Stimson will be hosting a unique session called the Rental and Staging Business Exchange (IS030) on Wed, June 18, from 2:30 p.m.-4:30 p.m. This is not a lecture. You choose the topics and share your insights and experience. Learn more ...»

  

Building on the success of InfoComm Live, this session will involve table discussions with your peers on issues that matter to you. Take this month's survey on industry issues and you can contribute to the Workshop even if you can't attend.


This month's Video Case Study is from Meeting Tomorrow based in Chicago, IL. CEO Mark Aistrope does an excellent job of explaining my Under The Hood Process, which he describes as a Gap Analysis. MT is a very strategic organization that has gone through intentional transformations from its original business plan. It's been my pleasure to help drive those discussions and challenge the team's thinking.

Case Study: Meeting Tomorrow
Case Study: Meeting Tomorrow

My website features several other video Case Studies that help explain just what the heck does Tom do, anyway?

There is a meme circulating LinkedIn and other social media sites touting personal connection in business as being a significant differentiator. Unfortunately, I think this comforting sentiment is a dangerous stance and explains why so many companies are struggling with margins ...»

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Thanks for reading and please share this with your co-workers and encourage them to subscribe as well.  As always, I welcome your questions and comments.

Best Wishes,

Tom

214-553-7077 direct

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Around the Table with Tom Stimson
05-06-2014 13:59:31 PM

 

The early reviews are in and Industry Leaders are sharing the value and insights they are gleaning from the CEO Video Series, Around the Table with Tom Stimson.

 

"These are great!  I've watched two episodes and gained insights or action items from each one.  The roundtable format provides a virtual networking opportunity exposing me to the ideas of others who are not in my business circles.  You summarize the results well and inject additional insights.  I will definitely share these with my team."
- Matthew Emerson, CEO, Ceavco

 

"Initially I was only interested in watching the first clip, but after viewing it, I realized that the discussion was being driven by guys that had already led their companies through substantial growth spurts. How could I not be interested in what they had to say about other topics like hiring, equipment capitalization and social media? These are all relevant topics to me as we bring Upstage Video through its next growth phase."

- Doug Murray, CEO Upstage Video

 

"I had a chance to look at two of the videos you produced. I found the CEO's to be quite insightful in response to your questions. One of the best parts of the videos was your recap section at the end and the action items you give as "take away's" for the audience to ponder. Hope you continue to create more as I look forward to viewing more of these in the future."

 - Tom Kann, CEO Integrated Event Management

 

"Just watched Episode 3 on Data.  We have all of this data; everywhere I look I have data.  From rental software, to integration software, the CRM, and accounting data...  But what do I do with it?  It is amazing to see the different views of true industry pros as how they digest and manage the data in front of them.  Now, we just have to act on what the data tells us. Thanks for making these available!" - Brad Poarch, CEO Cory's AV

 

One Free Episode for a Limited Time Only
To learn more about the series, see the trailer, and to access the free episode - click on the link below.  

 



bestpracticesBest Practices Blog

 
 

Dear Customer,  

My apologies on behalf of myself and our team for delivering a great job. We have failed to exceed your expectations and for that we are truly sorry.  I am refunding 10% of your bill, which represents the premium for the value proposition that you paid for in good faith, but did not receive.  

-Your Humble Supplier

 

Based on what I hear many AV owners and executives say about their products and services, the above letter needs to go out to customers everywhere. I visit dozens of businesses and speak with scores of business owners every year, and most honestly believe that they are delivering best in class results to their clients. In their defense, on any given day someone in their firm does something admirable, but that alone does not a great company make.

 

Good people and good companies have the same qualities through and through. When you slice one up, each piece is full of pure awesomeness, which is why some companies really are worth more than others. Unfortunately too many firms wrongly believe they are that great and therefore diminish the value of superlatives with every presentation, pitch, or promotion. Admit it, if you have to tell everyone how good you are, you aren't.

 

In the past few months I have seen some incredible examples of companies in our beloved AV Industry that exceed expectations for no other reason than that's what it takes to be successful. Here's what excellence really looks like:

 

Collaborative Office

I recently visited a company that exemplifies innovation. They are a full service event and systems integration company that has placed large LCD screens in EVERY office, meeting room, and common area (ok, not the bathrooms...). An AV company with lots of displays is not unusual however, this company uses them cleverly: each screen has its own Apple TV, which allows any device user on the network to send their screen to someone's else's space. Anyone on the network can collaborate with someone else simply by sharing his or her screen to the screen where the co-worker sits. Pick up the phone and instant collaboration session. Could they use Microsoft Lync or any other peer to peer tool? Of course they could, but the Apple TV and shared screen provides an instant one to many (or many to one) option. No scheduling of meeting rooms needed. Just send your drawing to the Project Managers' room and get everyone's input.

