The ROI Podcast: Recent Episodes
The Kelley School of Business
The ROI Podcast provides professionals from all industries with actionable insight from world-renowned faculty members at Indiana University's Kelley School of Business. Learn not only from award-winning faculty but business experts who are disrupting their respective industries. The ROI Podcast equips you and your organization with the knowledge to keep a competitive edge over the competition.
"Servant leadership is the most aspirational thing you'll ever try to do. If you think it's easy to think about others over yourself, I've got news for you. You're going to mess up every couple of hours."
Embracing a mindset of serving others before ourselves seems easy on paper, yet those who try often learn that embracing these principles is no easy task. When we work toward listening before speaking, meeting our team where they are at, and constantly looking for who we should serve, the results speak for themselves.
Indiana University Kelley School of Business Dean Idalene "Idie" Kesner and ROI Podcast Host Matt Martella sat down with Cheryl Bachelder, BS'78, MBA'78, who is the former CEO of Popeyes Louisiana Kitchen, Inc. and author of "Dare to Serve: How to Drive Superior Results by Serving Others." Today she serves as a director for Chick Fil A and US Foods Holding Co.
On this episode, Bachelder shares the importance of embracing a leadership style focused on uplifting those around us before we lift up ourselves.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Last week, we started a conversation with Carter Cast, author of "The Right (and Wrong) Stuff: How Brilliant Careers are Made and Unmade," clinical professor at the Kellogg School of Management, former Walmart.com CEO and Fortune 100 executive.
On this episode, Cast discusses five personality archetypes that derail careers, plus he discusses three traits of highly successful leaders. Finally, he leaves us with a strategy for our own leadership development.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Have you noticed a person with all the right traits to become the next CEO or the next successful entrepreneur, yet they seem to fall short and never make it in their careers? Where did it all go wrong? What changed that stopped an upward career trajectory? Has this happened to you?
On this episode, Idalene "Idie" Kesner, dean of the Kelley School of Business and the Frank P. Popoff Chair of Strategic Management, and ROI Podcast host Matt Martella talk with Carter Cast, author of "The Right (and Wrong) Stuff: How Brilliant Careers are Made and Unmade."
Cast is a professor at Northwestern University's Kellogg School of Management, and he sits down with us to explore how to get back on track after a derailment in your career.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
What does successful scaling look like? On this episode, we sit down with Scott Dorsey, BS'89, managing partner of High Alpha, to address three keys to scaling successfully: 1. Scaling yourself, 2. Scaling your team, and 3. Scaling your organization.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
"The very habits and behaviors that can serve you well early in your career can be problematic as you move into leadership."
Last week, we started a conversation about how the habits that might get you promoted - could become the same habits that hinder you from future opportunities.
On this episode, we continue our discussion with the co-author of "How Women Rise: Break the 12 Habits Holding You Back from Your Next Raise, Promotion, or Job." Sally Helgesen shares more details into how to break the habits holding you back from your next raise or career move, during her conversation with Kelley School of Business Dean Idalene "Idie" Kesner and ROI Podcast Host Matt Martella.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
"The very habits and behaviors that can serve you well early in your career can be problematic as you move into leadership."
When looking ahead in our career, we often work hard to develop both skills related to our current or desired position and our personal behaviors that could help get us promoted into leadership roles. However, the habits that got you promoted could become roadblocks for the future.
Indiana University Kelley School of Business Dean Idalene "Idie" Kesner and ROI Podcast Host Matt Martella sat down the co-author of "How Women Rise: Break the 12 Habits Holding You Back from Your Next Raise, Promotion, or Job" Sally Helgesen, who has been identified by Forbes as the "world's premier expert on women's leadership."
On this episode, Helgesen shares how certain habits and behaviors could be holding you back from your next career move.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
On today’s episode, we wrap up our 3-part series to help you become a high-caliber leader based on the new Kelley School of Business “Exceptional New Manager’s Toolkit” through edX. We take all the principles we have learned over the past 2-weeks and put them together so we can learn how to find joy and fulfillment in our new leadership roles. Wrapping up the series are professors Tatiana Kolovou and Ray Luther.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Last week, we started a 3-part series to help you become a high-caliber leader focusing on how to step into your leadership role with care for yourself and for your team. This week, we are building upon the foundation we built last week and exploring the next installment of the Kelley School of Business “Exceptional New Manager’s Toolkit” through edX focusing on how leaders deal with the daily drama that comes with leading people. This week, we are joined by professors Tim Baldwin and Tatiana Kolovou.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Over the next 3-weeks, we are going embark on a series all about becoming a high-caliber leader based on the new Kelley School of Business “Exceptional New Manager’s Toolkit” through edX. This week we start by introducing the course and learning how to step into your leadership role with care for yourself and for your team with professors Ray Luther and Tim Baldwin.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Ever wonder how people make those "connections of a life-time"? Or how professionals find others to help them build their passion? It all starts with relationships. Whether personal or professional, building a healthy network of people starts with authentic relationships. And to begin those relationships, we must ask ourselves how we can serve them before we think about what they can do for us. On this episode, we sit down with Everbowl Franchise Owner and Entrepreneur Alex Yeater who shares how finding ways to serve others led to a business partnership with former Super Bowl Quarterback Drew Brees.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Whether we see headlines of record high inflation, supply chain issues, soaring home prices, or any other unsettling news about the economy, the big question we all seem to ask ourselves is will a recession happen? And if so, when? On this episode, we are sitting down with Kelley School of Business Economists Phil Powell and Kyle Anderson who share their predictions, as well as their wisdom, on how organizational leaders can navigate through this uncertainty no matter which way the economy goes.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
All the preparation that goes into starting a company can be both exciting and draining. We work so hard to get that company started we sometimes do not answer the "what's next" question once our enterprise is up and running. On this episode, we're sitting down with the former Host of The ROI Podcast and CEO of Crimson Media Shane Simmons who pulls back the curtain of his newly established organization to offer insights on planning for the future.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Enron. A name synonymous with fraud, greed, and what NOT to do as a leader. And in the wake of the downfall, it was Kelley School of Business Accounting Professor Daniel Beneish who predicted their company was cooking the books with his M-Score financial model. Even still to this day, Professor Beneish's model remains the most viable means of predicting corporate fraud. On this episode, we sit down with Professor Beneish who shares the inner workings of how his model works while exploring ways to make sure our organizations operate in an ethical manner.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
This week we are taking a dive into the vault to share some timely advice in the midst of the multitudes of job openings across various industries. If you were wondering when a great time to make a career change, this may be your opportunity. In Silicon Valley, for example, the average turnover is 12 months. So how do we find a career that is not simply financially rewarding, but emotionally rewarding as well? On this episode, we're sitting down with Associate Dean and Co-host Phil Powell who shares his story on finding the job of your dreams.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
What happens when we embrace comfort for too long? For many, the shake-up of the COVID-19 pandemic showed many of us we were not ready for change. Whether we lost our jobs, had to turn our living rooms into home offices while becoming teachers for our children, or any other disruption felt in the wake of this pandemic, many of us were not ready for such a jolt. As we reflect upon the past 2-years, seeking answers through a lens of wisdom and hind-sight, we were too comfortable. So, how can we grow? How do we learn to get back up once we get knocked down? On this episode, we're sitting down with the founder and CEO of the Ecsell Institute and TEDx speaker with almost 35 million views on his talk "How comfort will ruin your life" who shares how the most radical, unexpected shakeups in his career became the launching point for his success.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
The show Shark Tank captivates millions around the country as entrepreneurs face off with eager investors to fund their million-dollar idea. But is that how a meeting with an investor really look? Spoiler: no. And for the rest of us who will never see the bright lights of the shark tank studio, how do we pitch to investors? And before that pitch, how do we even start? On this episode, we're sitting down with the Managing Director of Heartland Ventures Max Brickman, BS'14, who shares the keys for successfully catching the ear of any investor.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
What happens when we are approached with a new opportunity we feel completely under-qualified for? How do we navigate our internal struggles to push our comfort and grow as a leader? What are the risks we face when saying "no" to that opportunity? On this episode, we're sitting down with the CEO of Big Brothers Big Sisters of Central Indiana Darcey Palmer-Shultz who shares from her journey of feeling completely under-qualified when she was approached to fill the vacant CEO spot and how she said yes, even when she felt like someone better should be in that role.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
As many organizations continue to become more diverse in demographics, as well as thought processes, the opportunity for success could not be greater. The more trains of thought and wisdom from personal experience brought to the table, the stronger our team becomes. Yet, as we know when we sit around the table with family, the more people who have input, the higher the chance of tension and conflict. So how do we lead our teams through these difficult conversations so we can all win? On this episode, we're sitting down with Kelley School of Business Lecturer of Management and Entrepreneurship Barb Cutillo who shares her wisdom on leading diverse teams successfully.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Did you land that promotion leading a new division in another country? Are you thinking about trying out new opportunities abroad? Or have you wondered what it would be like to pack up and go to a whole new land? On this episode, we're sitting down with the CFO, Asia Cluster at Sandoz Mike Healy, MBA'90, who shares his over 20 years of experience working abroad. We explore the highs and lows while gaining wisdom to be an effective leader on day 1 in a new country.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Last week, we started a conversation on how we begin to re-examine the way we view our people within our organization. By focusing more on the "human" element of human resources, we started to look at ways, we as leaders, need to approach our teams. On this second of two part series, we're taking those principles from last week and turning them into action plans as we welcome back Executive Coach Mason McDonald to wrap up this series.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
One of the core philosophies with our show is believing that organizations are only as good as the people who run that company. This means we believe it's all about people. If people succeed, the organization succeeds; if people fail... well, you get the idea. Yet, when it comes to managing people, we view our employees the same way we view our time, our money, and our assets - as resources needing managed. But if we are to keep our teams happy, if we are to recruit the best and brightest individuals into our organizations, and if we are to scale our business to the next levels, how we treat and manage our employees will determine our success. On this first of two part series, we're sitting down with Executive Coach Mason McDonald who shares what we can do as leaders to recruit, keep, and grow our teams; ultimately creating a winning culture that grows our business.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Whether our organizations have a presence downtown, in the suburbs, or along the rural roads, we become part of the community. And as we strive to grow our companies and build our teams, we have an obligation to help our community as well. Because when our communities grow, our organization grows as well. So where do we start? How do we begin to rebuild? On this episode, we're sitting down with the Executive Director of Shepherd Community Center Jay Height who shares how we can bring our communities closer and uplift the least of these.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
As we turn on the news, read our social media feeds, or simply watch our favorite sports' teams, there is a felt tension in our society pulling us further a part from one another. Whether those divisions stem from politics, race, gender, or any other hot button issue, the reality is we must understand how to lead such diverse teams while bringing everyone together. But how? On this episode, we're sitting down with Kelley School Professor of Business Law and Ethics Timothy Fort who shares his research on how organizational leaders can help bring different people together and create a strong team culture within the company.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Will this labor shortage continue? How will inflation impact next year's business agenda? Will the supply chain crisis improve? How does the US, Indiana, and Indianapolis compare to the rest of the country? And what does it mean for my organization? If you are asking any of these questions, this episode is for you. Our Kelley Faculty in partnership with the Indy Black Chamber to bring their research and predictions looking into 2022.
More information on the forecast: https://bit.ly/3FgJB25
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Did you know that 50% of new executives fail? This staggering statistic is a sobering reality facing many organizations around the world. So, how do we help our organizational leaders succeed? On this episode, we're sitting down with the Author of the new book Bombproof: A Field-Proven Guide for the New-to-Role Executive Emily Bermes who shares from her years of experience how to bridge this gap.
Click for more information or how to register for the 2022 Kelley Economic Outlook Panel on Thursday, Nov. 4th @ 7:30AM.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Along the path of growth, organizations have many obstacles to face including risk management, identifying market demands, and when to say no are just a few facing organizational leaders. And when those challenges arise, how do we as organizational leaders navigate them successfully? We have to build a roadmap in the form of data. On this episode, we're sitting down with the Founder and Managing Partner of Pineapple Consulting Firm Jack Tompkins who shares how we can make sense of the right data to grow.
Click for more information or how to register for the 2022 Kelley Economic Outlook Panel on Thursday, Nov. 4th @ 7:30AM.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Diving into the vault, we explore how organizations survive economic hardship. As we know, the financial collapse of 2008 made history; becoming one of the worst recessions of all time. This economic crisis destroyed business of all sizes while creating fear amongst employees around the globe. Yet, for CEOs like Jeff Fettig, this financial fallout would prove to be a hard fought victory. On this episode, we’re sitting down with the former CEO of Whirlpool, Jeff Fettig – a Kelley School of Business alum who helped lead his company through one of the worst financial collapses of all time.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
When we think of the word "scaling" - typically we are referencing how to duplicate a business model across many areas. If we are a trying to franchise our organization, we are trying to make our business plan easy enough to follow that others can go to different cities and expect similar results. Yet, there is an underlying element key for a successful scaling effort - replicating and growing the community within an organization. Even for leaders outside of a business, scaling community is the foundation for success. On this episode, we're sitting down with the Vice President of Venture Development at IU Ventures Jason Whitney, who shares from his experience on how we scale a community from conception to raising new leaders.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
We hear the word "disruption" fairly often in business. In fact, some of our organizations have their business model built on this very idea. So how can we really drill down into being a business that sets ourselves apart from the rest? How do we truly "disrupt" a new market? It starts with changing our mindset as leaders. On this episode, we're sitting down with the host of the Build Your Brand podcast and Context & Clarity LIVE Jeff Echols who helps us unpack what disruption actually looks like and where we should start our journey.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
On this episode, we're sitting down with the Associate Dean and Economist at Kelley School of Business Phil Powell and Faculty Chair of the Evening MBA Program and Economist at Kelley School of Business Kyle Anderson who break down current economic topics and offer perspectives that may help organizations make better business decisions as we look toward the future.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
As an organizational leader, our core task is being fair with our team. Whether being fair in raises, fair in hiring practices, fair in promotions, or fair in policy, we have an obligation to uphold these standards. Yet, being fair is not enough. If we want to see our teams go the extra mile for our organizations, we also need to be speedy. We need to break down barriers our team face everyday. Maybe that looks like re-examining our reimbursement policies? Or simplifying communication standards? On this episode, we're sitting down with Kelley School of Business Assistant Professor of Management Ryan Outlaw, who shares key take-a-ways from his research paper, "How fair versus how long: An integrative theory-based examination" - which was a finalist for Personnel Psychology’s 2021 Best Paper Award.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Whether we are feeling fired up from the latest TedTalk, motivated to make major changes because of that one book we read, or about to make a major shift in our organization based on one academic article, how do we know if that claim is fully true? Are we certain that individual or research conducted had pure intentions and not just trying to sell more books? What do we do if we find ourselves in a situation where a big claim is untrue? On this episode, we're sitting down with the Dale M. Coleman Chair in Management for the Kelley School of Business Ernest O'Boyle, who shares how we, as leaders, have an obligation to vet major claims - especially when our decisions impact the livelihoods of people. He shares how to do enough research to prove a claim's validity without sacrificing our whole work day.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Whether our energy is spent chasing the entrepreneurial dream, working toward that big promotion, or finishing out the school-year strong, we always encounter "sticky spots" that try to derail our dreams. We work so hard for so long with little to nothing to show for our efforts. So what do we do with that? How do we dig deep, find motivation, and push forward when those obstacles appear? On this episode, we're talking to the Founder & CEO of Probook Sports Andre Harakas who shares how he currently pushes through the pains of starting a business while still giving 100% of his energy.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
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ALSO
We are preparing for our 2022 Economic Forecast episode with Kelley School of Business Economists Phil Powell and Kyle Anderson. If you have specific questions as it relates to the current state of the economy, let us know.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
We all know the feeling; interrupted sleep, mind racing, constantly trying to "think" of a solution - all point to a pain-point we cannot shake. Whether we see young people in need of mentors, leadership gaps in industries, or people down on their luck from life's harsh realities, we all can identify something that stirs our passion for finding a solution. So how do we take such monumental issues in society and turn them into action? Where do we even take the first step? On this episode, we're sitting down with the Founder of MORE Magazine Arianna Cruz, BS'18, who shares how her big dreams to make opportunities reachable for everyone started.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/3lqVJXI
As organizations continue to find the best way to get products to consumers, sometimes the simplest solution offers the greatest results. Companies spend millions of dollars trying to understand their target market, sometimes with little success. But what about organizations who don't have lavish budgets for market research? On this episode, we're sitting down with the author of Road Map to Revenue: How to Sell the Way Your Customers Want to Buy Kristin Zhivago who shares what organizations get wrong when we assume our customer base identity and shares how we can begin to build a better relationship with our consumers.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/3lqVJXI
In December of 2018, we sat down with the CEO of Tom James Company Todd Browne who dove into the principles of his leadership style, offering great tips on how leaders can define their own leadership philosophy. As we celebrate the past, we want to take a moment to thank you for making our show possible. Your support means everything to us and we are honored you spend your time engaging with our content. The ROI Podcast has evolved a lot since this episode was first published to where it is today - we hope you enjoy!
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/3lqVJXI
How many times, as an organizational leader looking to try a new product, have we stopped ourselves and thought, "there's no way this will work - the market is dominated by 'X' company or 'Y' product?" Or if we are taking a shot at a brand new market opportunity, how do we build momentum? On this episode, we're sitting down with the Kelley School of Business Clinical Associate Professor of Marketing Demetra Andrews who unpacks her over 15-years of research within consumer spending to offer practical tools for leaders so you can confidently market the product or service your instincts are telling you to move forward with.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
How many of us have said to ourselves, "once that leadership position opens at my company THEN I can start learning how to lead"? Or what about, "there are no open leadership positions at my current company THEREFORE I need to find a 'leadership' role at another company before I learn how to lead"? Yet, by waiting for a leadership position to open before learning how develop ourselves in the here and now is a trap; causing us to miss the incredible opportunities right in front of us. On this episode, we're sitting down with the CEO of The Oliver Group and Author of Leaders Deserve Better; A Leadership Development Revolution Jennifer Mackin, BS'92, who shares how we can take advantage of leadership development opportunities in our current role, even if a leadership position is not open yet.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
There are many moments of change and uncertainty through life, but one thing is certain: we are either in a storm, on the other side of a storm, or about to enter a storm. Whether we're dealing with the loss of a loved one, loss of a job, or any other hardship life throws at us, how do we stay strong to get through to the other side? On this episode, we're sitting down with former Barstool Sports Blog Writer and Host of That Boy Bent Podcast Austin Taylor (a.k.a. Young Mantis) who shares from his story the principles of having mental strength through tough times. He opens up about his story from being diagnosed with a rare back issue to being let go from Barstool Sports and how he finds strength in dark times.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
In the wake of COVID-19, so many small businesses find themselves in ruins. And there is no question "how" we do business has changed. So how do we stop the bleeding? How do we pivot to be more competitive? On this episode, we're sitting down with Kelley School of Business Clinical Professor of Information Systems Bipin Prabhakar, who also runs Project HOPE, which aims to deliver the digital capabilities and technology training that small businesses need in order to compete in the post-COVID lockdown. We explore how his students are using their talents to address real-world problems that help small businesses get back on track.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Find out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
The start-up game is full of mountain-top highs and death valley lows, especially when entrepreneurs are seeking funding to grow their business. So how can organizational leaders scale their business in a way that grows with new rounds of funding? On this special episode of The ROI Podcast, recorded live during Powederkeg's Unvalley 2021, we're sitting down with the CEO of Lessonly Max Yoder and the Associate Professor of Strategy and Entrepreneurship at The Kelley School of Business Todd Saxton to gain practical tips every entrepreneur can utilize to keep growing your organization.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
What makes things go viral? How are some organizations able to garner incredible social media engagement? Where do organizations fall short? On this episode, we're sitting down with Kelley School of Business Marketing Professor Brian Vander Schee, who specializes in social media engagement. We discuss what organizations do that creates a high-level of social media engagement.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
The dark triad of personalities focuses on three specific traits: narcissism, machiavellism, and psychopathy. We see these traits play out to their extremes in movies, TV shows, and our favorite true crime podcasts; and in their more subtle forms in our co-workers, friends, and even family members. And if we are completely honest, we can see them play out in our own lives. But the question is, can these bad traits bring good results? On this episode, we're sitting down with the Dale M. Coleman Chair in Management for the Kelley School of Business Ernest O'Boyle who dedicates his research in exploring how these traits impact organizations and the people who work there.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Building a successful organization takes a lot of work - as every business leader knows. But what is the foundation of that success built on? One word: culture. Having a great organizational culture can make good companies great. A positive culture is the heartbeat of our teams that get people out of bed, excited to go to work every morning. So how do we get there? On this episode, we're sitting down with the author of "The Circle of Leadership" Andrew Adeniyi, BS'13, who shares how organizations can build incredible cultures.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
On this episode, we concluded our coaching series by answering your questions during a live recording of The ROI Podcast with the Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson. Thank you for submitting your questions! You are the reason this show exists.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
What a time we live where someone can dream to become a social media influencer and work to make that dream a reality. And with all successful ventures comes hard work and dedication to your dream. But how does one break into the social media world? How do those who are already trying to make a name for themselves take off? On this episode, we're sitting down with the Founder of #WheresMikeG, a social media influencer and content creator, Mike Gillis, BS'15, who talks about what it takes to grow your brand.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Many organizations get stuck just trying to gather the most applicants or largest pool of people and simply hope that the quality of individuals will show themselves based on the numbers. However, there's a smarter way to go about recruiting the right talent that match your organizational values. So how do we begin? On this episode, we're sitting down with the Director of Admissions for the Kelley Direct Online Programs Sarah Wanger who shares her keys for success that helped them smash all previous recruitment records for their organization. So whether you're a brand new company or a seasoned veteran, this episode unpacks the fundamentals of recruitment to help you build (or rebuild) your recruiting process that actually works.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
When a life hangs in the balance of a series of quick decisions, failure is not an option. And for Dr. Peter Angood, MD, a trauma surgeon and the President & CEO of the American Association for Physician Leadership, those decisions must be made in seconds. How do you lead a team under those conditions? How do you adapt your leadership style to the given situation? How do you plan and debrief to better your communication processes? Though many of us will never have to make split-second decisions where a human life is on the line, there are lessons we can learn from the operating room. On this episode, we talk to Dr. Angood about how leaders can be strong under pressure and how to adapt your leadership style to the situation at hand.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
As we wrap up this final part of the coaching series, we take the idea of the coach, the coachee, the coaching relationship, and tie it all together under the context of the coaching process. What are the dynamics at play? How do we build a coaching strategy? What are the specific mechanics that must work to create a successful coaching relationship? On this episode, the Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson finish our series by sharing practical coaching tools you can use right away.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
We are in the middle of a four-part series with the Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson who set the foundation on the idea of "the coach" and "the coachee". This week in part three we take a dive into the coaching relationship. We explore the question of how can I, the coach, work to really build the quality of this relationship? And how do I know if the relationship is working or not working?
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Last week, we started this four-part series with the Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson who set the foundation on what it means to be a coach. This week, we explore the 2nd pillar in the coaching world, "the coachee" or the individual you work with to mentor and build up. What defines a "coachee"? How does our work as a coach meet a "coachee's" needs? How do accept that someone just does not want to be coached?
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
What is the difference between being a boss and being a coach? One thing - our mindset. How we approach leading others, how we make decisions, and how we set the example all work to build a winning team. On this four-part series, we are sitting down with the Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson who take us on a deep dive into the world of coaching so we can become better business leaders. This first episode deals with "the coach." What values do successful coaches embrace and what mindset do they embody?
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Are you a hobbyist selling your creations online? Do you currently own a small business and looking to cross into other countries? What if your sales take off, unexpectedly, halfway around the world? With the internet opening up markets all over the globe, our products and services have the ability to navigate the earth with ease. Yet, as small business owners, we may not think about the implications they create when it comes to paying taxes in foreign lands, dealing with customs, or even understanding the legalities of business in other countries. On this episode, we're sitting down with Kelley School of Business Senior Lecturer Katie Metz, who specializes in international tax, to understand how we should approach our business if/when our sales go global.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
So many of us have great ideas floating around in our minds. Whether that be a new business idea, a product to invent, a cause to start, or a new career path, those thoughts consume us. However, to act upon those ideas and take the first step of bringing those to life can create fear, anxiety, or insecurity of not feeling equipped. So what do we do? If we have this burning passion to start something new, how do we start? Or more importantly, when? On this episode, we're sitting down with the founder of Play360 and Senior Lecturer of Comprehensive Design at IU's Eskenazi School of Art, Architecture & Design Jon Racek who shares his journey of leaving his career to take a chance on starting this organization.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Just as professional athletes get back to fundamental drills, the "Back to Basics" series aims to dive into foundational topics within business theory and practice so we do not lose sight of the core tenants of making better business decisions. On this episode, we are sitting down with Kelley School of Business Marketing Professor Kim Donahue to understand what principles are at the core of knowing and reaching your target market.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
We all have our own odds stacked against us in life. Whether it’s our race, our beliefs, or our gender – every person has obstacles in front of them. And though our challenges come in many different shapes and sizes, we all have our battles to fight. The problem is not how big or how small those difficulties are, it’s simply a matter of what we do with them. Do we stand and fight? Or do we walk away? On this episode, we're revisiting our conversation with a tough CEO, who shares her strategy to overcoming obstacles in your career. Let’s get to the podcast…
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Whether creating a billboard ad over an interstate, a banner on a webpage, a commercial on YouTube or TV, or a host-read podcast ad, there are some principles that transcend the medium which advertisement flows through which create successful campaigns. On this episode, we're sitting down with Kelley's Assistant Professor of Marketing Beth Fossen to explore her research in digital advertisement that uncovers these foundational aspects of successful marketing.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
When one of our team members have a terminally ill family member, walk through divorce, or receive news of a loved one passing away, we may struggle to find the words or offer support in the workplace. However, these are the realities of leadership. On this episode, we're revisiting our conversation with the Founder of Handle with Care HR Solutions Liesel Mertes, who specializes in helping business leaders deal with these disruptive life events with empathy. We are going to explore her own personal journey of loss and offer tips on how to handle emotionally tough times our team will experience in their personal lives.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Many entrepreneurs dream of the day when their start-up business grows into a publicly-traded company on the stock exchange. For others, this decision is fraught with fears of giving up control, changing how we do business, or "selling out" to corporate greed. So the first question that comes to mind is, "does taking my company public make sense for our business model?" or "Is there any truth to these claims?" On this episode, we're sitting down with the CFO of Yext Steve Cakebread, MBA'76, who also worked as the CFO of Pandora, heading up the effort to take that company public, and the CFO of Salesforce, growing the organization from a $20 million business to a $1.2 billion business. Steve shares tips from his new book "The IPO Playbook: An Insider's Perspective on Taking Your Company Public and How to Do It Right" to help us create a successful strategy for organizational growth and determine if going public is right for our business.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
As businesses look ahead to solve current pain points in the various industries, design thinking strategies should take center stage in order to discover solutions that actually work. Through the process of imagination, ideation, and innovation, any organization can solve issues their customers, their shareholders, or even their staff face on a day to day basis. On this episode, we're exploring Kelley School of Business Senior Lecturer Brenda Bailey-Hughes's new Design Thinking E-book so you can have practical steps that bring solutions to your specific industry.
Get a free copy of Brenda's Design Thinking E-Book
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
One of the best ways to see leadership traits develop in our team is by finding opportunities for them to simply try. However, for many of us, that process of taking a risk or even letting go of certain responsibilities seems daunting. Yet, as leaders, if we do not hand off responsibilities, our leadership will hit a ceiling. On this episode, we're sitting down with the CEO of Katz, Sapper & Miller Tim Cook to discuss ways we can allow our team to try new ideas in a sensible way.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Each year, the Kelley School of Business economists work to project the economic outlook for the following fiscal year - regionally, statewide, and nationally. With a pandemic, election cycle, and recession all rolled into a single year, 2020 turned out to be a difficult one for many. So what could 2021 look like? On this episode, we're sitting down with the Associate Dean of the Kelley School of Business and Economist Phil Powell and Professor of Business Economics Kyle Anderson to explore what 2021 may bring and how they are able to make these predictions.
Get a copy of the 2021 Economic Outlook HERE.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
No matter which way you examine a culture, trust must be the foundation. Without trust holding your organization's culture together, building the relationships necessary for a healthy work environment is like building a house on sand. When a storm comes, the whole structure falls. On this episode, we're sitting down with the Founder and Managing Partner of Straticos Business Builders Scott Abbott who shares the 3 pillars of trust and how we implement those inside our organizations.
Check out Scott's podcast - Moments to Momentum
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Grace is a term that's typically encountered in many religious circles, directing us on how to treat others who wrong us. But how does grace relate to leadership? On this episode, we're sitting down with Executive Coach and Author of "Grace: A Leaders Guide to a Better Us" John Baldoni, who shares why grace is fundamental to building both a great work culture and an even better relationship with your teams.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
According to the CEO of JC2 Ventures John Chambers, MBA'75, the vast majority of job creation will take place in the start-up world. Gone are the days of landing that sweet job in a fortune 500 company you can ride until retirement. So how can entrepreneurs harness this demand to build the future? On this episode we're sitting back down with John Chambers to discuss what it will take from small business leaders to rise up and build our economic future.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
For those still working from home, many of us are finding great joys and great frustrations by being remote. Sure we can pop a load of laundry in the washer in between meetings, but we may lose an opportunity for small talk while walking to and from the breakroom. And if you are trying to lead, how do you make sure everyone is doing what they're supposed to all while maintaining and reemphasizing your organizational culture? On this episode, we're sitting down with the CEO of Formstack Chris Byers who shares how his organization overcame the difficulties of remote working prior to COVID and how they overcame those obstacles to create a successful organization.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Whether it's Enron or Tyco, some organizations simply have a hard time playing by the rules. But how do companies get so far off the rails? Do organizational leaders wake up one day and decide to be corrupt? Or might their ethical erosion start small and grow over time? Could there also be a few bad apples that make the whole bunch look bad? On this episode, we're sitting down with Kelley's Associate Professor of Accounting Evelyn Patterson, who specializes in auditing and fraud detection, to uncover where and why some organizations make the turn toward corruption and what we can do as leaders to prevent this from happening within our companies.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Culture and talent go hand-in-hand. An organization needs a strong culture to attract great talent but also needs great talent to reinforce a strong culture. So where do we start? On this episode, we sit down with the former Vice President of Talent and Human Resources for Chick-fil-A, Inc. Dee Ann Turner to explore her book "Bet on Talent: How to Create a Remarkable Culture and Win the Hearts of Customers" so that we can create a winning team while enforcing a strong organizational culture.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Starting a new job has many challenges at first like making new friendships, learning the expectations of leadership, and the culture of the organization. With organizations either moving to remote work permanently or due to COVID-19, there are many more challenges to making sure our new hires find their place inside our organization from the comfort of their living room. On this episode, we're sitting down with the Founder of Red Envelope Consulting Chelsea DuKate, BS'06, who shares practical and effective ways to help all of your team members (new and old) thrive while working remotely.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
An MBA is an important degree to have to take your business acumen to the next level. And so are the skills you learn outside the classroom. Combining the science of business with interpersonal skills creates a winning candidate for that next big promotion, that move into the C-suite, or a leg up in the entrepreneurial world. So where can we learn to sharpen our skills outside the classroom? How about right in our own homes. On this episode, we're sitting down with Bea Wray, Author of "What an MBA Taught Me...: But My Kids Made Me Learn," who shares her story about the hard life-lessons she learned while growing her business and being a single mother of three children.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
As many organizations continue working from their homes, how are organizations continuing to develop their values? How do we start thinking about creating a plan for how everyone will assimilate back into the office when the time comes? How do we make sure our teams give themselves breaks, shutting their work stations down as not to be tempted to work all through the night? On this episode, we're sitting down with the Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson who share their tips on how we can successfully continue working from home while growing our teams.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
From our smartphones to smart speakers, even to the self-check-out lanes at the grocery store, there's no question we interact with artificial intelligence to a degree. So the questions become what will A.I. look like in the future? How will our industries be improved or disrupted? What are the moral and ethical issues? On this episode, we explore these questions and more as we sit down with the author of "Own the A.I. Revolution: Unlock Your Artificial Intelligence Strategy to Disrupt Your Competition," Neil Sahota.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
When life throws us lemons, we must make lemonade. And in the words of the President of Piazza Produce, Marcus Agresta, BA'98, "you either sell it, or you smell it." So when his organization's main customer sources shut down, due to COVID-19, he was forced to pivot his business model in order to survive. On this episode, we sit down with Marcus to learn what organizational values he adheres to in order to know how and where to pivot.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
“The problem is not knowing who we want to become, it’s becoming that person,” said Marshall Goldsmith during our conversation for the ROI Podcast.
We live in a world of constant change. Things come up that you don’t expect in your week or your day – Days just don’t always go as planned, especially in 2020. There are always triggers that could change our behaviors. Our environment plays a big role. So how do you stay on track in a quest to become the person you want to be? One suggestion -- Ask yourself a number of questions every day starting with, “Did I do my best to…?”
In this week’s episode of the ROI Podcast, host Teresa Mackin and Kelley School of Business Dean and Frank P. Popoff Chair of Strategic Management Idalene “Idie” Kesner speak with Marshall Goldsmith, MBA’72, a Kelley alumnus and a leading executive coach and best-selling author. Goldsmith received the Kelley School of Business 2009 Distinguished Entrepreneur Award.
Goldsmith discusses his New York Times and Wall Street Journal best-seller, Triggers: Creating Behavior That Lasts—Becoming the Person You Want to Be, explaining more about how your environment influences your behavior every single day – and how to work to make sure you can overcome obstacles to become exactly who you want to be.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Last week, we started a conversation about how the habits that might get you promoted - could become the habits that hinder you from future opportunities.
On this episode, we're continuing our conversation with the co-author of "How Women Rise: Break the 12 Habits Holding You Back from Your Next Raise, Promotion, or Job" Sally Helgesen, who shares more details into how to break the habits holding you back.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
"The very habits and behaviors that can serve you well early in your career can be problematic as you move into leadership."
When looking ahead in our career, we often work hard to develop both skills related to a current or desired position and personal behaviors that could help get us promoted into leadership roles. However, the habits that got you promoted could become roadblocks for the future.
Indiana University Kelley School of Business Dean Idalene "Idie" Kesner and ROI Podcast Host Matt Martella sat down the co-author of "How Women Rise: Break the 12 Habits Holding You Back from Your Next Raise, Promotion, or Job" Sally Helgesen, who has been identified by Forbes as the "world's premier expert on women's leadership."
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Embracing a mindset of serving others before ourselves seems easy on paper, yet those who try often learn that embracing these principles is no easy task. When we do work toward listening before speaking, meeting our team where they are at, and constantly looking for who we should serve, the results speak for themselves.
We sit down with Cheryl Bachelder, BS'78, MBA'78, the former CEO of Popeyes Louisiana Kitchen, Inc. and author of "Dare to Serve: How to Drive Superior Results by Serving Others." Today she serves as a director for Chick Fil A and US Foods Holding Co. On this episode, Bachelder shares the importance of embracing a leadership style focused on uplifting those around us before we lift up ourselves.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Whether you're starting a brand new business or you're looking to restructure your organizational chart, which leadership model is right for you? On this episode, we sit down with the CEO of Innovatemap Mike Reynolds, who takes us behind the leadership curtain of his organization and shares why a mentorship model works best for them.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
What does successful scaling look like? On this episode, we sit down with Scott Dorsey, BS'89, managing partner of High Alpha, to address three keys to scaling successfully: 1. Scaling yourself, 2. Scaling your team, and 3. Scaling your organization.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Last week, we started a conversation with Carter Cast, author of "The Right (and Wrong) Stuff: How Brilliant Careers are Made & Unmade," clinical professor at the Kellogg School of Management, former Walmart.com CEO and Fortune 100 executive.
On this episode, Cast discusses five personality archetypes that derail careers, plus he discusses three traits of highly successful leaders. Finally, he leaves us with a strategy for our own leadership development.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Have you noticed a person with all the right traits to become the next CEO or the next successful entrepreneur, yet they seem to fall short and never make it in their careers? Where did it all go wrong? What changed that stopped an upward career trajectory? Has this happened to you?
On this episode, Idalene "Idie" Kesner, dean of the Kelley School of Business and the Frank P. Popoff Chair of Strategic Management, and ROI Podcast host Matt Martella talk with Carter Cast, author of "The Right (and Wrong) Stuff: How Brilliant Careers are Made - and Unmade."
Cast is a professor at Northwestern University's Kellogg School of Management, and he sits down with us to explore how to get back on track after a derailment in your career.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35cLVqy
Last week, Brenda Bailey-Hughes and Tatiana Kolovou, Kelley School of Business senior lecturers in business communication and professional skills, discussed how influence and leadership go hand-in-hand, as trust becomes the glue holding these characteristics together. This week, we conclude this two-part series with real-world action steps to take to improve your own leadership skills today.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
There are many characteristics that describe a great leader - integrity, sound character, communicator, and the list goes on. There is one trait that stands above the rest: influential. One cannot become a leader if one does not influence others to follow. On this two-part series, we're unpacking how to become an influential leader with Kelley School of Business Senior Lecturers Brenda Bailey-Hughes and Tatiana Kolovou, who specialize in executive coaching and organizational communication. We unpack the three qualities of influential leadership and dive into how trust holds it all together.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
As the economy re-starts around the globe, organizational leaders are starting to look back and reflect on how to prepare for the future. Many are asking "what lessons can we learn to prepare for the next crisis?" On this episode, we're sitting down with co-founder and CEO of GrowthHit Jim Huffman, who is also the author of "The Growth Marketer's Playbook", to discuss how his organization managed through a 50% revenue loss in 48 hours while personally contracting the COVID-19 virus. We look back at his story with eyes focused on lessons we can all learn for the future.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
In the aftermath of COVID-19, many businesses struggle with their options. Should we file for bankruptcy? Should we lay off our staff? How are we going to bounce back? We recognize organizational leaders are currently wrestling with thoughts like these as we look toward the future. That's why we brought a crisis consultant who specializes in helping organizations, who are on the brink of going out of business, get back on track. On this episode, we're sitting down with the Senior Partner and Founder of Crain & Company Scott Maloney who weighs in with advice for such tough questions.
Discounted Consultation Service: https://craincompany.co/coronavirus
Be sure to mention you heard about this from "Kelley's - The ROI Podcast"
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
As organizations around the country reopen their business, many leaders wrestle with how to recover their losses from COVID-19. As we all work to rebuild, it starts with embracing the right mindset. On this two-part series, we sat down with Kelley Professor of Business Law and Management Charlotte Westerhaus-Renfrow who shares what our mindset should be as the economy reopens. As we wrap up this series, this week we build our strategy to successfully reopen.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
As organizations around the country reopen their business, many leaders wrestle with how to recover their losses from COVID-19. As we all work to rebuild, it starts with embracing the right mindset. On this two-part series, we sat down with Kelley Professor of Business Law and Management Charlotte Westerhaus-Renfrow who shares what our mindset should be as the economy reopens. This will set the foundation for next week's episode where we continue to build a strategy for success.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Last week, we started a conversation with the Founder and CEO of JC2 Ventures and former CEO of Cisco Systems, John Chambers, MBA'75, about his book "Connecting the Dots: Lessons for Leadership in a Startup World". Part one was all about the right foundation needed before building your playbook on how to re-enter the market. On this week's episode, we conclude our two-part series with what organizational leaders need inside their plan so we all can re-open our businesses with confidence.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
As many states begin opening their economies again, the slow crawl back to normality puts a major strain on all business owners. However, with the right mindset and winning strategy, your organization has an opportunity to become stronger than ever - even take the lead inside your industry - and we're going to show you how. On this first of a two-part series, we're sitting down with the former CEO of Cisco Systems and Author of "Connecting the Dots: Lessons for Leadership in a Startup World" John Chambers, MBA'75, to explore the foundational leadership principles in his book which are necessary to enter the re-opening economy stronger as an organization. Then in part two, we will explore how to create your own playbook so your business can come out on top a winner.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Businesses are planning for re-launch once the economy opens again (however that may look), but businesses are only as strong as their employees. How do you ensure your team is ready, both personally and professionally? What can you do to support them now? On this episode we sit down with the Chief Development Officer at Indy Reads Chrissy Vasquez, MBA’07. Chrissy reflects on how Indy Reads has adapted during the times of COVID-19; how they’re planning for the future and how they’re ensuring employees, customers and students are supported during the pandemic.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Leadership and legacy go hand-in-hand. How you lead your team within your organization leaves a lasting impression - for better or for worse. So what does it take to leave a meaningful legacy? On this episode, we're sitting down with the President of Hays and Sons and one of IBJ's 2020 40 Under 40 Jacob Houk, MBA’09 who shares what it takes to lead your organization through this COVID-19 pandemic while leaving a lasting legacy.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Whether you are a part of a start-up company or a non-profit organization, raising capital is key to keeping that entity alive. Yet a lot of people struggle with confidently asking for another person's money. So how do we build confidence in our presentation and increase our success? On this episode, we are sitting down with the President and CEO of the Indiana University Foundation Dan Smith, who helped to lead his team in raising over $1 billion for the school so far, to learn what creates an effective fundraising strategy. Dan is also the Clare W. Barker Chair in Marketing and Former Dean of the Kelley School of Business.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Phishing emails, scam donation requests, and a myriad of other schemes have intensified as many organizations operate from home. On this episode, we want to make sure you stay safe and feel confident when conducting business transactions from your couch. That's why we're sitting down with Kelley School of Business Professor of Business Law and Ethics and Cybersecurity Program Chair Scott Shackelford along with Professor of Information Systems Nolan Taylor to discuss what you and your team can do to stay safe at home.
Online Resources:
5 ways to protect yourself from cybercrime
Indiana University cybersecurity resources
Defending against COVID-19 cyber scams
Exploiting the coronavirus
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Organizations all around the globe are changing their business models in the wake of the COVID-19 pandemic. The strain of this unexpected economic slowdown on all organizations, especially small businesses, proves to be very difficult. So how can these companies weather the storm and keep their organization afloat? On this episode, we're sitting down with Kelley Professor of Strategy and Entrepreneurship Todd Saxton, alongside Kelley Professor of Marketing Kim Saxton, who regularly work with the entrepreneurship, startup and small business community, to get their recommendations for what small businesses can do, right now.
Read more from Todd and Kim Saxton:
https://bit.ly/2WXKgmr
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
The COVID-19 outbreak continues to challenge the economy and public safety while industry leaders and government officials embrace innovative ideas for assistance. So as organizational leaders, what can we do to help our team, and ourselves, so we can make the best business decisions possible - with little to no clear trajectory? On this episode, we are virtually sitting down with the Deputy Mayor of Economic Development for Indianapolis Angela Smith who shares her tips on how we can lead ourselves and our teams through troubling times.
Resources from the show:
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https://www.indy.gov/topic/covid
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https://www.response.indychamber.com/
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
We pull leadership examples from various activities in life such as sports, the family structure, or educational institutions. For example, we can look into football and watch a quarterback lead his team with charisma and a winning attitude in the midst of adversity and learn how to become better leaders. But what about music? On this episode, we're sitting down with Kelley School of Business Professor of Management Ken Wendeln who shares his "Harmony" leadership model so we can create better organizational practices.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
There are two groups impacted during times of acquisition, the employees and the customers; both sharing the feeling of uncertainty of what's to come. So as organizational leaders, it's up to us to lead our team through the tough road ahead. On this episode, we're sitting down with the CEO of Element Three Tiffany Sauder who has consulted many firms through the highs and lows that come with company buyouts. She shares why we must maintain honesty, empathy and transparency to maintain the "buy-in" from our team and clients.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
As we grow in leadership, there comes a time where we must embrace our unique style. And who better to talk to then the CEO of Sharper Image Lance Reese - a store dedicated to marketing some of the most unique novelty gifts found online. On this episode, Lance helps us understand the difference between a manager and a leader, as well as how he uses his unique leadership style to his advantage so we can too.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
It seems so easy to get discouraged trying to find that "dream job" - especially when we expect that job instantly. In Silicon Valley, for example, the average turnover is 12 months. So how do we find a career that is not simply financially rewarding, but emotionally rewarding as well? On this episode, we're sitting down with Associate Dean and Co-host Phil Powell who shares his story on finding the job of your dreams.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Ever receive a well-deserved compliment from someone, yet feel like you do not deserve it? Or you have a history of success but you still have an intense fear that you'll be exposed as a fraud? Many of these self-asking questions are more common than you may think. Called the "imposter syndrome," many high-achieving individuals fight this idea of feeling like a fake, even though their track record says otherwise. So how do overcome? On this episode, we're sitting down with ALDI Distinguished Professor and LinkedIn Instructor Carolyn Goerner who offers practical ways we can become more confident leaders.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Do you feel anxious when trying to "settle" in one career path? You're not alone! As we see new generations take over the workplace, this trend becomes more common with each new hire. But what do we do as both organizational leaders and team members? On this episode, we're sitting down with the Founder of Norton Philanthropic Counsel Melanie Norton who shares from her own experience of learning to be OK with not settling.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
How do managers not walk on egg-shells around team members who have physical or mental disabilities? These conversations can create awkward situations for both organizational leaders and employees. On this episode, we're sitting down with the President & CEO of Bosma Enterprises Jeff Mittman along with Senior Director of Business Development Sheri Hottle who helps us break away from the awkward conversations and create a winning culture no matter who's on our team.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Last week, we started a conversation about leading with confidence. In the first part, the Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson gave us tips on how our team "experiences" our leadership style to help make necessary self-corrections that lead toward better coaching. On this concluding episode of the series, Ray and Eric show us how to bring it all together.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
We are back! Coming into the New Year, many of us strive to better our personal lives with new disciplines through new goals or resolutions. But what about our work lives? In this two-part series, we're sitting down with Co-Directors of the Kelley MBA Leadership Academy Ray Luther and Eric Johnson who are sharing practical tools any leader can start implementing this New Year to become better organizational leaders.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
As you travel this holiday season, we invite you to download our archived episodes to make your journey a little less cumbersome. If you enjoy our content, we would be honored if you would rate and review our show so we can hear about it! From all of us here at Kelley and The ROI Podcast, we wish you and your family a Merry Christmas, Happy Holidays, and a Happy New Year.
Check out Dean Kesner's video (https://bit.ly/2twv7vD).
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
All the preparation that goes into starting a company can be both exciting and draining. We work so hard to get that company started we sometimes do not answer the "what's next" question once our enterprise is up and running. On this episode, we're sitting down with the former Host of The ROI Podcast and CEO of Crimson Media Shane Simmons who pulls back the curtain of his newly established organization to offer insights on planning for the future.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
The principles of marketing and story-telling hold true for businesses, not-for-profit organizations, and entire regions made up of these various companies. On this episode, we're sitting down with the CEO of the Indy Chamber of Commerce Michael Huber, to discuss how his team works to tell our region's story that attracts both organizations and talent to make our city globally competitive.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
We all know the type. You receive a project to work on, yet are met with objections at every turn as you try to make the project your own. Maybe you are a micromanager, however you do not know how to change. Well on this episode, we're sitting down with Kelley Management Professor Charlotte Westerhaus-Renfrow to offer step-by-step tips for leaving the micromanager personality behind, as well as how to work under a "bossy boss."
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Whether we are trying to find the courage to speak up in a staff meeting, to our peers, or simply to our boss, anxiety can easily bubble up. Maybe we see potential problems with a leadership decision, perhaps we notice poor behavior in the workplace, or even we find an opportunity to offer positive, creative ideas to the discussion, these talks can be hard. On this episode, we're talking with Kelley's Assistant Professor of Management Ryan Outlaw and taking a deep dive into his Voice Outcome Research Project - focusing on when employees speak up, what are the ramifications?
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
On this one hour live episode, our Kelley professors, alongside the Indianapolis Chamber of Commerce, give their economic predictions for the 2020 fiscal year - both regionally and around the globe.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Last week we started part one of a two part series on how the Indiana Department of Revenue made the 2019 Indy Star's Top 100 Places to Work list. On this episode, we conclude our conversation with the Commissioner of the Indiana Department of Revenue Adam Krupp to how this team became all-stars.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
When an organization becomes part of a city's top places to work list, there is cause for celebration. For the Indiana Department of Revenue, their major accomplishment is felt throughout the State House as they celebrate making the 2019 Indy Star's Top 100 Places to Work list. What even more incredible is the fact that only 15 of these slots are reserved for large organizations, which makes competition more fierce. On this episode, we are sitting down with the Commissioner of the Indiana Department of Revenue Adam Krupp to how this team became all-stars.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
That's a key question when the manufacturing industry tries to embrace new technology while competing with a talented shortage. On this episode we're sitting down with Professor of Operations Management and Director of the Center for Excellence in Manufacturing Mark Frohlich who, along with Professor of Finance Steve Jones, released the 2019 Indiana Manufacturing Survey which is commissioned by Katz, Sapper & Miller. We are taking a look into this question and more to discover what the future of manufacturing will look like.
Download a full copy of the report.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Have you ever tried a dating app? If so, chances are you have been ghosted by a date before. You know, you go on a date, text back and forth constantly, and feel like all signs are pointing to a more serious relationship. Then all of a sudden, that person just disappears. No calls, no texts, no response of any kind. Interestingly enough, this phenomenon is starting to spill over into the employment world; leaving many organizations scratching their heads in confusion when a brand new employee does not show up on their first day of work. On this episode, we're sitting down with Human Resource Management professor Liz Malatestinic who is helping us avoid being ghosted.
You can find her Indiana Business Journal (IBJ) article here.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Creating effective workflow procedures inside an organization helps save future time, money, and headaches. In order to accomplish such efficiencies, organizational leaders must recognize their blind spots inside their company. Whether that be the process of on-boarding a new customer, reorganizing internal systems to save time, or explore cash movement, managers need to recognize how to better streamline business practices to protect the company culture, increase revenue, and take your organization to the next level. On this episode we're sitting down with one of Kelley's Management Professors Kendra Reed and exploring her recent publication based on the book Zap the Gaps! by Ken Blanchard.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
Whether we want to make a little extra money, pay off excess debt, or have a hobby we love pursuing, why we create a side job comes in many shapes and sizes. And for many of us who are finding more fulfillment from our side job than our normal 9-5, the question becomes how can I make my side hustle my full-time job? On this episode, we're sitting down with Tommy Griffith, founder of ClickMinded, who left his full-time job at AirBnB to pursue his side hustle.
Additional Resources:
- ClickMinded
- SEO Strategy Guide
- Digital Marketing Strategy Guide
- SEO Checklist
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
In business and in sport, there are parallels. The lessons learned from the athletic field can be similar to the takeaways from a team in the workplace. As the NFL season kicks off its 100th year, we celebrate with two former NFL players who’ve been part of a partnership between the Kelley School of Business’ and the National Football League Players Association (NFLPA).
On this episode, we're talking with former NFL players Lester Archambeau and Andy Studebaker about why they chose to pursue an MBA. They share unique perspectives created from the field to their current careers.
We also chat with Kelley School Associate Professor of Business Administration and the Faculty Chair of the Kelley School’s Executive Degree Programs Rich Magjuka about what these athletes bring to the classroom and the lessons he’s learned in his years of teaching.
Finally -- We share why belief in yourself and maintaining humility and vulnerability in new situations will propel you toward success in whatever you’re striving to achieve.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
The entrepreneurial journey promises adventure, risk, and a host of decisions that could help or hurt our brand new organization. One decision being what type of business your organization will identify with during your filings to the government. Such listings include sole proprietorship, LLC, and various corporations. And how you list your business will have an impact on how the world sees your new company. On this episode, we are sitting down with the founder and president of Entegrit Will Woldenberg to discuss a newer type of corporation identity that revolves around sustainability. I'm talking about B-Corps.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
On this episode, we're talking with the Creator and Host of Inside INdiana Business Gerry Dick about why listening to your team makes you a better leader. We will unpack some of his journalism knowledge and equip you to become a better leader for your organization.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/34637ie
There are few things that link generations together; and that’s the beauty of observing and defining generations. Some of the greatest innovations throughout the course of humanity happen because of generational differences. From a generation who said we will no longer judge a man or a woman by the color of their skin, but the character of their heart; to a generation determined to tear down a wall dividing Germany during the Cold War. Each generation longs to make their mark upon history. Yet, as each generation comes of age – so to speak, there are struggles we all share – no matter how different we all seem.
One of these similarities are aging parents. Every single generation reaches a point where taking care of mom and dad become a top priority. How will we ensure their physical health, mental health, and even spiritual health? On this episode, we’re sitting down with the Executive Director of Fox Run Retirement Community Mike McCormick, and having a conversation about how we start that conversation with our parents now, so we can create an effective plan when that times comes. It’s not an easy topic, but it is an important one.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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On today’s episode, we’re sitting down with two of our Kelley Economics Professors Phil Powell and Kyle Anderson, to talk about this Trade War between the U.S. and China. What does this mean for business leaders and how do you navigate through uncertain economic waters? Is a recession on the horizon? All these questions and more answered by our Kelley experts.
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This seemingly simple, yet at times taboo question, brings multiple answers depending where you fall inside the healthcare spectrum. As a patient, one may assume a hospital's main priority focuses on solely increasing revenue, where as a healthcare professional may completely disagree, citing their personal driving factor of genuinely assisting an individual in need. Could it be possible both trains of though exist, simultaneously? And if so, which one should take precedent? On this episode, we're sitting down with System Chief Nursing Officer of St. Vincent Health Cindy Adams to tackle this tough question.
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If you haven’t heard, starting September 2019, the Kelley School of Business will launch its Graduate Certificate in Medical Management to equip non-physician health care professionals with the business acumen to change the healthcare industry. And in honor of our new program, we started to examine the frontline health care profession and why it is important for health care providers to possess some business training. This week, we are continuing the conversation on frontline health care with the Chief Nursing Officer of Community Health Networks Jean Putnam who is sharing what it takes for the success of healthcare in the future.
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Looking ahead toward the 2020 presidential race, we find a host of topics being brought to the conversation. One in particular is healthcare. How do we create affordable care, while maintaining a high level of excellence? Though we do not have the magical wand to fix this issue, here at Kelley, we are working hard to help train the front line health care professionals with the right skills to make better business decisions – ultimately saving us, the patients, money. Starting September 2019, the Kelley School of Business will launch its Graduate Certificate in Medical Management to equip non-physician health care professionals with the business acumen to change the healthcare industry. On this episode, we’re sitting down with the Chief Operating Officer of IU Health, Michelle Janney who’s sharing her journey of leadership from front line nurse to C-level suite and why it’s important for our health care providers to also possess some business training.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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Whether we like it or not, the world is changing at the speed of light. Whether in the workplace, through technology, or simply earning a degree/specialty training, we are experiencing major disruptions all around us. And higher education is no exception. The big question many ask from this up and coming generation is, do I even need a 4 year degree? On this episode, we're sitting down with the Co-Founder & CEO of Kenzie Academy, a computer coding boot-camp, so to speak, to find out how their institution aims to tackle this very issue.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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Back in January, we held a discussion with our Kelley Economists Phil Powell and Kyle Anderson. Now that we are half way through 2019, we thought we would revisit our predictions and give you advice on what to expect for the rest of the year. We also want to celebrate our country's 243rd birthday by wishing you a Happy 4th of July! We hope you rest well and remember the founding principles our Founding Fathers established, allowing our economy to thrive over two centuries later.
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When one of our team members have a terminally ill family member, walk through divorce, or receive news of a loved one passing away, we may struggle to find the words or offer support in the workplace. However, these are the realities of leadership. On this episode, we're sitting down with the Founder of Handle with Care HR Solutions Liesel Mertes, who specializes in helping business leaders deal with these disruptive life events with empathy. We are going to explore her own personal journey of loss and offer tips on how to handle emotionally tough times our team will experience in their personal lives.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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As we approach the release of the Powderkeg's 2019 Tech Census, readers will enjoy a new section this issue: company culture. On this episode, we're sitting down with Powderkeg's Chief Marketing Officer Kevin Bailey who is offering us a preview of the report, taking us deeper into how they measure a company's culture, and what you can do to get a copy.
If you're interested in finding a job you'll love working in tech go to powderkeg.com/tech-jobs.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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In their new book, The Titanic Effect, Kelley School of Business Professors Todd Saxton and Kim Saxton, along with Co-author Michael Cloran, share why startup failure is nearly always the result of a series of errors that weren’t obvious—problems that lurked beneath the surface. On this episode, we are taking a dive into the murky startup waters to discover how to keep a new business afloat.
As an ROI Podcast listener, you can preview the book, download a free resource, and order your copy through this exclusive link.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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On this episode, we are sitting down with the President and CEO of Edge Mentoring Dave Neff who is sharing why you need a mentor and why you should be a mentor. With ever increasing rates of depression, anxiety and suicide among the Millennial generation, it's time for us leaders to step in and help.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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On this episode, we are finishing our conversation with Indiana University’s Athletic Director Fred Glass who is taking us on his unique journey of healing a hurting organizational culture.
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On this episode, we have the honor to sit down with Indiana University’s Athletic Director Fred Glass who is taking us on his unique journey of healing a hurting organizational culture.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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On this episode, we’re sitting down with the former CEO of Whirlpool, Jeff Fettig – a Kelley School of Business alum who helped lead his company through one of the worst financial collapses of all time. Jeff started at Whirlpool following an internship in 1981 and worked his way to Chief Executive Officer in 2004. Little did he know, just 4 years after getting acclimated inside the C-level suite, all his leadership training, life experiences, and personal fortitude would be put to the test.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Forbes.com released an article in December of 2018 that states, "Remote work is no longer a privilege. It’s becoming the standard operating mode for at least 50% of the U.S. population." A staggering trend that’s continuing to grow. With organizations adapting to or fighting against this movement – the question is, how do we address it? On this episode, we’re sitting down with the founder of VMS BioMarketing Neal Rothermel, who shares how his company makes working remotely, successful.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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The most efficient organizations run smoothly because of intentionality. At some point, the executive team created systems to streamline the workflow - keeping individuals accountable, and reducing confusion when problems arise. No organization accidentally became efficient – let me repeat – no organization accidentally became efficient. Systems also work as culture guards – protecting the vision that we work so hard to create. On this episode, we’re sitting down with the CEO of A.C.T. Services, Tina Moe, who in the height of tax season and heavily relies upon organizational systems to safeguard her team from unnecessary frustrations.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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Competition. One of the great pillars of our free-market culture. It drives us to be better – pushing us into new frontiers of innovation. And what better manifestation of this value than the fields and arenas around the country, full of sweaty athletes and tribal chants. However, none of this exists without the loyalty of the men and women in the stands. So what draws those crowds? On this episode, we’re sitting down with Kelley Marketing Professor Kim Donahue, who’s helping us discover how we can make fans of our organizations, not just customers or donors.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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As we continue the celebration of women who are making major economic impacts and sitting in high levels of organizational leadership, we want to go back into the vaults of The ROI Podcast and revisit one episode with a Kelley grad, who led a publicly traded tech company into a private entity. Former CFO of ExactTarget, which is now Salesforce, Traci Dolan is sharing tips that led her into the C-level suite.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Few things beat the thrill of taking an idea and creating an entire business from it. The risk of failure, the adrenaline of making the first profit, the motivation behind first staff meetings – all elements that help us feel alive. So when the time comes to sell our hard work, it’s bitter-sweet. How can one put a price tag on the blood, sweat, tears, and time put into this organization? On this episode, we’re sitting down with Randy Stocklin, CEO of One Click Ventures, who led his company through a buy-out and how he prepared his organization for the transition. Let’s get to the podcast…
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make a better business decision.
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Last week, we started a conversation with State Workforce Cabinet Chairman Danny Lopez, who shared the Governor’s vision and steps his team is now taking to make Indiana globally competitive. If you missed last week’s episode, I highly recommend you go back to part one because today’s conversation picks up where we left off. On this episode we’re covering what other cities are doing that drive success, what the entrepreneurship landscape looks like here in Indiana, how higher education needs to change to support the growing economy, and what goals constitute a successful year for the Workforce Cabinet. Let’s get to the podcast…
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
No one is safe or exempt from industry disruptors; including higher education. Meaning, in every segment of business, non-profit, religious, governmental and educational institutes, those who refuse to change or are okay with remaining complacent, get left behind. On this episode, we’re sitting down with the Indiana State Workforce Cabinet Chairman, Danny Lopez, who’s sharing incredible opportunities for not just the State of Indiana, but for each individual citizen. From the rural corn fields of New Amsterdam to the bustling infrastructure of downtown Indianapolis, we’re taking a critical assessment of how we can work together for the elevation of the great Hoosier State. Let’s get to the podcast…
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Monday morning hits like a ton of bricks. As we mentally struggle with finding our motivation for a new work week, we sluggishly brush our teeth, button our shirts, and sip our morning coffee, hoping the flavor awakens our purpose. Sadly, according to a Gallup study, around two-thirds of the American workforce feel the same way – the lack of purpose. So why would we spend 40 hours of our week in a place we dread or simply view as just a job? On this episode, we’re sitting down with an Executive Coach, with over 20 years of employee engagement and emotional intelligence training, who’s showing us how to be super happy and thrive at work. Let’s get to the podcast…
Episodes on creating a thriving organizational culture:
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How to reinvent your company's culture | Ep. 68
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Part One: When to hire a new team member | Ep. 69
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Part Two: When to let a team member go | Ep. 70
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How to become the top place to work in your city | Ep. 73
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
March 1st is just around the corner, which means the U-S and China are supposed to reach a trade deal – before the U-S imposes another round of tariff increases on Chinese goods coming into the United States. Back in December of 2018, both countries agreed to halt new tariffs for 90-days in order to allow time for negotiations. With uncertainty if both sides will reach a deal in time; on this episode, we’re sitting down with one of our Kelley experts, Professor Darrell Brown, who’s going to help us navigate our organizations through these choppy economic waters.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
As technology improves – our world shrinks; allowing a new wave of connectivity. Friends sharing breakfast half-way around the world, businesses signing deals from different countries, and news feeds giving up to the second updates – all in real time. Yet, there are still those who struggle to create a successful network that inspires collaboration. Sure, we may have hundreds or thousands of social media followers or friends, but how do we capitalize on building a meaningful community?
On this episode, the CEO of Powederkeg Matt Hunckler helps us create meaningful connections. Let's get to the podcast...
More info about the 2018 Indianapolis Tech Census.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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On today's episode, we’re going to do things a little different. Normally, we’ll have a guest we’ve interviewed offer some best practices that Phil and I comment on between each soundbite. However, given all the financial headlines in the news, we thought it would be a good time to get two of our economic experts, Phil Powell and Kyle Anderson, in one room and take a look at our current economic climate. We’re going to jump into how this continued government shutdown and our country’s current trade wars directly and indirectly impact our economy. Finally, we’re going to wrap up this episode with tips from our experts so you can make better business decisions this year.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
We all have our own odds stacked against us in life. Whether it’s our race, our beliefs, or our gender – every person has obstacles in front of them. And though our challenges come in many different shapes and sizes, we all have our battles to fight. The problem is not how big or how small those difficulties are, it’s simply a matter of what we do with them. Do we stand and fight? Or do we walk away. On this episode, we’re sitting down with Emily Bermes, CEO of Emily Bermes and Assoiciates, who shares her strategy to overcoming any obstacles. Let’s get to the podcast…
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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We are taking a break from content this week and next to rest and spend time with our families during the holiday season. We will get back to our regularly scheduled podcasts Jan. 7th, 2019. In the mean time, be sure to take a listen and hear about some exciting news for the Kelley School of Business here in Indianapolis. From the bottom of our hearts, we want to thank you for making this podcast happen. We put in a lot of work each week to help organizations make better business decisions. We'll see you in the New Year!
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
There's something magical about wearing the right suit or putting on that perfect dress. We feel confident, we walk upright, and we speak with purpose. Just like the right attire can influence our behavior, embracing the right principles can impact our leadership abilities. On this episode, we're sitting down with the CEO of Tom James suits, Todd Browne - who's helping us button up excuses so we can tailor successful leadership results. Let's get to the podcast...
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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As a country, we hit a major milestone this year. There are currently more jobs than there are workers to fill them in the United States. This means, remaining competitive is our top priority to recruit the right talent into our organizations. As potential employees do their research on where they want to work, it’s our job to show them why WE are their best fit. On this episode, we’re talking with CEO and Co-Founder of PERQ, Andy Medley, who knows how to make the Indy Star’s top places to work list – and breaking down how they got there, so we attract the best talent available. Let’s get to the podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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As you finish your funding pitch to a group of investors, you feel the sweat pooling in your palms. You’re heart beats so loud, you think the entire room can feel it. The silence of whispers is torturing your emotions. Will one of the sharks make a deal with you? It’s funny the scenario our minds paint when we think about telling our business idea to a possible investor. On this episode, we’re sitting down with Managing Director of Allos Ventures, David Kerr - a venture capitalist who’s going to tell you how to secure funding for your business idea. No lights, no cameras, no sharks. Let's get to the podcast!
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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On this episode, we are giving you a preview of what to expect as we countdown the last days of 2018.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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It's never easy letting a team member go. Yet as leaders, we carry that responsibility to protect our organization and help protect our company culture. Whether from a Human Resources violation or lack of personal performance, we must work through the tough question, when is it time to let a team member go? On this week's episode, we conclude this two-part series with the Lead Pastor of ITOWN Church, Dave Sumrall who helps us answer that really tough question.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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Show Notes:
MATT:
It’s a conversation no one wants to be a part of – “we’re sorry, but we’re going to have to let you go.” Though it’s not an easy discussion to lead, it’s a necessary one to ensure our organization continues in the right direction. On this episode we’re wrapping up this two-part series with the Lead Pastor of ITOWN Church, Dave Sumrall, who’s helping us answer the tough question, when is it time to let a team member go? Let’s get to the podcast…
||ROI MUSIC PLAYS||
MATT:
Welcome to another episode of The ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella alongside Associate Dean Phil Powell – where we work hard to help organizations make better business decisions. If you’re new to the show, welcome to the Kelley family. Our weekly podcast offers 3-5 take-a-ways for organizational development. And to our loyal audience, thank you for your continued support. We are honored you spend this time with us each week. We would love to hear from you! Send us your questions to roipod, that’s roipod@iupui.edu.
Last week, we asked the question, when to hire a new employee? Dave Sumrall, took us inside his organization – giving us his insight on when they decide to hire a new staff member. If you missed last week’s episode, be sure to go back and listen. This week, we’re going to the other side of the HR spectrum to answer the tough question, when is it time to let a team member go?
PHIL:
One of the hardest conversations any leader has to lead is one of termination. Even when an employee clearly needs to move on, it weighs heavy on any manager because – despite popular belief, we are all human. And most of the time, firing an individual becomes the last resort for the leadership team. So when is it time?
MATT:
As we know, leadership always starts with ourselves. So, in order to answer the question when is it time to let someone go, we must clearly understand our processes throughout our organization so we have a baseline to move from.
Dave Sumrall: I think that the key to that is to never get disconnected from the people who are impacted. I think it's easy to lose your way as the senior leader when you get too disconnected from the process - it's why when you watch the show, "Undercover Boss", every C-level executive or business owner that goes out and experiences the hands-on impact of the customer and the employees at the ground level, come back and makes organizational and systematic changes. It's when we get removed from the process, as pastors, when we only stay in the green room, never shake hands with the people, we're never in the hospital, we're never involved in the messiness of people's lives, that we start creating policies and procedures and culture that doesn't meet the needs of people. I would say to every high-level executive of any business organization to always find ways to get out of the office and stay connected to the ground level, the grassroots, folks that the organization impacts, because you get real, raw customer feedback, and you can make real-time changes to systems and procedures that can very easily grow irrelevant for the people you're trying to reach.
PHIL:
(Talk about developing empathy; importance of not being “hard”; relationship development with staff)
MATT:
Going back to last week’s episode, we need to look through the same filter we do when asking when to hire a new team member – we have to use our clearly defined culture. Going back to a clip from last week, Dave said:
Dave Sumrall: One of the phrases that we have is, "culture has to be caught, it can't be taught". Those new employees will clearly stick out like a sore thumb when they don't embrace it. Then they have to make a choice, "Am I just going to do what the culture is? Am I going to be that? Or, am I going to move on and find another place to work?" And then those that don't have it clearly can see that they're going to have to make a choice - be like everyone else and embrace the culture and honor it, or remove themselves from the organization cuz it doesn't work.
PHIL:
If we have the right culture, it will act as our protection from always having the tough conversation of firing an individual. Most of the time, a strong culture, that’s defended by the leadership inside an organization will weed people out on its own, as Dave said. Not only will we notice that person is not fitting in, but that individual will feel it too and have to make some tough decisions on their own – am I going to be a part of this or not?
MATT:
But what happens when we do have that team member who fits the culture, but misses the mark? How do we know when we need to let them go? First, we need try to come alongside them, and try our best to coach them through this.
Dave Sumrall: The worst thing you can have is someone where they don't understand that they're not succeeding, or they don't understand that they don't embrace the culture, in their mind, they're doing everything they know how to do, and they're embracing the culture. Those are the most difficult conversations to have. For organizational leader or department head, that has to be constant, difficult conversations of, "Hey, here's where you were off, and here's why", just practical examples. We like to embrace that shoulder-to-shoulder, while we're in the midst of setting up this tent or setting up parking cones, "Hey, I noticed this, can you speak to that." "Hey, that conversation was a little rough that you had just 5 minutes ago" - we're kind of addressing it in the moment, but with a lot of grace, it's not, "let's go to coffee, let me sit down, let me have this very confrontational conversation", because you can make it a lot lighter. I think a lot of leadership momentum in a person's life, because it's not as confrontational, they don't have this big wall up, they're not trying to defend themselves and defend their actions. I think through constant shoulder to shoulder conversations, you can create this dialogue that allows you the opportunity to speak into people's lives, holding them to the standard of culture and performance. Then when they don't meet those expectations, you just be faithful to continue having the conversations and eventually, they just get tired of getting talked to. Typically, even those that are a bit self-deceived will come around and they'll begin to see, "Okay, you're still talking to me about this, and obviously, I feel like I'm doing what I'm supposed to, but I'm not making you happy, I'm not meeting your expectations". So in the rare cases when we have to let someone go, like I said, it's never a surprise.
PHIL:
And the key to effective shoulder-to-shoulder conversations starts with building a relationship on trust early on.
Dave Sumrall: The best thing is to build a relationship. For us, I would like to believe that from team members who burn out, who just serve, who are good team members, all the way up to high-level staff members, that there's somebody over them, in relationship with them, so that the conversation can be trusted. It will be a sensitive conversation if there's no relational foundation, cuz I have to know that you're for me before you start to really speak into my life. We really try, from the very beginning, to be faithful with that, let's have good relationships - let's build community, let's make sure that this person knows that I trust them - so that if I have to talk to a team leader or a team member who seems to be burned out and is obviously not finding success, that they're not saying, "Hey, you don't have that room to speak into my life, who are you to say there's a great reputation so that conversation can flow naturally, and if that relationship isn't there, I can tell managers, leaders, make sure you build that relationship with that person and let them talk about their life, let them describe what they're feeling and what they're sensing before correcting because I think that that foundation of relationship can make that conversation so much smoother, because their hearts are open. When their hearts are open, then you lead with questions: why do you feel that way, what's going on, tell me what emotions you're processing, versus, saying, "Hey, you're failing, and I can tell you're terrible, and you need this or that". Just asking questions and drawing it out of people is a great leadership tactic that once the trust is built, then they'll be honest in that conversation. I think the other thing is you have the conversation really early - you need to be intuitive as a leader to the needs of the people beneath you, and how well they're doing, and call that out early: "Hey, I know things haven't been going well lately, and I want to know where you're at." I do that a lot with our team, in fact, just the other day, I called a guy and said, "Hey, we've had some tough conversations, I need to know where you're at, how are you feeling? What's going on? I care about you, I want you to be successful." When you establish that foundation, then people are a lot more open to suggestions and to leadership and guidance when they're navigating those emotionally fragile moments of burn-out.
MATT:
The next thing we need to check, before deciding when to let that person go, is for burnout. Have they been working really hard and making no progress?
Dave Sumrall: I think that too much of culture, things burn out from working too hard - I don't think that's true. I think burnout comes from working hard and making no progress. We have to make sure that people are winning, and that they feel like they're winning. In fact, when we see a person that looks like they're drowning a little bit - you can always see it in their eyes, the eyes truly are the window to the soul - you can look into a person's eyes and see the condition of their soul. We monitor that very closely in our organization. We also know that when someone is having constant leadership conversations, we're doing a lot of shoulder to shoulder conversations, that they're probably struggling. We're faithful to have that conversation too, "How do you feel about this? Where are you at? How's your motivation doing?" and as people start to show signs of burnout, it usually means that either they're in the wrong role, or they have too much on their plate. We'll cut back people's levels of responsibilities so that they can feel like they're winning, cuz they need a few good, "Hey, you did that, and it worked out great." versus, "you dropped the ball here, you missed that detail, you missed this over here." - too much of that for too long, it doesn't matter if you're working 20 hours or 80 hours a week, that's going to grind at you pretty hard. In ministry sometimes, it's kind of a job that's never done, because even as you're counseling and helping people, there's always somebody else that's hurting, always somebody else to visit, so we have to make sure that we protect that day off really strong, that we keep people - we call it - in their lane. We keep them in their gift mix, or in a place that they're passionate about, because if someone's passionate, and they feel like they're winning, they're never going to burn out, no matter how hard they work. As long as they're taking at least a day - like Scripture says, "Take a Sabbath" - they take one day off. When people start to violate those things, we can see that they start to get tired and will either shift their role, take away their responsibilities, will send them on vacation, we'll make sure that we monitor it closely. If people can't get into a healthy pattern or rhythm, typically, it's because they're not supposed to be on the team, and we help them make that transition as well.
PHIL:
(Toxicity of burnout inside the organization)
MATT:
Finally, after we’ve built a relationship on trust that shows we care about them, we have many shoulder-to-shoulder conversations to help coach them, we’ve tried to help find their passion and win to combat burnout out – yet have no success, then it’s time we have that tough conversation and let that person go.
Dave Sumrall: At ITOWN, when it's time for someone to go, it's not a surprise to anybody involved. That's kind of the rule of thumb we use is that it should never be a surprise. Sometimes you have people on the team, they know that they don't fit in the culture, they know that they're feeling expectations, and basically, by the time you have the conversation with them of, "We think it's time to go a different direction", they're saying, "Oh thank God, I really wanted to quit anyway, but didn't have the guts to," or, "I was about to quit," or sometimes they do go ahead and quit. I've always been told to hire slow and fire fast, and I wish I had been a little more faithful to that. There are a couple of times where I felt like we needed positions filled and jumped the gun on people that probably shouldn't have been a part of the team, and ended up creating a little bit of heartache. Or there were times that there were cultural things wrong within the team and I just convinced myself that it wasn't a big deal because I didn't want to have the confrontational conversations that would make things difficult and felt like it would be awkward. I didn't' have confrontation as often and as frequently as I probably should have. I would say that it's been my greatest regret is the times that I knew I needed to make a change, but I drug my feet in doing it, because it just costs us time organizationally - we could've been healthier, we could've been growing, we could've identified the right people, but we couldn't, because we had the wrong people in place. I knew we had the wrong people, and just kept convincing myself that somehow it would all work out, when in reality, God was waiting on me to be faithful with the leadership He'd given me to have the tough conversations and allow them the opportunity to move or to grow… Now we're just faithful to have those conversations and faithful to manage those staff that are here. Early on, when we find somebody that seems like they have lots of potential, but we see some of these warning signs, we just call those things out early, and are faithful to have those conversations of, "Hey, I'd really like for this to work, but I see there's a little bit of inflexibility, I see there's a little bit of pride, and I've tried to teach you a couple of things, and you seem to always have the answers, and you don't have a lot of honesty there in your own life and self-awareness." We're faithful to talk about that now before they ever get on the team, and I think we save ourselves a lot of heartache.
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MATT:
So let’s recap… one of the toughest conversations to have as a leader is letting a team member go. No matter if it’s immediate termination or one that follows extensive coaching, it’s never easy. Just like last week, our foundation to knowing when it’s time to let a team member go stems from our culture. A clearly defined and defended culture will do most of the hard work for us – as in, it will weed out people who do not fit. They will feel it and have to decide if they’re going to embrace the culture or move on. But what happens when they do fit the culture but are not performing well? The first way to answer when to let that person go is by building a relationship early on rooted in trust and personal care. If they don’t trust you, they will have a hard time receiving some coaching. Once trust is established and we have leadership conversations, we don’t coach face-to-face, rather we go shoulder-to-shoulder. Whether casually in the hall, on the way to lunch, or working on a project together, use that time to mention what they can do better. This addresses the problem in the moment yet is a softer approach to a “come into my office” meeting. Next, we need to address and identify burnout – Can you see it in their eyes? Are we having constant leadership conversations? If burnout is the case, it’s up to us to help them find the right role, take off responsibility so they can win, or give some time off to help recalibrate their heart and mind. Finally, once we are confident we’ve done all we can do as leaders, now is the time to let that team member go. Even though it’s a tough conversation to have, here’s some good news, this conversation will not be a surprise to anyone involved. When we get to this point, both you as a leader and the team member involved will see it coming.
This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella alongside Associate Dean Phil Powell, where we work hard to help organizations make better business decisions. Thanks for listening.
An organization cannot grow without a strong team working together. And as leaders, we are the ones charged to build and maintain that winning workforce. However, the question we wrestle with is not IF we should hire an employee, rather it is WHEN we should hire an employee. On this two-part series, we sat down with the Lead Pastor of ITOWN Church, Dave Sumrall who shares his executive wisdom to help us answer the question, when do I hire a new team member?
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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SHOW NOTES:
MATT:
Where there is competition, there are winners and there are losers. As leaders, we don’t just like to win, we need to win. And we know that the three keys to success are a clear strategy, determination, and having the right team of people. But the question with onboarding talent is not if we build our team, it’s when. On this two-part episode, the lead pastor of itown church, Dave Sumrall helps us tackle two really tough questions – when do we hire a new team member and when is it time to let a person go. Let’s get to the podcast…
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MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, I’m your host Matt Martella alongside Associate Dean, Phil Powell – where we work hard to help organizations make better business decisions. We’re so honored you’re spending time with us today because we know an organization is only as good as its leadership. If you’re new to the show, welcome to the Kelley Family. We put out a weekly podcast that offers 3 to 5 practical tips you can apply to your leadership right away. And to our loyal listeners, thank you so much for your support. We would love to hear from you. Send us an email to roi-pod, that’s roipod@iupui.edu so we can answer any questions you may have about business.
A big question many of us leaders ask is when do I pull the trigger to hire a new team member or when is it time to let that person go? On this two-part episode, we’re going to give you the tools to make that decision for yourself – with confidence. We sat down with the lead pastor of itown church, Dave Sumrall who leads a non-profit organization with 32 staff members, over 1,000 volunteers, and 8 locations all over the state of Indiana, including 4 correctional facility campuses. As non-profit organizations put less focus on monetary gain than for profit entities, it can be tough to know when you can afford a new employee or if your organization can survive without an individual if you were to let them go.
Dave Sumrall: I would say the biggest challenge that we face as a non-profit is we don't pay everybody to do everything. We're an organization that operates every weekend with nearly a thousand team members that we don't pay. Our workforce is unpaid, which in some respects, is a huge disadvantage because you can't just pay people to go get a bunch of stuff done. But we like to see it as an advantage because people don't have to be there - they're there by choice. So the difference in all of that is at the end of the day, it's vision - it's casting the vision and helping people understand their sense of being a part of something greater than themselves, and the fact that we genuinely care about them as a person as well. Then another thing that's extremely unique compared to a for-profit company is that from a financial standpoint, we only do business "two days out of the week", because we have services on Saturday and Sunday. In essence, everything happens on Saturday and Sunday that drives the financial model of our church. All of our financial model is based on people just giving out of the generosity of their heart, seeing the difference that we're making as a church, and believing in that difference, and trusting us with their finances. All of what we do financially, spiritually, culturally, relationally, it all is fueled out of those two days - you'd be hard-pressed to have a retail-store open for a day and a half out of the week to drive all of the sales of the company and be successful.
PHIL:
Non-profit organizations also possess a greater challenge than for profit companies because, as Dave said, they must have a strong volunteer force bought into the organization’s culture.
Dave Sumrall: That's probably been the greatest challenge as the church grows is continuing to make sure everybody understands what we rally around, why we rally around it, why it matters, and keep that culture and focus incredibly pure. At the same time, people are our most valuable asset as well because people buying into the vision and having their lives changed is what fuels the continued growth, cuz in a church setting, found people find people. Culture isn't something that we shoot for, it's something that we are.
PHIL:
And so, before we decide when to hire or when to let a team member go, we have to clearly define our company’s culture. If you want to know how to reinvent your culture, check out last week’s episode with Lee Cockerell, the former Executive Vice President of Operations for Walt Disney World Resorts.
Dave Sumrall: Culture isn't something so much that's spoken, it's something that's incredibly felt in a church environment. You can tell when cultures feel off, and we always are very diligent to drill down, "Why does it feel off" - it's always because an attitude or an opinion or a prospective is off. So we monitor it just by talking about it all the time, keeping it fresh and clear in front of the team, and then having constant conversations about why does this feel off, and why does this feel right? Let's drill down what that means and why that conversation and the motivation behind it was wrong. Maybe the outcome seems right, but at the end of the day, it's a little bit more legalistic, it doesn't feel like who we are. We boil it down to just the very simple values of loving God, loving people, having a spirit of excellence, and making sure that we do everything in an attitude of fun, that we actually get to enjoy it. When we think through that filter, then it makes it really easy to navigate church life.
PHIL:
Once we have our culture clearly established, now we can begin to decide when to hire or when to let go of a team member in our organization.
Dave Sumrall: One of the phrases that we have is, "culture has to be caught, it can't be taught". It can't just be a set of rules, it has to be something, like I said, you become. It takes time being in the right culture to be molded by it. In some cases, we have hired from the outside, and we'll give them a period of time when they're coming from a different system or a culture into our stream to adapt to it. Some people make that transition very nicely, and other people, they don't catch the culture, and because we understand the culture is the most important thing, we never sacrifice it for a person that has potential or ability. I would say with organizations that are fighting for that new culture within a new person, making sure that from the top-down, everybody underrates it and embraces it, those new employees will clearly stick out like a sore thumb when they don't embrace it - then they have to make a hard choice. It's not something that happens behind the scenes, it's something that's very obvious to everyone.
MATT:
So let’s answer the first question, when do we hire a team member into our organization? The first thing we need to do is define our personal strengths, and recognize our weaknesses as a leader.
Dave Sumrall: As a pastor of the church, there are a few things that I'd do: I set culture, I set the vision, God speaks to me and I get to set the direction for the church or where we're launching our next campus or what sermons we're speaking on the weekends, those are my responsibility, and in so many cases, only I can do so many of those jobs. A number of people can do the accounting, there's someone else that God's called to lead students, and there's somebody else that's called to lead worship - I don't have any ability in that area. When it comes to all those others jobs - like we talked about before - as the organization grows, you have to identify where the greatest need is, organizationally, that would keep me from doing what God's called me to uniquely do. Every pastor, every C-level executive, every entrepreneur is different in what they want their focus to be, and where their strengths lie. I've always embraced the philosophy of just staffing my weaknesses - I'm not going to spend all my life trying to get good at the things I'm bad at, I'm going to let other people do those things, and I'll just do what God is uniquely gifted me to do, what my strengths are. I think that works in every single organization, and for every high-level leader, that's a different set of strengths - everybody has unique gifts.
PHIL:
(Talk about leaders trying to get better at what they’re not good at – instead strengthen your strengths)
MATT:
The next way to answer when to hire a new staff member is create a budget floor and ceiling for salaries.
Dave Sumrall: We operate based on a budgetary process that says we won't exceed 35% of our income on salaries. We have that as a ceiling that we're always operating under, so that's our first guideline that we have to look at. Then we also understand that there's a number that could be too low, and I don't know what that percentage is, there were years that we've been in the low 20's percentage-wise, but the church was in some cases understaffed. When that's the case, you have too many people doing too many jobs, details are dropped, and people are overworked. Sometimes, even when we are fully staffed, if we're under that 35%, if we find something that is a great leader of leaders, we'll bring them on, because we know that they're a game changer in the organization. At every season of growth for an organization, there are different things that you need, like now that we're at the size we're at, we needed a motion graphics designer. Well, that's not something you need at a church of a couple hundred, you need to pay the pastor. When you get to 500, you need a worship leader. There are different benchmarks that you hit along the way on the size of the organization too that have unique positions. Depending on the industry, obviously there are unique things that you need as you continue to grow, and figuring out what those are, to take your company or your business to that next level, to differentiate. I know that we don't often talk about it because we're all on the same team when it comes to The Kingdom, but when it comes to market-share, you have to identify what's your market niche, what's going to differentiate you from the competition, and lean into those things - staff that team specifically to make sure that you're poised for growth.
PHIL:
(Budgets create safety and clarity)
MATT:
Finally, once we have our budget, in order to answer the question when to hire a new team member into our organization, we must decide the attributes our future employees must possess to be successful.
Dave Sumrall: Well there's a few things on staff that we embrace - when it comes to people just having the right culture. Like I said, we want to be in love in God, we want to love people, we want to have excellence, and we want to have fun. But under that, there's this subset of values that we look for, like the top one would be humility. We have to have some confrontational conversations with people, cuz everybody makes mistakes, and everybody fails. We have to constantly correct and train - somebody having a humble approach towards it, and not really drawing people to themselves, but drawing people to the vision, that's very very important.Of course, teachability is incredibly important for us, and I love how Craig Groeschel defines teachability is "the ability to learn which you think you already know." I love our staff to always be learning, and in those teachable moments.I don't want them to be defensive, I don't want them to try and protect their decisions - I want them to be open-hearted, open-handed, and listen. Even for our staff, some of the best ideas that we've ever had come from people who serve on our teams - we can even be taught by the people around us. I want them to always be teachable, and then I want them to be honest: there's nothing more annoying than having to correct a problem only to dance around the subject for three days, cuz nobody will take responsibility for who is actually to blame, and the truth is kind of fuzzy of who said what, who did what, and whose fault it really was. I tell our team all the time I really don't care whose fault it was, I need to fix the problem. I just need you to be honest with me, did you make the mistake? Did you not make the phone call? Did you not have that conversation like I asked you to have?" It's okay if it didn't happen, we just need to know where we're at - we need clarity in what we're actually talking about. Then I have to have flexibility from our team - somebody that's incredibly rigid and inflexible, when they get very territorial and they want to silo the organization and have their little area that they're in charge of, that's really prohibitive. When I see somebody where, "Hey, if I need you to stay five minutes later, I need you to come ten minutes earlier", that lack of flexibility can really jam up the culture because we work as a team, and I think we have to be really flexible. Then, obviously, people have to be resilient - if you're not resilient in any organization, if you can't take correction and come back from it, if you can't have a failure and come back from it, then eventually, especially in ministry, it's a very difficult industry to be a part of, cuz you're dealing with people's lives, and everybody makes mistakes, we need them to be resilient. If we don't seize those attributes and qualities in people, we know it's just a matter of time before they're no longer with us. We value those at a very high level when we see them.We try to make sure that all of that flushes out before they ever come out on the team, and as they're doing all that, we can again see, do they have the heart for the house, do they embody the culture, do they understand the vision, is this something that they're making sacrifices to be a part of it? Those are all things that are necessary in order to really be successful.
PHIL:
(The importance of identifying specific traits)
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MATT:
So let’s recap… organizational leaders may not struggle with if to hire a new team member, but more so when to bring them on board. As Dave said, the key starts with a clearly stated and defended culture within your organization because culture acts as your litmus test to when you should hire. Once you start answering that question, now comes the plan. The first step to knowing when to hire a new employee is to identify our personal strengths and recognize our weaknesses. Remember, we’re concentrating on building our talents rather than putting all our effort into improving all our shortcomings. Our weakness then becomes hiring criteria for future employees. Next, we need to set guidelines for our organization that protects us from spending too much or too little on the right help. That comes in the form of budgets. For itown, they do not exceed 35% of their organizational income on salaries, yet they also understand they cannot operate if they only spend 20% either because details are missed, people carry too much responsibility and everyone is overworked. Finally, its vitally important that as organizational leaders, you define the characteristics of what makes a great team member in your company. This helps to specifically identify traits for your future team, which in turn protects the culture and keeps your organization operating at maximum efficiency.
Be sure to tune in next week as we continue this two-part podcast where Dave Sumrall helps us answer the next tough question, when do we let a team member go. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella alongside Associate Dean Phil Powell where we help organizations make better business decisions. We’ll see you next week.
Sitting in the executive suite, trying to answer, "how do we change our organization's culture?" can cause paralyzing stress. Multiply that by 40,000 employees and a brand reputation recognized globally and the stakes are even higher. Yet, Walt Disney World's former Executive Vice President of Operations Lee Cockerell accomplished that very task. And on this episode, he takes us behind the magic, revealing his secrets that kept the Magic Kingdom, internationally competitive.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
As we conclude this second of a two-part series on our country's healthcare system, we explore what changes are currently underway. And more importantly, how they will impact both doctors and patients. Department Chair of Health Policy and Management at the IU Fairbanks School of Public Health, Nir Menachemi shows us what these changes look like and how his team's innovation already saves millions of dollars in waste.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
SHOW NOTES:
MATT:
On the last episode, we sat down with the Department Chair of Health Policy and Management at the IU Fairbanks School of Public Health, Nir Menachemi, who took us inside why healthcare in the United States is so high, yet still has a low rank amongst other developed nations. Using the nursery rhyme, Humpty Dumpty, Nir showcased how, as a country, we’re pretty good and putting Humpty Dumpty back together, however we fail to explore why or even help prevent him from climbing the wall in the first place. If you missed last week’s podcast, I highly recommend you go back and listen because this week’s episode is picking up where we left off.
Let’s get to the podcast…
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MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, I’m your host Matt Martella alongside Associate Dean Phil Powell. And today we’re going to conclude this two part podcast by exploring what changes are on the way inside our healthcare system that will affect both doctors and patients. But before we dive into this week’s content, we just want to say thank you for tuning in today. We work hard to put out a weekly podcast that helps organizations make better business decisions. For those tuning in for the first time, we want to say welcome to the Kelley Family. We’re honored you’re taking the time to see what we’re all about. If you have any questions, suggestions for a topic you would like us to explore, or just recommend a guest for our show, send us an email to ROI-pod, that’s roipod@iupui.edu. And for those who are enjoying our podcast, it would mean the world to us if you could leave us a review on your favorite podcasting app. Your reviews help our show grow.
So last week, Nir Menachemi said as a country we spend, on average, $10,000 per person in the United States on healthcare. The focus on that spending is being able to put a sick person back together. Yet, access to great care is only 10% of our overall healthy well-being. We fail to address or even prevent people from getting sick in the first place.
Nir Menachemi: The healthcare system is a misnomer, and I focused on the term "healthcare" because we really have a "sickcare" system. We also don't have the "systemness" associated with the term “healthcare system”. Systems, and I think of the best analogy as the digestive system, it's a whole bunch of things working together towards one common goal. Our healthcare system doesn't work well inherently together across all these different settings.
PHIL:
He also used the term “fee-for-service” as a way to describe how doctors see patients. A patient is sick, they go see a doctor, the doctor fixes them and the doctor collects a fee from the insurance company. There are little to no incentives for prevention. As Nir also said, it can be perverse at times because the sicker a patient is the more money that can be generated for the healthcare provider under our current “fee-for-service” mentality. Leaving a lot of room for poor decisions to be made that ultimately affect us, the patient.
Nir Menachemi: You ask someone in elementary school and they'll tell you it's your diet and exercise, and those are all those health behaviors that that in the 15 minute clinical encounter with your doctor, even though they know that's what's the most important, they just don't get a chance to focus on it, in part because that's not how the healthcare system gets financed. Reimbursement is for fixing you when you go wrong, not for when counseling you on what to do to prevent you from getting sick in the first place.
MATT:
So what can be done to change this mentality inside our current healthcare system? The first thing to understand is the culture of how we view healthcare as a country has to change. And here’s the good news, it’s already changing.
Nir Menachemi: Right now, we're in the midst of a literal revolutionary change to how we reimburse healthcare in this country. For the last 7 or 8 years, we have been transitioning off of this fee-for-service mentality and on to what's called value-based healthcare. Leading the charge is CMS, which includes Medicare, Medicaid, and the big governmental payers of healthcare, and they're basically recognizing that we're at this crossroads right now. We cannot afford as a nation to continue spending as much as we do, and worse, we have an aging population that's going to go onto Medicare, the Baby Boomers. Mathematically, we just don't have enough money in the system to not focus on prevention anymore.
PHIL:
According to the US Census Bureau, there are roughly 76.4 million baby boomers that are starting to enter the latter years of life. And if we look at the industry data available, by 2020 the baby boomers are expected to double the cost of Medicare and Medicaid. And this “value-based” healthcare could give us the answer to not only an aging baby boomer generation ready to retire, but also how we can better our healthcare system. It starts with changing how physician offices are incentivized.
Nir Menachemi: Value-based says rather than focus on fee-for-service, where the incentive is to increase the number of patients that you see, value-based purchasing are a collection of different payment mechanisms to physicians and hospitals that says, "let's see if we can incentivize value". Value is basically the ratio between cost and quality, so you can improve the value of something by either reducing the costs or by improving the quality. The way they're incentivizing value includes a full gradiation of different approaches. One of the lowest approaches involves what's called pay-for-performance - that says to a doctor or a hospital, if you achieve certain benchmarks amongst your patients in terms of either mortality rates, adherence rates to certain things, or the quality of the care that you provide reaches a certain benchmark, we'll give you a bonus. Pay-for-performance is a very low-level way to change fee-for-service to start being more value-focused. Pay-for-performance also includes the concepts of no pay for no performance, and that also includes not reimbursing for certain things that should've never occurred in the first place. Certain types of nosocomial infections, these are infections that occur within the hospital as a result of being exposed to the hospital environment. That should not occur, and if that happens, CMS is saying they’re not paying for it. Likewise, the whole idea of CMS not paying for hospital re-admissions - so if you are a hospitalized patient, and you go home, you should not be re-hospitalized in the next 30 days. CMS says that if that occurs, they're docking the pay of the hospital that first discharges [a] patient before they should've been let go. All the way on the other end of the continuum is something called accountable care, and accountable care says rather than paying you per person, per issue, per disease, per fix, it re-conceptualizes payment to be, an insurance company might assign a hospital company 20 or 50,000 patient, and say, "you are responsible for all the care that these patients need for the next year, and we're going to pay you a fixed amount per patient, per month." Once you accept that contract, you are responsible for keeping them healthy. If they all get really sick and come to you, that doesn't change how much you're going to make, you're going to have to expend more resources to tend to their needs. If you're, however, able to figure out a way to keep them healthy and keep their disease at bay so that they're not over-utilizing unnecessary care, you'll get to keep more at the end of every month because those individuals would not have used your resources that you've made available to them. That really begins shifting the way doctors and hospitals think about what their role is. Under accountable care, where you have what's called this capitated rate, this per-member, per-month fee that you collect - it starts getting you motivated as a provider to say, "How can I prevent this person from needing this expensive procedure?" You are now suddenly spending much more time on things that previously did not generate you revenue, but instead, is averting the bad outcome for the patient. That's in your interest, under accountable care, as a provider, it's in the interest of the insurance company who doesn't want runaway costs that continue to happen. It's also in the interest of the patient who does not want the complication soon in their future. As a nation, we're learning how to find the right combination of financial incentives to bring everyone onto the same boat rowing in the same direction, because previously fee-for-service was not in anyone's best interest, per se, when thinking about everyone together.