 

Why is this so great? Walk a customer through this office and ask them why they think it's awesome! Here is a company that not only cares about communicating, they choose an inexpensive and versatile tool that anyone can use to do it. As a customer, I want that kind of innovation focused on my project! In addition to this, the Apple TV screen saver displays some of the best marketing photos I have ever seen. (What a difference it makes to have a photographer shoot for you instead of using images from someone's mobile phone!) These offices are beautiful, functional, and informative. You can literally touch the quality this firm represents.

 

Real Quality Control

The standards for quality control in the production rental world are all over the map. For some companies, eyeball verification is the criteria for "going the extra mile" for customers and projects.  Occasionally the equipment is actually inspected and even turned on to make sure it works properly. I recently visited a B2B wholesale rental outfit that also vacuums out cases after every order. I think a company that cares enough to take an extra two minutes to fire up the shop vac is worth giving my business to. They don't stop there. Every case is cleaned inside and out and all technology is inspected for even the smallest of blemishes. For instance, a scratch on a projector warrants ordering a replacement cover. The cases and equipment all look like new.

 

Are these people crazy? I think not. They understand that being worth more means you have to DO more. There are plenty of companies that will rent you dirty, scratched, but functioning equipment. Is that the image your customers are paying for? Low standards lead to low returns, which often lead to even lower standards.

Who has time for this? What about the cost? Companies that command 10% more revenue per item know it doesn't cost that much more to care. Aside from getting a higher overall price, this kind of quality earns loyalty and referrals. When it comes time to sell off that gently used gear that looks almost new - this firm often receives close to what they paid for it twelve to eighteen months prior. And buyers know their purchase will be reliable. You can't cut corners and expect best in class results.

 

Triple Check

The price of a mistake goes far beyond the cost of just fixing the error. That's why the third company in this feature dedicates a person to re-checking the double-checks. This is not a cursory check by the team of its own work. I mean an independent review that not only looks for hidden mistakes, they recommend changes in process to help prevent missteps from happening in the future. It's a continual improvement system that pays for itself over and over again.

 

In production rental there are countless opportunities to overlook an important detail: Leave out a critical cable, miscalculate a lensing decision, or simply miss an item on the pick list. In addition, there are planning items that can really hurt a project if overlooked: Order power, update the crew on the schedule, or confirm a sub-rental. Consider the cost of all the items you miss each year when pulling a show or rental order. Every extra trip to show site, air cargo, or sub-rental supplier costs real money. Not having the things you need on show site when you actually need them is expensive. Lost time can't be replaced and the potential damage to your image and customer confidence is priceless.

Good intentions do not equal good quality.

 

Many owners will tell me that they can't afford to pay employees for better work. "The team already has too much to do. We don't have time to vacuum cases or extra money to remodel the office." My point is that when you gave up on quality as a priority, you allowed your creative, entrepreneurial, and innovative spirit to die too. In dire economic times, prices do drop sometimes dramatically. Customer standards and expectations may even be set aside temporarily. Eventually though, quality will always rebound, caring companies will persevere, and the customers that would pay more for better quality will find the suppliers that deliver.

 

If you want to regain your edge, then you have to THINK like a start-up again. Focus on long-term ROI not transactional progress. Borrow money to upgrade infrastructure. Invest in training instead of replacing employees. Improve your image instead of trying to make up for it. If you want to charge more, be worth more.

 

One More Thought

Two service companies decide to start up at the same time. Company A invests all its capital into products to rent or sell to customers - quickly driving profits to the bottom line. Company B spends a ton of money on marketing: great website, impressive office, and robust interactive software - but less inventory. Profits are postponed for three years. Assuming both companies deliver good work at a fair price, which company will grow faster? The one with more profit per transaction or the one with better marketing? Send me your thoughts. 

 

 

ClosingThoughts CLOSING THOUGHTS

Here's a few scribbles from the margins:

See you next month, - Tom  

 

About Thomas R. Stimson, MBA, CTS

Tom Stimson consults with organizations to improve their performance through strategic planning, process improvement, and team development. The Stimson Group provides coaching and tools to companies in the Audiovisual Industry that enable them to define and reach their strategic goals.

Whether you serve the Rental/Staging market, the Systems' Integration market, or or provide blended services - The Stimson Group provides unparalleled expertise, industry insight, and methodologies that drive operational efficiencies and increase profitability. 

For more information visit the website.