MATT:
The second thing to understand is this change will not come easy because as organizational leaders, we know how hard culture change can be just inside our company – let alone an entire industry.
Nir Menachemi: It's very stressful for physicians, for hospitals, and for all the players where the rules are changing, mainly because these entities and individuals have never really been trained to think this way. You rarely learn in medical school how to keep someone healthy - you are focused much more on how to fix them when they are broken. Hospitals have never really developed the cultures, structures, or infrastructures to deal with people who are healthy. In fact, it's scary to all those individuals because under accountable care, for example, you are responsible for say, the population of patients that you are "at-risk" for - the reason why we use the term "at-risk" is because if they all get sick, it hurts you financially, not the insurance company, because you signed up for that per-person, per-month payment. How do you engage a population that doesn't walk through your clinic doors? How do you think about things to keep them healthy and managing their risk factors so that they don't get sick when the entire history of your business and conceptualization is about, "wait for them to show up in my waiting room, and then fix them". This involves lots of things that healthcare just hasn't been doing well, that we have developed much better outside of healthcare. I always think about how Delta, the airline, gets my loyalty based on status that they give me, and I sometimes scratch my head and find myself in Atlanta on a layover just because I'm so loyal to the airline, and what I feel like I get is a glass of wine and a bag of peanuts, but nevertheless, I am intensely loyal and play the game of I do what they want me to do, and they do what I want them to do for me. I love the upgrades, sitting in the VIP rooms, being able to have my luggage come out first, and all the things that they're rewarding me for my business. All the different hotel chains have figured out how to engage consumers. Healthcare organizations are now trying to figure out how to incentivize the patients that they are at-risk for to engage in the behaviors that makes everyone win. That is scary, in part because it requires business skills, healthcare skills, grounding in marketing, grounding in informational technology - because you need to leverage a lot of data that's available to you - it requires skills in strategy-making and operations, which operations really focuses on quality improvement, which again, plays into value. These are not the average things that physicians, for example, feel well-grounded in.
PHIL:
A baked in teamwork, as Nir said of allowing a sort of “self-governing” body so to speak create checks and balances across multiple health networks in order to receive reimbursement for providing valuable care to patients. Nir also said that a lot of physician offices are becoming part of a larger health network, like Community Health Networks as an example. He says this also helps in managing responsibility of a population under this new value-based care.
Nir Menachemi: When you are an accountable care organization, contracting with CMS, let's say, for Medicare-covered lives, and you get 80,000 assigned to you, you as the accountable care organization needs to be able to provide every last service that this patient is going to need in your market. You need to cover all the different specialties, emergencies, primary cares, hospitals, rehabs, nursing homes, anything that this patient is going to need. You have to band together into these larger consortiums, either formally or informally. You could be acquired and literally be a subsidiary of this larger group, or you can contract with them to be business partners to share these responsibility and the care that this person needs. Either way, whether it's formal or less formal, you are now, as a group of providers, expected to coordinate what you all do for that patient better. For example, if someone gets their hip replaced, that might require a whole bunch of out-patient care prior, an in-patient stay, then more post-in-patient care, and maybe some nursing and rehab. Then, there might be some home health associated with it after the patient is home and still needing some kind of services. If you, as the entity collectively, are all responsible for it, you are going to start saying, "Wait, physical therapist, you guys are doing things that are not evidence-based, and that's taking money away from our shared hive that we were each going to get a piece of". Or, if the group determines that the orthopedic surgeons were doing things that were not consistent with some of the best guidelines, someone might say, "Wait a second, we have no money left over because one of the team members that's responsible for the entire continuum care that this person needs is inconsistent with best practices."
MATT:
And finally, the third understanding about how healthcare is changing is to see it in action.
Nir Menachemi: My group here at the Fairbanks School of Public Health has been working on lots of different population-health management strategies, developing them in conjunction with partners: we work with Eskenazi Health, IU Health, and other health systems throughout the region and country. One of the innovations that we were recently recognized with as being the first place winners of the Inject Tech Competition here at the Life Sciences Summit in Indiana was an algorithm that is designed to improve and identify individuals who come to primary care clinics who might be in need of social services by clinicians, such as social workers, dietitians, mental health counselors, or medical legal partnership providers. We developed this machine-learning algorithm that's running live at Eskenazi Health right now, and basically it helps identify in the morning, with the entire roster of patients coming in today, it helps identifying based on every bit of information that's available to us - which includes all the info embedded in the electronic health record of that patient - all of the information available to us through the Health Information Exchange in Indiana - sometimes referred to as either the Indiana network for Patient Care, or commercially as the Indiana Health Information Exchange, IHIE - all the information that's available to us based on a zip code of where the patient lives, and we have either zip code level data, or in some cases even smaller census-track level data, of things like crime rates, how far they are from a food desert, whether or not there are sidewalks in the neighborhood, what the unemployment rate is, and we take all this information that is assembled from the POLIS Center, the Regenstrief Institute, the electronic health records, and all these sort of different partners that we have on campus, and we predict what the probability is of you, the patient, are of needing either a social worker, dietician, etc. That allows folks in the clinic to then match the neediest patients to the limited providers that are available to help with those needs. Going back to the original thing that I said, the vast majority of our health is a function of our behaviors, and our behaviors are a function of our life circumstance. If you're a diabetic who happens to live in the highest crime area and in a food desert, exercising and eating right is not an option for you. You need help with that, and let's just put this context, a teen with diabetes: mom's not letting him run around outside if it's a high crime area, she's not letting them walk back and forth from school if there are no sidewalks, she's not able to get the diet that this kid needs to get his disease under control because there is no place to buy that kind of food. And by the way, even if there was, it's unaffordable because the “healthiest" food is typically the most expensive. So, if we can have a dietician intervene during that kid's diabetic check-up, and instead of trying not to wait for that diabetic kid to have complications that he will then have to deal with, maybe we can proactively figure out a way to help that family cope with that kid's disease, given their life circumstances. Social workers know how to do that, nutritionist [as well], all of these ancillary "wrap-around" service providers know how to do that. Our algorithm figured out a way to optimize the use of those providers in such a way that we can address the behavioral and environmental conditions that are exacerbating people's health. What we found was - and this article just came out in the current issue of Health Affairs, it's been getting a lot of attention nationally both in the media and social media - that using this algorithm and these wrap-around service providers is able to save millions of dollars in averted unnecessary emergency room visits and hospitalizations for some of the patients that are most vulnerable to having their health exacerbated. This is just scratching the service of what's possible, but this was an innovation of leveraging big data, new artificial intelligent approaches to computation and identifying people at risk, and more importantly, deploys resources that we already have in the community that are just not being orchestrated for the end goal of better health for everyone. Doctors and nurses can do what they do best, social workers and dieticians can do what they do best, and patients embedded in their environments and communities are engaged in such a way that's consistent with their life situation. Everybody hopefully wins, and again, is rowing in the same direction towards the shared goal of improved health for the individual.
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MATT:
So let’s recap. Last week we explored the problems inside our healthcare system, as a country. This week we went into what changes are already taking place and what we can expect as doctors and patients. First, how we view healthcare needs to continue to change. Baby boomers are reaching retirement and our current system cannot support them. But the good news is, we’re starting to see the change take effect. Value-based healthcare offers ways to give patients superior care by focusing on prevention and doctors more incentives to keep people healthy. The second thing to know is change will not come easy. As leaders, a culture shift takes time – especially across an entire industry. Healthcare providers are currently at work figuring out how these changes will be made. And finally, the third thing to know about this change is we can see it at work, right here in Indianapolis. Nir and his team have created a computer algorithm that pairs a patients highest needs with the right specialist. Whether that be a nutritionist, social worker, physician, or counselor, this program is already saving millions of dollars in unnecessary procedures – creating a win-win for both health providers and patients.
This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business – where we work hard to help organizations make better business decisions. I’m your host Matt Martella alongside Associate Dean Phil Powell – we’ll see you next week.
As a country, we're pretty good at putting Humpty Dumpty back together, yet we fail to explore why or even help prevent him from climbing the wall in the first place. On this first of a two part podcast, we're exploring the hiccups within the US healthcare system and how it affects our most valuable asset, our own health.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
MATT:
As organizational leaders, we are responsible for a wide variety of assets that include company profits, team members, physical office spaces, or the company as a whole – yet we forget about our most valuable asset, our health. We know that a lot of weight rests on our shoulders and we do not have the luxury, most of the time, to take off work due to poor health. On this first of a two-part podcast, we’re taking a look at our U-S health system to uncover its flaws and understand what changes are being made that will affect both doctors and patients. Especially with the Baby Boomers about to reach retirement.
Nir Menachemi: We cannot afford as a nation to continue spending as much as we do, and worse, we have an aging population that's going to go onto Medicare, the Baby Boomers. Mathematically, we just don't have enough money in the system to not focus on prevention anymore.
Let’s get to the podcast…
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MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, I’m your host Matt Martella alongside Associate Dean Phil Powell. On this two-part series, we’re taking a look into the current healthcare system in America and what changes are on the way that could affect both doctors and patients – ultimately allowing us to protect our most valuable assest as leaders, our health. Before we dive into the content, I just want to say thank you to everyone who has been sharing our podcast on social media. It’s an honor that you find our content valuable for not just yourselves, but for your friends and family too. If you could do us a huge favor, we would love it if you could go to your favorite podcasting app and leave us a review because that helps our show grow. And for those of you tuning in for the first time, we just want to say welcome to the Kelley family. We work hard to help organizations make better business decisions through our weekly podcasts because we know the organization is only as good as its leadership. So, if you would like for us to explore a topic, have any questions we could answer, or would like to recommend a guest for our show, shoot us an email to ROI-pod, that’s roipod@iupui.edu.
On today’s episode, we sat down with one of Kelley’s Business of Medicine professors, Nir Menachemi, who helps us unpack the confusing healthcare system we have here in America and unveils some shocking truths about where we rank among the world’s healthcare systems. And on next week’s episode, Nir will help us understand what changes are being made and how they will affect us and our families in the future. In a recent entry in the Journal of American Medical Association, published in early 2018, the United States spends almost twice as much in medical care than any other country around the globe. That makes sense, we’re a leading economic nation, we have a large population, and the price of healthcare in this country is expensive. But here’s what’s shocking – though we spend way more than any other country, according to this study, the U-S has the lowest life expectancy and the highest infant mortality rates out of every country. Why?
PHIL:
Before we have Nir answer that, let’s put some dollars and cents to show how much we’re actually spending. According to that same journal entry, in 2016, the U-S spent 17.8 percent of its entire gross domestic product, or GDP which translates to $3.31 trillion. That’s 3 with 12 zeros after it, for those trying to picture the scale. The closest country, on the highest end of that spectrum, spent 12.4 percent of their GDP. Yet, that does not translate into twice the quality of care. So where’s the breakdown?
Nir Menachemi: We know that for any population, the drivers of what makes them sick or healthy are a function of, first and foremost, the behaviors that they engage in. That includes their nutrition, exercise, and also include the level of education they have. These are all behaviors that someone can engage in, and in some cases, people do not have the option, given their life circumstance, to engage in some of those behaviors. Our best research and science underpinning health suggests that as much as 50% of someone's health is a function of these behaviors that they are engaging in on a day-in and day-out kind of fashion. Another 20% of their health is a function of the environment that they live in. By environment, we're talking about the quality of the existential requirements of life. First and foremost, you need air - we're talking about the quality of the air. If you're in a high pollution area, for example, you'd be chronically exposed to poor air quality. After air, we need water - you can look to Flint, Michigan to see what happened for example, when the quality of water goes south, it has huge repercussions in terms of health conditions that are then manifesting themselves in the population there. The next important thing is the quality of the food that we eat, and the last thing in our environment is the quality of our shelter. You can think about exposure to lead in children in lower quality shelters, or asbestos within buildings or homes where exposure to that in our shelter could have serious implications to our health. Between behaviors and environment, we just covered 70% of things that explains people's health and their outcomes after they're diagnosed with a disease. Another 20%, which brings us to a total of 90, are genetic factors. By in large, I describe genetic factors as the "lottery of life" - this is what you get when you are born, that is the hand you are dealt, and that's going to potentially pre-dispose you to different conditions, ailments, or situations that affect your health. By in large, as much as the whole field of genomics and genetic manipulation and intervention is exciting - there's almost the Star Trek kind of feel to it - there's very little that we can do for the vast majority of people given what their genetics are. The amount that we are able to do, and are proud of, in science represents a fraction of 1% of all the things that might be possible one day. So here we have 90% of health is a function of things that has nothing to do with accessing the healthcare system, or even going to the doctor in the first place. The last 10%, based on well-cited and well-supported research, is access to care. And yet, access to care in the minds of almost everyone is the make-or-break for what's going to decide your health. That's just plain and simply not true. I don't what to say that access to say isn't important, it absolutely is, especially once you are sick, but in terms of what's going to prevent you from being sick in the first place, or delay the amount of time before you develop your illness, it's all those other things. The US spends more per person on healthcare than any other country in the world. In fact, I'll make it more dramatic, more than any other country in the history of the world. The most recent estimates suggest that we spend on average $10,000 per person in the United States per year on healthcare… These are high-income, mostly European countries, who spend significantly less than us. When you look at our report card in terms of how we do versus them, they beat us on almost every metric. In fact, there are almost no metrics that the United States does better on, despite our higher spending. One of the reasons that might be is that when you take our $10,000 per person that we spend - and remember, those breakouts on what the size our health helps to determine who's going to be healthy and who's outcomes are going to be best - we spend 88% of our dollars on that 10% access to care piece. We spend relatively little or nothing, something like 4%, on health behaviors, which as we discussed, explain 50% of the outcomes of people and populations in terms of their health. We have this lopsided focus on putting our money towards sick care, as opposed to preventative care. I always joke that it's like our healthcare system is focused on Humpty Dumpty - as everyone is well aware, he fell off the wall, and got to be put back together again. All of our resources are focused on figuring out how to put Humpty Dumpty back together again. If you have a heart attack - and by the way, the United States does relatively well on heart attack mortality - that's very akin to putting Humpty Dumpty back together again: you're sick, we know how to fix you. But we do relatively poorly on the world's stage in preventing heart attacks in the first place, even though we know what causes them.
PHIL:
I love Nir’s example of Humpty Dumpty as a reflection of our current healthcare system. You know the old nursery rhyme – humpty dumpty sat on a wall, humpty dumpty had a great fall, all the king’s horses and all the king’s men, couldn’t put humpty back together again – except as a country, we are able to put humpty back together again. The only problem is, we never address why humpty was on the wall in the first place. If we could prevent him from climbing the wall from the beginning, we would not need to put him back together.
MATT:
And if we follow the money trail, like Nir said, it’s evident we pride ourselves to be able to put sick people back together. I want to reiterate what Nir shared, 10% of our healthcare needs come from access to care – though it’s important, it’s a small sliver compared to the rest of what keeps us healthy. Yet, how we spend our money is completely backwards. We put 88% of total health spending into a 10% slice, while we only spend 5% into the majority of what keeps us healthy in the first place. That completely contradicts what healthcare is – prevention. So number one, in order for us to protect our most valuable resource, our health, we need to recognize we have a serious problem in the United States. If any business in this country spent two times more than all of its competition, yet was still at the bottom of the list in performance, as business leaders we know that organization would crumble, investors would step in and restructure processes, or every decision maker would be let go. So how did we let this happen?
Nir Menachemi: Not surprisingly, your listeners will be very familiar with the old adage of "it's always about the money". When you think about the traditional way that we have been paying for health services, it's always been fee-for-service - that means someone is sick, they go to the doctor, the doctor fixes them, collects a fee from the insurance company. The incentives there are not about prevention, there are actually perverse. The sicker the patients are, and the more problems they have, the more money that can be generated for the physician or the provider under a fee-for-service mentality. That has also contributed to a lot of the practices and the unnecessary spending and utilization that occurs.
PHIL:
What the journal entry also brought to light is compared to the rest of the world, Americans use close to the same amount of health services as other major world powers. So where’s the breakdown? When we take a step back, what’s clear is weak business leadership and decisions made within health organizations. Remember, doctors and physicians go to school to help people, they don’t focus much on the business side of healthcare. So, what can be done?
MATT:
The second way we can protect our most valuable asset, which remember, is our health, is to improve business practices and leadership inside our health industries. Because there are sweeping changes coming through our lawmaking process that will completely change how we approach healthcare as a nation – we will get more into that on next week’s episode.
Nir Menachemi: It's been so delightful to work with the physicians in the Business of Medicine MBA program - you can take almost any one of them that has graduated in the last X number of years, and get the anecdotes of how they have been able to transform their practices and organizations. Even if they're still on the quest of doing so, talk to them about their confidence in being able to navigate these "treacherous waters" that no one else understands. When you go to medical school, you learn, intensely, how to focus on the individual patient in front of you - you don't figure out or you're never trained how to think about the larger picture, like the community or population you're responsible for, or all of the customers of the organization. Where do you learn that? You really learn that in either business school or public health school on how to think about the organization or the population. I think it's a transformative experience to be re-trained to think at a unit larger than the individual. We know that focusing on the population, or focusing on the organization, is where a lot of the low-hanging fruits to improve health outcomes are. At the end of the day, without physicians, I don't think this could be done, period.
PHIL:
At the end of the day, the health industry is a business – there’s a cash flow and budget to keep hospital rooms stocked and the lights on, there’s marketing strategies to incentives new clients to walk through doctors’ doors, and tough business decisions that need to be made from owners or executives of health institutes. As Nir said, many of these disciplines are not taught in medical school. So for those physicians looking for help to sharpen their skills as organizational leaders, I highly recommend you check into an MBA program that’s geared toward healthcare professionals – which the Kelley School of Business offers. Because not only will you be able to gain valuable organizational development skills, you can walk into meetings armed with the knowledge to make tough business decisions that will help cut unnecessary spending while offering great care to patients. Not to mention, when these changes, which we’ll dive into next week, take effect. You’ll be able to stay ahead of the curve and lead your team to success.
Nir Menachemi: Because what's absolutely critical and something that my own research and observations has found time and time again, that the leadership of that conglomerate has to have strong physician presence. It cannot be by administrators, suits, or by insurance companies, it's got to be strong physician leadership in that decision-making, or at least, strongly influencing the decision-making that occurs at that level. We know that because unlike administrators or insurance companies, physicians are in the trenches, seeing exactly what's going on in and are interacting with patients on a day-in, day-out basis, and more importantly, patients trust physicians. When I am sick, I want to see a doctor, and I want to know what she has to say. I don't really want to hear what the CEO of her hospital currently has to say about my condition. I'm just trusting that in the background, the organization is going to be doing all the things that I want and that are important for me. Sadly, and I'll bring my dad back into this, as a primary care physician who's now retired, he never had an interest, and frankly, never had an opportunity, and was self-selected to not care about the business and leadership side of organizations. He wanted to see patients in the clinic, and that's what he did, for forty years. I don't think physicians have that luxury anymore because the demands on them are to be experts in the exam room or the surgical suite, also engaged in organizational decision-making, and then in leadership by walking around with their colleagues, helping them understand why this decision is critical for everyone's best interest. Without physicians in that role, and physicians need training and to beef up their business in leadership skills to be able to do that effectively, we're not going to move as quickly towards the panacea that I think everyone needs us to be at.
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MATT:
So let’s recap... on this first of a two part podcast, Nir helps us understand why our health system needs work so we can ultimately know how to protect our most valuable asset, our health. He said that 90% of our healthy well-being happens outside of the doctors’ office. Yet 88% of our entire health spending goes to 10% of our well-being – that is fixing a person AFTER they’re broken. Our current, “fee-for-service” healthcare model is fairly good at putting Humpty Dumpty back together, but we fail to understand why he climbed the wall in the first place. It incentivizes doctors to only treat people after they have an issue instead of working toward preventing people from having to see the doctor from the beginning. The first way we can work to protect our most valuable asset, our health is to recognize that we have a serious problem with our current system. As a country, we spend almost twice the amount in healthcare, yet we fall to the bottom in the quality of care, compared to other countries around the world. The second way we can start protecting our health is to improve the business practices and leadership within our healthcare organizations. Remember, doctors are focused and trained on how to care for a patient, which leaves room for growth on how to create the best organizational practices. There are incredible educational programs out there, like the Kelley Business of Medicine MBA, to help doctors bridge that gap. And as we’ll get into next week, this is not an easy fix because it involves changing the entire culture behind our current healthcare model that’s been around for decades.
Be sure to come back next week, where we continue our conversation on how to protect our most valuable asset, our health. Nir will help us explore what changes are underway and how they will affect not only the doctors providing the care, but also us as patients. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella alongside Associate Dean Phil Powell where we work hard to help organizations make better business decisions. We’ll see you next week.
Thirty city blocks, 12,000 potential jobs, and a blank, urban canvas long for a community revival. Thanks to Ambrose Property Group, lead by President Aasif Bade, that urban resurgence is on its way. The projected $1.4 billion development received its name Friday - Waterside; creating an opportunity for another district to make its mark on this great city. On this episode, we sat down with Bade who spoke about how any commercial real estate company can create success within their own community.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
MATT:
A city skyline cannot exist without a property to build on, a design to construct, or a vision to bring to life. Here in Indy, 30 city blocks of blank canvas space exists on the city’s southwest side, ready to welcome a development that will last for generations to come – adding another dimension to Indy’s skyline. So how can a commercial real estate company most effectively create success? Ambrose Property Group shows us how - Let’s get to the podcast…
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MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, I'm your host Matt Martella alongside Associate Dean Phil Powell. If this is your first time tuning in to the ROI Podcast, we are glad to have you. We put out a weekly episode that helps organizations make better business decisions. For those of you who enjoy our show, it would be such an honor to us if you could head to your favorite podcasting app and leave us a review. And finally, if you would like to get a hold of us, send us an email to ROI-pod, that’s roipod@iupui.edu.
Last year, the Indy Start released an article that names Indianapolis the 2nd most resurgent city in the country – and that was according to realtor.com. The average home price in Indianapolis is just under $310,000. That’s a 20% increase since 2012. The city has also seen a 10% increase in population.
PHIL:
And according to our own Kelley Faculty and Economists, Kyle Anderson, he stated in his economic forecast that the Indianapolis-Carmel-Anderson economy added almost 25,000 jobs – a 2.3% increase since 2016 with signs of strong growth. According to Kyle, the blend of the low cost of living and the growing number of startups are the major factors why this urban resurgence is number 2 in the country. So as we work to acquire more corporations within our downtown environment, it’s up to the commercial real estate industry to get ahead of this growth because it’s those office spaces and apartment complexes that will support the ever increasing demand.
MATT:
On this episode, we sat down with the President of Ambrose Property Group, Aasif Bade – a Kelley Business School grad and commercial real estate expert who manages an impressive property portfolio that includes the old GM stamping plant on the city’s west side. Aasif shares the three keys for his real estate success.
Aasif Bade: We literally started the business in the height of the recession. We were able to capture some great opportunities in the real estate market at literally the bottom - this building we're sitting in today was purchased in 2011, it's right on the circle in downtown Indianapolis. What differentiates Ambrose from the beginning is the cultural mindset to, number one, focus on our customers, employees, and everyone that's involved with our business, and have a one-to-one people-focused mindset. Number two, we're always conscious of the environment: we operate from a community aspect. Number three, we remember what's happened. Some of the basic economic lessons we learned in the Kelley School of Business [are] not to get ahead of ourselves and remain cautious… every day, every decision we make, we recognize there's ups and downs in the economy, and while we've been successful doing business deals during the downturn, we recognize that it will probably happen all over again in the near future.
PHIL:
(Aasif’s accomplishments, his presence in Indianapolis, any other thoughts)
MATT:
As commercial real estate leaders, or those looking to get into commercial real estate, the first key to success is, it’s all about timing.
Aasif Bade: We've probably made these mistakes too, the two are buying/selling too early and buying/selling too late. I know that sounds like a simple answer to your complicated question, but ultimately, real estate is all about timing. There's a lot of factors that impact everything, but we've benefited from incredible timing that I by no means had control over. While our firm had a hunch, we didn't know, we just happened to get into the business at the right time, and I don't know if I would recommend to my 26-year-old self to do it all over again or not, it's worked out okay, but it's all about timing.
PHIL:
And it’s the timing that allowed Ambrose Property Group to purchase the old GM stamping plant.
- History of the plant
- Employed 6,500 people during its peak
- 120 acres of land – or 30 city blocks
- What it means to the city
- The GM plant carries deep history with the city of Indianapolis
MATT:
The second key for commercial real estate leaders to success is to respect the city and the history of your property.
Aasif Bade: Indianapolis has had a great run over the last fifty years. Our city has been a model around the country for public, private, philanthropic partnerships, everyone here works very well together. We've had great mayors and governors of both parties, great leaders in the public sector and the philanthropic world all work together, and I think we have a reputation around the country for that. People like to do business here and come here to be in this community. With respect to the GM stamping plant. We try to recognize and appreciate the history of that site. It has been primarily a manufacturing employment center for well over 100 years. That speaks to us because we think about the families and generations of people that have worked on that site - they earned a living and literally there's been generation after generation that's done that. A lot of the neighbors in that neighborhood and adjacent ones [have had] families have worked on that site, and [perhaps going as far back as] great-grandparents who did the same. I learned an acronym a very long time ago from one of my mentors, and I probably use it daily: STEP - See The People/See The Properties. I especially use that one when we are over-analyzing some type of project - there's a lot of times where I say we should just go for a walk to the GM plant. After going through 20 pages of design documents, I'd rather just go touch it, see it, and feel it. We're in real estate, it's a visual business. I heard a saying this morning that downtown is a state of mind, and in a lot of ways, we're in the people business and place business. A lot of that is state of mind and much more subjective than objective. I think seeing the people and properties are important - sometimes drawings on paper or in conference rooms get you so far. I encourage myself and others to get out of the office and explore that state of mind.
PHIL:
- Aasif’s projected project cost: $1.3 Billion
- Plans to invest $550-million into site over next 15 years
- Plan includes some 2.7 million square-feet of residential, office, commercial, hotel and retail assets
- He estimates 12,000 permanent job creations when fully developed
- See the People/See the Properties – give your reaction
- Why it’s important for city
- Why it’s important for people
- How it can affect your image as a property owner if done wrong
MATT:
Once we understand that it’s all about timing, educate ourselves about our property so we can embrace a deep respect for our property’s history within the city, the third key for commercial real estate success is to involve the community throughout the development process.
Aasif Bade: Our goal is to engage with the community, neighbors, other organizations, the public at large, and public enterprises. We feel a huge weight of responsibility on what will happen there, and we also recognize that just like in the past 100 years, we know may not be around for the next 100 years, and we're just trying to handle it properly for the years that we're directly responsible for it. As you may be able to tell, the GM stamping plant is an enormous project and it's really important. A lot of focus is usually placed on the numbers, the dollars, how big it is, how long the project will last, how many square feet it'll be...the moment for me that crystallizes it and gets me sentimental is number one, having been born and raised in Indianapolis, it's a big point of pride to me to be able to be the owner and developer of that, shaping 30-35 city blocks of downtown Indianapolis… having conversations with folks today who live within eyesight of that property who inherited their home from their parents and also whose family worked at the GM stamping plant. They wanted us to develop it and they encouraged us to continue the pursuit even after 8 years of going after it and not getting it multiple times. They wanted to engage with us and they gave us recommendations of what they thought should go there. That engagement with real people who don't own any part of the development, yet have so much more ownership over it from a state of mind perspective than I ever will, having that relationship and encouragement is what gets me excited as opposed to the physical assets. It goes back to passion. I like to talk to people, to see things develop, have relationships, and have an impact with the community at large. That relationship with those folks, having hired someone on purpose on my staff in this office whose sole job is to engage with the community, report back to the team, and always be in touch with the community, we think that's how the community will continue to get better and how it's gotten to the point it has because of so many people that came before us doing the same thing over the number of decades.
PHIL:
- Comment on “these people don’t own any part of property, yet have so much more ownership from a state of mind perspective.”
- It’s importance to tie the community together
- Why owners should not ignore the people who have more “state of mind ownership” then they do
- However, also understand everyone cannot be made happy – yet we can be respectful
MATT:
So let’s recap… Ambrose Property Group, led by Aasif Bade, not only started a successful commercial real estate enterprise in the midst of a terrible recession, but also acquired a major piece of Indianapolis history through their recent purchase of the old GM Stamping plant on the city’s southwest side. Through Aasif’s real estate journey, he gave us three keys for his company’s success that us as leaders can embrace to better our organizations. The first key, it’s all about timing. Not only was the timing in his favor when he founded Ambrose Property Group, it was also timing that allowed his company to seal the deal with the old GM plant. It may have taken over eight years and multiple offers, but the timing in which he made them paid off. The second key is to understand the history of your property and embrace a deep respect for the people who have more of a “state of mind” ownership of your land. For Aasif, his property gave generations of families the jobs necessary for their success. As he works with developers, he constantly reminds himself, “see the people/see the city,” of that history to better shape the Indianapolis skyline. Finally, the third key is to involve the community inside developmental planning. It’s impossible to make everyone happy, however it’s the people who will work on your sites, live on your sites, and even travel for leisure to your sites. Allowing the community to have input on your development gives them a major share in feeling like they own that property, which in turn gives them a sense of pride that will one day etch your company’s building inside the minds of families for generations to come.
This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella, alongside Associate Dean Phil Powell – where we work hard to bring you a weekly podcast that helps organizations make better business decisions. We’ll see you next week.
As podcast popularity explodes, a new study from the Interactive Advertising Bureau and Edison Research shows that 65% of podcast listeners are likely to buy a product after hearing an ad within a podcast. However, if we also start our own podcasts, as organizational leaders, we can have an even larger footprint within our respective markets. On this episode, we're sitting down with the Co-Founder of Podchaser, a company dedicated to centralizing podcast content from around the globe, who is helping us unpack how we can leverage the podcast medium to our advantage.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
MATT:
How we ingest media is ever changing. Just as CDs and DVDs are becoming over-shadowed by streaming content, radio stations fight the same war with podcasts. As consumers, we long for content we can enjoy, but we want to enjoy it on OUR time. With podcast popularity skyrocketing, how can our organizations get ahead of the curve and use them to our advantage? Let’s get to the podcast…
||ROI PODCAST MUSIC||
MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella alongside Associate Dean, Phil Powell. If this is your first time tuning in, we just want to say thanks for checking us out. We work hard to put out a weekly show that helps organizations make better business decisions. If you have a topic you would like for us to discuss, questions we could answer, or a guest you want to hear from – send us an email to ROI-pod, that’s R-O-I-P-O-D-at-IUPUI-dot-edu.
PHIL:
Did you know, according to Apple, there are currently over 550,000 active podcasts around the globe? These shows have produced over 18.5 million episodes. So for you that have subscribed, we are so honored you chose us. And according to a study done by both Nielson and Edison Research, 64% of Americans, 180 million people, are familiar with the term “podcast” and 44% of the U-S population, or about 124 million people, have ever listened to a podcast at least once. What was once seen as an underground radio scene has evolved into a major industry. Yet, there is still so much room for growth in this medium.
MATT:
So in honor of International Podcast Day, we sat down with Co-Founder of Podchaser, Cole Raven, a company dedicated to centralizing the podcast content from around the globe. Cole’s helping us unpack why every organization should embrace podcasting – whether it’s buying ad time on a show or creating our own podcast as a company. It all starts with seeing the shift from following a radio network to following an industry leader.
Cole Raven: Something that has been a bit of a craze recently has been the ketogenic diet. There are, for example, entire podcasts built around just that with hundreds of episodes. If you really want to dig that deep into something like that and regarding radio shows, there are still the same radio shows that have now transitioned over to podcasting, which are still providing the same general format. But what I'm seeing is that you find professors at schools, or you find industry experts on a specific topic talk about things like diet and weightless or fashion or anything. And instead of following a radio network, you're following an influencer or industry leader. You're seeing the same shift with people on Instagram and YouTube - they're supplementing their brand with podcasting on a very specific niche topic, which is why you can find a podcast about anything. So once you understand that and see the shift then I think that you can think of new ways to leverage the medium.
PHIL:
And what better way to leverage this medium than thinking about how listeners take in podcast content. This is a very intimate space. Think about it. Those who listen either wear headphones or plug into their car stereo system. Audiences are engaged – they listen with purpose and intention. As Cole said, because shows are extremely niche, audience members come excited about an episode. So how can we leverage this? It starts with advertisements – like radio we want to buy commercial time. According to the Interactive Advertising Bureau and Edison Research, 65% of listeners are likely to buy a product after hearing an ad in a podcast.
MATT:
So the first thing our organizations can do in order to take advantage of the podcast medium is get in early on advertisements.
Cole Raven: I think the first step would be to understand how far podcasting has come over the last four, even three years. Just the awareness for the term podcasting or the number of people who have listened to a podcast in the last month has grown by double-digit percentages in the last few years. It's gone from in the teens to now nearly 30% of people listen to podcasts, or say they listen to podcasts on a regular basis. So once you understand that and see the shift then I think that you can think of new ways to leverage the medium. But I think that as industry leaders become more aware of the impact podcasting is having and how they can reach niche audiences because through Podchaser or through other means if you search for a very specific topic on something you want to learn about, you can find something on it. Somebody in the world of podcasting has talked about what you want to learn about. And you'll be able to find it in podcast form. I think awareness of the growth and also awareness for just the depth of knowledge that podcasting has to offer.
MATT:
I’m not one for buying into commercials – in fact, commercials almost turn me away from products because they’re almost too good to be true. I like knowing data, I like hearing why a product works, or I want to make a connection with a brand. For me, recently, the only times I’ve bought a product through ads were those on podcasts. In fact, I recently bought a leadership book because I heard the author speak as a guest on a leadership podcast that I follow. Not only was I engaged with the conversation, I was moved to buy the book. So as part of the 65% likely to buy a product from podcast ads, this is huge for businesses.
PHIL:
But this has to be done in the right ways. Your example is great – here is a show that you listen to for personal growth, you gained knowledge you were seeking, and they offered a product to go to the next level, which you bought. So as organizational leaders, we have to be strategic in how we market in this medium. It’s all about finding the right niche audience to cater to. We have to find the shows who have an audience that fit our demographic clients. However, if we offer a product for everyone, then trying to get ad time on the major podcast networks may be a better option. And if you jump on early enough, you may be the lead sponsor for a show. For example, the incredibly popular show Serial is sponsored by MailChimp, who’s 19-second ads have become as recognizable as the show itself. With so many diverse and growing shows, there’s a great demand for advertisement – which helps get your product out at a much lower price.
Cole Raven: If you look at podcasting as a whole compared to radio as a whole - the cost to reach people through podcasting is right now, a tenth of the price of radio. Mostly just because a lack of awareness. It's such a new thing and especially the big organizations are less likely to adopt it until they see evidence that it works. But you see major brands advertising on podcasts - basically taking it over. You hear the same ads on every single podcast. They wouldn't have been doing that for the last 3 years if it hadn't worked really well.
MATT:
This is just one, and the most obvious way, to take advantage of the podcast medium. The second way, and the way we’re going to really unpack, is to create your own show as an organization. We’re going to explore three take-a-ways on why your organization needs to start podcasting. The first reason why your company needs to start podcasting is to help your market learn more about your company and gain a deeper understanding of your industry.
Cole Raven: You can use podcasts for more than just an advertising platform. If you want to get into podcasting, you don't have to pay $15-$20 CPM to advertise on one of the major podcasts. You can start your own and it's not that expensive. All you need is a microphone and some editing software and maybe pay somebody to outsource that. There are plenty of services out there that do that and as long as you have a clear goal and a vision for what you want to get out of it, that's absolutely essential. Don't just make a podcast for the sake of making a podcast. There are too many of those out there. But if you have a clear goal and a vision for what you want to get out of it then there's really no downside. It's just a supplement to all the other marketing and media that you're putting out there because people want to consume content in different ways. Now we've started to see major brands like eBay has their own podcast, McAfee has their own podcast. All these big brands have their own podcasts because they see it as a way to reach their audience in a more organic way because the stories they're telling on their podcasts aren't just selling the eBay brand, necessarily. It's telling the story how a mom and pop shop owner has transitioned from a brick and mortar business to an eBay business. It's telling real stories of real people instead of just advertising at people. So I would say, if you get into podcasting, it shouldn't, at all, be about you or your brand. It should be 100% about the guests that you have on or about some very valuable piece of content that you can deliver, for free, to your audience that they're really going to enjoy and engage with. And that's something that you can share that's going to get like, it's going to get shares, it's going to get in front of your audience simply because it's valuable and not just another billboard.
PHIL:
(Talks about our purpose of podcasting – our why)
MATT:
The second reason why your organization should start a podcast is to have a reason to connect with other major leaders within your industry.
Cole Raven: So when you say, I have a podcast do you want to be on it, people know what that means. People didn't know what that meant 5 or 10 years ago. They thought, oh boy, I'm going to interview in this guy's garage. But now, it's a serious thing if you're going to be on somebodies' podcast. That's almost an honor now. If you work for a business or an organization and you're a part of the marketing department or PR, whatever, I think it's a great decision to make a podcast because you can connect with people outside of your organization. If you want to use it as a new sales channel or sales funnel you can, as the VP of Sales for a company, use that as an opportunity to reach out to another organization and say, hey, do you want to be on my podcast and talk about SEO or talk about new ways that you're team has been effective in cold calling - you know just different things. Not only is that creating really good content that is going to help people find you online, it's now you've built a relationship with that person you just interviewed. Maybe you had no other reason to reach out to them before, but now you have a great reason. Now you have a reason to talk to them and it's more than just a cold outreach. It's offering them an opportunity to do something to help them too instead of just helping yourself.
PHIL:
This is one of our bread and butters to podcasting. We love our guests that we host, who do offer incredible insight into their industry. And we love the access we’re able to have – so leverage this time wisely. (TALK ABOUT WHAT IT MEANS FOR YOU TO HAVE THIS ACCESS)
MATT:
The third reason why every organization should start a podcast is to engage your employees.
Cole Raven: I think it's a great decision to make a podcast because you can… connect with people within your organization in a new way. Where these companies like Sales Force, they've got thousands and thousands of employees. It gives, maybe the marketing or PR management a way to engage their employees in a different way. Like, having a podcast about the culture of the company. They could bring them in their office and talk about that.
PHIL:
This becomes an easy way to speak about your company culture in the same verbiage and allows your employees to have a connection with your organization’s leadership, on their time. It also creates actionable talking points for managers with their team members – keeping the company, especially as they grow, on the same track.
||ROI MUSIC PLAYS||
MATT:
So let’s recap. Podcasting has exploded in popularity over the past few years – giving organizations an opportunity to grow as well. The most obvious way is to pay for advertisement space on popular shows. With 65% of listeners likely to buy a product from a podcast, according to the Interactive Advertising Bureau and Edison Research, this seems like a no brainer. However, your organization can also gain more benefits by starting your own podcast. Many major companies like eBay and McAfee use these mediums to create organic connections with their market by telling personal stories, not overly promoting their brand with success. First, this allows your market access to education about your organization or industry. With a microphone and editing software, the cost for podcasting is next to none. Just remember, your episodes need to be all about your guest or a valuable piece of information people can walk away with – not a platform for your brand promotion. Second, podcasts allow us access to high level guests, industry leaders, or government officials we would not be able to get otherwise. This gives them a way to get their message out while giving us an opportunity have their attention and build a relationship. Finally, this can also be a great way to engage our own employees. Whether it’s building our culture, educating them on our vision, or keeping everyone up to speed, podcasts are on demand – so we don’t have the headache of trying to schedule everyone into a meeting at the same time. It also allows our managers to have talking points with their team – increasing their influence and leadership within the organization.
If you’ve enjoyed our podcast, let us know! Be sure to leave us a review on your favorite app. If you would like to get a hold of us, send us an email at ROI-POD, that’s R-O-I-P-O-D-at-IUPUI-dot-EDU. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host, Matt Martella alongside Associate Dean, Phil Powell where we work hard to put out a weekly episode that helps organizations make better business decisions. We’ll see you next week.
Back in June of this year, Associate Dean of the Kelley School of Business in Indianapolis, Phil Powell sat down with Gov. Eric Holcomb to discuss the tech growth, here in the Hoosier State. On this episode, we're talking with Phil about his experience inside the Governor's Mansion and revisiting that previous episode.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
How many times have you had the thought, "that would make a great business?" If you're on the verge of starting a business or need a "kick" of motivation, this episode is for you. There's starting a business, and then there's starting a business right. On this episode, we sat down with two entrepreneurs from Realync who share 5 tips from their own startup journey that proved successful.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes
MATT:
Each company has a starting point. No matter what organization, one person had an idea and turned it into a success story. Some rose to the top, while others fell into the shadows. On this episode, we’re sitting down with two entrepreneurs who pulled back the curtain of their organization and gave us a front row seat into their startup process to help our new business become a legacy. Let’s get to the podcast…
||ROI MUSIC||
MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host, Matt Martella alongside the Associate Dean of Academic Programs, Phil Powell. For those of you joining us for the first time, we just want to say welcome to the show. We put out a weekly episode that helps organizations make better business decisions. And if you could do us a huge favor, we would be honored if you would hit that subscribe button. That way you can get the latest content the moment it’s released.
Also, if you would like for us to discuss a topic, leave a comment, or recommend a guest for our show, we would love to hear from you. Just send us an email at roipod@iupui.edu.
How many times have we had an idea and thought, “that could make a great business?” Or how many times have we thought about branching off and starting our own company? Well for those of us who are looking where to start, today’s episode is for you.
PHIL:
Many times, an idea may seem too basic or we have the, “of course that idea’s been done” thought run through our head. Yet, a lot of the time, those are the ideas that launch successful businesses. According to the Bureau of Labor statistics, the number of established companies, less than a 1 year old, is the highest it’s been since the 2008 financial collapse. The job creation these young companies create are increasing, and overall more companies are entering the economy than there are exiting. According to the Small Business Administration, companies with fewer than 500 employees provided 64% of the new jobs in our economy. So it’s clear to see that these ideas not only have the potential of creating a solution to a consumer’s problem, but they are crucial to sustaining a strong U-S economy.
MATT:
So the question becomes, where do we start? How do we take this idea from conception to the market? We sat down with two bright minds from RealYNC, a real time video platform that instantly connects real estate professionals with prospects to tour a space. Co-founder and CEO Matt Weirich and Director of Operations Jordan Easley took us through their hard-fought entrepreneurial journey. Here’s Matt Weirich:
Matt Weirich: I knew ultimately my end goal somewhere in my life would be start a business, have a company of my own. So I was always thinking in snippets of ideas and opportunities. When I was moving from Purdue up to Chicago, I looked at 40 different places to live, in person, drove up there 6 weekends in a row to look at properties. And half of them, I would walk in, turn around and walk out within seconds. I instantly knew I wasn't going to be living there. Very frustrating process, very broken process and so, I started looking at the process very critically. What could of been done differently, what I could of done, had or used to streamline that. And it just so happened that May of 2011 was when Facetime came out. I just put two and two together. I would have absolutely had my agent walk me through those properties virtually, while sitting on campus at Purdue. I could have knock out half of my trips to Chicago. It was one of those light bulb moments where I saw a gap in the market, saw an opportunity, started shooting a few things around. I talked to some agents and brokers that were in my network already. Started asking them about this sort of experience with clients, if they felt that pain point as an agent. Started talking to some of my friends on the consumer side of it as well and just identifying those initial triggers. Is this an opportunity beyond just myself? Is this impacting our industry? Is this impacting just my demographic? How big is this and how far does it go? I kind of sat on the idea for a little bit. About 2 years while I was a consultant. Eventually I just saw that pain point reiterated time and time again. Especially as a consultant. We were traveling on the road Monday through Thursday, Monday through Friday every single week for the job. One of the hardest things I saw my colleagues go through was trying to find a place to live because they couldn't physically be there. Finally, it got to the point I could not stop thinking about the idea. I knew that if I tried to go for it alone, it probably would not get to where it needed to be. At a work event, I started to talk to my then colleagues, my now co-founder of the business. He instantly clicked with the idea and we were in my apartment the next weekend, whiteboarding and figuring out the business plan.
PHIL:
For those of us unfamiliar with RealYNC, they provide live and edited real estate tours all through a mobile device or computer. Basically, you can tour an apartment or house anywhere in the world. An apartment agent or real estate agent, using their own phone, walks you through the property – saving the client time or resources, especially if they live far away. As Matt said, the idea started from an annoyance, a pain point as he calls it of having to add many miles, spend money to travel, and find himself disappointed each time he found nothing.
MATT:
Matt even admits this business idea seems like something a million people could have thought of and started, but they didn’t. He was annoyed with how he was shopping for housing, so he made a solution that’s now become a successful business. So, the first key take-a-way when bringing your business idea to life is to embrace the reality that your idea is not too simple.
Matt Weirich: The number one question I got when I was building this company was, "why wouldn't someone just pull out Facetime?" It's a free solution, it's on their phone already and that was always the question in the back of my mind. Is there enough of an opportunity here that people will pay for it and pay for a built for real estate solution. There are so many constraints with Facetime. It's only one-to-one, it's apple only. As soon as it's done it's gone. It's reliant on memory. All of our live tours are saved and recorded through the cloud.
PHIL:
Here’s a big differentiator that sets Matt apart from many others. He did not let the discouragement of, “why can’t someone just use Facetime?” stop him. In fact, used those questions to help improve upon his initial concept by dreaming of things like, “well what if when you jump on a video call, the user can save that video to watch later? What if anyone with any phone or device could watch? What if multiple people wanted to jump on at the same time?” Etc. Instead of us letting others tell us why our idea won’t work or why it’s already done, use their criticism to our advantage. Inside those push-backs lie the keys to differentiation – and differentiation leads to a successful business solution.
MATT:
The second key take-a-way to bring your business idea to life is to really take your time and do extensive research.
Matt Weirich: Our first investor in the business, he actually cut us a check, no strings attached, before anything was formed and gave us the advice of, "don't build anything. Go out, go to conferences, go to focus groups - just talk to your target audience before you build anything." Understand the personas, understand the needs and the opportunities. And really, that's what we did for the first 10 to 12 months before we even thought about building a product. We speced things out. Speced out what the product would be, what the messaging would be, go-to-market strategy, all of that. But ultimately it was listening to the market and figuring out what this company needed to be to have a valid market opportunity and a chance at surviving. Once we go to a point where we were very confident in what we needed to build and what would drive value for our end customers, we brought on a technical member of the team, built out an MVP, minimal viable product just enough to get in the hands of some test users and really hit the ground running from there. So it was ultimately the upfront research we did, the market analysis, doing the focus groups and the surveys and just getting in front of both sides of the market. The consumers and the agents and real estate professionals. That was ultimately what gave us comfort in knowing that there was a valid opportunity here.
PHIL:
We need to remember that creating a business takes a lot of time. We have to embrace that truth. So, if we’re going to be in the trenches for the long haul, we better make sure we know who were reaching. And more importantly, we want to know what the consumer really needs – not what WE think they need. This part of the startup is like building the foundation to the house. Though the aesthetics are not pleasing nor does it show a home’s character, without it, every piece of wood, brick, curtain, and furnishings crumble like a house of cards in a summer’s breeze. We cannot underestimate this step in the process.
MATT:
Once we embrace the idea that our idea is not too simple, then take extensive time to research, the third key take-a-way for bringing our business idea to life is to drown out the noise.
Matt Weirich: That was one thing early on in Chicago when we started our business that I felt like there was a lot of noise. I feel like there were a lot of people in Chicago in particular that were playing start-up, playing entrepreneurs were clearly not going to go anywhere but they were just so many events, so many places to be, so many scenes to be in that ultimately it was a distraction. And that’s quieter here in Indianapolis. There’s still great ecosystems, and meetups and coworking spaces where you can be in community with those other people going through the same seasons, but it’s focused on hard work, it’s focused on results, it’s focused on growing and actually building value. Like I said, early on in the process, we were going to all these hang outs and entrepreneurial events and trying to be in the scene, which was fun but it was distracting. Ultimately, looking back it just pulled us away from stuff that we could have been working on, could have been doing and could have been listening to the market and building product and things like that. Focus on the customer, focus on your clients, your market and just listen to them. They will show you the path that you need to be on. They will tell you what your product needs to be, what it needs to do. Their opinion is ultimately that values most. Not even investors and all that. It's your end customer. That's who you need to be listening to.
PHIL:
We must keep the real thing, the real thing. Entrepreneurship is all about creating a solution to a problem through a new business. We cannot lose sight of our company. There will be times throughout the journey our focus will try to shift. Whether it’s from mentors who check in once a week, startup hang out groups, or investors trying to steer the direction of the company. I’m not saying to avoid all these things, hide in a closet and don’t see sunlight until we have a finished product. What we need to do is understand our why. Remember why we decided to start, why the world needs our solution, and why we’re putting this much work into creating this solution. Our why becomes our anchor and protection when the noise comes which acts as a filter to every decision we make. Simon Sinek offers an incredible Ted Talk on this – if you have not listened to it, I highly recommend it.
MATT:
Once we drown out the noise around us and stay focused on our conceptual business idea, the fourth key take-a-way to creating a successful startup is to hone in on a super specific market segment at the start.
Matt Weirich: Sitting where I am and looking back and reflecting, we wasted a lot of time. We were chasing every shinny object and we didn't really hone in on a particular market, a particular segment where we may have been seeing success, but we could also have success here, we could also have success here. So that lack of focus early on probably held us back from some strong initial growth because we were all over the place. Especially in the real estate industry where you got commercial and multiple parts of commercial, with retail, industrial, all of that. You've got residential sales, you've got multi-family student living, senior living, there are so many different segments of the real estate industry that our platform works perfectly for, but they all take different go-to-market strategies. What really got us to where we are today was honing in on the product market fit where we had a true B to B opportunity and the product was proving successful quicker. And honing in on that success is what really expanded our growth.
Jordan Easley: Being very very focused, and understanding if I'm going to build a product, sometimes that paralysis that you mentioned Matt, might come from, "I'm trying to go after too many things all at once." So by segmenting your market, you're going to market one way to all of these people. You're not going to have to big, total addressable market. That number's probably not going to be as big if you hone in your specific market segmentation, but you're going to be able to market to them, you're going to be able to speak their language in the sales process more effectively. You're going to build a product more specific to their use case. You're not going to be trying to build integrations with 20 different industries, you're going to be building it for one and you're going to be an expert in that. Once you own that one market segment, you can go to a peripheral segment where you can tweak a little bit of the marketing or product or the sales process to fit that adjacent market. Again, Scott Maxwell, highly recommend that.
PHIL:
Because we’re so passionate about our idea, we can easily think of a million ways why every individual on the planet could use our product. Yet, this is dangerous because the reality is, our initial product only addresses the solution to a very specific market segment. Focusing on that group, instead of a super broad approach, like Matt and Jordan said, will allow us to master our solution and guide us on where to expand.
MATT:
We’ve gone through the process and now we are off the ground running as a business. Our idea is not too simple, we’ve taken time to do our research, we’ve silenced the noise around our organization, we’ve identified and honed in on our super specific market segment, and now the 5th and final key, and most important take-a-way to bringing your business idea to life is to persevere.
Matt Weirich: Hands down, the biggest lesson I've learned through all this is persevere. You mentioned the highs, the lows, the roller coaster that is the entrepreneurial journey, it never ends. No matter how good or how bad it is, it's going to get better and it's also going to get worse. It's never going to change. There were plenty of opportunities we could have thrown in the towel, gone in and done something else. Perseverance is ultimately why I believe so many of the big businesses that have been featured as incredible startups and all of that are here today. The thing that I really see consistently, time and time again in Midwest built companies is hardiness and the value of actually providing value. The investors in the Midwest, they want to see revenue they want to see companies that are growing with expanding contracts and not just fluff and word of mouth and promises.
PHIL:
(Comment on perseverance and give closing remarks)
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MATT:
So let’s recap, ideas can start from a million different problems. For Matt, his was the annoyance of driving hundreds of miles to look at properties, only to be disappointed. They may seem super basic, but we have to remember that our ideas are not too simple. Once we lock that down in our minds, we need to turn criticism of why it won’t work or why something already exists into questions our product could answer. Look at the flaws to the current solution in the market and figure out how our idea could fix those issues. Second, it’s extremely important to slow down and take our time by doing extensive market research. From focus groups, to meetings with industry professionals, take time to really know what the market needs. Third, once we start moving the ball down the field, we have to drown out the noise. Knowing why we’re starting this business or idea helps to silence the distractions. This will identify who to bring in and who to walk away from; what conference or hang out to explore and which ones to pay no attention to – because at the end of the day, we’re trying to build a business and we dictate how it comes to fruition. Fourth, once we get our idea going, it’s important to hone in on a super specific market segment. It’s easy for us to answer why the whole world could use it, but the reality is the whole world is not ready for it. Mastering how we market to a specific segment makes widening our reach a whole lot easier in the long run. And finally, the 5th and most important key take-a-way to bringing your business to life is get ready to persevere. The entrepreneurial journey is a roller coaster. There’s guaranteed to be highs and guaranteed to be lows. We wear many hats as this grows and hit major setbacks. However, what separates companies who make it and those that don’t is the willingness to push through. This will take years, and quite frankly, will take the life of your organization because even well-established companies still hit major setbacks.
If you enjoy our podcast, we would love your help. When you get a chance, head over to iTunes and leave us a review. And if you want us to explore a business topic, have questions you would like answered, or want to recommend a guest, shoot us an email at roipod@iupui.edu. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella alongside Phil Powell – we work to help organizations make better business decisions. We’ll see you next week.
Besides another economic recession, nothing can stop a company's growth faster than business regulation violations. These hidden costs sneak up on many business owners at the worst time, if we let them. So what's our best defense? An even better offense. Whether you're planning a new start-up or a seasoned business professional, this episode will both educate and give you the necessary tools to protect your organization from unnecessary regulation violation fines.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
MATT:
Regulations – the rules of the road within business; a term carrying many mixed feelings. Some say we have too many, others say we have too few. Regardless of where we stand, the reality is we must comply with the laws of our land or face penalties. On this episode, we’re sitting down with Judith Wright, Assistant Clinical Professor of Business Law at Kelley, whose helping us play by the rules and protect what we’ve worked so hard to build. Let’s get to the podcast…
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MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host, Matt Martella alongside Associate Dean of Academic Programs, Phil Powell. If this is your first time joining us, welcome to the podcast. We put out a weekly episode to help organizations make better business decisions. And for those who are sharing this with friends on social media, we want to say thank you. We are very honored you find enough value in our weekly content to pass these episodes along.
And Phil, I think today’s topic carries a lot of value, especially for those of us in the early stages of organizational development. However, no matter how established our companies are, there are some great take-a-ways on this episode to protect not just ourselves, but our clients, our employees, and our organizations.
PHIL:
Absolutely Matt. We’re taking a dive into business regulations because so many times, organizations are unaware they may have requirements, restrictions, or compliances they must follow. And it’s the failure to follow these regulations that cripple businesses of every size. But before we dive in, it’s important to establish why regulations exist in the first place.
Judith Wright: A lot of people think, "Oh, there's too much regulation and regulation is bad." Until something happens to you. And then people say, "There ought to be a law!" Right? You've heard that phrase before? So, let me just give you an example of that. All businesses have to provide worker's compensation protections. So what that means is the government looks to business to provide for compensation for individuals who are hurt while they are at work. This is not new law. It's ancient law actually. And has been around since the 1800s and earlier than that even in Europe, then we brought those ideas to the US of course when we formed a country here. So, since the industrial age, if you get hurt at work your employer has to provide some protection for you, has to help you recover from that. Without that, think about what would happen. If you went to work and got hurt severely, theoretically, an employer could call your family, tell them to come get you and just plug in another worker. That doesn't seem like a fair way to treat workers. So I kind of liken it like this, this will make sense to you, it's like driving a car. You get behind the wheel of a car, and you're expected to know all the rules of the road, and comply with all the rules of the road. And if you don't you can be pulled over and ticketed for that. So when you get behind the wheel of a business, and you want to drive that business, you're supposed to know all the rules of the business, and if you don't comply, you can be ticketed for that lack of compliance.
MATT:
It’s important to understand that regulations exist for protection. It cannot be stated enough. Of course they’re not perfect and according to Judith, they are usually lagging from what’s actually happening in the marketplace. And as she mentioned as an example, though it can be burdensome for an organization to comply, they are meant for organizational safety. Just like monopoly regulations protect industries and keep competition alive, environmental regulations make sure our drinking water is clean, and health regulations make sure we get the right treatment.
PHIL:
It’s easy for organizations to say that regulations hinder their business or more regulations need to exist. That’s not the point. Regardless of our beliefs about regulations, the reality is, they exist and we have a legal obligation to comply. We want to make it clear, our focus is helping us leaders be proactive and educated about regulations affecting our industry rather than having to react to sanctions and pay fines for breaking the rules. Especially for violations we unintentionally are not following. If your organization is currently facing some government sanctions, stick around because Judith offers some next steps for your business.
MATT:
So let’s start with being proactive. As organizational leaders, it’s our duty to understand, not only our industry, but how we are to operate, legally, as a business. The hard thing is, we are so consumed with growing our organization that we do not have the time to follow each law being passed into Congress - and ask if it applies to our industry. So how do we stay educated? The first way to be proactive on industry regulations is by joining a Trade Association.
Judith Wright: So what these organizations do, essentially, is help educate members about running a business in that specialty area. So they provide newsletters, they have webinars, they have training programs, they provide market information, what's going on in your market, what are the trends. They do consumer studies. They have technology reports. Economic impact studies. All kinds of things that, if you're willing to educate yourself, help you feel more in control of those issues. So if there's a new rule proposed, for example. I saw the other day that the start of California is looking at banning plastic straws. So if you're a business that uses plastic straws, that's suddenly of interest to you. But the trade association can be in there early on helping influence whether the government actually bans them, if so, how the ban will take place and what kind of straws are ok and what kind are not and influence the outcome of that. Helping the regulators understand the cost of making this change for folks that are using plastic straws.
PHIL:
These associations, typically, have full time staff members whose job it is to educate organizations on new laws and even laws being proposed that could affect the industry as a whole. For us leaders, the one resource that’s most scarce is time. We all have the same hours in a day, no matter what. So to have a team of individuals breaking down regulations affecting our organization is critical to remaining proactive. Judith also mentions that since many of these associations make up multiple businesses, they bring more influence to the law makers versus our organization as an individual.
Judith Wright: And it works because, if you or I own a coffee shop and we want to call the governor or the legislator and tell them what we think about it, they might take your call and be very interested. At the same time, a trade association represents dozens in a state and thousands nationally and therefore can kind of get the voice of the small business person before a government party in a way that you or I would find time consuming, maybe frustrating and maybe difficult to do.
MATT:
So now that we have an education pipeline for protection, the second way our organizations can remain proactive on regulation compliance is to invest into legal counsel sooner, rather than later.
Judith Wright: That said, ignorance of the law is not a defense. And so, often times, for example a health code violation, if they change something and you don't know, you're going to get cited for that for each day you're out of compliance, potentially. The cost of non-compliance is 2-3 times the cost of compliance. Meaning, if you fail to follow the rules and you get caught and you're subjected to fines, it's felt by experts that it's going to cost you 2-3 times the cost of just doing it right in the first place. And those costs come from things like fines, of course from doing things you're not permitted to do, but just the disruption in your business, the damage to your reputation, because the competitors do make hay with that. If there's, you know, a newspaper story that your company got cited for health code violations, your competitors are the ones who fan that flame. And then just the whole cost of having to restructure how you do business and get it on track. And the legal fees in terms of settling that. I think that's an important thing to realize, ignoring the cost of regulation can be very expensive down the road when it catches up with you.
PHIL:
The hours spent with a lawyer outside the courtroom are so much lower than having to hire one once our company is before a judge, which means a substantial cost reduction. When getting a lawyer involved early on, lean on their expertise for clarity. They are the ones to check our organization’s blind spots and make sure we’ve structured our companies properly. Start to ask other business owners who they work with – or better yet, ask the trade association for legal recommendations. And, should we find ourselves dealing with sanctions, we’ll have someone to defend us early on – which could mean the difference between keeping our doors open and polishing up our resumes.
MATT:
So we joined a trade association for our industry, we’ve met with a lawyer who checked our blind spots, as an organization, now it’s time to create systems within our company that make sure we stay compliant to these regulations.
Judith Wright: Go back to the driving the car analogy, we all know there are rules to driving a car, but that doesn't keep us from getting in there, learning them and driving that car. And it's the same in business. Once you get a command of those rules and you know, for example, when you drive down the road, every day, you don't consciously in your head say, "Oh, be sure to stop at the stop signs." You know, and it's an intuitive reaction on your part. Once you know the regulation in your business and you become comfortable with that and you've built it into your processes and you have confidence that you're doing things right, every time you do them, and you have a calendar that reminds you when to do filings and that sort of thing, it becomes just part of the intuitive why you do business. It's not scary, it's just the way that it is.
PHIL:
B-P comes to mind when I think of major violations. As we know, back in April of 2010, the Deepwater Horizon oil rig exploded – sadly killing 11 employees and leaking around 4.9-million barrels of oil, according to the U.S. Government - into the Gulf of Mexico. This caused major environmental problems along with legal battles, bad press, and huge fines. The EPA estimates that B-P has paid $4 BILLION in settlements, fines, and penalties. According to the White House Oil Spill Commission, B-P could have prevented the missteps that lead to the disaster by educating their workers and creating systems to comply with regulations. The report also states there were no procedure set on how to communicate faulty test results to experts. So as the leaders of our organizations, taking a little extra time creating systems within our organization that address regulation compliance could save us not just our jobs, but our organization as a whole.
MATT:
After we educate ourselves, get legal advice and make sure we have the right systems in place, the final take-a-way to be proactive on regulations is budget for them. If we’re an entrepreneur, do research to find compliance costs that affect our organizations and include it in our financial planning strategy. If we’re established as an organization, continue leaning into the trade association for ideas so that if we have to change compliance or add systems to protect ourselves, we have the cash to do so.
Judith Wright: The US Chamber of Commerce did a study where they asked small business owners for information about the costs in their companies. And what they found was that, on average, a small business pays just under $12-thousand dollars a year, per employee to cover regulatory costs. Now I'm guessing most small businesses who are excited about their entrepreneurial business plan have not factored in $12-thousand dollars per employee to pay for regulation. And the same study found that on average a small business spends $83-thousand dollars to comply with regulation in its first year of start up. So that's a hidden cost... it's not hidden, it's just one that folks overlook. And as your business grows, and you get a little larger, additional federal laws starts to play. For example, some federal laws apply to businesses with 15 or more employees. So when you go from 14 to 15, suddenly you're in a realm of new regulation that you may not have thought about. And the thing that's interesting for people to take into account is that oftentimes the fine is per violation. For example, lawn care services frequently have to deal with disposal of grass and yard waste. Or clippings and trimmings from trees and that sort of thing. And more than half the states, at a state level, regulate how that waste gets disposed of. So if the rules changed on that and you think you're ok but you're not, each time you improperly dispose of that waste could be a separate fine. And let's say for sake of argument the fine is $1,000 per violation. But if you've disposed of things improperly for the last month or so, without realizing it, you could have multiple thousands of dollars in fines before you even realize you're doing something wrong. Now, does the government come and catch you in the net and say, "Oh, you've done something here." Not necessarily, sometimes they'll work with you to help you understand that.
PHIL:
And it’s examples like these that help us prepare for the ever changing regulations. Whether we’re on the brink of filing for that LLC or about to celebrate our 100 year anniversary, we can still become proactive to make sure our organizations continue its journey of success. Regulations will affect us in some capacity – if we educate ourselves, invite the right help, create systems of protection, and make sure we have the cash available, our organizations can enjoy life in the fast lane.
MATT:
Let’s switch sides now. Say, as an organization, we find ourselves in trouble. We violated a regulation and now we’re facing a penalty.
Judith Wright: Here is some legal advise, you don't call the regulator yourself and try to work it out. You really need legal counsel at that point. So number one, if you realize you have a problem, number one, face it, acknowledge it. Number two, get legal help now. If you don't already have a legal advisor, it's time to get legal help now. And let that lawyer help you interface with the government about how to resolve that problem. There are very few problems that can't be solved. Perhaps you can change your practices in a way that show you have a "good faith" effort going forward and they're not going to be so punishing with you. Perhaps you can negotiate a fine with the government. Honestly, they're there to make sure the protections are in place. They're not there to drive people out of business. But if you find that you really violated the law in some way, a lawyer is someone you should sit down with and talk to about it.
PHIL:
B-P still operates as an organization, despite the $4-billion in payouts, negative press, and setbacks they’ve endured since 2010. Now, hopefully we’re not facing major problems like B-P, but the take-a-way here is to endure. Acknowledge our violation and more importantly our responsibility going forward. Make the changes necessary, pay our fines, and then jump into proactive mode. It’s like a car accident or getting a speeding ticket. When we get back in the car, we become hyper aware or nervous, but what’s most important is the fact we got ourselves back in the car and on the road. Our business can make it through if we lead it the right way.
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MATT:
So let’s recap. Whether we agree with regulations or not or whether we think there are too many or too few does not change the fact that as an organization, we are obligated to abide by these laws. Embracing this truth helps us become proactive – keeping our organizations protected from fines. The first way we can be proactive on regulations is by joining a Trade Association. Not only do they provide the proper education, they voice our concerns to lawmakers with authority. Next, invest into legal counsel. They will ensure we have the right structure within our business to comply with regulations. Plus, if we find ourselves in violation, our legal experts already understand the inner workings of our organization, potentially saving us thousands in legal fees later on. Then, we need to create systems that ensure and protect our compliance. Whether its calendar reminders, check-ups, educational courses, or audits, create systems that keep our companies safe. Finally, complying with regulations costs money. If we work these costs into our startup plan or budgeting protocols, when we do have to pay, we’re not scrambling to find cash. And if we find ourselves facing regulatory penalties, it’s very important to acknowledge the problem, then get legal help as soon as possible. It’s highly discouraged to work with regulators alone. This could mean the difference between massive payouts or ultimately having our business shut down.
If you’ve enjoyed this episode and would like to hear more, head over to your favorite podcasting app. While you’re there, be sure to hit the subscribe button so you can receive the latest episode each week. Thanks again for spending time with us on the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host Matt Martella alongside Phil Powell, where we work to help organizations make better business decisions. We’ll see you next week.
In this second episode of a two part series, CEO and Founder of StartEdUp, Don Wettrick continues on how innovation in the classroom creates disruption in the business world. He's also a Noblesville High School teacher and host of The StartEdUp Podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, I’m your host Matt Martella joined by, as always, Associate Dean of Academic Programs, Phil Powell. Before we dive into this episode, I just want to say, thank you to everyone who has shared our podcast on social media and with friends. We work hard to help organizations make better decisions through our weekly content. And if this is your first time joining us, we just want to say welcome. If you enjoy our podcast, we would really appreciate it if you left us a review on iTunes.
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On this episode, we’re continuing with part two of this two part series with CEO of StartedUp, Don Wettrick who is working to change education by leading and inspiring teachers and students with innovation and entrepreneurship.
PHIL:
Last week Don took us inside his classroom where he carefully teaches students to think for themselves. It’s not about receiving a grade in his class to graduate, it’s about creating innovation among his students. He also shared some incredible success stories from his students. If you missed the first part, I highly recommend you go back and take a listen because Don sets the foundation for today’s topic.
Today, Don’s helping us apply what he teaches his students – innovation as the breeding grounds for success. It all starts with educating ourselves well past graduation.
Don Wettrick: Refocus on what your education even is; even if you're 46, I'm 46, right? That's the one thing I love about being in this class, on most days, I'm the dumbest person in this room. My students, collectively, know way more than I ever will. So I'm constantly... we use this term way too much, but I'm a life-long learner. And I also spot trends. And I want to be a part of that. Therefore, and I'm not bashing people, like, I'm mortified that people will brag about the fact that they've binged watched a season of, fill in your favorite show over a weekend. I'm like, why? Why? So I'm looking to improve or get left behind. Watching Game of Thrones, season one through five is just stupid, in my humble opinion. If you're filling your brain with positive things and things that are going to move you forward, you're going to be ahead. And that's not compliance based, that's just me wanting to be better. But the whole.. my thing I can't stand when you hear this around graduation, "I'm outta here!" That's signalling that you are done learning. There is nothing more toxic in our society than you being done learning. Right? So if you are 46, if you are 56, you can constantly upgrade, you can constantly re-invent yourself, and by the way you should. Because there are a lot of things that are scarily going to go away. And if you are than, you are going to be ahead of the game.
MATT:
Yet, innovation and education cannot thrive without failure.
Don Wettrick: This is my favorite thing to talk about. I'm going to give a metaphor. Asking a kid, if they had to buy a video game, a video game now costs $75 bucks unless it's Fortnite, which is free, which it's not free but... If they spent $75 bucks, and they beat the game on the first try, they would hate the game. Because there's no failure! People like failure. Like, when we ask a girl to dance, and every time we got a yes, that's just straight up boring. There's no challenge in that. We like failure - we just don't like it in school. And this is my whole point of the whole compliance thing, are we here to learn? Or are we here to comply? I remember when I was in college, there were two types of professors. There was one professor that, he was a little bit free-spirited, let's say and that everybody got an "A" and you were there to learn. Or there was the guy that said, "hey, this class is going to be tough but it's going to be worth it." The drop/add period, no one wanted the professor that challenged you! Because you weren't there you learn, you were there to get a grade and just get a degree. That's scary! Now again, I got away with that in 1995. That's different. So the whole approach failure I then, again that culture build? Hey, what are you here for? By the way, my grading is based on their reflections. They tell me what they deserve. And they usually don't B-S me. By the third or fourth week, they know you're not going to B-S me out of it. So if you're like, I deserve an "A," why? And then you tell me why. But that failure has got to be a part of it. No one ever first released a product on their first iteration. Actually it wouldn't be an iteration if it's their first try, but you get my point. It's got to be a part of it. And once you get that off the table, like okay, let's all breath, it's ok if this first line of code doesn't work or if your first event didn't get 100 people to show up to it, that is version number one, it's cool.
MATT:
For some, we wrestle with, “well, I was not born an entrepreneur, therefore I cannot start…” fill in the blank. But Don disagrees.
Don Wettrick: There are some born entrepreneurs, I'm sure. And there are risk takers. But I'm going to quote Adam Grant. I really liked Adam Grant's book, Originals. Opening chapter is the kids, the college students that started Warby Parker. They all had backups. They were all going to take really cool jobs if this Warby Parker thing didn't work out. And I think that there's this misnomer that the total "Maverick," the total screw it all, I'm going all in, putting all the chips in the middle of the table as an entrepreneur. The measured, careful, "I'm going to be prudent about this" is also an entrepreneur. So it can always be trained. I shudder when people think, "I was a born entrepreneur." They're made as well. There's a difference between imagination and creativity, but then there's a difference between creativity and innovation. Imagination you think it, creativity you start doing it, right? If it's really creative and totally new or at least totally new to you, now it's innovative. That is our priority one. Starting them to see opportunities and starting to see things in a different light, that is needed in today's workforce. Workforce, as in you're working for somebody else. I'm cool with that. However, in that innovation process, if they're like, "Wettrick, I'm onto something." That is when the pressure's off. I don't force them to be entrepreneurial, but that's when we have some time to say, "okay, now let's go through lean start up, let's go through a canvas method, let's go through Gantt charts," you know, pick your poison. Once they have that entrepreneurial mindset and some skills, then they I gently encourage them to pursue it. And then that's kind of what our foundation does, I can get into that later, but you know I started looking into, alright, let's look into seed funding or see if you can boots strap this or etc. But again, I don't force them to be entrepreneurial, I just encourage it if they get to that level. The fun part is that sometimes they're in the later stages of life and they have some capital and they can hire my students. One of the things we have coming up here we will run an analytics and several other things. We're going to go out and help small businesses. I'm actually getting small businesses approaching us, which is a great thing to have. But I'm like, "okay, be on standby. I would rather my students go and find you." I don't want to like, "you get this company, and you get that company." I'm telling them, go out and find it. Just the other day, I went to a restaurant in Indianapolis, which I won't say who they were. It was a fantastic experience and no one was in there. I'm like, what the literal hell. And they're like, "we hope more people will talk about it." I'm like, "what's your Facebook page? What are you branding? How are you marketing? Do you incentive anybody that checks in on Snapchat?" - "What's Snapchat?" - Oh my God, come on! $5 in ads will increase your traffic. My kids can go and help that business right now. So I'll get in these strike-up conversations and I'm like, "Here's my number, call my students." But I'm trying to train them to do that. So they can start reaching out to the place that makes the wonderful cupcakes but they're in their 70s or the new business that just opened down the street and they sell whatever. I want my students to go, "Hey, I've been working on this stuff in class. Can I put it to use?" And that's a great thing. Again, I don't expect them all to be in business or be entrepreneurial, but just helping them just gives them and insight and awareness on how to make things better.
MATT:
And it’s up to us, organizational leaders, to identify innovators, then come alongside them in mentorship. Don says we also need to knock down the walls that hinder innovation. Especially in the education world.
Don Wettrick: My first instinct would just say, get them out into the real world while they're in class. I think that there's a lot to be learned in theory. There are certain things you have to learn, but there's also a lot of the experiential that isn't going to be in the classroom, ever. So the more you can find mentorships, the more you can collaborate, the more you can help other, smaller businesses in Marion County, Monroe County, wherever would be beneficial in my opinion. And then also, and I don't know what your guys's policy is, take away the I-P thing. That is one of the things that have changed here in my 2nd year of this class. And for full disclosure, this wasn't at Noblesville. But the high school where I was at, our students wrote a book and put it out on Amazon. And it wasn't going to be a best seller, but it was starting to sell some books. And they were like, "hey, where's our royalty check?" I'm like, "what do you mean?" And they're like, "well, the students wrote it on the school's computers, right?" - "Yeah" - "On school time, right?" - "Yeah" - "By interviewing other students, right?" - "Yeah" - "That's our check." Legally they're right. So Noblesville, man I'm living the dream here, anything the students come up with here, it's their I-P. So that's my beef, I don't know the policies of Kelley, but that is my beef with a lot of colleges. If you come up with something on university time, the university owns it. That's gotta end. And by the way, a lot of times when your students go on to be really successful, they'll write a nice check anyway.
MATT:
Innovation is not simply inventing the next best product. Innovation happens within our branding – both organizationally and personally.
Don Wettrick: And lastly, everybody, and this is my Gary V. moment, every company is a media company. Every person is their own media brand. I think if you are 56 you can re-invent yourself. You can stand for something. Whether that's through your church, whether that's through your works, your hobbies, your passions. If you're really into smurfs comic books, you could be one of the most authoritarians on smurf comic books, seasons one through eight, if all of a sudden you wanted to grow and brand that. You can stand for something and there's never been an easier time than now. So if you're 56, 66, 76, 26, you can still start learning and pursuing those passions.
PHIL:
(CLOSING REMARKS)
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MATT:
So let’s recap. As leaders, Don says we need to refocus our education – we need to stay hungry to learn and looking to re-invent ourselves because we will either improve or get left behind in this world. Next, people enjoy failure – not all the time, but in doses. We want the challenge of learning how to succeed. Videogames are dull if they don’t have moments of failure. Just like success is not sweet if we don’t have that hero’s journey of overcoming obstacles. Don then explains that entrepreneurs and innovators are not simply, “let’s go all in” minded. Some very successful innovators have amazing back up plans in case their ideas fall through. And great news, one is not simply born an entrepreneur, we all have the ability to learn how to innovate. Finally, our organizations and individual likeness are brands. No matter our age, no matter our organization, we possess the tools to re-invent ourselves and stand for a deep held belief.
As always, we want to thank you for listening. Our goal with each episode is to help organizations make better decisions. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host, Matt Martella alongside Phil Powell. We’ll see you next week.
Tucked away inside the Nobilesville High School library, a room full of students make scribbles on a white, dry-erase board. Fired up from a live video-interview with Seth Godin, these teens start bringing their ideas to life as they collaborate in groups, answering the tough question, "why?" In this first episode of a two part series, CEO and Founder of StartEdUp, Don Wettrick demonstrates how innovation in the classroom creates disruption in the business world. He's also hosts The StartEdUp Podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
SHOW NOTES:
MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, where we help organizations make better business decisions, I’m your host, Matt Martella, joined by, as always, Associate Dean of Academic Programs, Phil Powell. If you’re tuning in for the first time, first off, thank you for joining us. It’s an honor to spend this time with you each week. Normally we discuss practical business and leadership tips with the help of our faculty members or industry experts. However, this week, we have a special treat for you. We’re doing a two-part series, featuring CEO and Co-Founder of StartEDup, Don Wettrick. His not-for-profit received recognition from progressive leaders, such as Seth Godin, Tim Ferriss, and Gary Vaynerchuk, just to name a few. He hosts a leadership podcast called The Started Up Podcast, which receives thousands of downloads per episode and they’re no stranger to Forbes Magazine either. Forbes has featured Wettrick numerous times for his progressive style of teaching. Don Wettrick is also a teacher at Noblesville High School where he’s disrupting traditional educational learning by letting students decide what THEY want to learn, then empowering them to do so.
PHIL:
(ADLIB)
Don Wettrick: This is a class at Noblesville High School, called Innovation and Open Sourced Learning. It's called that because the first six... seven weeks it's an innovation course. Like we literally try to teach you how to think for yourself, how to re-frame problems, how to create seekers and peekers, not moaners and groaners, I'll get into that in a little bit. And the rest of the year then, is open sourced learning in a sense that some of the things that you specifically want to learn that I'm not good at, you should build a network and find those people. So, if you said I really want to get into coding Python, I can't do that. But I can sure as heck help you find people that do know that. And so therefore they open source their learning… I don't like it when people moan, "well it's not what you know, it's who you know," okay, let's know people.
MATT: The big draw for students comes from the open learning environment. Tucked away inside the Noblesville High School library, a few dozen students collaborate in pods, not desks, working together to find solutions to ideas THEY generated. However, getting to the point of passion for these students takes intentional conversations, early on.
Don Wettrick: If you tell a student, "hey, go learn something." What? That is, and I'm going to call a timeout, because that's the hard part about this class, is that when I first started it, I set them free a little bit too soon. Because a lot of times kids go, "oh, finally a class where I can do what I want to do." What do you want to do? Oh, I don't know. And they're so used to being told sit down, shut your mouth and work on this. That's natural. So the freedom thing has to be released a little bit slower. Answering the fundamental question of why you're in school. And for years it was compliance. You know, I was just talking earlier before you came in. I didn't go... and I fully admit, when I graduated in 19-90-something, I didn't' go to learn. I went to go get a degree. Because in 1995, if you had a degree, you're good. That's dead! If you don't have skills, you're not employable. And that's mortifying to me because I think there are a lot of students that still have, because their parents, that worked for them... "Oh just go and major in anything, it won't matter." Yes it does matter! And if they don't come out with skills, it's hurting. So I think what's been resinating and I think two-thirds of the people on my show are entrepreneurs. They're rule breakers, they're let's try this my way. That is asking, "then why are we here? Why are we in this school?" Well it's to prepare our kids for the future.. okay, what is it about, what's futuristic about some of the things we do? And by the way, I think traditional education still has a place. You cannot be innovative if you do not know how to read. You cannot be innovative if you do not know how to communicate. You cannot be innovative if you do not understand or appreciate history or how it's going to repeat itself. So I still love education, but there has to be a time and a space where you are allowed to pursue some of your own autonomous interests and work for something that matters, to you. It has to have purpose. Because that whole B-S about, "why are we doing this?" "Because it's on the S-A-T." Oh God. That just doesn't matter in our modern world. We're never going to be smarter than a machine. If it can be automated, it will in the next five years. So what's truly important and what's truly being demanded is that people that are innovative, that have creative solutions. Because a machine can't do that. And I think that's starting to resonate with people. And I hate to be fear based, I really do. I'm a positive guy. But I think some of these things that are coming up, this train that is coming called machine learning A-I, whatever, that's starting to get people to go, "maybe there's something different here." So the curriculum is basically, we start the unlearning process? We start to look at... well first of all we build the culture. And that culture build includes some blogs, includes some things by Seth Godin, it includes a TedTalk here and there. We also go into the purpose. And we also start taking a look at where things are headed. Because I want them to see why they're here. Some of the kids signed up because their parents said they had read about it, or some of the kids heard from the other kids that it's a fun class, but I want to know fundamentally why you're here. So that why, we address first, Simon Sinek... hashtag Simon. So once we establish that why, then all of a sudden we start going into the nuts and bolts of how you break down problems. Collect and connect, which is not mine that was Tina Seelig at Stanford. We start going to little sprinkles of "D" school stuff, right? And then also, we start taking time like I just said, we just started on our social media profiles. How do you reach out to people? How do you collaborate with people? We were just talking earlier, we reached out to Ninja - you may not know who that is, but he's a famous streamer on Twitch and on YouTube and Twitter. And so we were talking about the power of social media. He got back with us in two minutes. A guy that's got millions of followers, and he starts sending us video messages. That's powerful. Because we're kind of demonstrating to the kids, please no middle fingers, no duck-face selfies, no "F" this, "F" that, you are professional. Treat yourself like a professional online. And if you do, people are like, "what the heck? This kids like 17-years old and building a business." And then we start teaching them, this is new this year, and I'm really excited about it, but we also teach them actual skills, especially in analytics. We're going to help them grow. And we're also going to keep the data on it and just show, no charge, because we have found that kids that can... they don't know what to work on quite yet, but boy are they experts at telling everyone else what to do. And then once they do, all of a sudden they're like, "you know what I should work on after this?" Same thing - we do that also with non-profits. We'll work with really small, we're talking a staff of three, kind of non-profit. Help them brand, help them gain awareness, help them raise funds. Then after I force them to work with a non-profit and a small business, now they're itching to go. And I should say with a clarification, this isn't an entrepreneur class, but it is. Again, it's innovation and open sourced learning. If something is truly innovative, and needed, I mean technically I could make a salt shaker into a punching bag and it doesn't mean its a good product. But if it's innovative and if it's needed you might as well take it to market, and then I promote entrepreneurialism.
MATT:
The traditional model of education has a student complete a task, receive a grade, then based on your grade average, get your diploma. But Wettrick says, it’s far more than your grade in his class – it’s completing what you said you would do.
Don Wettrick: One of the hardest things to do in the world, is the things that you said you want to do. Right? I told myself I was going to lose 20 pounds this year, it did not happen. Why? Because I didn't have an accountability partner. So that reflection process is the way we grade, in the sense that, the things that you said you're going to do, I'm there to have you backwards design it. We fell out of calendar. We have a list of things we want to accomplish. If you didn't accomplish those, in your reflection, tell me why. Don't give me this flowery essay laden, great answer, like tell me what you struggled with. Because that's how we're going to get through this. And so, therefore, every two weeks they either give me a podcast, a YouTube post or a blog. We live in the greatest time to document everything, it's free on YouTube. So I'm like, even if you just don't show it to anybody, I will grade you. Because a lot of times, when you start talking out loud, you start making connections. So you start telling me what you need to move forward. Secondly, if I've gotten to them, they do understand branding. People love that hero's journey. So if all a sudden you see a kid on YouTube or has their own podcast and they're like, "okay, here's what I'm moving towards. I really need to know more about this kind of coding language or I need to know more about this engineering thing." Then they'll start building an audience and adults will reach out and they'll go, "here's where you're going wrong." And they start offering help. They start building a network at 17/18! That is why I reflect and that is how I grade. And so it's kind of crazy, I know. And I've actually gone through several different variations I grade, but that's the one I've stuck with the longest. In that, they kind of start making their own connections and they tell me how they're going to move forward. I mean there are some students that still comply, just to comply. And by the way, this class is not for everybody. It's just not. I've noticed that. There are some people that like... case and point, there was a really, really nice student who, towards the first semester, it looks like she was going to start crying. I'm like, "what's wrong?" She's like, "this is the only 'B' I have." And I go, "okay?" And she was like, "Well, I'm just..." and there was this long pause, and I go, "Do you want an 'A'?" And she didn't know what to say. And I walked over to my computer, I logged in and I go, "It's done. You have an 'A'." - "Well now I feel guilty." I said, "okay, are you in this class to satisfy me? Or are you in this class to pursue things in your life?" And in that answer, she knew she was in this class to get a good GPA. She's not meant for this class. Nice girl, oh my gosh nice girl. But she was still under that old model, and that's fine. Then I have some kids, I had one of my most brilliant students, he had a "D". And I'm like, "could you please turn in your reflections?" - "Oh.. I'm too busy." Why? He was basically freelancing for two tech firms. He was making money. "Wettrick, I don't have time for your silly... I mean it's good for the other kids, but I'm busy." What do I say? Like at the end of the semester, I had to look at myself in the mirror and go, "this is my best student, and he's getting a 'D'." And I apologized to him and I'm like, "I gave you a 'C' because I felt guilty about it." He's like, "don't worry about it man, I don't care what my GPA is." Like he barely graduated anyway. That "C" ended up being his best grade. And so, learning? He was learning constantly. That other girl, she really hadn't taken away much from the class other than, she was doing all of her reflections and they were always very measured, she did it as a blog, and the grammar was perfect, and that's cool and all, but actual wanting to do better and do things outside of the school? She's doesn't want to do.
MATT:
And it’s the students that push past simply getting an “A” who gain the most value. In fact, those are the students who make a tangible difference in the world.
Don Wettrick: We've had some companies launched from the class. We've had, probably our biggest story of last year, we had two students who connected with a contact we know in Ghana, and they raised money to start a school in Ghana. Not hand over to the Red Cross, but they went out and left. And spent two months in Ghana. Like, that's crazy. And then also got to work with people like Scott Harrison. We've also had our e-sports team that has turned into their own business. They now consult for other schools that want to start e-sport leagues, so they charge now per-hour for other schools wanting to start an e-sports team. Matter of fact, they're working with some people at Atlantic Records, like they're big time now. I'll be asking them for money soon. And then, this is shameless, this is terrible of me, but even like my daughter having this mindset. I'll never forget this, this pivotal moment. We're in the car driving. I speak, here and there. And so one time we had one of those driveables in Illinois, and Ava and I are in the car. And some God awful celebrity gossip minute came on the radio, like what Kim said to Kanye or something stupid. And all of a sudden, before I could turn the channel, Ava goes, "This! This is the problem with my generation and Millennials. This right here." I'm like, "What do you mean?" And she's like, "Dad, more Gen-Z people take life instructions from what, you know, what Ariana Grande said last night and they don't even know who Tim Ferriss is. They don't know who Simon Sinek is." I'm like, "you're right." And she's like, "I swear to God, Gen-Z needs better mentors. That's what they need." And then she pauses and she has that light in her eyes, she's like, "Mentors.. mentors with a 'Z'.. mentors, I should start my own podcast called Mentorz. And then I would have an excuse to interview all these great leaders that mentors should know. It would be my excuse to talk to Tim Ferriss." I'm like, "That's a really good idea." And then her being my daughter, she's like, "And I don't need your help." I'm like, "Why not?" And she's like, "I'm not going to ride off your guests, I'm going to find my own." Her podcast is amazing! So that's shameless because I'm a dad and just promoted my daughter's... but even that moment, on full display was her new way of thinking. Sh was not like that a couple of months ago.
MATT:
So then, how does Wettrick define success for his students?
Don Wettrick: That's the hard part. Sometimes you don't see success for another six months, eight months, a year. I dare say, a lot of times, our kids, our students come back and go, "Oh my gosh, I get it now." That's fine! Some of the measurables are very difficult and I hate the term soft skills because it sound less than. But some of the soft skill, some of the network build - when our students are building this great hub of collaborators, you may not see their product, their LLC for another year or two. But what you do see is them being able to think for themselves. To get out of the group think mentality. That is something we truly love and that we can also be opportunity seekers. That's what I was talking about earlier. That mindset of seekers and peekers not moaners and groaners. I think the biggest waste of human potential right now is that people are online looking for something that our president said that offended them. Or looking for something that Nancy Pelosi said that offended them - both sides. People will spend God knows how many hours looking to be bothered. Meanwhile, our seekers and peekers have this mindset difference of, "I'm going to go out and I'm going to seek opportunities." And when they start to congregate with each other, seekers start... like doers congregate with doers. And then once they're a community they can peek around the corner. They can see what's next. We've had some students pick out trends like 2-years in advance. Like, case and point, two and a half years ago, two of our students said we should get into E-sports game, it's going to be huge. And dag-gon if they weren't right. So the seekers and peekers mentality you do see fairly quickly once you break them out of that matrix, but the hard thing, again, is that sometimes the financial success might not come for another two, three, five years later.
MATT:
That’s all the time we have this week. Come back next week as we continue with part two in this two-part podcast with Don Wettrick, CEO of StartedUp and teacher of the Innovation and Open Sourced Learning at Noblesville High School. If you enjoyed this podcast and want to hear more, hit that subscribe button on your favorite podcast app. While you’re there, leave a review. We would greatly appreciate your feedback to bring you the best content we know how. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, where we help organizations make better business decisions. I’m your host Matt Martella. See you next week.
As people use more social media platforms, how can our organizations stay relevant online? How do we build a persona that actively engages our followers? On this episode, Associate Faculty in Marketing, Sharmin Kent offers four tips to expand our digital outreach through social media.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
SHOW NOTES:
MATT:
As we pass the torch to Generation Z, it’s important to understand the magnitude of their influence in our culture. Whether we’re ready or not, they continue their journey through the later years of their teens and into their 20s, creating a profound footprint on society that’s becoming more evident with each trending hashtag or popular YouTube video. So how can our organizations stay relevant in a hyper social society? Let’s get to the podcast…
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MATT:
Welcome to another episode of the ROI Podcast, presented by the Indiana University Kelley School of Business, where we help organizations make better decisions. I’m your host, Matt Martella alongside Associate Dean of Academic Programs, Phil Powell.
And Phil, we’re at an exciting point in culture, where we see another generation come of age; just as we’ve seen Gen-X & Gen-Y pass the torch, this time it’s Gen-Z’s turn to take over. In fact, the U-S Census says that by 20-20, Gen-Z will make up one-third of the entire U-S population.
PHIL:
And it’s nothing we should fear either. As organizational leaders, we simply need to understand this generation so we can stay relevant. According to the Pew Research Center, Gen-Z uses more social media than all previous generations. They released a study back in February of 2018 that broke down social media use by age group. If we look at their results, adults between ages 18 and 24, 94% use YouTube, 80% use Facebook, 78% use Snapchat, 71% use Instagram and 45% use twitter. This generation leads in all categories, except Facebook, which they’re number 2, just behind Millennials. So as leaders, if we want our organizations to grow, we need to leverage good social media practices to keep up with the next generation.
MATT:
We sat down with Sharmin Kent, Associate Faculty in Marketing, who carries over 15 years of writing experience and has been featured on websites such as The-Atlantic-dot-com, Think-Progress, and Social Media Today. She helps us look at 4 ways our organizations can create a better social media presence.
If we’re going to improve our social media platforms, the first thing our organizations need to do is actively engage our audience.
Sharmin Kent: I would say start by thinking of social media as a "top of the funnel" channel. Social media is where you want to engage people who may not know who you are, but depending on the channel, it can also be a place to actually start a dialogue… That's one of the things I love about social media, because when you get right down to it, no matter what you're buying or selling, it's always a person selling to a person… it’s about getting back to the human element.
PHIL:
JetBlue is a great example of active engagement with their followers. Here’s a massive company that employs over 16,000 people with almost 2 million twitter followers – yet, they find time to quickly respond to their customers, via tweets. Not just to the complaints either. One follower jokingly tweeted at JetBlue that she expects a welcome parade at her gate when she gets home – so what did they do? JetBlue made a few personalized welcome posters with her name, gathered a few employees at the airport, and then snapped a photo that they posted online with the caption, “a little something to remember us by.” That’s just one of numerous stories this company does to make their customers feel valued and appreciated on an individual level.
MATT:
It’s also finding your brand’s voice. Like, what if your brand were embodied into a human? What would your brand look like? Sound like? What’s their personality? Answering these questions help make our brands feel human. If we study the toilet paper company Charmin, we can find they know their “human” identity on twitter. They embrace light-hearted, toilet humor while engaging their audience by asking questions and responding to tweets their followers send them. In fact, Time Magazine named them the sassiest brand of twitter in 2014. One trend Charmin leaders noticed was that 40% of young adults admit to using social media while using the bathroom – mind you, these are only the people who actually admitted it. So in response, they made a hashtag – Tweets from the seat – to specifically engage that audience – which became their most popular hashtag. Charmin states, quote, at our core, Charmin is all about giving people a better bathroom experience and it is important to us that this translates to how we engage with consumers on Twitter – end quote.
So as leaders, we need to treat our social media accounts like the front lobby of our brick and mortar office. Our audience must feel like their voice, in this case tweets, matter, then reach them in a personal way. We need to start real conversations and ask authentic questions – because our followers are, after all, human.
Once we create active engagement with our followers, the second way to having a better social media presence is to study our competition.
Sharmin Kent: Start with your competitors: what are they doing that works, not working, what is your key differentiator, and how can you do it better than them? … Then, try to find something and put together a campaign that fits your products and target audience.
PHIL:
The key is identifying our opportunities that set us apart. If we exam all the social media outlets from our industry competitors, it’s important to study what’s working and what’s missing. Let’s start with what’s working. Don’t simply look at what we think works, look at how their followers respond. Take note of the personal attention they give their consumers. How are their most popular posts worded? How often are these organizations posting on each channel? Can we imagine their brand as an actual human being? Once we figure out their strategy, next we need to focus on what they’re missing or where they can improve. This stage is key because what our competitors lack in their campaign could be our organization’s break-through.
MATT:
So once we actively engage our audience, then study our competitors’ social strategy, the third way we can better our social media presence is don’t be afraid to keep trying new ideas.
Sharmin Kent: Trial and error is also a big thing because social media changes so often - what works on a Tuesday might not work on a Thursday... The only constant right now is change.
MATT:
Back in early 2016, Hamburger Helper identified their twitter audience, millennial males, and created a persona for their brand – an urban male who likes hip hop music. Even commenting on hip hop news from their company account. Hamburger Helper’s Marketing Communications Manager, Liana Miller told Ad-Week in an interview, in part, quote – we would definitely comment on hip hop news and it caught on because as you can probably tell there aren't a lot of brands commenting or playing in the space. We're one of the few – end quote. Miller goes on to say that as their validity within hip hop news grew, their followers started to push back telling the company that if they knew so much about this music, they should write their own rap. So, Hamburger Helper’s marketing team reached out to up and coming rappers for help because, Miller says – quote - At the end of the day, it's most important to create something worthwhile… The millennials on our team were like, 'Let's make something we would listen to, not some marketing ploy.'" – end quote. The results? When they released this rap on Friday, by Monday, the brand garnered over 432-million social impressions and received over 4-million plays on SoundCloud. This stunt was a massive success. Why? Miller says that’s accredited to being authentic, speaking the language their followers speak and not putting anything down their throats.
PHIL:
Along with trying a new and engaging social media campaign, we need to be timely too. A great example is Oreo’s twitter stunt during the 2013 Super Bowl infamous power outage. Just after the Ravens scored against the 49ers in the 2nd half, the stadium lights suddenly turned off, stopping play for 34 minutes. Oreo took advantage of this moment. Just 10 minutes after the lights went out, Oreo’s marketing team quickly made a picture of an Oreo cookie surrounded by darkness with text saying – quote – you can still dunk in the dark. The timeliness of this tweet during the blackout had unbelievable success. In fact, this one post received over 16,000 re-tweets and 20,000 Facebook likes. Brands spend millions for 30 seconds of time to get on the Super Bowl. With one quickly edited photo and a timely attention to culture, Oreo hit the spotlight with next to no cost. Again, it’s going back to that human element. Making our followers believe we’re one of their friends and actively engaging within the world around us.
MATT:
Once we actively engage our followers, study our competitors’ social strategies and then get comfortable trying something new while being timely. The fourth and final way we can better our social media presence is to hire a professional social media expert.
Sharmin Kent: Hire an expert - don't do it yourself, and don't think you can hire an intern over the summer, and because s/he is 20 years old, they know "the Twitters… if you can't hire somebody full-time, then get a consultant… and if you have an executive who's been in business for 30-40 years, but has never touched a Twitter account, that is not the person you want running your social media! Have someone who knows what they're doing, pay them, and invest in the technology to make their job easier.
MATT:
According to the Digital Marketing Institute, 78% of businesses now have teams dedicated to social media. That’s up from 67% back in 2012. And if we want to build a successful brand engagement with Gen-Z, we need to invest into people who know what they’re doing when it comes to social media.
PHIL:
This is a professional sector of business now, whether we want to believe it or not. Professor Kent is right. As an organization, we cannot bring in some intern to build our campaign just because they’re young and get it, or allow an inexperienced team member try to engage our social media audience. This will take careful planning and moving resources around within our organization to give the proper investment this sector needs. If we are to stay relevant in this generational transition, we must work to improve our social media footprint.
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MATT:
So let’s recap. Generation Z is coming of age and taking their place as cultural influencers in a large way – by 20-20 they will make up one-third of the U-S population. So to stay relevant as an organization, we need to improve how we view social media. The first way to having a better social media presence is to actively engage our audience while finding our brand’s personality. How can we take part in the conversation of our followers? JetBlue and Charmin toilet paper offer great examples of social engagement. Second, we need to study what our industry competitors are doing through social media. What’s working for them? What are they missing? Where can they improve? Answering these questions will help us build a successful campaign, potentially moving us ahead of our competitors. Third, we cannot be afraid to try something new while being timely. Hamburger Helper made a mix tape – a food company makes music, think about that. And Oreo stayed current on culture during the Super Bowl. Yet, in trying something new, they both exploded their social engagement. And finally, in order to build a better social media presence, we need to hire professionals and invest resources into this sector of business. Social media takes full-time attention in order give our audience the personal care they desire.
If you want to hear more episodes, search for the ROI Podcast through your favorite Apple or Android device. While you’re there, hit the subscribe button to get the latest podcast directly to your phone. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business where we help organizations make better decisions. I’m your host Matt Martella, signing off until next week.
How does a company create a winning strategy within an industry of corporate giants? Using the story of Moneyball by Michael Lewis, we are exploring proven baseball strategies, using statistics, to help us beat our competition. On this episode, professor Kyle Anderson, steps to the plate and knocks this confusing curveball, out of the park.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
SHOW NOTES:
This episode of The ROI Podcast is brought to you by the Kelley Evening MBA Program at IUPUI. Ranked number one in Indiana by US News. The Kelley Evening MBA will take your career to the next level—so you can be part of something bigger than yourself, while making a meaningful difference. To find out more, visit https://kelley.iupui.edu/mba/ and take the first step toward lasting career momentum.
PODCAST INTRO:
MATT:
The Oakland A’s became a championship level team in the early 2000’s thanks to a progressive thinker named Billy Beane. In a sport where deep pockets have the greatest advantage for winning, General Manager Billy Beane took a crummy team with little money and made them champions. How? On this episode, we’re sitting down with Professor Kyle Anderson, an economist at the Kelley School of Business, who’s helping us unpack Billy’s moneyball methods, to send our company success out of the park. Let’s get to the podcast…
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MATT:
Welcome to another episode of the ROI Podcast, presented by the Indiana University Kelley School of Business. I’m your host Matt Martella joined by my colleague, Associate Dean of Academic Programs, Phil Powell. And today… oh this topic gets me excited, because today, we are talking baseball. And not just baseball, we’re talking how to take a proven, game winning strategy, and implement the same science into our everyday business.
PHIL:
(Remarks)
MATT:
So did you see the movie Moneyball?
PHIL:
(RESPONSE)
MATT:
I just love how it’s based on a true story… obviously dramatized in the movie, yet it was so fun to watch this classic Cinderella story of a washed-up team, adopt a new way of thinking which helped them beat Goliath teams like the New York Yankees and Boston Red Socks.
PHIL:
And for those that don’t know the Moneyball story, let me set the scene…
In 2002, The Oakland A’s had the third-lowest team payroll compared to the rest of the league. Basically, they were a very small fish in an ever-expanding ocean. Their spending cap, during that 2002 season, keep in mind this is the SAME season they went to the playoffs, was only $44-million dollars – which seems like a lot. But compared to the New York Yankees, who had almost 3-times that amount, $120-million to be exact, the A’s could not afford the same level of talent. It doesn’t take a certified accountant to realize, Oakland had a huge disadvantage against their competition.
MATT:
And that’s what pushed Billy to adopt a new way of thinking in terms of how to recruit ball players. He looked at what it takes to win games and narrowed his answer down to a few key statistics – on base percentage and the number of hits per game. While most teams relied on scouting to find talent, Billy used data other teams had access to, yet completely overlooked, to his advantage. This gave the A’s a massive edge against baseball organizations who had deep pockets. So how can we compete against corporate power-houses who clearly have more money to spend? We sat down with Clinical Assistant Professor Kyle Anderson, an economist and avid sports fan here at Kelley, who’s love for the game offers great business practices. The main take-away is we have to know a basic level of statistics within our organization, so we can create the best solution for the problems facing our company.
Kyle Anderson:
Sports are great because there are so many statistics. Everything is available, right? And people are out there tracking it. But now in this day and age, we're tracking a lot of data and a lot of statistics about our businesses. So it just takes a mindset of, "let's go look at that data and see what we can get out of it." Can we find some valuable information and maybe compare something and really try and see what's going on.
MATT:
This is a tough subject for me because I’m not a numbers guy. I did not do well in stats class, and I do not like spreadsheets. But, I can confidently say, after sitting down with Kyle, I quickly realized none of my qualifications… or really, lack there of, matter. Within business, I can ask a question, then work within my team to get the data needed. What’s great is, it’s not complicated. In fact, we don’t need anything other than a willingness to start somewhere.
Kyle Anderson:
And the answer is almost always, start simple. I think one of the things managers can do is think in terms of experiments. Go back to your eighth grade science class, right? There are "A" conditions and there are "B" conditions. And if you want data, sometimes you have to create an experiment to help you get that data that's going to help you make a decision. It's a very simple approach… Start thinking about, not only what data can I collect, but how can I set up little experiments, little A-B tests, and find out which one works best. And I think, especially in technology, that's becoming easier and easier to do that. And it's so valuable. And it's one of the best things a manager can do.
MATT:
So number one, we have to be willing to start, and start somewhere small. Before Billy Beane could build his baseball empire, he had to start looking for answers that were not very obvious at the time. He already knew he could not afford the best talent, so he had to find his competitive edge. And he did, but it started with experimenting, just like Kyle suggests. Create little experiments to see what A vs B tests we can try, that point us toward the right decision. Kyle also said that of course there is a whole science to make sure your trials are balanced and fair, but do not let that discourage you from taking the first step of trying in the first place – do something two different ways and see what works best.
PHIL:
For example, let’s say I’m a business trying to grow my client base, yet not sure about how to measure a successful marketing campaign, I want to make it super basic. Let’s say, as a company, I’m trying to increase customer engagement on our website. Here’s a great little experiment to try – using an email marketing campaign, create two different designs. One email promotion could be a more conservative design, maybe have more info about your company than normal, or a current template you have used in the past. For the second design, just go for it. Make it edgy, simple, modern, brief, or whatever you have been afraid to try before. Once you have your designs, send one email to half of your clients, and the other design to the remaining group. After a few weeks, monitor the progress. Ask yourself, is there a trend that suggests one design received more clicks than the other? If so, as a leader in your organization, you now know improvements to implement that could help your company grow. And if not, pat yourself on the back because growing as a leader requires getting it wrong sometimes.
Kyle Anderson:
If you're not out there failing as a company, then you're probably not out there trying enough things. Right? You're not playing with a new strategy. Obviously, you want to fail small, you don't want to risk the whole company, but if you're not out there trying new things, and occasionally failing, or more often than not failing, you're probably not being aggressive enough.
MATT:
The second take away is be ready to fail at times, because as Kyle said, this is a sign of progress. It’s funny because every great story requires overcoming a struggle. And I think we forget that sometimes. Let’s jump out of baseball real quick and look at Bill Gates, before computers became our livelihood. In 1980, Gates’s mission for Microsoft was, “A computer on every desk and in every home.” A ludacris idea when you consider two things - how expensive these machines were during their inception and even greater, a consumer who did not see the need for having a computer at home. In 1981, the IBM Personal Computer carried a $1,500 price tag… when you take inflation into account, it would cost us $4,100 today. Yet, when we jump back to today, what do we see?
PHIL:
We not only see a computer in every home and on every desk, we see multiple computing devices in every home and on every desk. They run our cars, our phones… heck they even have computers inside refrigerators now that connect to Wi-Fi. In fact, the Moneyball story would not exist without computers crunching his data. There’s an entire industry in our economy solely based on computers. But at the start, Gates had the world against him, and because he grew in failure, his vision for the world became a quantifiable reality.
MATT:
And that brings us to our third take-away – when we find our competitive edge after embracing statistical data, keep going. Don’t stop. Keep revisiting the numbers, keep experimenting because eventually, our competitors will not only catch up with us, they’re going to find their own advantage and grow past our organization.
Kyle Anderson:
I think it's a perfect parable for business. Which is, if you start doing things better, that's going to give you a competitive advantage, but it's probably not going to last very long. And the worst think Billy Bean ever did, I think, was let Michael Lewis come in and tell his story because eventually everyone saw that success and was able to copy it. And it really took away that competitive advantage. And now he's got to be looking for something else. They all are looking for a way to outperform the competition.
PHIL:
There was a long streak where the Oakland A’s held the advantage because they found, and perfected, a new way of building a team. However, other ball clubs started to take notice. Organizations like the New York Yankees, Chicago Cubs and the Boston Red Socks started to see the science behind Billy’s success and copied it. What happened? The Oakland A’s lost their competitive edge, ultimately allowing their competition to go further. The same evolution happens in business, it’s just a little less visible. So as business leaders, adopting an attitude of adaptability will help us keep up with our ever changing industries. And it’s that evolution which keeps our economy alive.
Kyle Anderson:
The story on our economic history in this country is companies rising and falling. Because it's very hard for large and confident firms with dominant market share to make those aggressive changes that you need to stay ahead. So it's the large slow businesses that get comfortable, aren't able to change and it's all the young ones at their heels. And that's just a natural evolution, and it's great for our economy. It's great for consumers, it gives us lots of choices. So it's a beneficial part of capitalism.
MATT:
Finally, as our excitement of data collection grows – because eventually we’ll love the quantifiable answers it brings, the fourth change we must make to beat our competition is balance. We must balance the use of data with industry experience. Data by itself can only get us so far, just as solely relying on experience will keep us from growing. Yet, if we can find a way to marry the two, we will make better decisions as leaders. Now, the movie version of Moneyball did a horrible job showing this. In the movie, Billy Beane – played by Brad Pitt – ignored his baseball scouts and only used data to find these mis-fit players. So we have to explore the book to find the actual story. Here we find that Beane leveraged the input from his scouts AND his data to make the best choice available, ultimately building a team able to take down ball clubs, like the Yankees, with deep pockets. Kyle, on the other hand, learned this lesson well before Moneyball was released.
Kyle Anderson:
I got my MBA from Kelley, and I got into a job where I was essentially working as the CFO for a relatively small business. It was a truck dealership and the dealer had owned the business for 30 or 40 years. And I would come in with my spreadsheets and we were talking about different ways of making decisions. He didn't even have a computer on his desk. Right? And I'm in here with all my spreadsheets. And I always thought that, "Oh, my way is better, right? I've got analytics, I've got data." Well he had 40 years of industry experience. A couple of spreadsheets are not going to give you insight that 40 years can do. Now, I think that if you blend those together, you're going to make better decisions than either having just data or just experience. So I think that a lot of the story, comes back to the moneyball, is you can't just think that analytics are going to give you the answer or you can collect some data and then do whatever the data tells you to do. You have to have your expertise in that industry and that experience is certainly valued and it should never be dismissed.
||MUSIC PLAYS||
PHIL:
And that is how Moneyball became a success story. Billy Beane married both the baseball stats all other teams overlooked, with the knowledge and insight of his scouts – who carried the industry experience. By asking the right questions, experimenting in his decisions, and working through his failure, the Oakland A’s rose to the top of the league and ultimately changed how baseball teams would build their empires today.
||ROI MUSIC PLAYS||
MATT:
So let’s recap. The Oakland A’s discovered a winning strategy while being faced with a major disadvantage – they were completely under-funded compared to the rest of the league. However, that did not stop them from defeating their Goliath’s and rising to the top. If we want our companies to beat industry giants, we need to make four changes and it all starts with data. First, we must be willing to start. Start with simple A-B tests that gives quantifiable answers. Don’t simply collect data to have, either. Ask yourself, “What questions do I need to answer and what data do I need to help answer that question.” Second, be ready to fail at times. The entire computer industry was birthed on the backs of failure – yet it was the lessons they brought that made Bill Gates an industry giant. Third, when we find a winning strategy, keep going. Do not get comfortable because eventually, our competition will find a strategy that will beat ours. Finally, discover a balance of leveraging data and asking our industry experts. Data will have anomalies and experts will miss something important. So if we can bring both to the table, as leaders, we will make the best decision possible.
As always, thank you Phil, and thanks for listening. This has been another episode of the ROI Podcast presented by the Indiana University Kelley School of Business.
How can the Chicago Bears, a historically losing team, draw such a large crowd to their games? Why is there a line out the door, in the middle of an afternoon, at Apple Stores? On this episode, Associate Vice Chancellor, Jay Gladden gives us an inside look at how major sports teams and retail chains create winning marketing strategies.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
This episode of The ROI Podcast is brought to you by the Kelley Evening MBA Program at IUPUI. The Kelley Evening MBA will take your career to the next level—so you can be part of something bigger than yourself, while making a meaningful difference. To find out more, visit https://kelley.iupui.edu/programs/evening-mba/ and take the first step toward lasting career momentum.
PODCAST INTRO:
MATT:
The 2018 school season is officially underway. In honor of our kids in the class, we’re going back to school with Marketing Expert, Professor Jay Gladden who’s re-teaching us simple techniques so we can market our brand like a champion. Let’s get to the podcast…
||ROI PODCAST MUSIC||
MATT:
Welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business, I’m your host, Matt Martella, alongside the one and only, Associate Dean of Academic Programs, Phil Powell.
On this episode, we’re sitting down with Associate Vice Chancellor and Professor at IUPUI, Jay Gladden who holds a Ph. D in sports management. He’s done marketing research for Major League Soccer, the NCAA, and the United States Figure Skating Association. He’s also a board member for Visit Indy and a member of the Indiana Sports Corporation President’s Council.
PHIL:
(Remarks about Jay)
MATT:
Well today, Jay’s going to help us unpack some simple marketing tips – using both sports teams and retail examples. The principles seem elementary, yet it’s really good to get back to basics because though they’re simple to hear, they can be tough to master. The first tip to marketing like a champion is to identify a need in the marketplace, at your company, or within your organization. This basic business principle is the root for every major company success.
Jay Gladden: there's a company in Indianapolis that was created because someone [there] said [they] didn't have the technology tool to manage [their] volunteers for this event. A woman named Florie Mae said that she'd take a stab at doing that and created this technology tool, didn't think it was going anywhere, and generically called it The Registration System. She will honestly tell you that to this day, they put a generic name on it because they thought they were just doing it in the instance for Indiana Sports Corporation. That has become a tool that's very commonplace, a market leader for volunteer management systems, particularly for sporting events. So it's a really good example of serendipity of a very viable business is built by identifying a need.
PHIL:
(REMARKS/EXAMPLE)
MATT:
The second marketing tip Jay suggests is, create an experience around your product or solution to the need you’ve identified.
Jay Gladden: You know, Apple stores fascinate me. You can get Apple products other places, but any time you go to an Apple store, there's a line out the door in the middle of the day. And before that it was Nike stores. And I know, on good authority, that Nike stores do not make money. They just don't. It's not where the Nike stuff is bought. It's really a brand tool, it's an experience, it creates that connection between the consumer and the brand. What does it symbolizes about you and how it fits into people's identities.
PHIL:
People don’t buy an iPhone because it makes a phone call because there are many qualified companies that make the same kind of device. They buy the experience Apple created around that device. (Talk about the defining your why)
MATT:
The third tip to better marketing is to control that experience – don’t simply market off its success, market to the experience around your brand.
Take the Indianapolis Indians for example. The simple, logical approach is create a campaign around the actual game of baseball, right? But they don’t. So what would their crowds look like if they simply marketed the baseball game? Or a whole campaign around their star player? It wouldn’t work! Why? Because they cannot control when a player will get called up to the majors just as much as they cannot determine if they’ll win that night. So they do things like Friday night fireworks, kids can run the bases, or discounted food – those are controllable elements. All sports teams take inventory of the controllable things surrounding the viewing experience and leverage those for marketing their brand.
Jay Gladden: And that's why the Indians are a really great example because when you go to a minor league baseball game, the outcome really is secondary. You're going because you want to be outside, probably with a group of people, or your family, it's affordable, it's friendly, it's clean, it's fun, right? Those things you can control.
PHIL:
Again, it’s doing things I have a direct influence over and creating a marketing campaign around it.
MATT:
And the proof is in the pudding. Take the Chicago Cubs as another example. Before they won the World Series in 2016, their brand was associated with defeat. So how can a historically losing team draw such a massive fan base to each game?
Jay Gladden: And I was particularly fascinated with how the Chicago Cubs could turn out large crowds, despite numerous years of losing. Yet, people turned out at Wrigley. And people would say, "there was a party at Wrigley Field and a baseball game broke out." Which jokingly, I think, very nicely summarizes the experience. But you started to see just the elements of building a brand. It's not just what happens on the field, it is the place where it happens and what you create with that place.
PHIL:
(REACTION/WEIGH IN)
MATT:
So let’s recap. Using Jay’s incredible knowledge within sports marketing, there are 3 simple tips we can adopt in order to market like a champion. First, we must identify a need in the marketplace, at our company, or within our organization. This is the root for every success story inside business. Second, create an experience around the product or solution that addresses the need we’ve identified. This is Apple’s strategy that makes their products so revered within our culture. We don’t just buy an iPhone, we buy what an iPhone symbolizes. And finally, control that user experience, don’t just market the product itself or the success it brings. The Cubs cannot market success when their team is not winning – they control our experience by the elements surrounding the game, which allow us to have a great time, no matter the outcome.
If you enjoyed this episode and would like to hear more, head over to iTunes and hit subscribe. While you’re there, tell us how we’re doing. We really appreciate your feedback.
There's a lot of buzz around the country, wondering where Amazon will build it's second headquarters. Many cities, including Indianapolis, are competing for the great honor, but only one will claim the prize. On this episode, we sat down with Associate Faculty in Real Estate, John Snell, MBA'77, who helps us unlock three improvements Indianapolis can make to bring Amazon to the Circle City.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
Matt:
Amazon continues their search to build their five-billion dollar, second headquarters facility – a business venture that brings tons of excitement within the Indianapolis community. Back in January of this year, Amazon announced that Indianapolis was one of 20 cities, carrying the potential to host the massive e-commerce and tech headquarters. So what does this city need to change in order to make Amazon a home? On this episode, we’re going to explore three improvements Indy can make to claim Amazon’s 2nd headquarters. Let’s get to the podcast…
||MUSIC PLAYS||
Matt:
Welcome to another episode of the ROI Podcast, presented by the Indiana University Kelley School of Business. I’m your host, Matt Martella alongside my pal, Associate Dean of Academic Programs, Phil Powell. Real quick, before we jump into our topic today, I want to say congrats to you Phil and a HUGE thank you to our listeners - this past weekend, the ROI Podcast hit a major milestone. We are officially over the 10,000 download mark since this podcast first aired back in April of 2017!
Phil:
(Remarks)
Matt:
And again, this would not be possible without you, our listeners. So from the bottom of our hearts, thank you! And as this show grows, we would love your feedback. So head to our podcast on iTunes and leave a review! Rate our show, tell us what you enjoy or leave a topic of interest you want us to explore because at the end of the day, it’s all about you – our audience.
Okay Phil, as we know, there’s still a lot of anticipation for many major cities in the US, wondering where Amazon will call its second home. Among cities like Denver, Chicago, New York and Atlanta – we find that Indianapolis has also made the short list of “finalists,” so to speak.
Phil:
And though it may be a surprise to many around the country, Indy offers some great amenities to a company like Amazon. We’re centrally located in the country with quick access to major markets like Chicago, Detroit, Columbus, St. Louis and Nashville, we have a major airport close by that houses the 2nd largest FedEx hub in the country, and our tech industry has experienced major growth – largely attributed to the big tech players who’ve made Indy home; companies like SalesForce, Angie’s List, and Interactive Intelligence, to name a few. So we find that Indiana has the potential already, but with these other great cities in the running, there’s improvements to be made.
Matt:
And that raises the question, what do we need to do, as a city, to acquire Amazon H-Q two? We sat down with one of our own faculty members, John Snell, who carries over 37 years teaching experience at the IU Kelley School of Business and is the owner and president of Snell Real Estate Evaluation Company - a commercial real estate consulting, appraisal, and brokerage firm. He helped us analyze commercial real estate in Indianapolis that could hold the key to make this city beat the rest.
The first improvement Indianapolis needs to make, according to John, is we need to increase the number of rental properties downtown. According to the U-S Census, between 2011 and 2016, Indianapolis has seen the demand for rental housing surpass the demand of those looking to buy a home. In fact, since 2011, as the renter occupied housing, here in Indy, increased by just over 1% while owner occupied housing went the other direction, shrinking by the same amount. So we’re seeing a trend that’s not just here, but across many Mid-west cities, like Toledo and Cleveland. People would rather rent than buy a house inside city limits. And John Snell knows why…
John Snell: The Millennials have, by far, you know, to a greater extent selected rental versus owner-occupancy. So we have a far lower supply of homes, single-family, on the market and that's changed the urban setting as well... I can live downtown, work downtown, you know, I can maybe not even have a car if I chose not to, now in this city. And you can stay in that environment. So those are huge changes to real estate.
Phil:
And there are a number of reasons why we’re seeing the Millennial Generation prefer renting versus buying a home. One is that this generation carries the largest amount of student debt then previous generations. According to the Federal Reserve, at the end of the first quarter there was $1.44 trillion in outstanding student loans. It’s hard to add a $150,000 mortgage on top of a $40,000 student loan. Yet, that does not fully explain why. According to an article posted by the City Journal, the demand to live downtown is rising globally and the technology industry is a major contributing factor. According to Mario Polese from the City Journal, well-paying jobs are making their way back to the city. So mix that into the social scene and Mario says people want to be able to walk across the street to get a coffee or sandwich at midnight or a beer around noon at the pub next door – without having a commute. It’s the access to these amenities that’s also driving the demand of downtown living.
Matt:
And that leads us to the second thing Indianapolis can do to claim Amazon’s second headquarters – Indy needs to increase the lifestyle services available to downtown residents.
John Snell: So as tech looks at the kind of space they want and, you know, the kind of space they want to be housed in, the market has had to completely change, you know, what they offer, what they provide. And then as those new users come in, they tend to be more progressive. They tend to be younger and they have a different life-style. They are very much more likely to live urban. So it's amazing what the domino effect can look like from just the seed of your question. How much does that change? It changes everything.
Matt::
Going back to your point, it seems as though people who come downtown want access to variety. Just working downtown, how valuable is it to have 30 different restaurants within a few miles of your office?
Phil:
(Response)
Matt:
And even though we have major attractions like the Colts, Pacers, major concerts, and an active social scene – there are problems the city needs to address to keep young professionals downtown the majority of their career.
John Snell: I don't think a city can sustain itself, sustain this level of growth if you grow out of it by the time you're 28 or 30 and move away or move to the burbs.
In our interview, John made reference to education as one major improvement – how the Indianapolis Public School district needs to work on keeping younger, higher paid families from making an exodus to the suburbs. Yet, it’s not just Indy, inner city schools across the country have a hard time competing with suburban districts. According to the Indiana Department of Education, IPS received a much lower rating than the suburban districts surrounding the city. So our urban community needs to work with the school board to help build an attractive education system for both teachers and students. As these younger professionals settle down to raise families, it’s no longer the question of what hot dog stand is open at 3-AM, but it’s what school will set my kid up for the most success?
Phil:
Of course, there’s more than simply education to improve upon. John says the ease of access to grocery stores and retail shops also play a big factor for keeping families downtown.
John Snell: So for example, just a grocery store in downtown Indianapolis is really something we've only had significantly for the last five years. It's been unusual. We don't have a growing retail. Circle Center Mall has been kind of suffering. There's still a lot you look at and say there's a lot that needs to get better. And it's probably services and just dealing with, can you sustain that core into a more diverse demographic market.
Phil:
Improvement is the key here, and as a city, we’re moving in the right direction. Just this past February, the Indianapolis Business Journal published an article titled, “Visit Indy reports sixth straight year of rising visitor spending.” According to Visit Indy, the economic impact of visitors in 2016 was $5.2 billion dollars. That’s up from $4.9 billion made in 2015. So we are making downtown fun. If we can blend the attractions for guests and retail for permanent residents, we will discover a sustainable urban environment that keeps families from leaving.
Matt:
Finally, the third improvement Indianapolis can make to give Amazon a second home is market to a new employee talent pool. Since there is a rise in people moving to downtown environments, according to the U-S Census, why not leverage that in marketing campaigns? Make downtown feel more attractive to the younger generation.
John Snell: I think we used to be a much less dynamic place to live. So whether it's the continued expansion of the sports franchises, but the liveliness of downtown, the fact that it's a more livable urban environment, I think it's now made us more competitive for younger talent. And I think bringing younger talent into a market changes the city. And all of a sudden, it attracts users like the Amazon interest in Indianapolis, would be based upon being able to attract that employment base.
Phil:
And it’s the younger generation that brings life to a city because they’re more inclined to stay out until midnight at the restaurants or take the risk of starting a trendy boutique in a re-developing part of the city. It’s also this generation that will take over as executives and managers – which in turn will change how business is even done in the long run. Attracting this young talent to the city gives major companies, like Amazon, a large talent pool they can build their company on. Indianapolis has a big advantage because we have such a close proximity to major universities, like IU, Purdue, Butler and Notre Dame, just to name a few. All of which produce some of the brightest minds in the country. So we need to draw that talent here, in the city so Amazon will draw to us.
||MUSIC PLAYS||
Matt:
So let’s recap. Amazon is on the hunt for a second headquarter location and Indianapolis is on their list. Each city offers great amenities, however at the end of the day, only one can house the multi-billion dollar e-commerce giant. If Indy is going to be that city, there are three improvements we must make. First, we need to increase the number of rental spaces available downtown. The demand for urban rental property is rising. People want work and social activities in close proximity, without commuting. Second, we need to continue making improvements to lifestyle services available to downtown residents from education to retail in order to keep families from making an exodus to the suburbs. Finally, we need to continue to leverage the demand for downtown living – create marketing campaigns that draw the brightest minds to the circle city; ultimately giving Amazon the best pool of talent to grow their organization.
As always, thank you Phil and thanks for listening to the ROI Podcast, presented by the IU Kelley School of Business. I’m your host Matt Martella, see you next time.
|| MUSIC FADES ||
How many times do we feel like we're "stuck" in our career? Or as though our personal growth has plateaued? On this episode, we spoke with Traci Dolan who shares her success as the former CFO of ExactTarget. She offers three, practical tips to launch your career to the next level.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
MATT:
As we approach the 10-year mark since the 2008 financial collapse - as a global market, we’re still picking up the pieces. However, the economic comeback we’re seeing across the United States shows favorable conditions for both new business creation and corporate development - which in turn means better chances for your start-up business’s success or that big promotion. On this episode, we’re talking with a CFO who offers some practical tips for professional growth. The sun is rising on our financial landscape. How will we make the most of it? Let’s get to the podcast.
(The ROI Podcast Music)
MATT:
Good morning, and welcome to another episode of the ROI Podcast presented by the Indiana University Kelley School of Business. I’m your host, Matt Martella, broadcasting from the downtown Indianapolis campus with my special guest, associate dean of academic programs, Phil Powell. Hey Phil…
MATT:
Now Phil, we’re only a few months away from the 10 year mark since the horrible 2008 financial collapse, that many experts are calling the worst implosion the global market experienced since the Great Depression… leaving so many families in turmoil and creating a highly conservative approach to the way both businesses and families spend their money. However, the global markets over the past few years indicate a sort of “bounce back.”
PHIL:
You’re right! The confidence people have in the economy in recent years is really reflected in the strength of our current global market. And that’s breathing new life into the start-up business environment as well as expansion and growth in corporations. Simply look at the recent trends. According to the Bureau of Labor Statistics, start-up firms were at an all-time low in 2010 following the collapse. Jump to 20-17 and we saw the number of new business creations grow by close to 100-thousand since 2010. Just last year, start-ups gained 1.7 million jobs since 2016... and the growth seems to continue.
MATT:
And major corporations seem to be reaping the benefits too. In fact the U-S Bureau of Economic Analysis are calling the first quarter of 20-18, just the first quarter ALONE, an all-time high for corporate profits since 1950. U-S corporations have profited close to 1-hundred-ninety billion dollars this year. That’s some serious spending power if you’re sitting in the executive suite to grow your corporation.
PHIL:
And this should also give those of us who have been kicking the bucket around, waiting for the right time to start a business some hope and encouragement to finally take the leap.
MATT:
Let’s talk about that for a moment. Following the 2008 financial collapse, we experienced a MAJOR slow-down in small business creation. In fact, new business start-ups fell by almost one-hundred-50-thousand, going from just over 6-hundred-thousand new businesses in 2006 to barely crossing the 4-hundred-fifty-thousand mark in 2014, according to the U-S Census. What do potential entrepreneurs need to do to overcome their fear and take advantage of this incredible economic growth?
PHIL:
Well it’s simple to hear, but hard to implement. The bottom line is they need to be confident. They need to trust the economic trends and plug themselves into this financial growth our country is experiencing. Starting a business will always come with uncertainty, fear of the unknown, and will most definitely push a new business owner’s comfort-level, no matter how the market is doing. But seeing how far we’ve come since 2008, I feel if there was ever a time to take that chance for your new business, that time is now.
MATT:
One of our marketing professors, Kim Saxton, sat down for an interview with former CFO of ExactTarget, Traci Dolan, who most certainly can speak about pushing personal comfort levels. Not only did she rise to the CFO of a tech company WITHOUT a technology background, but as CFO of a different company, she led the decision to take a public company private. That alone would create a huge level of uncertainty. She says that no matter where we are, whether we’re about to start a business or on the tip of the spear for making uncomfortable business decisions that ultimately could affect our career, we have to be comfortable BEING uncomfortable.
Traci Dolan: “You can't be paralyzed by fear - my greatest achievements in my professional career have been because I put myself out there a little bit, outside of my comfort zone, either applying for a job that I really didn't know if I was qualified for, or taking the lead on some project that I might've not had the skill-set and knowing it wasn't going to be perfect. I often see people struggle with decision-making because they're fearful of making a mistake, and it's paralysis to an organization if that happens.”
PHIL:
This is not simply for those of us trying to start our own business either - this can apply to those of us in the corporate world who have sites on upper management positions, director roles, or even the big “C-level” office. Those looking to grow themselves in the professional world have to constantly push their comfort levels. I’m not saying we make radical decisions without doing our research first, but we cannot expect to grow ourselves as a corporate professional OR an entrepreneur by staying complacent. If we’re struggling with complacency and don’t know what to do, the best advice I can offer is find those people who have succeeded. We have to surround ourselves with those who have our dream jobs, our dream business, or are successful in an area we want to succeed. Take them out to coffee and simply listen. Find out their personal habits, see what they’re reading, ask them what their success looks like, ask them about their failures, but more importantly, ask them how they overcame defeat. This will help us lay down tracks for our own professional goals without having to “re-invent the wheel” so to speak.
MATT:
And if we’re in a position that affords us the power to hire, Traci says to surround ourselves with the best, then GET OUT of their way.
Traci Dolan: “Hire people smarter than yourself, let them grow and develop, and hopefully [they'll] take the role you were sitting in so you can keep growing too. Often times people are less inclined to do that, they're either micromanaging or they're somewhat concerned that someone's going to "up-stage' them - I think that's [the] absolute wrong way to look at it. By bringing on the smartest people you can find and actually trying to fill the gaps that you yourself don't possess is the greatest way to keep growing, developing, and ending up in the C-suite.”
MATT:
The beauty of these principles Traci shares is they’re scalable for entrepreneurs and corporate professionals. Because no matter what our title or where we fall in the corporate chain, we will have to make decisions. Some decisions will affect our organization, but MOST of the decisions we make will affect us personally.
PHIL:
That’s a good point. Because even unmade decisions – decisions we are afraid to make or decisions we chose to avoid, are in fact a decision. In those moments, no decision BECOMES our decision. And people around us see that. And a lot of that stems simply from a fear of failure. As American’s, we have a culture of “winners” and “losers”. If our decision succeeds, we turn a huge profit, hire the perfect candidate, or get ahead of our competitors, we’re a winner. Yet, if we fail, we decide that person doesn’t fit our company’s morals, lose short-term profit, or get some bad press, we become a “loser”. And that’s what business leaders have a hard time navigating through - they simply don’t know how to let go of that winner/loser mentality.
MATT:
And for many, it’s that fear of being viewed as a “loser” that prevents people from even trying in order to stay in their comfort bubble. But that view has to change because no matter what, life always guarantees us failures. It’s not about winning or losing in business, it’s about growing or stagnating. If Traci let her failures define her, I would bet my money that she would simply be crunching numbers as a public accountant still. However, she took a different approach when it came to failures…
Traci Dolan: “I’m sure my life is full of failures, but I just kind of dust myself off and don’t look at them as that way. I look at them with learning because tomorrow I'm going to fail at something - I'm not sure what it'll be, but it won't be what I failed at today because I will have learned and picked myself up to keep going.”
MATT:
And what better example of how to navigate through failure then watching Mark Zuckerberg, CEO of Facebook, deal with some poor business choices recently. Let’s study Facebook for a moment. Here we have a multi-billion dollar company, make some poor business choices that affect us, the consumer, on a very personal level. We’re talking about a lot of people’s personal information not valued the way we would expect. We even find Zuckerberg having to testify before Congress, gaining the attention of major national media outlets. For most, this would destroy their reputation, profits, and potentially their company. And who knows, this could still blow up in their face, but at the moment, their stock price indicates quite the opposite. So, what if Zuckerberg let fear overtake how he leads? What if he let the failures or his anxiety cripple his decision making process?
PHIL:
It would be corporate suicide. Despite all that’s still stacked against the future of Facebook, they’re essentially turning their lemons into lemonade. Sure it’s coming with a high financial price tag - and I guarantee Zuckerberg feels the anxiety of his decisions, especially with the microscopic scrutiny of the media. But the BIG take-away is, he’s still making decisions and moving forward. And even though they may not all be the right ones to make, the fact that they’re made gives investors the confidence they need to put their money back into stocks. Despite their bad press, they closed at $207.23 per share on July 16th. That’s the highest they’ve been since they went public! So if you’re one to become overwhelmed with anxiety in the midst of making decisions, one practice to build your confidence is to know what’s going on in your department or your organization as soon as possible and make the best choice with what is known.
Traci Dolan: “I think the sooner I can come up to speed on what's going on in the organization, the more effective a decision-maker I will be. I haven't been mentored to do that, per se, but just by career history, it's just evolved.”
PHIL:
Fear of failure and the anxiety that comes with decision-making put serious growth stoppers in our path to professional success. We have to remember that these emotions are normal for everyone. What separates those who are successful from those you are stuck are, they learn how to overcome them instead of being overcome by their emotions.
MATT:
Finally, it’s extremely important that we don’t limit ourselves by saying it cannot be done. In order to be a leading business owner or a top-level executive, we have to let go of the “we can’t do this” mentality. Traci quickly learned her focus as a public accountant had to expand past the numbers and spreadsheets. This shift in seeing the big picture and how to make uncomfortable choices ultimately landed her the coveted “C-Level” position.
Traci Dolan: “What becomes really important is being a strategic business partner - once you establish yourself as that, and understanding the business and trying to find ways to say yes so that the answer isn't, "No, you can't do it," but it's, "No, you can't do that, but let's figure out how we can do this so that it's a win for the business.” —BUTT TO — “In fact, if you're not working with the business and you're sitting in your office cranking on spreadsheets, pretty soon no one is going to want to talk to you, and you've lost your strategic value to the company.”
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MATT:
So let’s recap. The key is to start. Start the business, start learning your organization, start finding a mentor, or start embracing the uncomfortable growth necessary for success. Next it’s about shifting our perspective of failure - whether in fear of failure or anxiety of decision-making - we have to see failure as fertile grounds for personal growth. Finally, we CANNOT limit ourselves with a “can’t do” attitude. We have to figure out ways to make it work so our business and we ultimately succeed.
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MATT:
Thanks for tuning in this week. As always, thank you Phil for being here today. If you enjoyed this podcast and want to discover more, check out our archived episodes and don’t forget to subscribe. While you’re there, tell us what topics you would like to hear, leave a review, or just say hi. I’m Matt Martella and this has been another edition of ROI Podcast presented by the Indiana University Kelley School of Business.
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It's with heavy hearts we say farewell to Shane Simmons, host of the ROI Podcast and warmly welcome Matt Martella to take his place. Shane is embarking on a new adventure as a start-up entrepreneur, founder and CEO of Crimson Media Group, a medical marketing agency. Shane pioneered the ROI Podcast in April 2017, along with Associate Dean of Acedemic Programs, Phil Powell. Together they have produced more than 50 episodes with a wide range of guests, including Gov. Eric Holcomb. Each episode is geared toward leadership development, entrepreneurship, time management, and other great topics for personal growth. As we say farewell to Shane, we would also like to welcome our new host, Matt Martella. Matt received his bachelor's degree in journalism from Grand Valley State University and carries close to 5 years of professional journalism experience.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
In today's economy, employees switch jobs at a much faster rate than their parents and grandparents. For companies to retain their employees, they have to get creative. In this episode of The ROI Podcast, Mike Petrie breaks down how Merchants Bank of Indiana has kept a 90%+ employee retention rate.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/35aeAfZ
Show Notes:
Shane: Hello all of you ROI Podcast listeners! Let me ask you something, how many jobs have you had in your lifetime? If you’re a college graduate, how many jobs have you held since graduating college? Well, especially for us millennials and gen z’ers, the data shows that we change jobs much more frequently than say the baby boomer generation… And we’ve talked about this in previous episodes of the podcast. So if you’re a manager in a company – or you’re aspiring to take-on a leadership role – keeping your employees is going to be a real challenge for you. And today, you’re going to hear from someone who’s mastered this – and we’ll reveal what his secret is to keeping his employee retention rate above 90 percent! Let’s start the show!
(ROI Podcast Intro Music)
Shane: Alright everyone – welcome back. I’m Shane Simmons and we are pumped that you are here listening to The ROI Podcast presented by the Kelley School of Business on the IUPUI Campus in downtown Indianapolis. So, as you picked up from our introduction, we’re talking about employee retention, especially as you begin to see major growth in a company and your human capital suddenly becomes a huge expense when you have to find replacements for those who may have moved on. We talked about this issue before with one of our previous guests, Val Grubb, who put it like this.
Val Grubb: As a manager, you've got to be better at your game. You've got to be much more about goal setting, you're really got to coach and provide that feedback, and really allow flexibility at the office.
Shane: We’ve learned through these 50+ interviews we’ve done that people are so valuable – the best asset to the company. For you longtime ROI listeners, you may remember Randy Stocklin, the CEO of an e-commerce business in Greenwood, Indiana talk about the value of people.
Randy Stocklin: We quickly learned that people make or break a business. For us, our business has always been very people-centric, one of our core values is our people matter most.
Shane: People are switching jobs quickly. How do you keep them in your organization and avoid losing them to other businesses?
Mike Petrie The biggest thing is providing a vision for people to follow because people need to know where they're going.
Shane: That was Mike Petrie, Director, Chairman, and CEO of Merchants Bank of Indiana, which holds more than $3.7 Billion in assets and is consistently listed as one of Indiana’s best places to work. To receive that kind of recognition, you have to be doing something right – while still growing at a fast clip with more than 200 employees. So, we asked Mike, how do they do it? What’s the secret to keeping your employees at the company in this day in age when people switch jobs faster than ever?
Mike Petrie: One of the things about our culture, my partner and I are pretty fortunate in what's allowed us to be successful - ever since we've been in business, we've made well over $12B in multi-family loans. That's been over a period of 28-29 years and we've had one $2M loan go bad over that course of time, just one. IN the industry, we're known as people who really underwrite good loans, so then that helps you when you want to sell a loan. That's the culture that we wanted our employees to embrace -don't chase bad loans or just do one, make sure it's good so that we're around for 20 years.
Shane: So that’s the first piece of insight Mike wants us to remember – so write this down: you need to have a great product.
Mike Petrie: First, your customer has to be successful using your tool in order for you to be successful. That's kind of the same thing we had, our goal is to lend people money so that they can be successful and grow their businesses - if they're successful, we are too. It's the same thought process. When you go to work, you want your employees to be successful so that you can be successful. Everyone has to succeed in order for you to succeed. It's got to be a win-win.
Shane: That’s first and foremost. If the product stinks, your employees will know it stinks, and they aren’t going to be passionate about it. And we know from various studies that passionate, engaged employees are more loyal to the company. So that’s tip number one.
Mike Petrie: The other thing is, part of our culture was to educate everybody. I can't tell you how many MBAs I've bought here at IU that we've trained - I trained my people just like I was, I got my undergrad here and my MBA here while I was working at Merchant's National Bank. I've done the same for my employees, [because] if we invest in them, they know we want them to stick around, and we have a very high retention rate, 90%. We have a lot of people that have been around, been educated, we moved them up, there's a lot of opportunity for them, and for the last three years, we've been one of the top places in Indiana to work, according to that [Indy] Chamber of Commerce survey. We invest in our employees so that they improve their careers, which benefit us as they develop these products and sell loans off.
Shane: There’s tip number two from Mike – develop your employees. Offer incentives for them to further their skill set and education. This again shows them that you care about their development, but it’s also benefiting the company in a major way by creating a better product or service.
(Closing Music)
Shane: And finally: communicate. Talk with your teams, make sure their managers are having discussions with them… At the end of the day, help improve your employees. Make them better at everything they do – and show you truly care about their future. If you do this, it will pass down to the customer, which will feed into results – and that’s a winning formula for keeping employees and a thriving business.
(ROI Podcast Music)
Shane: Closing comments
In Episode 51 of the ROI Podcast, presented by the Indiana University Kelley School of Business, Indiana Governor Eric Holcomb sat down with Associate Dean Phil Powell to discuss tech growth and jobs in the state.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
How many times have you set a timeline to get a task completed but fell short? Do you feel overwhelmed and distracted? In this episode of The ROI Podcast, Sunny Lu, CEO of Techserv, reveals three hacks that help her stay mind stay sharp every day.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Sunny: What are you doing to maximize those minutes to achieve your goals and do you have a really clear plan.
(The ROI Podcast)
Shane: Happy… Whatever day it is that you are listening to this podcast! It is June in downtown Indianapolis and it doesn’t get much better than this. The sun is shining on us here at the IUPUI Campus and I’m thrilled to bring you this episode of The ROI Podcast. I’m riding solo today on this one, but we’re going to have a great time because we have a newly appointed CEO in this episode of The ROI Podcast! So I’m really pumped about that. But I want to start this podcast episode with a question for you: How many times have you set a goal, maybe it was something as simple as a New Year’s Resolution but found you never really hit that goal, or you lost sight of it? Well if you want to elevate your career, stick to goals you set, and accomplish more, then this episode is for you!
(Intro to podcast music)
Sunny: I would sum up my career by two key takeaways. It was the understanding of how to take a trial by fire, and make it an opportunity. Then secondly, comprehensive support from individuals who saw the potential in me, before I even realized I had the self-confidence to take the lead.
Shane: You just heard from Sunny Lu, CEO of Techserv, a solutions management firm specializing in program design, data management, and training for healthcare, corrections and education sectors… And Sunny has found time management to absolutely critical with what she does, and says it’s truly a skill everyone should develop – because it’s key to accomplishing your daily, weekly and quarterly goals…
Sunny: It is comprehensively about planning and scheduling your time. So I take one day a week, it doesn’t matter if that day is six hours, twelve hours or eighteen hours, but one day where I do all of my core documentation. When I mean core documentation I mean, “Does the company not already have a written plan, or some reference to written verbiage, that another team member can refer to get the work done. If that doesn’t exist, whether it’s a strategic plan, a project charter, an overall “This is my compelling pitch to a new customer,” if they don’t have that then they can’t really define the action items and next steps in order to move that particular piece forward. So I take a day. And sometimes over the past 45 days, that day has been close to 18 hours. Some days that day is very quick and there are the things I have to do and then move it forward. The rest of the days are all strategic meetings with the C-Suites that are in my core-customer group.
Shane: As some of you can probably imagine – and even relate to – you can’t just schedule a ton of different items if you don’t have the actual energy to perform the tasks, or enough energy to perform them at a high level… So, how do you optimize your energy on top of a really well-managed schedule? For ultra-successful entrepreneur Richard Branson, he’s been quoted as saying he can definitely achieve twice as much by keeping fit… And Sunny says she has found that to be the case for her.
Sunny: Train for a triathlon. So I say that literally and I say that tongue in cheek because I found my overall energy depleted over and over again when I was working for a corporation because I would have to drive these deadlines, I would have to make sure there was these particular pieces in place, and there were always these external consuming factors. When I was stressed and I didn’t have that overall time management, you just develop bad habits. So I looked at this and said, “If I’m going to be successful at running this business, it’s an endurance run. It’s a literal and figurative endurance run. I’m not just doing a sprint these 45 days, I’m going to do this for the duration until my exit strategy comes into being. I looked at it and said I needed to be healthier as a comprehensive package, in order to make sure I have the endurance and strength to get through it. I had run triathlons many, many years ago but like most busy and career professionals, I dropped off on the whole continues training and working out and being healthy, etc, in despite of all the key recommendations. I looked at it and at first it became this, “How do I do a conservation of energy plan for myself,” and make sure I’m at peak performance. And I was looking at doing some research and doing some education and seeing how I could become completely at peak. It’s the 90-day triathlon training plan. It’s really fascinating because when you look at that plan it’s really go to bed at a consistent, reoccurring hour every day, if you need to get stuff done then get up earlier. Eat well. Workout. And it’s not a run 10 miles everyday type of plan. It’s a build-up to go through endurance. I’m three weeks into that buildup and am I going to win that triathlon? No. But I’m definitely going to be in it to finish, and that’s the same endurance strategy for my business.
Shane: So it’s about physically being in shape, which in return gives you greater energy to perform the tasks at hand… And if there’s one thing that consistently exercising and training for a triathlon can teach us, it’s life and business lessons. You’ve all heard the saying, “Life’s a marathon, not a sprint.” And that holds true… So that’s our first takeaway: Keep your body in shape, and your mind will operate more efficiently. Now, we’re going to move into something that a lot of people deal with: Distraction: And Sunny has some great insights on how to keep focused to accomplish what needs to get done.
Sunny: Number one: Do not respond to emails all the time. Take a two-hour block, and it doesn’t matter if you need three two hour blocks in a day, but when you’re going to sit down to respond to emails, take a two-hour block when you are not distracted to respond to those emails. If you respond to emails all the time, all you are trying to do is clear your inbox and that is not the point of an email. An email is a documental reference point of communication and it’s important that it was written in this methodology for a reason. So you have to be just as concise, considerate and thorough so that you are not giving email action items back to your partners, customers, and suppliers. You are actually giving a thoughtful response via email – this is the strategy, the vision, the operations and overall plan. So that’s directional. If it’s too lengthy for an email, put it into a referenceable document, but that tactical two hours a day, whether you have to do it at 4:30 in the morning or 10 pm at night, do it where you are focused on the response.
Shane: Don’t check email all the time! Set specific times in your schedule to take care of that. Ok, number 2:
Sunny: The second thing I recommend tactically for my team is be absolutely protective of your time. Don’t take a call just to take a call. Don’t take a vendor request just to take a vendor request. Plan out your days thoroughly and thoughtfully. So I have program managers that run many projects and I say take the time to either space out your projects by day, so that you are actively having the headspace to actually think Wednesday is “X” customer day. And during “X” customer day, I’m going to be very thoughtful in this particular project, not just moving action items everyplace, but actually very thoughtful on “what are the actual responses I need to provide, what is the communication I need to put forth, and how do I facilitate and convene. That’s important because if you don’t have that time management and the accounting for schedule facilitation for your collaborators, nobody else is going to do that. And that’s how we move our business so quickly forward.
Sunny: I often joke that executives are just master schedulers. Right? How do you get done everything you need to get done in the right format and in the right methodology and the right communication if you haven’t accounted for what time you will need the right headspace to approach, resolve, and potentially lead certain things.
(Closing Music)
Shane: So we’ve talked about be a master scheduler, not checking your emails every single second, which is ultimately a distraction and can throw you off the task that needs to get done, but Sunny’s last piece of insight that’s truly helped her throughout her journey to the C-Suite is one of my favorites.
Sunny: The last and final is if you take accountability, don’t make excuses to me on why you didn’t make your timeline, because you are the one that set the timeline. For many companies, that’s not feasible. We are designing the program, and therefore, we are designing the implementation timeline, getting the messaging back from the customers, to say, “Does this makes sense?” Are their conflicts because of other trainings, other initiatives, etc. So, if we cannot make a timeline, there has got to be a process, a root cause to it, there’s got to be a communication root cause to it, so as long as that’s appropriately communicated we don’t have issues.
(The ROI Podcast Music)
Shane: So there you have it! Your goals are much more attainable than you think – but it’s going to require discipline and focus – and both of those can be hard to keep in our information-crazed society… So remember what Sunny mentions – schedule your time, be precise, exercise because it’s going to help you think better and focus, don’t watch your email like a hawk… Set designated times to check and give the best response possible – and finally accountability! Follow these steps, practice them, and reap the rewards… That’s going to wrap up this episode of The ROI Podcast presented by the Kelley School of Business. We want to thank Sunny Lu of Techserv for visiting with us and sharing her insights. Don’t forget to subscribe and leave us a review on the podcast! And we’ll be here next week with another episode… Take care!
Why do nearly 50% of startups fail? Can growing a business too fast be a detriment? In this episode of The ROI Podcast, Brent Tilson, who's the founder of Tilson HR and a published Forbes author, discusses the common pitfalls of a growing organization while offering advice from his book Go Slow To Grow Fast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: What is going on ROI Podcast listeners! We have got a great show for you today and the topic is about scalability: How do you scale the business, do it responsibly, and avoid the trap of sliding off the rails into the red... We have a Kelley School of Business alum, and most recently, author, Brent Tilson, who was one of the very few whose book has been published by Forbes... Let's get into this value-packed episode!
(The ROI Podcast Music)
Shane: Alright, alright, welcome back to the ROI Podcast presented by the Indiana University Kelley School of Business on the IUPUI Campus in downtown Indianapolis. I'm one of your hosts, Shane Simmons and the associate dean of academic programs, Phil Powell, is here with me. Phil, how are you?
Phil: Shane, I'm doing wonderful and I cannot wait to share with our listeners these insights from Brent Tilson. He has written a marvelous book with great insights that enables very profitable and efficient business.
Shane: Brent Tilson is the founder and CEO of Tilson HR in Greenwood, which is on the south side of Indianapolis.
Brent: I’m doing wonderful, another great day in Indiana!
Phil: Brent is what you could call a CEO to CEOs. His company, Tilson HR...
Brent: We’ve been in business now for 23 years
Phil: Has been helping businesses for more than 20 years focusing on business efficiency and performance improvement... And in his new book and in this interview – he's pulling back the curtain and reveals how business can overcome the pains of growth while avoiding the common pitfalls that have eliminated organizations...
Brent: That’s correct, Go Slow to Grow Fast, the title of my book sums it all up. At one point, my business was the highest-growing company in the country back in the 2000’s, followed up the next year even faster - I was living it. I was also working with businesses that were having the same success! 5:08 As I worked with them, what I realized was that all of them had these predictable growth cycles - I was trying to work with my fellow CEOs to help them anticipate and understand how to help them grow their business. There’s a traditional S-curve Life Cycle for businesses that many entrepreneurs and CEOs all recognize, and I was looking at that [thinking] how do I help companies not go to what I call “The Drama Zone."
Shane: Let's talk about the drama zone... What is that?
Phil: The drama zone is when the business may stop seeing, or even lose the growth they were once seeing. Think of dips in revenue or human capital.
Brent: Many companies spin out of control in the drama zone and end up going out of business or reverting back to prior business models, trying to salvage themselves and live.
Phil: Brent says one problem many CEOs struggle with is the fact they spend too much time working on tasks that could be delegated – which is costing the company real revenue... And can lead to the drama zone we just talked about.
Brent: Owners should be working on their business, not in it – that’s a very common saying in business today. It’s easy to say, hard to do, because just the day-in, day-out volume and speed of business makes it very difficult for leaders to truly step back and recognize what’s important and not – I call it “materiality”.
Brent: For CEOs and leaders, when it comes to working on your business, you have to look at something that’s in front of you and determine if it’s material to the impact of your business – if it is, you need to focus on it; if it’s immaterial on a day-in, day-out, someone else needs to be working in the business on those matters. They’re important, but are they material?
Phil: Now, let's go back to the S-Curve for a moment... In that S curve, you have ups and downs – as we've mentioned... At the bottom of that curve, you usually have an entrepreneur who has a few employees, and the executive is still doing a lot of the work... But when growth hits and the acceleration moves in full force – you have problems that will arise...
Brent: All of a sudden, they have success in the business and they’re growing – they quickly find out that their infrastructure isn’t designed to even handle the sales and record them in their accounting system. They don’t have the production and distribution because they quickly out-scaled what they could possibly do, so then they’re scrambling to be able to meet those needs. If they grow too fast, then they’re trying to hire people as fast as they can, so what ends up happening is they start cutting corners and paying people under the table or whatever it takes to keep the company alive. One day, they wake up, and they’ve hit this inflection point – an order doesn’t get made, an employee makes a mistake, the IRS knocks on the door - something happens where the company realizes they don’t have the infrastructure to support the sales, and they quickly start to spiral and try to figure out how to salvage themselves.
Shane: That's when you have a mess on your hands?
Phil: Exactly. That growth may seem like a great thing – but in reality, if there aren't processes in place to handle that growth – you can have real problems you have to fight through.
Brent: Statistically, 50% of startups go out of business in the first few years, and if you go and look at all the stats that exist, you’ll find that that’s very hard to get past the first five years. I would propose and suggest that the reason why a lot of companies fail is that they don’t have the scalability - they get into that problem, start to have success, and they don’t plan for the future.
Phil: So first and foremost, fast growth isn't always great for the business – and that's assuming you don't have the proper systems are in place. But what are those systems? What do they look like?
Shane: I'm assuming you have to have metrics?
Phil: Yes, metrics are necessary – but Brent says too many times organizations will rely on the financial statements – and view them as black and white – when in reality – there's often a hidden story...
Brent: The reality is the financial statements don’t tell the whole story, they just tell part of it, because if I were to take two identical financial statements and lay them side-by-side, one may have an amazing operation that can scale, succeed, and double in size, while the other one has never invested in their infrastructure. The other metrics for us to measure are those things that aren’t measured by financial statements - it could be employee turnover, which maybe indicates a moral problem, maybe it’s a loss of clients! So they’re adding a business on the top line, but they’re going just as fast out the back. It’s [about] measuring these things that are a non-financial statement that help businesses understand how effective they are at running their business. I propose that effectiveness is as important - or more important - to measure, than just bottom line Return On Investment and profitability.
Phil: Measuring things that aren't on the financial statement is critical... Culture, moral, these are things that can't be quantified on a piece of paper... But let's move to employees effectiveness... How do you measure that? Brent has a very simple way to look at it, which has helped companies hit all new levels. It's called Revenue Per Employee.
Brent: To me, Revenue Per Employee, measures the ultimate effectiveness of an organization because everything contributes at the end of her day into generating Revenue Per Employee. First, let’s think about a software company, one of the highest Revenue Per Employee industries - you can write the software, get it to a certain level, maintain it, sell it as a software where there are very low infrastructure costs other than the programming, and you can maximize very high levels of Revenue Per Employee. Thus, why technology firms trade at such high multiples, how they raise such high levels of value, because they maximize Revenue Per Employee, where a law firm, engineering firm, or professional services firm, at best, is 100-125,000. By industry, companies can measure themselves against and compare where they stand up to their competition - the Revenue Per Employee is such a critical measure because everything contributes to that. If I’m losing clients and my turnover of clients is bad, that’s going to drive revenue down per employee because I’m having to replace it just as fast as it’s going out the door. If I can make my employees more effective, they’re able to do more with less, and they’re just better performing, then that means they can take on more capacity, adding more Revenue Per Employee on the top line. If you unpack and look at all the variables that affect Revenue Per Employee, you start to find out where all the leaks are in the organization – you start to find out where those issues are, that normally wouldn’t surface, that impact Revenue Per Employee.
Phil: There's always an inflection point... And what do you do? Hire more people at a really fast pace?
Shane: But if you do that, there's so much time and costs into training, getting the team up to speed – having this mass hiring's in a short period of time can be risky, right?
Phil: Exactly – and that's when outsourcing can become your ally.
Brent: I think companies, as they look at their lifecycle and they’re making these strategies on how to run their business and to maximize driving zones, minimize drama zones, the key is to look at the organization and find what are the most important things that drive value. If you double in your size and you’re outsourcing, let’s say, IT, your IT provider then is able to meet your needs, because they have all the professional expertise when you need it, as you need it, to help you scale. The same thing with the Human Resources side, if you outsource the HR infrastructure, and you have professionals that meet all the needs and can anticipate and look around corners, then your drama zones can be greatly minimized. Every company will always have a little bit, you can’t be a perfectly 45-degree growth line - how do you maximize the driving zones, and if you take out the friction and do that through outsourcing, those non-critical, market differentiating things from your organization, then you can minimize and maximize.
Phil: At the end of the day, it's all about minimizing your chances of hitting those danger zones... and having the systems and processes in place to handle growth... We've just scratched the surface in the podcast interview... In Brent's book, Go Slow To Grow Fast, you'll hear a fable drawn from Brent's work with hundreds of businesses over the years – which Brent creates a case study that will walk you along this business journey...
Brent: I’m very excited to roll out my book, Go Slow To Grow Fast – it encapsulates and expands on the topics that we’ve talked about in this podcast. I would encourage the listener to pick up a copy, available on Amazon, and it will help the reader and take them through a fable based on my many years working with businesses. Those who have read alongside with me as I’ve written the book have said they can see themselves in these characters, so I think the reader will find themselves pulled into the book, able to start to understand and give themselves a path for the future, and what to anticipate as they step into a CEO role. It might be one of those tools that you have on your shelf that you pull out over the years and say, “These are the things we’re experiencing today, let’s talk about them and plan for the future because we’ve got to go slow to grow fast”.
(The ROI Podcast Music)
Shane: Go Slow To Grow Fast... Brent Tilson's book will be out on June 4th -- you can get your copy on Amazon... And that's going to be a wrap for this episode of The ROI Podcast. We'd like to thank Brent Tilson for sharing his lifelong business experiences with us and really pulling back the curtain on real issues companies face, and how to tackle those issues. Be sure to subscribe to the ROI Podcast and leave us a review. And we'll be right back here next week with another episode for you!
Healthcare costs continue to increase, but physicians are becoming more involved with the business side of healthcare. In this episode of The ROI Podcast, Associate Professor of Strategy and Entrepreneurship Todd Saxton discusses SoPe, Indiana's Chapter of the Society of Physician Entrepreneurs, and how its goal is to create more entrepreneurial physicians.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: "Doctors are going to have to start thinking about the broader business, which is something they haven't really been pushed to do before. If they want to continue to contribute to the organization and understand how they fit in, they need to understand how they're contributing to the economic vitality of the organization." Those are powerful words regarding the future of physicians in this country, spoken by our guest today – Todd Saxton – professor of strategy and entrepreneurship at the Kelley School of Business. And today – we're talking about an initiative that could impact everyone's healthcare in this country.
(The ROI Podcast Intro Music)
Shane: Welcome back! Here we are with another ROI Podcast coming at you from the Kelley School of Business on the downtown Indianapolis campus. I'm your host Shane Simmons and as usual, Phil Powell, who's the associate dean of academic programs at the Kelley School, is right beside me. Phil – how's it going?
Phil: (Response)
Shane: Today, many people's minds are going to be amazed – because we're talking about something that touches us all: healthcare.
Phil: Get this, in 2016, $3.3 Trillion was spent on healthcare expenses, according to Centers for Medicare & Medicaid Services. That's a massive number that continues to rise... And who is going to play a critical role in the future of healthcare in this country? Physicians. And our guest, professor Todd Saxton, says physicians are beginning to, and need to, engage more in the entrepreneurial world.
Todd: One of the things that I think is very interesting to me, now [that I've been] observing our roughly 200 folks up close and personal that have been through our program, is physicians are extremely entrepreneurial - I would put 75%+ of them in the top 10% percentile in terms of entrepreneurial thinking [on] how they approach their own clinical practice.
Todd: I see them engage in the entrepreneurial world in three different ways: One is the physician entrepreneur who wants to start their own thing - we've had several students who've started their own business in the course of attending their own program and are now doing great things as alums. There are the physicians who want to be involved in the venture community as angel investors and or advisers - we've actually had a group formed in conjunction with the program called Angel Bomb that is an angel investing group with Vision Tech, and again, some of the physicians aren't necessarily ready to leave their day job and start a new thing, but want to be active in the community and give back, and that's a tremendous benefit to innovators that are trying to access clinicians not just for their money, but the insight they have in life sciences and the ability to bring that to bear on the start-ups and help them move toward a successful trajectory is really powerful. The third category isn't necessarily interested in starting their own thing, investing, or advising, but are innovators within their own institutions. Innovating in healthcare is really tough and I think some of the lessons they learn, partly from their colleagues, partly from the faculty in the program, allow them to become more successful change agents within their own organizations and institutions.
Phil: Five years ago, here at the Kelley School, we launched one of the few physician-only MBA programs - we were told physicians wouldn't go back to school [because] they were too busy. But they're coming back, and we're enjoying them in the classroom right now. And generally speaking – these physicians tend to think differently than your traditional entrepreneur... But Todd and Dr. Paul Szotek have co-founded something called SoPe – Indiana's chapter of the society of physician entrepreneurs... He says it's leading a step in the direction of creating an ecosystem for physicians here in the Indianapolis region, can you talk about that?
Todd: SoPe's mission is to bring together pieces of the life science venture ecosystem to allow innovation to happen, whether that's entrepreneurship or innovation within hospital systems. It's not clinician-only, it can be other parts of that life science ecosystem, whether you're a care provider or a supporter of life science types or organization - it's a fairly inclusive organization with 50% [of the members being] physicians and there's a strong element of the physician entrepreneur that is trying to be served. I like to think of it in terms of degrees of separation: between any entrepreneur with an idea and success are probably five key people that they need to talk to and get feedback from, [which] will lead to customers and other things. For most clinicians, they are probably three to four degrees of separation, if not more, from those folks that really need to talk to [them] to be successful as an entrepreneur. What SoPE does, and what the Kelley school can enable, is to shorten those degrees of separation to one or two.
Phil: So Shane, when I was talking to Todd about physicians and their entrepreneurial journey, he brought up something about how physicians are trained in med school, and some of the major hurdles they face when they take that entrepreneurial leap.
Todd: In addition to the fact that they're all very bright and motivated, they think scientifically, that's how they've been trained to make diagnoses in most cases of complex scenarios, and take apart and diagnose what's going on - in their world, that's been with a patient who has some kind of problem. In the start-up world, what you're trying to do is frame some hypothesis about the marketplace, what the problem is, what the solution might look like, what pricing might look like, etc., and systematically navigating that uncertainty by framing hypotheses, testing those, and then move onto the next stage - physicians just naturally think that way.
Phil: We're going to pause here for just a second... And pay close attention to what Todd says next.
Todd: It's funny because sometimes, particularly in the tech transfer world and universities, you'll hear we need to train our technologists and researchers to think more like business people – 9:04 I would actually flip that and say we need to train our entrepreneurs to think more like scientists, to think about the problem, craft hypotheses, and systematically navigate through that, as opposed to engaging in entrepreneurship as a random journey.
Phil: But one challenge some physicians face, according to Todd, is that they typically are trained not to take risks... But once they can overcome that challenge – they can accomplish amazing feats.
Todd: There's no recipe for being a successful entrepreneur, and I would say one lesson is to get feedback early: the traditional approach to entrepreneurial education was we're going to get these students, they're going to write a business plan, and have a business plan conference. It was all contained within the walls of the university, no interaction with the marketplace. Ventures that start with a closed-door mentality 30:53 doesn't fly, you need input from the marketplace and you need to reach out to customers and other informed folks who can give you candid feedback. So step one, plan on a lot of iterations in the idea phase when you're coming up with the concept, interact with the marketplace, get feedback, and be comfortable with pivoting. Lesson two is you have to be passionate about the problem that you're solving: a lot of entrepreneurs are enamored with the idea of making a lot of money and inventing the next sliced bread but don't really have a committed to an idea or the problem it is that they're solving. Those entrepreneurs are very rarely successful, so you have to find a problem or know of one that you are passionate about and committed to solving. The third lesson I would say is to get education, whether that's formal or not - coming back to the batting average or hit-rate mentality, the more education you can have the different pieces of uncertainty, how to navigate that, and [being] more informed about the choices that you're making, the more likely it is that your venture will survive the very rough seas of launch and sailing to your destination.
(Closing Music)
Phil: Entrepreneurship can be a scary journey – that's the reality... But out of this risk, can breed massive reward... And with our healthcare moving forward – we need physicians steering the ship – both as clinicians treating their patients – and administrators with the vision of making our healthcare system better than it's ever been.
(Closing ROI Podcast Music)
Shane: Great job on that interview with Professor Todd Saxton... As we say here at the Kelley School: We're changing healthcare one physician at a time – and that's why the society of physician Entrepreneurs' chapter in Indiana is so important. If you'd like to learn more about SoPe, and receive more information about the inaugural event on June 21 – visit www.sopein.com and you can find out all the information there. And don't forget subscribe and leave a review to The ROI Podcast! We'll be back here again with you next week here on the ROI Podcast!
Create the culture, add a great service, and you have a recipe for success. In this episode of The ROI Podcast, listen to Counterpart's Chief Strategy Officer, Drew Linn, on how their culture and innovation has helped them become one of the most successful software development companies in Indianapolis.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(The ROI Podcast Music)
Shane: Welcome in, everyone to another episode of The ROI Podcast presented by the Indiana University Kelley School of Business on the IUPUI campus in downtown Indianapolis. I’m your host, Shane Simmons. I’ve got the associate dean of academic programs for the Kelley School, Phil Powell, with me once again – and today, we’re going to jump into company culture – and the critical role it plays to innovation.
Phil: You're right and here is the irony. In a technology company, we think the fundamental driver of value is things like artificial intelligence, the coding, the electronic circuity, but it's not. In the end, it's people, just like in any other organization. And what motivated people is the culture that they work in.
Shane: Today – you’re going here from Drew Linn, chief strategy officer at Counterpart – a custom software development firm based in Indianapolis.
Phil: And what Counterpart does is they help organizations around the state to innovate… That’s their job – and software is that vehicle.
Drew: There are a couple different things: companies need to innovate, and software can help make that happen very quickly.
Phil: But as the Chief Strategy Officer at Counterpart, Drew says the company has been so successful throughout its existence because of the culture it has created. It’s a tech company – and as we know – tech companies are really disrupting the traditional work environment – and that works for Counterpart which helps them deliver a better product. And that starts with the right team.
Drew: The first is we've got to have the right team: personalities aren't all the same, but we all rally around a common goal - some of us are closer than others, but we all have a mutual respect for each other. So the members of the team are a challenge, and what's interesting is we have several that are founder-level age, [who are] a great resource and they all spend time mentoring, and then we have this new, younger, under-30 group that looks at things differently but mesh well.
Phil: The right people are in place. There’s a mix of age groups which bring experience and new ways of looking at projects, issues, and solutions. And one of the ways they’re able to keep up that culture that works for them is through flexible work hours – which Drew says only enhances the quality of work they produce.
Drew: You've got to make sure that the dynamics, the chemistry that's in our environment is solid. We also not only check the time but other than client meetings, you can work from anywhere you want. We're about to move into a brand new office that we hope will create that environment that would encourage the collaboration and the time together, but if you want to work from home, because that's what works for you -- in fact, we have a couple that comes in once every week. Dealing with that dynamic, it's hard to build relationships when you aren't together. What we're trying to do is allow each individual to, Yes, whether it's how much they're going to deliver to this client every week, it gets down to when you're hired, you're just given a budget, and you go buy whatever technology you want. Then every two years you get another allotment to go upgrade it or replace it, and then it's yours. It's how you want to do it - we try to embrace the personality because not everybody's the same. I'm typically in the office around 8 until late, and we've got some that come in at 11, and then they work until 7, 8, or 9.
Phil: Shane, we’re starting to see this type of environment more and more – the freedom to work from home or on your own schedule, but making the employees hold themselves accountable to completing their projects. And Drew says that’s a big selling point and why people want to work for them.
Drew: One of the biggest things has been just embracing the talents, strengths, and expertise of the members on your team, and not trying to control them - you hired that person, you brought them in to do a responsibility on your team, let him/her do it. The culture is really what I'm talking about, you've got a team that's willing to do what you need them to do, and you want them to do it well, otherwise, with us being so close to our team and community, it's going to go around town and that's not going to be helpful with your business model.
Phil: We’ve flexible work hours, letting the employees manage themselves and their areas, and bringing in a mix of people from different age groups and backgrounds – but Drew says just as important as all those factors are transparency. And we’ve seen this with other companies we’ve interviewed like One Click Ventures in Greenwood – and what Drew said about transparency was really interesting to hear.
Drew: Like I said earlier, transparency on all levels [is important], the company does well if everybody knows how it's doing. You can be running a marathon, but if you don't realize you're going to end halfway through because you're out of energy, you're not going to survive. What we've done is not only on the financial transparency from the salary-standpoint, where everybody can have access to know what everybody's making, it's also on the company performance. Not only do we do fully transparency P&L balance sheet performance sessions every week, over-arching all of this, we also have an employee profit-sharing program. Everybody benefits this quarter because we invested [and] brought on a couple new people - we also chose to invest in one particular client project that won't have profit-sharing. Now second and third quarter, we're primed for significant profit-sharing, so everybody's aware of what's going on and where the money's being spent, it just brings you a sense of a common goal. We understand what sacrifices are going to happen - some get involved in all of it, some don't, I think that's been a real motivator to keep us all aligned. And it's not a money thing, it's also the impact thing.
Phil: Impact – remember when we discussed social impact investing in last week’s episode? We’re seeing this reoccurring theme. More companies are considering the impact their making on the community, in the case for Counterpart, helping other companies innovate and grow, while having a positive impact on their employees and being completely fair and transparent with them. And Drew says their main goal is community impact:
(Closing Music)
Drew: I know that sounds cliché, but you know, we're in this community together - we can do great things, but if the community around us isn't thriving and surviving, then we're not going to thrive very long.
(ROI Podcast Music)
Shane: Close out the podcast
What if you could increase profits and help the community and environment all at the same time? Social and environmental strategy isn't just charity, they can produce real profits for organizations. In this episode of The ROI Podcast, Jay Geshay reveals how to skyrocket profits through social impact investing.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: We are in the midst of a global shift – and have been for the past few years. Millennials and Gen Z consumers care more about where their products come from and how they are produced – with an emphasis on global sustainability… More and more investors are putting their capital where it aligns with their social objectives – and this is changing the game as we speak… Let’s get to the podcast!
(ROI Podcast Music)
Shane: Hey everyone! Shane Simmons here and welcome into another episode of The ROI Podcast presented by the Indiana University Kelley School of Business. We are recording this from the IUPUI campus in downtown Indianapolis on a beautiful spring day. I’ve got the associate dean of academic programs, Phil Powell, here beside me once again. Phil, how are you?
Phil: (Response)
Shane: Let’s talk about social impact investing. Phil, I feel like when this topic was discussed previously, it wasn’t as attractive as it is today…
Phil: Some would say the social impact is simply charity in disguise and it’s going to cost the stockholders value and try and broaden the scope of a for-profit organization… But according to Jay Geshay of United Way, an expert in social impact investing, companies who are investing in socially positive practices have reaped a multitude of benefits.
Jay: In a traditional view of capitalism, you could definitely say that's the case - when you take your eye off the ball, when you get off your hedgehog idea, you consider that would dilute revenue and profitability. I think what you're seeing in missional companies - companies that are created to solve problems that are social in mind, whether it's around education or healthcare - when a company is missional, the social impact is embedded in it. What research is finding is companies that are doing this social good retain their employees more, are actually able to maintain or improve profits, and if you look at companies that are over 100 years old and you do a study of those, you'll see that a successful company are those that bring in the community and help as part of them, solving their issues, and not just using them for profits.
Phil: Now, some people may have some preconceived notions in their head of what social impact investing is – and may get it mistaken for charity… Jay breaks down this misconception.
Jay: If you look at a charity, it's basically high social impact, but -100% in ROI. Charities outstand ably, philanthropy plays a huge role in our society. If you look at social impact, it's really changing measurable outcomes in our community for the better. But when you look at social impact investing, yes, it's changing the social impact outcomes, but it's also returning a percentage on the financial side. If you look at many reports and research that has come out, they're showing that social impact funds, like Colorado Impact Fund, for example, are actually achieving market rates of return.
Phil: So what has happened over the past two decades. Why are we seeing this shift to social impact investing?
Jay: I think the traditional view twenty years ago is if I want to make money, I do things like venture capital and private equity, but if I want to do good, I give to United Way - those two do not cross. But we learn through experience, by seeing success in those that are trend-setters and are on that edge of learning. We've learned that you can do both, and that social impact investing can return a market rate of return.
Shane: But society is also changing… Values have shifted, especially with generations like millennials and gen z…
Phil: That’s true… And there are companies out there who are making social responsibility the backbone of everything they do. Rather than looking at profits, they’re looking at the impact on people and their community. And Jay says talks about some of those organizations he’s seen.
Jay: Eli Lilly, although they would never say they were a social impact company, I think by the way they operate and work within the community with United Way, we worked strategically with them on early childhood and was able to advance that in our state. I think about all the good that they do in our community and what their stock does as well through Lilly Endowment. But if I were to look at some companies that aren't as well-known, I would probably look to Endova, they're out of Chicago and they're a start-up company funded by another social impact fund called the Impact Engine. They do education for prisoners, on a tablet, and their goal is to help recidivism be reduced so that when they exit out of prison, they can do that. Another [idea] that I find very interesting is an app that is on your phone for food stamps, called EBT Fresh , and what it allows is it shows food stamp recipients where they can use it and how much is on their card, because you might only be able to learn about your balance by calling an 800 number. Those are great products that are raising capital to expand - they don't want grants, they're actually issuing equity - because they know capitalism is the way to sustain and the scale rapidly.
Phil: So if you’re a young manager out there – and you’re wanting to make sure your company’s social and environmental values are aligning with this notion of social responsibility – you’re probably asking, “What can I do? How can I play a part?” Jay answers that here:
Jay: I would caution a young manager to try to move an organization towards a social Enterprise status. Because the social enterprise, the heart of it, really needs to come from the top and come from the founders or the owners of the organization. I would encourage a young manager to think more in terms of corporate social responsibility. Because I think you can do corporate responsibility and combat it more from retaining employees, the brand lift of an organization. And I think that organizations that aren't missional focused on social impact can still look at CSR… And they can say, “Yes. It is helpful if our employees can do volunteer work in the community. It is helpful if we can run a United Way Campaign, it is helpful if we do these things well in the community because the value back to the company is measured by employee engagement and satisfaction and brand lift. Rather than come at it from a social impact side, I’d probably come at it from a CSR side, unless you can convince the owners otherwise, but typically I think it would be hard to shift the missional focus of an organization.
Phil: You know, Shane, like all great ideas, the application of them evolves over time. What we are seeing now is something fundamental. A convergence between profit, and a sense of social mission or social impact. In the past, in many ways, our business models and our charity models made those mutually exclusive, as you've said. But innovation and newness of thought and change in social values now make that one in the same. And the good news is, the more those converge, the more good we have for everyone.
(ROI Podcast Music)
Shane: (Closing Remarks)
The job interview can be terrifying. It's what prevents many people from searching for a new job, but in this episode of The ROI Podcast, Josh Killey, Director of Career Services, breaks down the dos and don't of the job interview process.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(Dramatic Introduction Music)
It can be terrifying. It keeps people up at night, causes shortness of breath, sweaty palms and prevents people from dislodging themselves from their cushiony comfort zone. We’re talking about the fear that unravels even the coolest of minds – it’s called: The job interview. And today, we’re here to tell you what NOT to do, and a great follow-up tip. Let’s do this!
(ROI Podcast Music)
Shane: Have no fear, l, dies and gentlemen. That dramatic intro, hopefully, didn’t bring back any chilling memories, but let’s face it – people don’t like job interviews. We’ve all been in that spot where you’re trying to go over all the questions in your head, telling yourself not to stumble over your words or say something you might regret. But the fact of the matter is – we can nail that job interview when it arrives – and that’s what we’re going to be discussing today on The ROI Podcast. Of course, I’m your host, Shane Simmons. And today, we’re going to tell you why people fear job interviews, and how you can prepare yourself to overcome that fear! This is going to be a fun episode – and who knows, maybe you’re listening to this right now and you know you’ll be interviewing for a job here soon, so pay attention!
(Intro Music)
Josh: In some respects, you’re putting people on the spot, you’re making them tell things about themselves, some people aren’t comfortable with.
Shane: You just heard from Josh Killey, director of career services at the Kelley School of Business on the IUPUI campus here in downtown Indianapolis. Josh has helped hundreds of people ease their fear of interviews and he says it really breaks down to this:
Josh: I think the biggest issue we see with interviewees is the lack of preparation – not completely understanding themselves, the company, the position they’re applying [for]. There’s definitely some things that can help an interviewee if they’ve done the preparation and if they’ve thought through the process.
Shane: Tip number one: Preparation. Preparation is huge with anything we do… And Josh says you’ve got to know who you are, what your strengths are, and how you can really impact the organization. And if you don’t know enough about the organization, because you didn’t do your research, you’re not able to really put yourself into position and standout from all the other applicants. Now here’s an interesting thought: You have two types of applicants who Josh helps: students who have little work experience fresh out of school, and working professionals who’ve been out in the workforce, but are looking for something different, whether that be a new company or position… Josh says the two have some similarities but area also very different.
Josh: I think as far as similarities, there’s going to be a number of them – they’re still going to have to understand their own interests and skill sets to be able to convey that to a company. The experienced professional is going to have considerably more backgrounds, skills, and ability to demonstrate what they’ve done than an entry-level candidate would. This is what we focus a lot [on] when we talk to students, it’s about getting internships and getting that related experience so that you have direct examples of what it is that you’re trying to convey to an employer.
Shane: Tip number 2: Know yourself. Know the skills you have and own them. Whether your new to the job market, or a seasoned veteran, you have to know your skillset and convey that to the organization. And part of that is building out your resume in a way that shows tangible results. Josh explains.
Josh: A lot of times, what you’ll see with [resumes and even] experienced [ones] is they’ve got key results/accomplishments that are embedded in them - that’s a way of saying they’ve done these things at the particular position, but here are the three to five things that really impacted the organization. Being able to speak to those effectively, convey that to the company, and selling your abilities is going to be critical.
Shane: So for example, I helped generate the company an additional $200,000 in revenue through service sales in Quarter 1 of 2017 – or I help implement lean strategy that saved the organization $2 million in wasted manpower. Those are powerful. They stick. And that’s what leaves an impact. Next Tip: Research, research, research. Here are some ways to research the organization you’ve applied for.
Josh: As far as strategies, I think the most important thing is researching as much information as you can get [from] the company and the position beforehand. The job description itself will give you some of it, but [you should utilize] resources like the company website, of course, and another one is Glassdoor. Glassdoor.com is an excellent resource because people go on there and put things the company might not necessarily want you to know – the good, bad, and the ugly, if you will – about the organization, their culture, and even their interview process - a lot of information can be gleaned from Glassdoor.com. Of course, there’s a variety of different resources, like LinkedIn and other things you can do to go through to prepare and understand the organization and position as much as you can. Utilizing those resources to help prepare yourself is key.
Shane: And the final tip – follow up after the interview. Josh says handwritten letters can be very powerful because let’s face it, most people are do everything digitally now. So if you can get a handwritten letter to the right person, this can be very powerful in your follow up. Just thank them for their time, and if there’s anything you wish you would have mentioned during the interview that you didn’t, that’s a great time for that as well.
(ROI Music)
Shane: Closing Comments
In this best of The ROI Podcast episode, we talk bullies.Were bullies just a high school phase? Not according to the latest research. In Episode 2, the main topic is how to deal with a bully in the workplace. Kelley School of Business professor Charlotte Westerhaus-Renfrow discusses the best way to handle a bully at work. She provides tips you can apply right away to minimize the stress a bully may cause you.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Manufacturing in the United States is thriving. Outputs are high, the workforce is in demand, and students who are considering a career in manufacturing have high hopes. In this episode of The ROI Podcast, Gregg Sherrill, executive chairman of Tenneco, talks about the evolution of manufacturing and the role it has played in the United States.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(ROI Podcast Music)
(Manufacturing sounds)
Shane: Welcome back! Phil, you think the sound effects at the beginning of the show gave away clues about what we’ll be discussing today?
Phil: You know, Shane, here in Indiana we are in the manufacturing heartland of the United States. We are the most manufacturing-intensive state in the country.
Shane: Who better to discuss the state of manufacturing than the special guest we have on today’s show – we’re talking with Gregg Sherrill, executive chairman of Tenneco, a fortune 500 company manufacturing company. Phil – you know Gregg very well – give us some background on this Kelley Evening MBA Alum.
Phil: Today, we’re coming full circle for Gregg, who’s seen several shifts in manufacturing – most notably in the technological advances… So I asked Gregg about his impression of what manufacturing was when he first entered the industry, versus where it is today…
Gregg: When I look back now, in particular, because I can visualize the plant floor at Ford Motor Company 40 years ago, it bears less resemblance to the plant floor today. 2:39 The plant floor today looks more like an operating room, and that has been this enormous technology influx and to how we manufacture, not only how we engineer things as well, it all comes together on the manufacturing floor. It's been exciting and challenging for me, I’ve always said about [the] automotive [industry that] when it gets in your blood, it’s in your blood. It went through a lot of years getting beat up around this country, but it was never beaten up around the world!
Shane: I want to pause there for just a second, Phil, because I was just reading an article and the manufacturing industry led job gains for the month of March here in 2018 – and those numbers seem to continue trending upward, according to the Bureau of Labor Statistics.
Phil: And just a few years ago during the economic crisis of 2008 and 2009 – many people were writing off manufacturing – thinking it had its day in the sun… But here in Indiana, manufacturing is thriving, as it is all around the country and the world. Gregg weighs in here.
Gregg: I look at a lot of things with a historical perspective – unfortunately, I’m old enough to be a big part of 40 years of history now, so it’s not just historical, it’s one that I’ve lived through! To a great extent, when I really step back and can look at it, manufacturing never went away – we were talking about it earlier, the actual manufacturing output as a percentage of GDP has been constant for 50 years. It is true that the output comes with a much different and reduced total employment level because of productivity and the technology, but the overall output has always been there.
Phil: The bottom line: Times are changing. Technology is changing. This shifts the landscape of manufacturing, but it reemphasizes the importance of high-skilled labor. We’re seeing more and more requirements of manufacturing employees – and that’s where the United States has a great advantage globally. We produce high-skilled talent and labor. And our innovation is what drives our success, according to Gregg.
Gregg: I still think innovation is the vast majority of that, [and] the business climate now is helping.
Gregg: We are always going to need things, you can’t digitize everything, such as the chair you’re sitting in, the table you’re leaning on, and the car you’re driving – we will need manufacturing. It is in the thrusts of tremendous technological change that is exciting, and the careers and challenges are tremendous. We are going to need to get the best and the brightest, and that’s the message we need to get out there, that every bit as rewarding as any of those other industries we mentioned a moment ago, and going forward, it is very much on the forefront of change going on around the world, and both driving and utilizing every technology that you can and can’t imagine out there.
(Closing music)
So, you're wanting to scale your business to the next level? Or, maybe you've recently launched a startup with high hopes of its success. Well, you're in luck. In this episode of The ROI Podcast, Faraz Abbasi, a partner at a private equity firm, reveals what they look for in a business before considering an investment.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(The ROI Podcast Music)
Shane: Welcome back to The ROI Podcast, everybody! I hope you’re having an amazing day out there! I’m your host, Shane Simmons. I’ve got the associate dean of academic programs for the Kelley School of Business, Phil Powell next to me and we have a really cool episode. As you know, we are a few episodes into our CEO series, where we’ve been interviewing some amazing executives and figuring out what has helped them elevate their careers so they can live their best life. Well in today’s episode, we’re talking to someone who you could call a CEO to CEOs. His name is Faraz Abbasi, he’s a Kelley School graduate who’s the Senior Managing Partner at Centerfield Capital – a private equity firm in Indianapolis. And Phil, I know you’ve known Faraz for some time now.
Phil: Absolutely. I knew Faraz as a student in the Evening MBA Program. During the program, he made a decision that he wanted to go into private equity, and to make that jump, he contacted Centerfield Capital to volunteer his time. And now he finds himself as a managing partner. He's been very successful. It's a classic example of going after what you want to do. Now he finds himself making investment decisions in new businesses. So, he brings a lot of wisdom and I'm glad we could have him in our episode today. I started my chat with Faraz talking about the factors that determine whether or not a venture fund chooses to invest in a company.
Faraz: So the common sentence in our industry is we’re investing in management, not in the company necessarily - the management team holds the most critical component of our investment thesis. The most important point I would make is when management teams have a strong track record and put skin in the game. We’ve done a ton of analysis over 18 years where we’ve looked at what has worked for us and what hasn’t. The one thing which sticks out is when the management team has skin in the game – they’re re-investing their capital, they take some chips off the table, and for the first time, they’re becoming investors in the company.
Phil: So Faraz says the management team needs to be engaged and have skin in the game – which he says is when they are re-investing their capital in the company. But Faraz makes it clear – that many firms, before investing in a company – are looking at the first impression they get from the CEO.
Faraz: When we go into a management presentation where a management team is presenting to us an investment opportunity, if several people are on their cellphones, we walk out – we try to wrap the meeting up pretty quick. If they’re not fully engaged with the conversation, [that’s not good].
Faraz: In terms of other things with management, if they’re not engaged and it’s a team where we feel one person is talking during the whole management presentation and the rest aren’t participating, that’s a big red flag as well. This person leading the organization must be a control freak, he’s one that’s demanding or controlling the whole conversation. We’d like to get a chance to speak to each member of the management team and look at their management depth – again, we’re not investing in one person, we’re investing in a whole team.
Phil: So if you are out there looking for investors or venture capital – think about what Faraz just mentioned. It’s not always the idea or product that investors are looking at – they are also looking into the management. This is where you really have to sell yourself! But what about specific traits investors may look for? Here’s Faraz’s response.
Faraz: I would say the knowledge. I’ll give you a quick example, we invested in an outdoor gaming product company in Westfield, and it was a company which in the initial review didn’t pass The Smell Test because of the size – it was a smaller company, and we typically invest in companies with four million of [unintelligible] plus. Because it was local, we decided to talk to the management team and discuss the company further. Another risk has we thought it was a one-product company, mostly cornhole and beanbag games. Long story short, we went and visited the management team, spoke with them, and they really wowed us in terms of the knowledge they had.
They seemed to be not only very knowledgeable but also very partnership-driven, so we took that meeting, came back, and decided it was a company we wanted to go after and invest in.
Phil: So, to all of you business owners or executives out there looking for investors – Faraz mentions knowledge and having a partnership-driven attitude.
Faraz: That’s a big win, and the other big win is where the CEO has built such a good team that they have a strong succession plan. If they get hit by a truck, they have enough people in a place where the company will still survive and thrive without them. That, again, that bolds to a higher evaluation for that kind of businesses. It’s not common to see those kinds of CEOs in our businesses where, again, often times we augment the CEO in place already with other people where in 3-5 years the CEO will retire and the next tier of management team will take over for that reason.
Shane: So here is the lesson Faraz really wants our listeners to take away: You may have an awesome product or service, but without great executive leadership, those businesses don’t look nearly attractive in the long-term. And this is especially important if you are looking to raise capital for the business.
Phil: It's really this simple: A good venture capitalist, when she gets a business plan, first turns to the leadership bios, and if it pasts that test, then they look at the business model and the product. So it's the complete opposite of what you think. That's the way smart money follows smart opportunity.
Shane: And as I listened to this interview, Phil, I picked up on something Faraz said and we all talked about after the interview, and that is that better executives can let go faster. Meaning, they don’t have to be involved in the day-to-day, they’ve built a strong enough team who can take care of the details, while they focus on the big picture.
Phil: If you're going to be an effective executive then you have to scale yourself. Which means you constantly have to be shedding tasks. As the chief executive officer, you're really the chief communicator.
(The ROI Podcast Music)
Shane: That’s going to do it for this episode of The ROI Podcast. We want to thank Faraz Abbasi for being on the show and giving us an inside look at what investors are looking for in leadership before investing. We will be back here next week talking about traps to avoid as an executive – and how to prevent feeling too overwhelmed. In the meantime, don’t forget to subscribe and leave The ROI Podcast a review on iTunes. Keep up with everything we’re doing! And we’ll talk to all of you next week here on The ROI Podcast!
There are certain principles that, once applied, can cause massive growth within a business. Barb Cutillo, co-founder of Stonegate Mortgage, shares the principles that grew her business exponentially during one of the most volatile times in the United States.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: What’s going on everyone! Welcome to another episode of The ROI Podcast Presented by The Kelley School of Business on the IUPUI Campus in downtown Indianapolis. We are continuing on with our CEO series and today we’re going to talk to someone who, in the midst of a time when businesses were shutting down faster than they could blink, built a powerful company that continues to prosper. We’re talking about Barb Cutillo, a Kelley School of Business MBA and co-founder of Stonegate – a mortgage business that thrived while others had to close their doors… But before we get into that, let’s take you back to 2007…
(Clock ticking sounds)
Shane: It was the end of 2007 and the clock was ticking… 2008 and half of 2009 would be one of the worst recessions in United States history… Businesses were closing, people were losing their jobs, their homes, and their entire lives… The economy crashed.
(Economic crash soundbite compilation)
Barb: It was challenging because there was an online website that was like an implosion meter that showed all the companies going out of business!
Shane: Barb Cutillo, who built their entire business on home loans, remembers it well.
Barb: The market was imploding, home values were dropping, it was scary for a lot of people because they were losing jobs and unable to make mortgage payments.
Shane: So what a time to have a new business in the mortgage world. If you look at the circumstances, you could really say the odds were against Stonegate. But when the economy is down, and most other businesses are, too – that’s when Barb saw an opportunity to grow.
Barb: We had a couple great things on our side, which was we had lenders that worked with us to keep our access to funds available, so they didn’t shut us down - they knew that the loans we were underwriting were quality, so they believed in us, and now we had an opportunity to recruit good salespeople because a lot of them had been let go, and good back-office people.
Barb: When the market was down, we were actually hiring, and these people were now available to us to grow our business!
Shane: And Barb says if it weren’t for that recession we felt here in the United States – Stonegate wouldn’t have grown to the level it did. So that makes you wonder – how? How did they thrive in such a tough economic time? And how can you push you or your company to the point where you can grow, when others are stagnant?
Barb: It is a daunting situation and I’ve counseled and mentored several companies. We lived it at Stonegate and now that I’m on the other side - an investor, coach, and mentor – I’ve seen a lot of companies struggle with this: how do you get in front of the right people, how do you grow your business? The mortgage product itself was something that there was demand for, so it’s a little bit different than a brand new app or widget. But then again, there’s a lot more competition because people can get mortgaged everywhere!
Shane: So that’ a strong tip for anyone in business… Ask yourself: Who is the exact kind of person your product or service would benefit? Create a customer avatar – and make it very detailed about the ideal customer. Second: figure out how you can scale your business with this particular demographic or demographics. But for Barb’s industry – she was in what some would call a red ocean, or a saturated market because there are so many mortgage companies.
Barb: Exactly, it is. You have to differentiate yourself, and I think it comes down to, and I hate to say this, but you have to spend money to make money. We had to hire a few key, manager-type salespeople that had contacts - even the executives at our company had to sell our services. We had to be able to sell ourselves first – if we can’t sell ourselves and what we’re providing to a few, key employees and customers. We also gave equity – I know a lot of CEOs of small companies are afraid to give away any equity, but you know what, if you really want people on your team, you’re going to have to give a little bit to get more. We always had that philosophy of you’d rather have a little bit of a lot than a lot of a little.
Shane: So hiring the right people is obviously critical, and Barb will be the first to tell you that was instrumental in Stonegate’s success.
Barb: In order to attract those great, talented people that you need on your team, we felt like we needed to promote culture. Sure, we could say, “Here’s your offer, x number of dollars” but dollars aren’t necessarily all that drive people anymore – it’s about culture, the whole package. When we made offers to people to come on board, I came right out and said, “I’m not just giving you a paycheck, this is a place for you to learn, grow, and give back”.
Barb: We knew people were important and that was what was going to take us to the next level. We had once-a-month Friday gatherings for people to come at4 pm and have a beer in the training room, we always had company picnics, tried to have holiday gatherings at the larger locations, etc. In our handbook, from day one, our PTO policy had a section at the very end that talks about our “compassionate PTO policy” – if your co-worker had a sick parent, and they needed extra time, you could donate some PTO to them!
Shane: Creating a company culture that could weather any storm that may arise in the marketplace was key, Barb says. From letting her employees work from home at times, to allowing them to donate their PTO to other employees – it was a culture that everyone felt connected in and also made them feel invested in the company’s success. Now, this final strategy that Barb shared was incredible – and it was implemented after an employer survey that came back with some negative feedback about some of the managers.
Barb: Rather than firing a bunch of people and pointing fingers, what can we do about this, and what needs to be done? A lot of these people that were put in management positions, frankly, weren’t ready or trained – they didn’t have the knowledge! We thought about putting together a management training program so we can have a little boot camp to bring people to speed, level the playing field for our managers and supervisors, and see what happens. I was in charge of the HR area, so myself, my HR Director, and Training & Development guy sat together and sketched out what they would look like. We didn’t recreate the wheel, we took on Covey principles, used some of the Disney best practices, and we put together a management training package with follow-up coaching, mentoring, and with outside people. We ran a group of 100 managers or so through it in the course of a year, and the impact that had on the organization was enormous. Employee engagement scores went up by 30% in one year because people were excited to go to work again – they knew what the goals of the company were, they loved their managers, the managers listened to them and met with them on a regular basis. If you think about it, how come that wasn’t happening? But people didn’t know about it - once they know, then they do better.
(Closing Music)
Shane: Provide the support, training and LISTEN to your audience. Whether that’s your customers or your own employees. These strategies allowed Stonegate Mortgage to grow into the multi-million dollar company it is today. And here’s one final thought for you:
(The ROI Podcast Music)
Shane: If you’re in business, the principles that Barb shared with us is a winning formula for growth and success. It all comes down to treating your employees right, which carries over in how they treat your customers. It’s a chain reaction of respect – and when consistently implemented – you’ll be amazed at what your team can accomplish. And that’s going to do it for episode 40 of The ROI Podcast. A big shout out to Barb Cutillo for sharing her insight. Now go out there and implement! But before you do, head over to Itunes and Subscribe and Leave a review to The ROI Podcast. Let us know what you think – that helps us out in a major way. Other than that – we’ll be back here next week with another CEO series episode!
Have you ever sat down at night and wondered, "Where did my day go? I feel like I didn't get anything done." We've all been there. Thankfully, there are some very simple hacks you can apply to your life that will allow you to stay laser focused and get more accomplished. Episode 39 of The ROI Podcast will explain these hacks so you can start getting more done.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(ROI Podcast Music)
Shane: Welcome back! We are recording episode 39 of The ROI Podcast which is presented by the Indiana University Kelley School of Business – coming to you from downtown Indianapolis on the beautiful IUPUI campus. I am your host, Shane Simmons. And today, we’re bringing you an episode about productivity – and the 5 productivity hacks you can start implementing today so you can rock your life and business. And throughout this episode, we’re going to share productivity hacks from some of the greatest entrepreneurs out there, including Elon Musk and others. And we’ll even hear from one of our Kelley School alumni, Scott Abbott, on how he’s able to get more done and face those tasks we all dread tackling. So let’s start with Scott – who says – you’ve got to start writing your tasks down, which will help you hold yourself accountable.
Scott: Let’s take all that stuff that keeps you up at night and deal with it, move it on, do something with it so you can get it out of your life and business. Then you need to go execute! This doesn’t automate you, you still got to go back to work and follow through. It’s so much easier now because you’ve documented it, agreed as a team that this is how you’re going to get rid of it, and now you hold yourself and everyone else accountable for getting it done - you can't hide! I believe you can do that with yourself in your own life as well by assuming and thinking you've got a board of directors, even though it's just you in your house. Write things down, check off your list, make sure you’re getting these issues out of your life – by the way, issues can be also be good, just like how the word “argument” socratically is not necessarily bad because it helps people get through some of the sensitivity of things and get to what needs to be done. So that’s the whole point, get it out there, debate it, solve it, and move on.
Shane: So there’s productivity hack number one: create a list of tasks that need to be completed. Start tackling those tasks and marking them off, and when you can, solve the assignments you are least excited about because once those are off your plate, you can create momentum and relieve the burden of keeping those tasks lingering around. Its ultimate those tasks we continue to procrastinate on that weigh on us the most – but by clearing those and tasking massive action – you can free yourself from that feeling. Here’s productivity hack number two from Scott:
Scott: you need a system – one that’s proven, that’s clear and has results. You put both of those things in your life, the generations come together, the business does better, and the individual lives a tip-top life.
Shane: So hack number two is to have a system in place. You can’t just be blind and firing at the hip – you need to have an actionable plan together, looking at the big picture, and then breaking that down into small, actionable steps to accomplish the task at hand. And this is what the greats do. They don’t get overly stressed out because they look at the big picture, then break that down into daily and even hourly tasks. For example, we interviewed Laura Vanderkam a few months back. Now Laura is the author of many books, including 168 hours – which is a magnificent read on time management. And Laura suggests breaking your days downtown a spreadsheet so you can set specific times to accomplish tasks. Take a listen:
Laura: I use a spreadsheet to track my time. It’s just excel, nothing fancy. It’s got half hours blocks on the left side and the days of the week across the top and so it’s 336 cells to represent 168 hours. And I just fill it in as I go. I wake up, I write what time I wake up, and a couple times a day write what I’ve done since the last time I’ve checked in. And it doesn’t have to be perfect, I can say stuff like “work” or “hang-out with kids” or “drive somewhere” or “eat dinner” – whatever it is.
Shane: So for Laura – she’s breaking that time down into 30 minute increments, keeping track of her tasks, and ultimately this gives her a view of where she’s spending her time and maybe where she could begin dedicating some of her tasks. So time management is super important here. Take Elon Musk as an example. He’s the CEO of two companies who’ve taken the world by storm – both in Tesla and Space X. According to Elon, he works between 85-90 hours a week between the two companies. And he takes it a step further: breaking his days down into 5 minute increments. And our final productivity tip is one that too many of us need to work on and that’s handling email – and how not to let it bog you down. Here’s Laura Vanderkam on how to get around this:
Laura: Email expands to fill the available space. And so the only way to spend less time on email is to choose to spend less time on email. There’s no one “hack” that’s going to make your inbox be under control. It’s absolutely a decision you must make to decide how much time you are willing to allocate to this. So as much as possible, designate a few times throughout the day to check email. Even if you have to check very frequently, you’re better off checking say for 15 minutes once an hour as opposed to checking constantly on and off through a day. So 45 minutes off and 15 minutes on would be a way you can do it. If you can go longer that’s great. You could be off for 90 minutes, you could be off for two hours, awesome.
Shane: So as we close this productivity version of The ROI Podcast – consider what we’ve heard from guests on the show: Create a list of tasks you need to accomplish, put a system in place to accomplish these tasks you’ve setout to do. Create a time audit and schedule particular time slots for certain tasks and DEDICATE your time to those time slots. And finally, don’t let email be a distraction. Set specific times to opening and sending emails, and if you stick to those times, you’ll notice a jump in how much you can do!
(The ROI Podcast Music)
Shane: So that is our productivity hack episode of The ROI Podcast. We want to thank Scott Abbott for being on the show and giving us some insight. And of course, Laura Vanderkam sharing her interview from a few months ago and how she's tackling productivity. And of course we are going to come at you with more of these types of episodes in the future, but for next week we are going to pick back up on our CEO series where we are diving in to see how the best CEOs are able to grow their companies and thrive in life. So, be sure to stay tuned for that. Don't forget to subscribe to The ROI Podcast and leave us a review on iTunes. Other than that, we will be here next week with another episode for you all.
In part two of our interview with Kelley School of Business Dean Idie Kesner, Idie discusses how she measures her success, why surrounding yourself with the right people can transform your life and the secret to magnifying your results. This interview is part two of The ROI Podcast's CEO Series.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(The ROI Podcast Intro Music)
Shane: Welcome Back! We’ve got another episode for you here on The ROI Podcast Presented by The Kelley School of Business on the IUPUI Campus in downtown Indianapolis!!! I am one of your hosts, Shane Simmons. And Phil Powell is here with me. As most of you know, Phil is the Associate Dean of Academic Programs at the Kelley School. How are you, Phil?
Phil: I'm doing great, Shane! It's always a good day at the Kelley School.
Shane: This is episode 38 of the podcast and its part two of our interview with the Kelley School’s Dean Idie Kesner. If you haven’t had a chance to listen to last week’s episode, then I suggest going back and doing that because there was an interesting discussion about the core characteristics of an impactful leader. But today, we’re going to chat more about the emotional drive great leaders have, surrounding yourself with the right team, and we’ll dig into how you can keep yourself away from distractions and perform your work at the highest level. Phil, take it away.
Phil: As you said – last week we discussed the characteristics that make a great executive and an impactful leader. We mentioned people must have the talent to succeed, the humility to grow, and the tenacity to persevere. So we’ve covered the mindset – but as an executive, you’ve got to deliver results. So I asked Idie how do you know on a weekly basis that the organization is moving in the right direction.
Idie: Phil, I think you said the magic words in terms of what needs to happen – you have to identify multiple measures all along the path. Simply setting out the end goal, which is important for getting everybody on the page, is not enough. 9:48 You have to have metrics and measures all along the way that tell you're making steady progress and give you opportunities for celebrating within the organization. That first requires knowing your mission, [translating] that mission into goals, and [setting] up measurable objectives that are very specific – quantifiable both in level and in time – and those measurable objectives that fit your organization, your tasks, projects, and responsibilities. They are unique and customized for each organization, [and] they have to be there. Bottom line, you’ve got to understand your mission, translate it into goals, have measurable objectives that are very specific to the task or project that you’re working on that happen all along the way and guide you on your path.
Phil: Now those key performance indicators, or KPIs, that Idie mentions may be unique depending on the task at hand. A KPI for advertising may be your total revenue generated compared to the amount spent.
Shane: Or, if you’re talking about something like boosting company morale, those indicators could survey responses, number of days people called off sick, or more qualitative measurements.
Phil: Exactly – but Idie says the implementation is the same: Focus on the objective, monitor the results, and keep your eye on the prize.
Idie: I want to key off of something you said when you started that question, and that is, how do you deliver on all of this - basically knowing you’re one person with limited hours, and perhaps even limited capabilities. The ultimate answer is you have to surround yourself with people whose talents are a good compliment to yours. That means you have to be very self-aware, you have to understand where your strengths and weaknesses are, and then you have to surround yourself with people who fill those gaps for you, trust that they’re good people – hopefully, you’ve made the right decisions about who you brought in – and recognize that they’re going to be able to do their jobs. In fact, because they fill your gaps, they’re going to be able to do their jobs better than you would be able to do their jobs.
Phil: To all of you listening out there, think about what Idie just said – you have to surround yourself with a team that compliments your own strengths. That’s where diversity in talents can really play a vital role in a successful organization. Idie shares an example.
Idie: Now I’ll give you an illustration for me personally, I do think I actually have some self-awareness about some of the key weaknesses I have. One of them is I’m an extremely risk-adverse person, but in this job, you really do have to take some risks – you have to place some bets down, and you have to try and move the organization forward. So I try to surround myself with people who are willing to take those risks, willing to hold me responsible for moving the organization forward by accepting the fact that they have to hold me to the same standard. I think that that’s important: I didn’t surround myself with other risk-adverse people, I surrounded myself with a team of people who compliment the few issues that I have that are of concern to me in leading this organization.
Phil: Now the final tip we discussed with Idie when it comes to running a successful organization has to do with passion and getting everybody on board with the organization’s mission. This is important for two reasons: 1. It prevents burnout and 2. Passion is what drives innovation and creativity which can produce extraordinary results.
Idie: There are many times - last night’s a classic example - when I go home and was continuing to work until about 10 o’clock. What allows me to do that and maintain that energy is the feeling of commitment, passion, and focus that I have for the organization – it does not work when you really enjoy what you’re doing. I learned that lesson from my father, who was a stockbroker, who’d work all day in the office and come home at night. He’d study the market intensively, hours on end, and wouldn’t go to bed until late, and he’d be studying the next day to better serve his clients. He enjoyed the stock market, doing well by his clients, making great recommendations, and always said, “I’m not working – this is my passion and hobby and this is what I enjoy doing!” I think, obviously, stay focused on what drives you and what gives you energy from the organization, what inspires you, what makes you feel good about the job you’re doing. If you can’t answer that question, you need to be preparing yourself for that next position, whether that’s advancing yourself educationally or looking for other positions that can speak to your heart and soul. Life is way too short to be in a job that is sheer drudgery, that every hour that I’m there, I’m not enjoying myself. You have to find things that really drive you. Now, some people find ways around this: they have their job, and [a] life outside of work, where they’re doing community service and other things. That’s a great way to compromise to have the best of both worlds, but how much better can it be when the best of those worlds is embedded in your job when you feel that same sort of commitment and passion, and it comes from your daily work, and not just the sidelines? It’s not always easy to understand what that is, but you need to look for it in the organization – what is it that drives me about this organization, what excites me, how can I be a contributor, how can I make a difference? If you find those things, that will be the spark that you need.
(Closing Music)Phil: Wow. Those were great insights from Dean Idie Kesner from here at the Kelley School. Our listeners should know that what you've heard from Idie is reflected in how she leads our school on a day-to-day basis. She is an inspirational leader, and the type of leader we want all of our students to aspire to.
(The ROI Podcast Music)
Shane: What a way to kickoff our CEO series! So all of you listeners out there – remember: Understand your organization’s mission, create measurable objectives, and follow through… And when you mix passion with that – that’s when magnificent results can follow.
Shane: That’s going to do it for part one of this episode of The ROI Podcast. We want to thank Kelley School of Business Dean Idie Kesner for her time and insights. Don’t forget to subscribe to the podcast and leave us a review on iTunes! We’ll be right back here next week. Have an amazing day!
Idie Kesner, Dean of the Indiana University Kelley School of Business, lives by the school's desired characteristics of a Kelley student. She believes great leaders must have the talent to succeed, the humility to grow and the tenacity to persevere. As a Kelley School graduate herself, Idie knows what it takes to run a successful organization, motivate others and overcome business challenges. In this episode of The ROI Podcast, Idie discusses characteristics of impactful leaders and gives helpful insights to women executives.
Show Notes:
Shane: What’s going on, everybody! I am so excited to kick off a brand new series we are starting on this episode which is a CEO series! We’re going to be talking to a range of CEOs from all different types of industries. We’ll learn how they got into their position, we will talk about their “why”, and see how they deal with pressure, stress and everything that comes along with being an executive leader.
(The ROI Podcast Music)
Shane: Welcome back, everyone! It’s a great day for The ROI Podcast, we’ve got 36 episodes under our belt, and we’re kicking off what’s sure to be one of the most valuable series of podcasts we’ve recorded yet! Of course, I’m Shane Simmons, and I’ve got Phil Powell here with me, who’s the associate dean of academic programs at the Kelley School. Phil, are you ready for this CEO series?
Phil: Absolutely, Shane. When talking to leaders of these large and successful organizations, there's just so much to learn. I'm so excited today because I get to interview my boss.
Shane: This is going to be part one of a two-part episode with Idie Kesner – in this episode we’re going to talk about the characteristics that make a great executive, and really narrow in the female leader – and some of the characteristics that have helped Idie get where she is today.
Phil: Idie has studied executives, she’s an executive herself, and I asked her what are two or three things that she believes makes a great executive.
Idie: Well certainly, the characteristics of the executive are very important. Phil, you are well aware of the fact that we talk often about characteristics of the ideal Kelley student, and ultimately, the ideal Kelley alum. Fortunately, those same characteristics are also important for successful executives. We talk about the talent to succeed, the humility to grow, and the tenacity to persevere. Now that talent piece, clearly, we’re talking here about skills and knowledge sets, so talent is important – it’s important for every executive to have talent in order to do the job that he or she is assigned or is tasked to do. But those other two dimensions are less obvious but extremely important – humility means that you recognize that as an executive, there is always more to learn. It means that you’re willing to be able to intake feedback, to make changes based on that feedback, and it means you are willing to admit when you make a mistake and fix it. Then there’s that aspect of tenacity – some people might refer to it as “grit” if you will - the ability for an executive to roll up his or her sleeves, get the job done, and to persist against obstacles and hurdles. We like to think that those characteristics that we train and look for in our students are also characteristics important to executives.
Phil: And Idie says those characteristics translate for women leaders as well. Women executives obviously have a talent or skill set that got them there, they need humility to grow as a leader, and of course, they have to be tenacious to persevere… But, Idie says women also face other challenges.
Idie: But there are some unique challenges that women have that they need to think about, and one of them is to try and overcome doubts or lack of confidence. Based on information that’s presented in a wonderful book that I highly advise all women executives to read, it’s called The Confidence Code, it’s by Claire Shipman and Katty Kay, and in that book, there are many great points that they make. They cite a one really intriguing study, in particular, done by HP – it focused on when men would apply to take on a new assignment or role, versus women. What they found is men only needed to be about 60% confident in that they could meet those objectives, versus women, [who] felt that they had to be 100% there, 100% confident that they had those experiences in order to achieve that new role. That’s a big gap! I think sometimes women hold themselves back from taking on new assignments and growing in them. I definitely think that women need to basically turn off that voice in their head that says, “No, you’re not good enough to take on that assignment”. My advice is to overcome those negative kinds of communications that you do internally and talk yourself into something as opposed to out of something.
Shane: That’s a good point that I want to take time and reemphasize. Think about how many times you’ve talked yourself out of something, rather than talking yourself into something. And when you look at the definition of who a leader is and what makes up their character, it’s someone who may not always have all of the answers right away, but they will do what they can to find them.
Phil: Think about the ways men and women communicate. In general, we communicate differently, but that diversity is what can empower an organization… Idie talks about that here.
Idie: I also think that we need to recognize that men and women communicate differently, and it’s the diversity that can actually enhance the organization if it’s embraced properly. Interestingly enough, even when men and women communicate similarly, it’s often interpreted differently – men may be direct to the point, women are bossy in those cases. Men may be passionate or enthusiastic, women are emotional. We have to recognize that communication styles are different, and that difference, that diversity, is actually a good thing for the organization. My advice is don’t get discouraged by the negative comments that you may receive as a woman executive, don’t worry about your communication style is different from your male counterparts.
Phil: And Idie insists that women executives solicit feedback, she says this is very important.
Idie: I think women are very good at listening to negative feedback, sometimes I think they integrate it too much. What I’m advocating for is having effective women executives solicit feedback, you can and should go out and find people who will be mentors, coaches, sponsors, and advisors for you. It doesn’t have to be one person, it can be a team of people. Doesn’t have to be all women, it can be men and women. Doesn’t have to be from your industry, can be people from other industries as well, and it doesn’t have to be from your own functional area. In fact, I encourage you to solicit advice from people from other functional areas, and it doesn’t even have to be at your level!
Phil: But here’s the tricky part about holding a leadership position… Many times someone has developed into a role because of their technical skill and doing the job very well, but when you’re put into a position to lead, you have to know how to help others achieve greatness – and that will reflect on the executive.
Idie: If you have only one [aspect], you’ll be a very technical person, a great tactician, but you won’t necessarily be a great leader. If you have the other, you might be able to inspire people, but the organization may not be able to accomplish it because you have to make sure that that inspiration gets translated into action. You really have to have both components/features to be in a successful role as an executive.
Shane: I have a question, Phil. We know that saying leaders are readers. What books does Idie recommend?
Phil: Great question – and here’s her response to that.
Idie: Let me offer a few practitioner books that I think are good. One classic is Good To Great by Jim Collins. Many of your listeners may have already read this book if you haven’t then I do highly encourage you to do it. There’s some great advice in that book about how to move organizations forward and how to go from good to creating great organizations. A book I just read a couple of days ago was The Power of Moments by Chip and Dan Heath. Because it had moments in the title, and because our brand message is go from moment to momentum I thought this might be a good read, and in fact, it was a very good read.
Idie: For women executives, I might recommend one more book and that is the confidence code. It really helps you understand why women sometimes have more challenging roads ahead in their executive positions. And I think it’s a great book to overcome some of those challenges and to know you’re not alone.
(Closing Music)
Phil: So, if we can conclude what Idie has talked about – a great executive needs those three qualities we talk about here at the Kelley School of Business: the talent to succeed, the humility to grow, and the tenacity to persevere. These qualities will make you a well-rounded leader, and set you on the path to great accomplishments.
(The ROI Podcast Music)
Shane: That’s just part one of our kickoff to this CEO series and there was some value here that, if applied, can change your entire outlook, and even the outlook of those around you. And hopefully, all of you listening will be able to start applying these strategies in your life today. Next week, we’ll continue our conversation with Idie Kesner, picking her brain about somehow you can measure your success and effectiveness in the organization – and of course, how do you keep yourself motivated when you’re in the trenches.
Shane: That’s going to do it for part one of this episode of The ROI Podcast. We want to thank Kelley School of Business Dean Idie Kesner for her time, and we look forward to sharing part two with you next week! Don’t forget to subscribe to the podcast and leave us a review on iTunes! We’ll be right back here next week. Have an amazing day!
Often times, organizations view regulations as a hindrance to business, limiting what a company can or cannot do. However, Julie Manning Magid, professor of business law at the Indiana University Kelley School of Business says organizations who build regulations into their business strategy create extraordinary results.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(The ROI Podcast Music)
Shane: Hello everybody! Thanks for joining us once again on The ROI Podcast presented by The Kelley School of Business on the IUPUI campus in downtown Indianapolis. Hopefully, you are having a spectacular day – and we’re here to help BOOST your business knowledge through actionable insight! And joining us on this journey is my co-host, Phil Powell, who’s the associate dean of academic programs for the Kelley School. Phil – what’s going on?
Phil: (Replies)
Shane: Well, today we’re going to somewhat pick up where we left off last week when we were talking to professor Kim Saxton about equal pay for equal work. But today, we’re going to be speaking more from a strategy standpoint – and how gender equality will actually increase growth and revenue. I can tell you this is a very interesting discussion.
Julie: One of the things that we see in the current climate is that there are real consequences to not focusing on and working toward an equitable workplace, a place where people feel they can be heard and appreciated, and understanding the importance of having everybody at the table to do their very best in your organization.
Phil: That was Kelley School of Business Professor Julie Manning-Magid. Julie is a professor of business law and she’s the executive & academic director of the Randall L. Tobias Center for Leadership Excellence. And in our discussion with Julie, she mentioned the legal consequences that organizations need to be aware of when it comes to creating an equitable work environment.
Julie: Certainly there are consequences in terms of legal consequences, legal claims are something that we’re hearing a lot about now, but there are also major public relations issues when you do this wrong - we’re certainly seeing that as well. There is a certain numbers game that you have to think about, and if your numbers do not reflect well [from] the community you’re drawing them from, there’s a problem in your organization and that problem could lead to anything from corporate activism, to your government structure, to large claims that are class-based, to single claims - and even if it is just a single claim here or there, it adds up in terms of time, money, and morale. It’s not a good work environment if you’re getting a lot of these sort of claims.
Phil: As as we watch the news, read the papers, sometimes we wonder: How can such dynamic, well-managed organizations not catch these claims and issues beforehand? How do they not see this happening?
Julie: It is complicated, [and] I don’t want to downplay this requires attention and work and that not every organization that has been challenged is doing something wrong, but it is challenging and something that you have to pay attention to and focus on in a way that says, “Are we being truly inclusive of everyone in our organization and community?”
Shane: I’m gonna pause there for a moment because I really like how Julie breaks this down. Sometimes, we as humans can overcomplicate and over analyze, and in the case of this subject, by stepping back and asking that question “Are we being truly inclusive of everyone in our organization and community?” That can cause some deep reflection, right?
Phil: (Response)
Shane: And let’s talk about FMLA for a second… While this is a protection, there’s still a caveat there that can negatively impact women and their family.
Julie: So in the FMLA, you are protected for pregnancy after working a year for the employer. That works to the negative for women in a way it doesn’t negatively affect men because pregnancy is hard to time. If you think you might become pregnant sometime in the next year, you cannot change employers, because you will not have protection for leave to give birth. It’s something that doesn’t enter people’s minds until it becomes the reality of, “I can’t look for another job because we’re thinking of starting a family.” Again, this isn’t something that only negatively affects women, because it has a ripple effect on families, [and] it impacts men and how they are able to create a two-income family.
Shane: Let’s talk about this from a strategic angle. Yes, if complaints are filed and investigations are conducted around these issues, it’s going to cost the organization on the bottom line… But what about the impact it has on human capital?
Phil: You know, Shane… That’s an excellent point. The cost this has on your workforce is far greater than anything else… And Julie dives into to the specifics on the cost of this in today’s environment.
Julie: Right now, we’re at historically low unemployment rates, [and] it’s hard to get good workers in your workplace. If you’re an organization that does not treat people fairly, has poor morale, that doesn’t handle these issues well, you won’t have people working there – you certainly won’t have the best people working there. It’s a competitive market, and there are consequences to being a difficult place for women to work, and it’s not just women in of itself, it also is the fact that families are impacted by these decisions that are negative to where women work, and that has consequences as well across the board.
Julie: Law and ethics are such an important thing to think about in terms of business management. Many organizations and executives want a lawyer to handle anything legal-related, so it doesn’t become their problem, but then you’re having somebody else run what are some of the most important business decision that you’ll make. Executives know that there are legal implications to almost every decision they make, and the ethics that that implicates. That has to be something that you embrace as a manager or an executive, or you’ll make poor decisions by having somebody else worry about one of the major issues businesses deal with, legal compliance.
Shane: So what Julie’s saying is the best organizations are seeing a shift in the role of chief counsel… Rather than being somebody who solely protects there organization and quote keeps the governor off their back”, the chief council becomes an important part of an organization’s strategic core.
Julie: Recognizing that regulations and complying with them have to be part of your strategy decisions is the way that you better prepare your organization for excelling. As we’ve been talking about, that law pushes you to be very inclusive of people in your organization and part of your strategic decisions.
Shane: And let’s remember – there have been organizations who have not taken this strategy previously – and it caught up with them.
Phil: So if we’re to summarize what we’ve discussed today – we’ve made some progress for women in the workplace, but there’s a lot of work that remains to be done. Whether it be in programs to help women climb the corporate ladder, tweaks to FMLA, or just being more inclusive – we need to look at the law not as regulation, but as guidance and a start to what we should be doing – and that’s taking a strategic approach and implementing the law to that approach.
Julie: The job of managing people is never done - it is a day to day practice that good managers engage in because people are their most important asset, and that’s how they should be treated and thought about.
The year was 1963 when President John F. Kennedy and Congress passed the Equal Pay Act, prohibiting gender-based wage discrimination in the United States and mandating equal pay for equal work. Yet, research indicates that women are still being paid less than men for the same work. Why is this? What can organizations do to ensure they are not discriminating based on gender or race? Kelley School of Business Professor Kim Saxton explains in episode 35 of The ROI Podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: Before we start today’s episode I want to bring up something that’s no secret and is going to revolve around our discussion today and that’s the issue of equal pay. So I was online the other day and I read an interesting study that found 83 percent of women believe men are paid more than women for the same work – compared to 61 percent of men who believe that statement… So where are we today with equal pay in the workplace? Where did it all begin? That’s what we’ll be discussing today.
(ROI Podcast Music)
Shane: It’s time for episode 35 of The ROI Podcast presented by the Kelley School of Business on the IUPUI campus here in downtown Indianapolis… Of course, I’m one of your hosts, Shane Simmons. And I’ve got my friend, Phil Powell, who’s the associate dean of academic programs at the Kelley School, sitting beside me co-piloting the podcast. How are you today, Phil?
Phil: (Replies)
Shane: As our listeners heard in the opening of this show – we’re talking about a topic that’s hard to believe we’re still having to have this conversation and that’s pay equality. Phil, as a dean to a business school, as a scholar, and as a person in general, when people are paid unequally, doesn’t it hurt our economy?
Phil: (Replies)
Kim: Great question and I don’t know if the MeToo initiative is giving rise to this, but it’s something first, people need safe working conditions, but in addition, they ought to be the same people being paid for the same work, irrespective of gender or race. We know it’s an issue, so if I were talking to a man, the first thing I would say is just own up that it exists. There’s still some people who are debating whether in fact this gap exists – study after study, done as rigorously as possible, controlling for all different kinds of factors does show that there is a gap. We need to recognize that it’s there, first of all, and why has it gotten there? The other thing about the gap is that it’s not a new gap, it’s been around for a long time. If you pull up articles from the ‘60s, there were talking about equality of opportunity for women in 1961.
Phil: And if we go back to 1963, President Kennedy passed The Equal Pay Act which made it illegal to differentiate pay based on skills, effort, responsibility, or working conditions in the U.S.
Kim: And yet, we still have a big pay gap. How does that happen? Well, there are systematic differences that are occurring that are difficult to control for. First of all, one of the ways that pay does get differentiated is based on experience – remember I said skill, effort, responsibility, and working conditions. Experience is a valid reason to differentiate pay. Women tend to take time out of the workforce, therefore, they tend to have less experience – so that’s one thing that people can justify is, “I should pay him more because he’s been working at this longer”. The second thing is that women tend not to negotiate for their pay, while men do - women just don’t ask that question. Personally, with a group of women that I mentor, I encourage every one of them who is changing jobs to ask for something. It’s really shocking got me that many of them would say, “Oh, I love this offer, it’s exactly what I wanted!” - I said, “Now pretend you’re a man, what would you want?” One hundred percent of them have gotten more than what they were asking for at the start. That tells me that companies are used to people negotiating, and if women are negotiating, it must be the men who are. But some companies are trying to take these steps to fix this!
Phil: But before we get into what some companies are doing to combat this issue of gender pay equality, there are still the behavioral economics that some would argue are embedded within us – even if we don’t think we're biased…
Shane: Kim said something that I did not realize, and that plays into this whole conversation, and that’s when men and women are judged on their performance, both men AND women will evaluate the same performance from a man as better than the performance from a woman. And so when you have pay being based on performance, you can see how this causes an unfair reality for women.
Phil: You’re right, Shane. And Kim explains how some of these experiments worked to give us a better idea.
Kim: Some of it was looking at objective performance – maybe you would look at a group of people and say, “Subjectively, how do I evaluate their performance?”, and then we might look at some objective criteria like the time it took, number of errors, those kinds of things. There’s been some research where they had violin players play a piece, and when the audience could see what the gender was, they rated the men more highly - when they couldn’t see what the gender was, they rated them equally. Occasionally, some studies have actually found the women’s performance was better when you didn’t know who it was!
Phil: Harvard actually sets this test up in the classroom with a case and Kim discussed these eye-opening results.
Kim: Yeah, so this was an interesting case that they did where they took the profile of a really good networker - someone who created connections out in Silicon Valley, an actual real person - and had jobs that moved towards creating these connections with technology and venture-capital firms. They gave the case to half the students where it was a man, and the other half got a woman. Before they came into class, they had to fill out a survey about things like, “how much do you like this person”, “how much would you be willing to work for this person?” When the group that had the person as a woman was always significantly rated lower than the man. It was like, yes, they’re an effective networker, but no I wouldn’t want to work for them, and no, I don’t like them.
Kim: I think there are maybe three or four things we could do, or that I would think about doing if I was a male CEO looking at this situation. First of all, you need to have a periodic review - where are we? Let’s lay everything out by skill, effort, responsibility, and working condition, and let’s just see, are we paying people equally? Salesforce did this in 2016 and 2017, and each year, they had to adjust pay by $3M, women were being underpaid. Now, I would say on an annual basis, $3M out of $11B is probably not a bad investment, but it repeated the next year! Even in one year, they saw it creep back in, so you have to have a periodic inspection of it. The second thing is, we make assumptions about what people are interested [in] and willing to do. Maybe there’s an overseas assignment, and you look around and say, “Who should we give this overseas assignment to? Well, she’s a woman and she’s got kids, she’s not going to be able to travel.” Why are you making that choice for her? Instead of making assumptions as to who would be interested in what, open the playing field - give everybody a chance at all the promotions, let themselves select if they want that kind of responsibility or that work life. Being mindful that you are eliminating people is important. The third thing is you have to actually ask yourself who’s not at the table – the easiest thing is that we tend to support people who are like us: white men tend to support white men, white women tend to support white women. Ask yourself, do I have a diverse team? Who’s not been invited? Find those people – it’s not that they don’t exist, it’s that they don’t occur to you to invite them. Every time I step back and ask that question, I find somebody and I say, “Wow, that person is a great asset, I wish I had thought about that!” - those are little promotions that add up to bigger ones.
Phil: And lastly…
Kim: The last thing is, and back to that periodic thing, we know that the wisdom is that people respect what you inspect. Some people are really excited about the latest news out of Iceland about equal pay - and really, it wasn’t so much the equal pay, because they already had that in place, they knew it wasn’t working. What Iceland did is they put in an annual certification for employers with more than 25 employees that they have to prove that in fact, they’re paying them equally. In your own organization, set up annual inspection of the strategic outcomes that you want to accomplish, and people will perform to them!
Shane: So if we were to step back and explore what we can do is managers in an organization when it relates to these issues – we’ve talked about some different things to look out for… But where do you start?
Phil: Kim sums up some practical steps that an organization can take immediately.
Kim: The first thing is, look around and ask yourself, are we biased? If there are awards, who’s winning the awards? Are people of color or women winning awards at the same rate men are? Promotions? Leaving? Just observe! Many organizations and managers never ask the question, “Do we have a bias?” The first most important thing is to sit back and ask if we have a bias, maybe get some data and see if there are any. What helps for me is I have someone who keeps me accountable – because I know these biases are natural, my significant other will actually be objective and ask, “Now, are you saying that because of that person’s gender or race? Or is that what you’re really thinking?” So it causes me to step back and ask myself, “Am I being biased?” I don’t always like how I answer, but I like that the question got asked.
(The ROI Podcast Music)
Shane: We’d like to thank professor Kim Saxton for taking the time to chat with us about a topic that’s so important in our world… Of course, we’d be honored if you subscribed to The ROI Podcast and leave us a review on iTunes… That really helps us out and gives us some feedback on how we’re doing. And Phil, next week we’ll be continuing this conversation from a legal angle with professor Julie Manning-Magid so be sure to look out for that episode next week. Have a great day and thanks for listening!
Many CEOs feel as though they've plateaued when it comes to growing a company. They quickly find they don't have enough time in a day to get done what needs to be done. Kelley School of Business professor of management, and former corporate executive, Ken Wendeln shares simple ideas that will free up your time and expand the growth without running yourself ragged.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: Before we start the episode, I want to share a quote from the book Time, Talent and Energy from Michale Mankins and Eric Garten, which plays right into what we’ll be talking about today. And here’s the quote: “Energy is an intangible but powerful force that enables companies to accomplish great things. Leaders who learn to boost and harness their organizations’ energy can multiply the impact of their employees’ time and talent. The key is to tap the power of engagement, inspiration, and a strong company culture.”
(The ROI Podcast Music)
Shane: Welcome back to the ROI Podcast presented by the Kelley School of Business on the IUPUI Campus here in downtown Indianapolis. Hopefully, all of you are having an amazing day! For those of you who don’t know already – I’m Shane Simmons and my co-host is Phil Powell, the associate dean of academic programs here at the Kelley School. Phil, we’re talking about executive leadership today – and there’s tons of literature out there regarding the importance of great leadership – but today we’re really going to get specific on how leaders can measure their success and grow the organization.
Phil Responds
Shane: Today we’re talking with Ken Wendeln who’s a professor of management here at the Kelley School – but before coming to Kelley – he was an executive for multiple companies where he was very successful. And Phil, you had a great conversation with him – and we’re about to play the soundbite that I thought was very interesting – and that’s the obstacle that’s holding many organizations back from growth – which can be the CEO themselves because they’re too involved. Take a listen:
Ken: Let me give you a good example: as a sector executive, I took over a business in California. It was a small business, grew quite nicely, and I was sitting down with the general manager after we had acquired them, and he was talking about his frustration over the fact that he had not been able to grow his business beyond $30M in today’s dollars. As I watched how he operated and what he did, what we found was he was trying to do everything. Instead of him being the one who led the business, he was the one trying to run and manage it! The natural point of his inability to grow the business was himself. Eventually, he moved off to do some other thing, we put some professional managers in place who knew how to scale the leadership, how to put people in place to be able to grow the business and were quite successful.
Phil: So, how do smart managers or executive leaders get into this new position of leadership, who’ve excelled most of their career – all of a sudden, can’t see what’s so simple? Seeing yourself as the growth inhibitor seems like it should be obvious – but according to Ken it’s not that easy and sometimes that’s the result of the lack of positive feedback.
Ken: As you as move up an organization, one of the things we find in working with our MBAs, is it’s hard to get honest feedback – even though we have performance reviews, annual reviews, it turns out that it’s hard to get honest, helpful, useful feedback on how effective are you. Without that, you do not know what to change. The habits you had, the things that may have gotten you to where you got before – which may have been a lot of hard work, a lot of doing things yourself – all of a sudden limits you because you’ve run out of time. As you move up the ladder, you need to then say, “What does the organization need from me? What do I need to do to help others grow through my leadership so that they are the ones who are providing the work, the smarts, doing the things that maybe I did in the past, but I don’t have time to do today?”
Shane: And Phil, that’s an interesting concept to think about: The routines and habits that we may have had that made us so successful – can now almost become our kryptonite as a leader.
Phil: Exactly and that’s what can get in the way of progress for an organization. As you grow into new roles within an organization, you have to learn to delegate tasks and give up control – but as Ken explained during our chat – there may be others who would be happy to take on those tasks that need to be delegated… And then your time, as the leader of the organization, can be better spent in a different area. But some people may be wondering what kind of tasks they should delegate? Ken explains that here:
Ken: Well, I think you want to delegate those kinds of tasks where you can accept somebody else’s perfection. As an example, if I’m doing presentations and they don’t have to be absolutely perfect, I can give that to somebody who will do a good job, will be more than adequate, and I’ll be very happy with. Whereas I might spend a lot more time on things in that presentation that would’ve taken a lot more time and would’ve added little value. Or, on tasks I’m not particularly good at or interested in, others may be very interested in doing that. I know when I delegate, I’m very careful about picking what can I give to somebody else, what can I accept of them, and what will they be happy with? I keep just those tasks to myself where either they’re something only I really can do, or I know I can’t accept somebody else’s perfection because it’s really important to me.
Phil: And when you’re delegating effectively, you’re setting your organization up for growth.
Ken: Good delegation not only helps free up your time, it also helps you develop with other people because as I give other people the chance to do things, guess what? They do them well, grow, learn, and become part of the team, and they’re happy to be there! They see themselves as valuable. Delegating to others and doing it well is a trait that helps not only you time-wise, but also helps others grow in the organization.
Phil: So tip #1 – find ways to delegate tasks. And the second tip that Ken says is critical to growing the organization and thriving as a leader is creating a conducive workplace culture.
Ken: Culture is an interesting one because people want to be part of organizations that they can identify with - their personal purpose, and hopefully the organization’s purpose, is one and the same, so we like to identify with those that we want to be with. Creating a culture that fits what your strategy [is], what customers want, but also has to fit with what your own employees want – an honest culture is not easy to create! Finding ways that you can have a place where people really want to feel valued is a challenge, particularly in today’s workforce. You look at some of the younger kids coming out through school - the millennials, so to speak - they have a set of expectations. How do we meet that? How do we align our organization to fit with what the customer wants, what our culture is, and what our employees need? That alignment, if you can do that, is tremendous because now you’ve aligned your whole purpose to all those that are stakeholders.
Shane: So Phil, here’s my question when it comes to company culture… How does accountability fall into this? What’s the biggest mistake executives make in accountability?
Phil: That’s a great question and many people may be surprised by the answer to this.
Ken: The biggest mistake in accountability is not letting people make mistakes! If you don’t support those that you ask to do things, even when maybe they made a mistake you have to support them. They have to know that if they mess something up, that’s okay, they’ll learn from the mistake, and go forward and support you. You really want to create a culture of making mistakes, but making them quickly, and being honest about them: that’s accountability. Now people take pride in what they’re doing, and if something does go wrong, they’ll step back, learn from it, and take another stab. If you don’t do that, then people will be fearful of taking things on. I think allowing people to make mistakes, trying things but failing quickly, so to speak, and then supporting them when they do that helps to build the organization and the people.
Phil: To sum up what we’ve talked about today – the most successful leaders know how to delegate and set the organization and the people in it up for success. And we’ve also discussed the importance of workplace culture… But if you want to measure leadership – which can seem nearly impossible to do at times – here’s a really interesting way Ken says you can do that…
Ken: Leadership is hard to measure, because what do you measure? What I found interesting is one trick from a professor I know at another school talks about the measurement is easy - just measure the energy in the room when you started and finished! What happens if I’m having a meeting or teaching a class, if the energy level is here, and I go through that 1-3 hour of class/meeting time, is the energy level higher when I left because of what I did, then I’ve accomplished something. If it’s lower, then I’ve sucked the energy out of people. Again, just like time, we’ve only got so much energy. My measure today of how well I’m doing is, was the energy left, were people more people excited, more motivated, and more interested? I started to use that as a simple measure, and it’s an easy one to look at because you can see the expressions of people’s faces, the pace that they walk in and out of the room. I think it’s a great measure, that along with being able to grow others - your talent - make others interested and excited because they’re with you, and that becomes your energy level too!
(The ROI Podcast Music)
Shane: And that’s going to wrap-up this episode of The ROI Podcast Presented by The Kelley School of Business – we’d like to send a thank you to Kelley professor Ken Wendeln for all the value he provided in this episode. I think there are lessons we can all learn – whether we are currently in a management position, or if that’s something we’d like to achieve in the future.
Shane: Don’t forget you can subscribe to the ROI podcast on iTunes and leave us a review!
Those who are invested in the stock market are looking into 2018 with optimism. GDP growth is up, profits continue to rise and the economy's in a good place. But what changes could impact the markets in the coming year? And are the tried and true investment strategies of the old days still relevant? We sat down with associate professor of finance Rob Neal to discuss these topics.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: Happy New Year to all of you – hopefully your 2018 has gotten off to an outstanding start! And now it’s the time to think about what this upcoming year has to bring – and how you can dominate it and accomplish your goals. With this being a new year, there brings new opportunities and challenges in business – none more pressing than the financial markets. So in this episode of The ROI Podcast – we’ll be talking outlooks for the markets – and how you can maximize your returns in the stock market.
(The ROI Podcast Music)
Shane: It’s a new year and a new episode of The ROI Podcast presented by the Kelley School of Business on the IUPUI Campus in downtown Indianapolis. I’m Shane Simmons and the associate dean of academic programs here at the Kelley School, Phil Powell is next to me. How’s it going, Phil?
Phil: (Response)
Shane: Today we’re taking a look at the 2018 financial markets – and also giving our listeners some tips when it comes to investing, especially when it comes to retirement.
Phil: You know, when we look at the financial markets and where they’re at and where they may be going, I think back to the mid-2000s where we had a massive segment of growth before the markets collapsed. According to Rob Neal, associate professor of finance at the Kelley School of business on the IUPUI campus, when looking at the markets there are certain factors we look at.
Rob: When we think about what drives the markets and stock prices, usually we focus on three factors: corporate earnings, interest rates, and measures of market ratios. When we look at the earnings part, what we saw was from roughly 2014-16, that three year period, earning growth is pretty much flat, save for the S&P 500. Now in 2017, it’s rebounded, it’s up about 10% for the calendar year so far, which is above its long-term average. Our forecast going forward for next year are slightly higher, about 11%, so that’s good news for a market forecast. On the interest-rate side, the current federal funds rate is sitting about 1.25% - the expectations going forward are that we’re going to see another interest rate increase 25 basis points in December, and probably another 2 or so in 2018. That’s going to take the interest rates up to about 2%, which are still relatively low, certainly on a historical basis.
Phil: And you heard Professor Neal mention earnings as one of those three factors that really drives the markets and stock prices. Recently, we just saw productivity growth rate over the last two quarters surpass 3 percent.
Shane: And for some of our listeners out there – define productivity growth rate.
Phil: (Defines Productivity Growth Rate)
Phil: So my questions to Professor Neal was this: Is productivity growth going to be one source that could drive extraordinary earnings growth?
Rob: Any time you can do a better job of utilizing resources to produce your products you’re earnings are going to benefit.
Rob: my hunch is if we’re successful on the corporate side of trying to keep our tax rates more inline with worldwide global averages, then it is going to have a net positive impact on productivity going forward. We’ve got some demographic changes that we are working against us in productivity and are probably scaling back our long-term productivity estimates, but from my perspective I see a lot of positive developments on the technology side. A lot of innovation going on. Internet of things developments. New censors being able to monitor workflow, and even being able to get traffic patterns to improve.
Rob: I think were on the cusp of a lot of potential innovation that’s going to have a positive impact.
Phil: So some of you out there listening may be thinking this is interesting and has a very positive outlook – but let’s not forget what happened to so many people during the crash of 2008 – losing thousands of dollars. Some may say the stock market is like the lottery or like gambling in Vegas. If you’re afraid to put your money in the stock market because of that – here’s what Professor Neal has to say.
Rob: It’s definitely NOT the same thing as going to Vegas. You might think about buying a lottery ticket. Alright, all of you listeners out there, don’t buy lottery tickets, please. Your payoff to a lottery ticket is about 50 cents on the dollar. Now if you want to blow your money, go to a casino. You can play the slot machines and your payoff there is going to be 90-95 cents on the dollar. Now if you keep on doing this, the probability that you’re going to be broke is essentially 100%. But it’s going to last a lot longer if you gamble in a casino versus doing it with a lottery ticket. Now in contrast, when we look at the equity markets, on average stock prices go up on an inflated-adjusted basis about 7 percent per year. So you’ve got that working for you. One of the big risks investors face, and we face it right now and you might think the market is expensive and you want to get out, but being out of the market long term is highly risky and it’s a guaranteed failure rate. So you’re never going to be able to grow your resources enough to do what you want to do in retirement or down the road.
Phil: And Professor Neal says one of the best financial decisions he made was during the crash of 2008.
Rob: One of the best investment decisions I made was during the financial crisis. I’m always getting calls from neighbors asking what do I do? The best investment decision I made was to do nothing. So I just stayed put. I rode it out, and for everyone else, you’ve got to understand that if you get to 7 percent annual rate of return, it’s not going to be without risk. There are going to be times when you are going to lose a bunch of money. But what you want to do is focus on where you are likely to be 30 years from now. 20 years from now. 40 years from now. And what’s the best plan for getting there?
Phil: And another tip, that may seem obvious but a lot of people still don’t do this – is contribute enough to your 401k that your employer can reach its maximum match contribution.
Rob: From a retirement perspective, this is something that everyone should do. If you have an employee match, be sure to contribute enough to get the maximum match from your employer. That’s free money and you’re never going to see a rate of return like you get on that investment. So that’s rule number one. Rule number two is thinking about an investment in an index fund, it doesn’t have to be U.S. funds, in fact, I would encourage a certain amount of global diversification. If you look at European markets they tend to look more attractive on a valuation basis than American markets do. But our historical rate of return on inflation-adjusted dollars is about 7 percent per year on the market.
(Closing Music)
Phil: Bottom line is the economy is looking pretty good next year, markets are looking good, there are always questions about it. But in terms of your investment strategy, put it in an index fund and just don’t do anything else.
Rob: put the money in, leave it. And hope for her best, based on the info we have, that’s probably the best strategy.
(The ROI Podcast Music)
Shane: So wrapping this up – it looks like going into 2018 we are in pretty good shape. And we’re looking at returns on equities to be positive, but maybe just below that 7 and a half percent average over the past 50 years…
Phil: (Response)
Shane: That’s going to do it for us. Thank you to professor Rob Neal for his insight. And for all of you listeners out there be sure to go to iTunes, Subscribe and Leave us A review – we’d love to get your feedback on the podcast. We’ll talk to you all next week!
There are more women being hired today for entry-level positions following college graduation; however, this trend isn't translating for more experienced women transitioning into executive positions. Why is that? How can women break the glass ceiling in corporate America? We talk with Nicole Mitchell with Honda Manufacturing of Indiana about this topic.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: Hey all of you ROI listeners out there… Before we start today’s show I wanted to briefly reflect on what we’ve noticed some of the most successful people do to help accelerate their lives to meet their goals. And what it comes down to is developing a vision and implementing a plan to make that happen. That’s what it comes down to… And in this episode of The ROI Podcast – we’re going to hear from someone who has some insight on how women can meet their professional management goals using the principle we discussed. Let’s get to the episode!
(The ROI Podcast Intro Music)
Shane: Hello everyone! We’re back with another episode of The ROI Podcast. I’m Shane Simmons recording solo today… I appreciate you listening to the podcast. We’ve been recording this podcast for about 8 months now – and we talk to a lot of managers, entrepreneurs and some of the greatest leaders around the country. And our guest today is going to talk about an issue we’ve dealt with as a society forever – and that’s the underrepresentation of women in executive level positions – and the trends we’re starting to see – but also how women can take action to help move them towards that direction.
Nicole: Men run the corporate world still - we see it in data, and it’s something that we can’t deny.
Shane: That was Nicole Mitchell. Nicole works at Honda within the Indiana Office of Inclusion and Diversity which works to develop inclusive strategies – well, I’ll let her explain it better.
Nicole: “Inspiring Inclusion” here at Honda Manufacturing of Indiana, or HMIN, is our slogan to create an inclusive and engaging environment for our associates; that encompasses everything from what we’re doing externally in the community and working with different populations to 1) get people excited about the automotive industry and expose them to all the interesting and innovating things we’re doing here. Also internally, making sure we’re creating equitable opportunities for development and promotions on moving up so that we have that representation.
Shane: That’s important for many reasons – but Nicole brought up a statistic that many people may not realize – and that’s only 1 in 10 senior leaders is a woman. And according to a Mckinsey Study with Lean In, we’re actually seeing more females graduates being hired within entry level positions – around 57 percent – but that’s not translating to the executive positions. And asked her why that is… Is some of it sociological? Here what Nicole’s response.
Nicole: I think not as much as it used to, women do still take on quite a bit of the household chores. However, we are starting to see a little more balance in the younger generation of males taking on some of those activities as well. You’re seeing more households having two people working and bringing in income there, so we’re seeing more balance. I don’t think that it’s necessarily that, I think it’s opportunity and understanding how to navigate the workplace to position yourself to get opportunities and be thought of. I think that’s our biggest challenge still.
And that’s what Nicole is going to help our us understand – how can women, minorities, or anyone really, put themselves into position to succeed.
Nicole: One of the big things is [to] take a step back sometimes and watch people – I’m in a lot of meetings, and before I engage some individuals as mentors in formal and informal mentorships, I take a step back and watch how people interact and see where you can find a connection point; not everyone is going to be the best mentor for you. Once you take that in and see how people are interacting, it’s about not being afraid to go up and say something, like, “Hey, I saw how you handled that meeting, I’d love to sit down and pick your brain on what I could be doing to do better in meetings”. Think of a topic - I think the mistake people make with mentoring is they want someone to come in and fix all their problems. Sometimes it starts just with a simple question, “Can I pick your brain about x?”, and it really helps somebody start to focus on how they can assist you, and everybody always wants to help somebody else. One of the biggest things is being mindful of what you’re asking to start that mentoring partnership - that’s a really critical first step.
Shane: So step 1: Find mentors… Reach out to people you aspire to be like and pick their brain… Listen, you don’t have to reinvent the wheel – often times people have already accomplished what you want to and they can help guide you… This is something that’s come up several times in our episodes and there’s good reasoning behind it. Ok, next piece of insight:
Nicole: interaction with your managers – sometimes we can be intimidated, and I have to remember that with some of our younger associates that they may not have had a ton of interaction with some our senior leadership. How do you make sure that you do have those interactions and you’re taking advantage of them? As much as we want to think that we’re hard workers and our hard work is going to get noticed, sometimes it’s also those relationships and networks. Being exposed to your managers, having interactions, even if it’s in a meeting by asking a question, those things really stand out. Those are two big [tips] that I would suggest people be mindful of and take a look at, and they’re pretty easy to start to implement today.
Shane: One of the points that Nicole brought up when it came to mentoring was that women shouldn’t only seek out other women to be their mentors. She says women need that balance and having a male mentor – especially one who has had success in your field – can be extremely valuable.
Nicole: But the thing that I think is great is when we can have men mentoring women, it helps break down barriers, and it really is a two-way street for learning, which excites me. Being able to share how to maneuver the workplace politics - as much as we don’t want to say they exist, they do – and men do a fabulous job on that. They can really help teach women and guide them on how to be successful, and not taking it away from who you are as a woman or as a leader, but help you understand how to leverage your strengths to be successful in a company; mentoring from the male perspective is crucial. I’ve had some fabulous mentors here, and throughout my career, that has gotten me to the place I am. Without them, I know I wouldn’t have understood how the world works with the different companies, so that’s been great. From the female, I think that they can also open the male’s eyes in those mentoring relationships on challenges that they might not have been aware of. We talked about the stat of men think we’re doing well with women in senior leadership, but being able to have two-way communication through mentoring, I really think that you can break down some of the barriers and misconceptions, and we can take steps to create that equitable environment.
Shane: Lastly – Nicole recommends Business Resource Groups within a company – so for example, Honda has what they call LAMP – or Leadership Advanced Mentorship Program. This particular program is a yearlong program and they take their members through different sectors of the company including meeting with executives to help them better grasp what it takes to be at the executive level.
Nicole: Business resource groups for companies, again, I truly believe that diversity and inclusion are two-way conversations, and having items like business resource groups and programs, like LAMP, allow us to have those two-way conversations a little more. We call them BRGs, business resource groups,
Nicole For instance, women have a tendency to say the success was a team success, which it was, but you played an integral role in the success of that team. Positioning that for yourself in your review process is an opportunity, and a good tip to get you to move forward into those manager roles. Business resource groups allow women to have some of the training and discussions around that, and a safe space to be able to acknowledge it and provide and create ways to overcome those things. BRGs are phenomenal assets to a company, and it also allows companies to ask a question like, “What are we missing?” If you have the viewpoint that women are not represented in management, versus what management may think, business resource groups are a great way to have that dialogue to say, “well here’s some things that we could do better” or you could communicate what’s happening in the environment a little more to make it more inclusive, interesting, and exciting for women.
(Closing Music)
Shane: So to wrap things up – you’ve got to take action on finding a mentor – findings someone who can help guide you through the challenges you’re going to face. Be active within your organization, and talk to your managers – ask them questions and really show them you’re interested in taking on advanced roles. And finally, if your organization has a resource group – utilize that. Build your network, create new experiences, and stay persistent!
(The ROI Podcast Music)
Closing Comments.
Recently published research from the IU Kelley School of Business on IUPUI’s campus shows consumer trust in online reviews is influenced by spelling errors and typos, but how much those errors influence each consumer depends on the type of error and that person’s general tendency to trust others.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: Happy Holidays Everyone!!! And if you’re catching this episode at a later date, we hope you had a Holiday season. Along with the time being spent with family and friends, we know this time of year is extremely important for businesses – especially retail related. And according to studies, about 60 percent of shoppers will be researching and reading online reviews before they make a purchase. But how do these shoppers know whether or not they can trust a product or business? You may actually be surprised. Let’s start the show!
(ROI Music)
Shane: We are back! Welcome into The ROI Podcast presented by the Indiana University Kelley School of Business on the IUPUI campus. The Holidays are upon us as we record this – and things are starting to wind down for the year.
Shane: We’re gearing up for the Holiday season and like many of you, I’ve got some shopping that I’ve got to get done… And I want you to think about something for a second. When you’re about to try a new store or a new product – do you do research beforehand? Do you read reviews? The fact is the majority of shoppers do, but the number of stars someone has earned doesn’t necessarily translate to trust, according to Kelley professors Tony and Dena Cox.
Tony: There has been since about the 1970s, a steady decline among Americans in trust of all kinds of institutions
Tony: As a further part of that conversation, another thing we all noticed in our own behavior as a consumer looking at online reviews, is how well or poorly the reviews were written, including spelling and grammatical errors.
Shane: And that’s what Tony and Dena decided to focus their latest research on which is how consumers are influenced by errors that are left by other shoppers in reviews.
Tony: What we did is we went online and got some actual reviews as our base stimuli, for a non-prescription pain reliever. We then altered them, so we had our control condition, which was close to what the actual review had been, and we created 2 modified versions that both had different types of textual errors. (SKIP A FEW SENTENCES) We created the error-free review, which was close to the original review, and then we had one with typos, like transposed letters and common keystroke errors, and another with genuine spelling errors. We did an online experiment where we recruited a national sample of consumers of various ages, levels of education, and so forth, and the respondents were randomly assigned to one of these reviews and asked a series of questions after reading it.
Shane: This is where things get interesting… Tony says there tend to be two types of people: High trusters and low trusters. Essentially, the high trusters can pick up trustworthiness cues in other people, and the low trusters do fairly poorly at picking up these ques.
Shane: So what does this mean for the research? Where there differences among the “high trusters” and the “low trusters” when it came to spotting these errors in the reviews?
Shane: It was the high trusters who were more affected by spelling and grammatical errors in the reviews – Tony explains.
Tony: That’s basically what we found in our research: the people who had low dispositional trust did not distinguish between the reviews in terms of the number or types of errors, but people who had high trust were very sensitive and in particular, they tended to not trust the reviewers who made careless errors – mechanical or typographical - because they associate carelessness with untrustworthiness; people are sort of loose and fast with the facts are also loose with the facts/information.
Tony: They were much more forgiving, in terms of their willingness to trust this reviewer and what they had to say about the product, of people who just had challenges and maybe didn’t know how to spell. An example would be if somebody spelled “refridgerator”, “idg”, consistently – they’re not being careless, they just don’t know how to spell that word. People who were very careless, they viewed that as a cue that they’re careless with the facts too, and less trustworthy. That was interesting to us.
Shane: So what we are seeing is two dimensions to the issue at hand – from a corporate perspective, there’s what people are saying: are they giving me a positive or a negative? And then there’s the issue if people will read the actual review, and then trust what has been written?
Tony: Right – and the way to play it straight, it’s definitely beneficial to have positive online reviews; that’s been shown, the sales’ impact to positive online reviews for restaurants, hotels, and so forth, is really significant, but the old school way of trying to get those is just delivered good customer service. The consumers who are genuinely delighted with your product, those are going to be the ones who are going to be more likely to post online reviews. That’s the old-fashioned way, and there are a lot of companies out there that will advertise, “we’ll help you gen-up your online reviews”, and companies need to be cautious of doing anything that is ballot box stuffing or putting their thumb on the scales, and really focus on delivering a great customer service. The reviews will [then] follow.
Shane So if I’m about to set up a business or take my first dive into online sales, how can I leverage online reviews to my advantage? Tony explains his big takeaway on this:
Tony: My biggest takeaway would be is one reason why high-trust consumers who tend to be more discerning when they react to careless errors is that there’s some indication that they are a signal that this may be a bogus review. As one of the experts we cited in the paper said, “Writing fake reviews is a mass production business”, so a lot of the reviews tend to be written hastily and they’re more likely to have these careless errors. This is more of a warning, if you will, to companies who may be tempted – there are 3rd party organizations who will mass-produce favorable reviews for you to put on them on your website, or there are some companies that may encourage all their employees to go on and write favorable reviews. That kind of mass-production or attempted mass-production of bogus reviews is likely to send signals, like careless errors, that discerning consumers are going to look at and say, “This is bogus”. Not only may they discount that review, but they may have this boomerang reaction against the whole company.
(Closing music)
Shane: For some final thoughts – great business all comes down to providing an exemplary product or service, and complimenting that with the best customer service. By doing this, you are setting you and your company up for success – and the reviews and social proof – that will follow.
(The ROI Podcast Music)
Shane: It’s crazy to think that getting an online review isn’t necessarily enough. According to this research, if those reviews have spelling errors and other mistakes in them, different people can determine whether or not they trust that review – it’s just fascinating.
Shane: Very interesting research. That’s going to do it for this episode of The ROI Podcast. We want to thank Kelley School of Business Marketing Professor Tony Cox for being on the show – and sharing the research he and his wife, also a professor of marketing at the Kelley School, Dena Cox has been doing. And we’d like to remind everyone to subscribe to the ROI Podcast and leave us a review on iTunes. Have a very happy holiday and we will see you back here soon!
One year after President Trump announced he'd saved hundreds of jobs at the Carrier Corporation in Indianapolis, there are lessons that can be learned. According to Kelley School of Business Professor of Operations Management Mohan Tatikonda, outsourcing of manufacturing is inevitable. However, there's a way for the U.S. to overcome it and bring higher waged jobs, but it requires higher skills and innovation.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
(ROI Music)
Shane: Good morning, afternoon, evening – whatever time of day it is where you’re listening and WELCOME… To The ROI Podcast presented by the Indiana University Kelley School of Business – located on the IUPUI campus in downtown Indianapolis. We’ve got the associate dean of the Kelley School – Phil Powell – next to me. How are you, Phil?
Phil: I'm doing great, Shane.
Shane: Today, we’re going to talk about the future of manufacturing in this country… We always hear about jobs, jobs, jobs… And I’m from Kokomo, Indiana where auto manufacturing is vital for that community… But there’s a shift happening right now – a shift that is a double-edged sword in many ways… And if we can Phil, let’s go back to last year.
Shane: When it made national news that Carrier, an air conditioning and refrigeration manufacturer here in Indianapolis, would be eliminating 1,400 jobs and moving to Mexico. You remember that, Phil? That was big news.
Phil: I remember that. But as Mohan Tatikonda, professor of operations management here at the Kelley School of Business, has said from the beginning – this was just a spot solution.
Outsourcing is always going to happen – we can put in place regulations, laws, and other mechanisms to slow it down if that were a good idea, but ultimately, work flows to where it is done at lowest cost and best. It’s almost inevitable, and we shouldn’t be against that because if work flows to some other place, it frees up our folks to work on more valuable things; so that’s the issue with outsourcing.
Phil: But Mohan says outsourcing isn’t the main contributor to job loss.
The biggest reason for manufacturing job losses is technological progress: greater efficiency in plants, supply chains, and in the offices. These days, a bugaboo is robotics, automation, and to some degree, artificial intelligence. To anyone who is threatened or displaced by technological substitution, believe me, it’s stressful, mind-blowing, and it is a very present and real problem! But if we step back as a matter of humankind, we’ve always had technological progress: we want it and it makes society better. Think back to the Gutenberg press! Before that, how were books written? The stories [say that] monks would sit in these rooms, have all these different markers, pens, and paintbrushes, and they would literally write a book. So those monks were displaced and jobless when we had printing presses! I don’t know about monk job trends around the world, but I’m going to guess the monks were very successfully redeployed to other things, like maybe counseling people in the community. We’ve had technological progress in agriculture, we think about the cotton gin, Henry Ford’s assembly line - the management technique of assembly lines wasn’t made up by Henry Ford, but he was the first one to really commercialize it. Because of the assembly line, people were able to create a car in a lot less time and for far lower cost than before. We could think of that as a technological or management substitution for labor.
Shane: So what Mohan is saying is that this is a matter of technological progress – which is a good thing for the most part?
Phil: Yes. And Shane, think about this. There are really two types of manufacturing: there’s traditional labor-intensive manufacturing – are those are the jobs we are losing overseas due to lower wages. Then there’s this newer advanced manufacturing, where it’s highly automated and there a demand for talent to manage the machinery. And we can’t forget that machinery is just that: A machine.
This issue about lower cost is, it’s not about a ten cent difference in wages – it’s a ten times difference, sometimes even greater. Any product that has a non-trivial amount of labor content can [be] produced at a lower cost elsewhere if the work is simple [and] easy to move somewhere else. Then there’s the kind of work that is more complicated – it often requires greater skills and workers who interact with automation and machinery. You know, a computer or a robot is just that: it’s a thing, a tool, but someone has to program it, set it up so that it does the right thing, make sure it does work well, and that it’s set up to communicate appropriately with other parts of the factory, robots, and other aspects in the supply chain. There are human beings who do these things, but they require different skills and typically, more training. What’s key here, if we care about retaining and growing manufacturing jobs and other higher-wage jobs, is that our companies need to produce products and services that are highly differentiated, that compete on features that others don’t provide, that are more responsive and customizable to consumer needs and so forth. 11:30 We can’t have our companies working on making commodity-style products that compete at the minimum cost where the effort is always to squish out the last penny. That kind of work is the kind of work that is the easiest to move elsewhere and is the kind of work that is the easiest to automate.
Shane: So if I’m pickin’ up what Mohan is saying, it’s that as a nation, we need to stop trying to compete with other countries on cost and wages – but rather let’s go upstream – let’s innovate and create jobs that require high skill, and that aren’t as easy to replace.
Phil: Exactly. So there’s this issue of developing an educated labor force who can man these machines and robots and be involved with the innovation progress, but there’s always the public policy that could be put in place to incentivize this way of thinking.
Advanced innovation, continuous innovation, features and capabilities that other products and services don’t have – if we’re going to make those, we will have higher-wage manufacturing jobs. We know that there are some companies that do this, the question then becomes why aren’t more companies competing on an innovation basis and trying to make products and services that garner higher margins? It’s all about incentives - fundamental economics. What we find in some companies that instead of using their current profits to further invest in themselves, R&D, and new product, service, and market developments, they’re taking the profits and instead, using them to buy their shares back – this is the infamous “share buyback” issue. It’s about incentives and priorities - companies and executives in some situations are prioritizing buyback of shares, which rewards investors and shareholders, but then uses up that money which otherwise could’ve been used towards internal innovation and workforce development.
Phil: So as a manager, an employee, an executive – whatever your position may be. Focus on creating value for the customer, and providing a better product for that customer through an entrepreneurial mindset.
(Music Begins…)
Mohan: Exactly, so it’s revenue maximization/growth by higher margins. If we’re going to be in a higher wage economy, that’s the only way we’ll be able to compete.
Mohan: We need to have this entrepreneurial mindset and a willingness to experiment and innovate. We need to try to increase the value of our products and services through additional features, different capabilities, faster response to customers, ways to customize it to each customer instead of being an off-the-shelf thing, and so forth. So this goes throughout the company, this is from top-to-bottom, bottom-to-top, thinking with openness about new ideas and willingness to experiment and fail instead of just doing the same old thing again and again, slightly better.
(ROI Podcast Music)
Closing thoughts from Shane and Phil.
When you step to the table for a negotiation, do you feel confident you can come to a solution that's mutually beneficial to all parties? We've got you covered. In this episode of The ROI Podcast, Kelley School professors Stephen Hayford and Tatiana Kolovou discuss the ins and outs of negotiation and how you can master the art.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Show Notes:
Shane: It’s been said by Deborah Tannen that communication and dialogue is a dance, not a boxing match. What does that mean you might be asking? Well, in order to get what you want in business, or in life, you HAVE to be a great negotiator… And after listening to this episode of The ROI Podcast, you’ll have the tools of a powerful negotiator. Let’s do this!
(The ROI Podcast Music)
Shane: WELCOME BACK!!! Episode 29 of The ROI Podcast is here… 29 episodes, Phil… It’s hard to believe, isn’t it?
Shane: Phil… I want you to think of something… How important is a negotiation, and communication in general, in our lives? I mean, think about it. When you’re a kid you negotiate with your parents for that new toy or to stay out past curfew. At work, you negotiate a higher salary or an idea you’ve pitched. Even things we don’t think about like negotiating where you and your spouse will have dinner… We do this often times subconsciously.
11:05 Steve: In today’s dynamic business and professional world, you cannot predict outcomes - you can’t even predict relationships at all times. But if you master process, if you understand how to play the game of negotiations, then that process skill set emboldens you to realize that you’ll find the answer. 11:33 You don’t need to know the answer at the beginning - if you master process, you’ll recognize the answer when you find it.
Phil: You just heard from Stephen Hayford, Professor of Business Law at the Kelley School of Business. He’s an expert in negotiation and conflict resolution…
Steve: I’ve learned to recognize the people who do and don’t understand the process – those who don’t understand the process, when they find themselves in conflict, negotiating a contract, or solving a problem, tend to focus on arguments on who’s right and who’s wrong. They [also] tend to focus on overuse and overreliance on power – power and the merit of ideas are both very important aspects of negotiated decision-making, but when one recognizes and understands the importance of process, you have a playbook you can consistently use.
Can I add one thing here to what Steven is saying: sometimes we get in trouble or we do a bad job with negotiating or we don’t get as much out of it because we hurry up the process.
Phil: And that was Tatiana Kolovou, Senior Lecturer at the Kelley School of Business. Tatiana’s expertise also falls within negotiation and conflict management.
We’re not patient enough to try to learn more about the other person, to try to build rapport, and maybe be able to use the information, not in a bad way, but to use it to build the relationship further. If we try to hurry it up and think that it’s a transaction, like putting gas in your car at the gas station, you’re not going to be able to be successful. What Stephen teaches is all of those signs and signals and having faith in the fact that this process exists and you have to walk the path.
Shane: I’m going to pause there for a second and let’s talk about this process, which is so important. What is this process? Where do you start?
Phil: So Stephen and Tatiana say it starts before the negotiating ever begins.
Stephen: I think the real key at the front end is listening. This idea of diagnosing the relationship, for example, if I’m dealing with you as a supplier and you are my customer, and I know that you have three viable alternatives to working with me, that’s going to make a big difference in the way I present myself to you contrasted with the circumstance where I know that I am your only alternative. There is no what we call “BATNA”, Best Alternative to a Negotiated Agreement - if I know that you are an impatient negotiator, I understand from the beginning that I’m going to have to slow you down and show you the benefit of methodical approaches, as opposed to shooting from the hip. My experience has taught me that mindfulness, being alert, being patient, diagnosing the circumstance before I begin to act always pays off.
Phil: And from a communication standpoint…
Tatiana: First, you have to exude confidence, and I’m not talking about the over-confidence, sort of the aggressive “I’m going to take you down!” type of confidence, but a sense of calm and collectiveness that people have when you see them, you think, “This person has their act together”. It goes from how you sit at the table, how you make eye contact, how you learn and listen, or how you mirror the body language of the person you’re interacting with. If you are to be patient and calm, your body has to speak that as well. Sometimes our students don’t see that – they are in a certain channel of operation, and no one has stopped to say to them, “You tend to frown a little too much when you’re listening, and it may look like you’re not accepting what the other person is telling you!” I’ve done this quite often or videotaped people, and they have these big awareness “aha!” moments where they realize they may not be coming across as being open listeners to what the person is saying. Even from a body language - I’m reading a lot on power cues and in general, use of gestures – you want to be able to communicate that confidence, but you also want to read your audience.
Phil: So that’s step 1 of this negotiation process. The next step is starting the conversation and Steve: Focusing on process, I think the first substantive step is to bifurcate the issues at play into what we call distributive issues, those that involve these resource allocations - zero-sum, thick sum kind of decision-making, like cost, time, the available technology perhaps - and separating or delineating them from what we call the integrative issues where the parties’ goals are not in a conflict where it’s not a zero-sum game where we can create value. In that first distributive side, those issues are all about claiming value, and that’s an important part of the negotiation. If I’m a supplier, I want to maximize the price I achieve for my product or service. At the same time, it’s important that we move the process toward the value-creation side, which is integrative bargaining; we create value by identifying our mutual, non-conflicting goals and the interests that underpin those goals for each of us, and then we focus the process on serving those interests.
Tatiana: As we’ve said earlier, at this point, listening, paraphrasing, and clarifying is important so that you show that you have invested interest in being there with your counterpart in the negotiation - that, again, is an opportunity to build rapport. How you do that is probably more with non-verbals than with verbals - you even want to nod and make strong and good eye contact. We talk about remembering people’s eye color, doing that intentional of eye contact so that you are not distracted by anything or people around you, obviously not any technology and being a good listener. In some cases, you want to show that depending on the situation or where you are, that you’re pacing with the person that you’re negotiating with. If the person seems to talk a little faster or seems to want to decide or speak to one specific topic, that you’re mirroring some of that, you don’t completely follow your style of communication. You dance with them, if you may say, so that you can be more in that equilibrium that Stephen was talking about. That doesn’t mean that you’re not direct or precise in your wording – as a good communicator, we recommend you pick your topic and your theme and you keep going back to that.
Phil: So we’ve got the trust being built, we’ve begun to use our non-verbal’s to move the conversation forward… Next, we have to look for the nonverbals the other person is giving us to let us know whether we can move and push the conversation even further.
Tatiana: The head-nodding, the eye contact, the open body language – all of that kind of tells me that I can move forward. If the person starts their shuffling papers, or if you start looking at your watch or distracted by what’s going on behind you, that just doesn’t give the signal that you have the patience to move forward to the next step with the person that you’re working with.
Phil: But as I’m sure we’ve all experienced… We are human and we make mistakes… So we asked Tatiana and Stephen what are some common mistakes they see in negotiation and how can we correct them?
Steve: I think inadequate preparation is one of the big ones that I see. I think the failure to manage the expectations of one’s constituency before you get to the table, so as to define was a truly acceptable outcome is.
Tatiana: I want to quote the author Deborah Tannen that talks about “communication and dialogue is a dance, it’s not a boxing match”. If you go into it thinking you’re going to shoot, they’re going to shoot, you’re going to be playing offense and defense all the time, you can’t be a good listener because you’re just waiting for them to slip so that you can get your point across.
you have to learn to flex your style if you’re going to be a good negotiator. When we don’t, that’s a big mistake – we have to adapt.
Phil: So to wrap this up – when you’re heading into a negotiation situation: Prepare, know the process and the agenda you’re wanting to accomplish, but also be flexible – because as Tatiana said: Negotiation is a dance, not a boxing match.
(ROI Music)
Shane: Negotiating can be one of those topics that can be uncomfortable for us in the beginning, but what I really picked up from Stephen and Tatiana is it’s not nearly as intimidating if you go in prepared and set some clear expectations.
Shane: And that’s going to do it for this episode of the ROI Podcast. Thank you to Kelley professors Tatiana and Stephen for sharing their expertise with us. And both of them will have a course opened up to the business community in the coming months. We’ll post more about that when it becomes available.
Phil: And don’t forget to subscribe to the podcast and leave us a review on iTunes.
Shane: And we’ll be right back here next week on the ROI Podcast!
For years people have shopped 'till they dropped when it came to the capitalistic holiday Black Friday. But with shifts in consumer's shopping preferences, Black Friday is evolving. Could these changes be the last straw for brick and mortar retailers? Kelley School of Business senior lecturer in finance, Todd Roberson, weighs in on the "new" Black Friday.
Show Notes: 8:00 Shane Simmons and Phil Powell introduce this week’s episode of The ROI Podcast where the topic will revolve around Black Friday and how it has changed. 1:33 What we are seeing with online retailers is a revolution for consumers. 2:15 Kelley School of Business senior lecturer in finance, Todd Roberson, joins the podcast for a Q and A session on Black Friday. 2:30 In 2016 there were 137 million shoppers and they spent about 45 billion dollars in store on Black Friday. That same day, 5 billion dollars was sold online, a 19 percent increase in sales from the previous year. 5:31 In the past, major retailers were both the retailers and the supply chain. 6:25 As online shopping has accelerated, data analytics and artificial intelligence now have allowed outlets like Amazon to know what the consumer wants before the consumer asks for it. 7:13 Todd believes the future success of retail is in either a highly-specialized, unique retail niche or experience shopping. 7:55 Much of the way retail has changed is due to a radical shift in consumer preferences, but also advances in technology, supply chain management, and data analytics. 8:15 You know what your customers want by collecting data on them. 11:37 Shane and Phil close this episode of The ROI Podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Did you know many small businesses are one fraudulent wire transfer away from going out of business? The average cost for a data breach for a U.S. company as of 2016 was seven million dollars. Many businesses have already been breached but don't even know it. So how do you protect yourself and your company's information secure? Scott Shackelford, assistant professor of business law and ethics for the Kelley School of Business shares how you can keep your information protected from hackers in this episode of The ROI Podcast.
Show Notes: 0:01 What does "hacker" mean to you? 0:36 Introduction to The ROI Podcast with Shane Simmons and Phil Powell. 1:08 In this episode of the podcast, Shane and Phil talk with Scott Shackelford, assistant professor of business law and ethics for the Kelley School of Business. 1:47 The average cost of a data breach for a U.S. company as of 2016 was seven million dollars. 2:19 There have been several data breaches in Indiana, including Anthem. 2:56 It's not only big companies that can be targeted. 4:54 How do you protect yourself and your data from being hacked? 5:25 There's a focus on offense rather than defense in the cybersecurity space. 6:04 Right now many companies have a faith-based approach to cybersecurity where they pray every night nothing bad will happen. 8:00 Tips for mitigating your risk of being hacked. 10:40 Shane and Phil wrap-up this episode of The ROI Podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Do you believe you should have the ability to shop for your healthcare like you shop for groceries? Do you know what healthcare plan is best for you and your family? Deb Gordon, a senior fellow at Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School, shares her research on how consumer-based healthcare and the impact it could have on you.
Show Notes: 0:35 Shane Simmons and Phil Powell introduce The ROI Podcast. 1:00 Today’s episode will be discussing healthcare in the United States. 1:23 Physicians drive 80 percent of the resource allocations decisions in healthcare. 1:49 Healthcare represents 20 percent of the U.S. economy. 2:10 Deb Gordon joins the podcast. Her research focuses on consumer behavior in the healthcare marketplace. 3:47 Deb uses the analogy of shopping for groceries when relating it to consumer-driven healthcare. 4:44 Healthcare consumers are already beginning to ask about pricing and shopping around. 5:53 Deb believes physicians play a more important role now with the changing dynamic of healthcare. 7:00 Deb’s research shows clinicians are typically not trained to consider the cost for the patient, but rather just focus on treatment. 8:17 Deb believes the market will win out, and healthcare will evolve to the consumer.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
It's not like the old days -- business has changed. Employees don't stay at their jobs as long as they used to, and managers are finding it harder to motivate and retain their employees. Brian Parsley, a world-renowned speaker, and business consultant share some tips with our listeners on how they can continue to motivate and engage their employees. You'll be feeling motivated and ready to conquer your goals after listening to this episode.
Show Notes: 0:00 Shane Simmons introduces episode 25 of The ROI Podcast. 1:13 Brian Parsley will be on the podcast. Brian is a motivational business consultant who works directly with CEOs of Fortune 500 companies. 1:45 CEOs are tired of hearing about the differences among the different generations. 2:06 How do you get people to be engaged with the company and help the honeymoon stage last longer? 3:15 A study conducted by Brian found that employees at a fast growing company weren't as interested in money as they were feeling involved and being appreciated at work. 3:44 Money is a temporary motivator. 4:43 We live in an age of now. 5:00 Leadership is the power of influencing people. People don't care about titles anymore. 5:50 To motivate others, and yourself, you have to go all in. You can't accept failure. 6:24 Success doesn't make you happy, but being happy makes you successful. 7:43 You achieve your goals by taking action. 8:38 Shane and Phil conclude the show.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Indiana, and other states in the U.S., have an interesting dilemma: Jobs are opening up faster than workers can fill. According to a recent survey conducted by the Indiana Chamber of Commerce, nearly 50 percent of employers said they have had to leave jobs open because of the lack qualified employees. So how does this impact our state, and what does this mean for the future of jobs? Kevin Brinegar, President, and CEO of the Indiana Chamber of Commerce explains what it all means for our future.
Show Notes: 0:10 Shane Simmons and Luke Cooley open the twenty-fourth episode of The ROI Podcast presented by the Kelley School of Business on the IUPUI Campus. 1:18 Indiana and other U.S. companies are struggling with a labor shortage. 1:44 Indiana Chamber of Commerce President and CEO Kevin Brinegar says companies need to start building and expanding their talent pipelines now. 3:03 Tennessee has dedicated dollars from the lottery that they use for workforce training to prevent such talent shortages from intensifying. 3:58 The labor shortage issue is more serious in Indiana because it's such a manufacturing state. 4:44 We are beginning to see more machines and more automation which could totally replace all middle and lower-skilled jobs. 6:55 Workers must continually invest in themselves and improve so they can't be replaced by a machine. 7:49 Kevin says if you are not planning and preparing for the continued labor shortage you could be leaving customer and business opportunities on the table. 9:20 Shane and Luke close this episode of The ROI Podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
E.W. (Ed) Kelley was one of the most successful and notable business leaders of his time. Known as the modern-day founder of Steak 'n Shake, Ed Kelley set the foundation for what it means to conduct one's self in life and business. In this episode of The ROI Podcast, Ed's friend and colleague, who's also a Kelley School of Business professor, Bob Grimm, discusses Kelley and what we can learn from him.
Show Notes: 0:20 Shane Simmons and Phil Powell introduce the episode of The ROI Podcast. 2:07 Our guest, Bob Grimm, was the vice president of human resources for Ed Kelley during their time together at Steak 'n Shake. 2:32 Bob says he learned early on that Ed Kelley loves to work, make progress and see results. 3:22 Ed Kelley was his toughest critic. When he would prepare for a performance appraisal, he would do a self-appraisal and he would put that into his top right desk drawer. He would not allow a superior to be more critical of him than he was on himself. 3:55 Ed had developed the idea of restless dissatisfaction. 5:30 Ed always held high standards for himself and his employees. 5:53 Ed emphasized enthusiasm and energy. 8:00 Shane and Phil share their final thoughts on the episode.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Why are some people ultra successful and live a life most only dream of, while others seem to be caught in a rat race? On this episode of The ROI Podcast presented by The Kelley School of Business, time-management author Laura Vanderkam shares her findings after interviewing some of the most successful people in the world who've mastered the art of managing their schedules.
Show Notes: 0:01 The ROI Podcast opens with a soundbite from the Twilight Zone. 0:23 Shane Simmons and Phil Powell introduce Episode 22 of The ROI Podcast. 1:07 According to research released by Salary.com, the average office worker admits to wasting 1.7 hours per day. 2:06 Laura Vanderkam joins the podcast. 3:00 Laura says people need to define a small amount of tasks people want to achieve and work towards those which fit into the bigger picture. 3:52 It's ok to have distractions, but you need to work that into your schedule. 4:45 Laura explains how some of the most successful time managers try to avoid being bogged down with meetings. 5:37 Tip number one to better time management: conduct a time audit. 6:22 Use an Excel spreadsheet to track your time. 7:00 Learn to manage your email and not be encompassed by it. 8:21 You don't have to work around the clock to have a career breakthrough. 10:57 Subscribe and leave a review for The ROI Podcast on iTunes.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Do you want to increase your sales? In the information age, selling techniques need to evolve with the times. In this episode of The ROI Podcast, Shane and Phil speak with Phil Gerbyshak, Chief Digital Officer at Vengreso about providing value first to customers, and transforming the way many of us were taught about selling.
Show Notes: 0:01 New ways of buying means you need new ways of selling. 0:18 Shane Simmons and Phil Powell welcome listeners back to The ROI Podcast. 1:14 When you think of sales, what comes to mind? 1:40 In Episode 21 of The ROI Podcast, you’re going to learn what it takes to become a sales master in the digital age, and how to use LinkedIn as one of your biggest assets. 1:53 Phil introduces Phil Gerbyshak, Chief Digital Officer of Vengreso, a digital sales transformation company based in Tampa, Florida. 2:03 Ten years ago it was all about the numbers. It was a numbers game. 2:32 Statistics show us that customers need more information today to make a decision. 3:23 Tip number 1 to increasing your sales: you can’t wait until the end for that big revealing feature of your product or service. 3:59 Sales today are more story focused. 5:05 You can’t just post your achievements on your LinkedIn profile, you need to connect those achievements to your customer displaying how those achievements can translate into value for them and their problem. 5:28 Use video whenever possible. 6:30 Value is king. 6:50 Your goal is not to sell product, your goal is to educate people and help them making a buying decision. 7:08 Marketing and sales must work together in an organization. 8:17 Who is my ideal customer? How do I serve them? What problems do they have? 8:28 The final tip: Don’t try to be the jack of all trades. 8:50 You don’t need to be everywhere, you need to be where your customers are. 11:00 Be sure to subscribe and leave a review on iTunes for The ROI Podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Whooo! The ROI Podcast has released its twentieth episode! In celebration, we've highlighted some of our favorite moments in the podcast including insight on how to handle workplace bullies, building a business, leadership and more. Kick back, relax, and enjoy this episode of the podcast.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
Ready to take your next step? Check out if a Kelley MBA is right for you: https://bit.ly/3m2G6D5
Why do we donate our things? Why don't we just give money when there's a crisis? In this episode of The ROI Podcast, assistant professor of marketing, Helen Colby, discusses her recent research and the implications it could have on the way organizations collect donations.
Show Notes: 0:15 Introduction to The ROI Podcast Presented by The Kelley School of Business on the IUPUI Campus. 0:55 Kelley's Helen Colby is on the show, she's an associate professor of marketing at the Kelley School of Business. 1:13 Why do people give "things" or tangible items instead of money when donating. 2:16 Helen says sometimes when organizations receive massive amounts of donated items, it can cause management and even public relations issues. 3:32 There are a lot of different things that motivate people to give, generally, Helen believes it's a sense of doing something that beneficial to someone else. 3:47 People are much more generous when there is an identifiable victim versus a statistical victim. 4:58 Normally, according to the research, if an individual has an item, they value it more than something that person doesn't yet own. 6:00 Their research found that people who donated an item they owned, felt like they were doing a better service because that idea had more value to them. 7:15 The takeaway from the research: make people feel like whatever you want them to donate, they already own that item. 9:01 Subscribe and leave us a review on iTunes.
Do you have a question? Looking to get help on a business decision? Know a great guest for our show? Email roipod@iupui.edu so we can help your organization make better business decisions.
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Uber's recent controversy in regards to the multi billion dollar company's workplace culture resulted in Founder and CEO, Travis Kalanick, resigning and 20 employees fired. So what can we learn from this situation? According to Kelley School of Business Senior Lecturer in Human Resource Management, Elizabeth Malatestinic, the debacle should teach start-ups the importance of the human resource role within a company. In this episode of The ROI Podcast, Liz talks about how managers can leverage their human resources department to make the company more profitable, and increase the workplace culture.
Show Notes: 0:01 People want to feel like they matter in the workplace. They want to feel like their contributions are valued. 0:14 Shane Simmons and Associate Dean of Academic Programs, Phil Powell, welcome listeners back to The ROI Podcast Presented by the Kelley School of Business on the IUPUI Campus. 1:15 In this episode, Shane and Phil are talking about the recent controversy with a Silicon Valley company, and the lessons we can learn from them. 2:02 Liz Malatestinic says there is a lot of misconceptions about Human Resources. 2:56 Liz references The hit T.V. show The Office, and Michael's strong dislike of Toby, the HR employee. 3:36 Liz says Uber, under Kalanick's leadership, had a culture where Human Resources was thought of an entity only meant for recruiting new employees. 4:18 Liz mentioned how sometimes the founders of successful startups can be blinded by their own perception of the company culture. 5:33 Phil mentions a common theme he and Shane have come across while interviewing successful leaders, and that's making employees feel like they are an important part of the organization. 6:28 Liz gives an example on how to avoid issues within your company. 6:35 Liz says too often the company's leadership will make a major decision, then approach the HR department and ask that they implement the policy, without every meeting with the department before coming to the decision. 8:20 Once a company gets to about 50 employees, Liz suggests hiring an HR employee.
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When Ernest Malone began his firefighting career, he never could have predicted he'd become the chief of the Indianapolis Fire Department. Every day, people look to him for guidance and answers. In this episode of The ROI Podcast, Chief Malone explains the secret to his success, and how those seeking advancement in their life can achieve greatness with the proper mindset.
Show Notes: 0:03 I don't want you to lead by showing examples of your power, I want you to lead by showing the power of your example. 0:17 Introduction to The ROI Podcast presented by The Kelley School of Business on the IUPUI Campus located in downtown Indianapolis. 0:46 For the past several weeks, the focus of the ROI Podcast has been about leadership, documenting graduates of the Randall L. Tobias Leadership Center's Fellows Program. 2:04 Today's guest is Chief Ernest Malone, who has been with the Indianapolis Fire Department for more than 30 years. 3:15 Chief Malone encourages people to take lateral moves in their career because of the experience you gain and the connections you make. 4:31 Chief Malone says you can learn from everyone around you. You don't have to only learn from successful leaders or people, but you can learn from those who have failed at times. 5:48 Chief Malone says by leading by example, you gain credibility and loyalty. 6:48 Be people-focused while staying data-driven. 7:20 Chief Malone is a graduate of the Fellows program. He explained how he confirmed leadership is everywhere you look, mentioning his experiences while in the program. 8:46 Chief Malone says to keep an open mind, and be receptive to experiences that you can learn from. 10:00 Shane Simmons and Julie Manning Magid wrap-up this episode of The ROI Podcast.
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We all have goals in our personal and professional lives, but why do only some of us accomplish those goals? In this episode of The ROI Podcast, the president of IU Saxony and Tipton Hospitals reveals the first, and most important step, when going after your dream.
Show Notes: 0:15 Introduction to The ROI Podcast Presented by the Indiana University Kelley School of Business on the IUPUI Campus. 1:35 There are a lot of guides and information on the internet about networking and best practices. 1:41 Networking helped Michael Harlowe, President of IU Saxony and Tipton Hospitals, get where he is today. 2:00 A guy in Harlowe's running group advised he explore health care administration. 2:05 Mike cold called the hospital administrator in his hometown. 2:18 Tip #1: Surround yourself with people who can help you and are in a position you'd like to be in. 2:45 Mike enrolled in Indiana University Masters in Healthcare Administration Program. 3:38 Mike says he can't emphasize enough to pay attention to the chance encounters in your life. 4:20 Mike says you can't be afraid to fail. 5:20 Be different when trying to maintain relationships. Hand written letters are a great way to stand out and show the person you're writing to that you're grateful for them. 6:00 Tip #2: Once you've met with someone who could serve as a mentor to you, follow up with them. 6:54 Mike is a graduate of the Randall L. Tobias Leadership Center's Hoosier Fellows Program. 8:30 Mike says most importantly, don't be afraid to fail. Just do it.
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Raise your hand if you hate or don't enjoy your job. Unfortunately, if you don't enjoy your work, you're not alone. Often times we can get ourselves into a rut because we are not fulfilled with what we're doing. If you're wanting to become successful, how do you do so if you're not happy? In this episode of The ROI Podcast, Pete Anderson, Executive Vice President of Investments for Becknell Industrial, breaks down the steps you should take to find your passion.
Show Notes: 0:07 Introduction to The ROI Podcast Presented By the Kelley School of Business on the IUPUI Campus. 0:38 How many people don't like their job? 1:05 This episode will explain how important passion is to your job performance. 1:20 Pete Anderson is the guest on this week's show. 1:53 If you can't wait to get up and come into work, you're probably ready for a change. 2:36 When Pete was practicing law, he didn't enjoy his job like he does today. 3:12 Shane found an article on the Huffington Post that suggested job-related dissatisfaction is harmful to your health. 4:08 Pete had a point in his career when he realized he needed some leadership training. That's when he found The Tobias Leadership Center. 4:48 The Hoosier Fellows Program exposed its members to a wide-range of leadership perspectives. 6:09 Loyalty doesn't exist from a company's perspective anymore, so it shouldn't be expected from the company for its employees to work for them for the remainder of their lives. 7:07 You may not know what you're meant to do until you try different jobs. 8:24 To learn more about the Tobias Leadership Center and the Hoosier Fellows Program, visit tobiascenter.iu.edu/programs.
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Managers play multiple roles in an organization while communicating with many different personality types. So how do the greatest managers handle it? According to Natalie Roberts, VP of Support at Monarch Beverage Company, a manager must understand their own personality, strengths, and weaknesses. In this episode of The ROI Podcast, Shane Simmons and Julie Manning Magid, director of The Randall L. Tobias Leadership Center, break down how to leverage your personality, and mold it to fit the needs of your employees.
Show Notes: 0:01 Spiderman opening: with great power comes great responsibility. 0:20 Welcome to The ROI Podcast Presented by The Kelley School of Business on the IUPUI Campus. 0:25 Julie Manning Magid is guest hosting alongside host Shane Simmons. 1:17 This episode is part of the Randall L. Tobias Leadership Center series. 1:42 How do you lead a team that's so diverse from a personality standpoint, and as a manager, how do you approach two people who have two very different perspectives. 1:55 You'll be introduced to Natalie Roberts, the senior vice president of support at Monarch Beverage. 3:15 Natalie became an expert at many different tasks because of her movement in the company. 4:12 Your career should be a jungle gym, not a ladder. 5:30 Natalie says The Tobias Leadership Center's Hoosier Fellows Program helped mold their management model at her company. 6:15 Natalie associates herself and her employees with a color. 7:02 Shane mentions how associating someone's personality with a color reminds him of Disney Pixar's Inside Out movie. 8:20 As a leader, it can be scary knowing you hold the responsibility for the development of your employees. 8:58 You must understand you and your team's strengths and weaknesses.
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Leadership is a vague term that can be applied in many settings. Sarah Hempstead, CEO of Schmidt Associates, an architect firm located in Indianapolis, shares three pieces of advice that have propelled her career into an executive role.
Show Notes: 0:10 Introduction to The ROI Podcast Presented By the Kelley School of Business on the IUPUI Campus. 0:27 Professor of Business Law, and Director of The Tobias Leadership Center, Julie Manning Magid joins Shane in the booth for this series on leadership. 1:05 Randall Tobias held multiple leadership positions throughout many sectors, including education, business, government, and not-for-profit. 1:21 He created the Tobias Leadership Center. 1:39 One of the programs offered at the Tobias Leadership Center is the Hoosier Fellows Program. 2:17 You'll be introduced to Sarah Hempstead, CEO of Schmidt Associates. 2:28 Balance is bad advice. 3:23 Write your goals down. 4:23 Mentorship is critically important. 4:45 Form a "no" committee. They are authorized to tell you when something is not a good idea. 6:18 Have a routine and know when to shut work off, this helps prevent burnout. 7:23 The Hoosier Fellows Program is very inward focused, which teaches its participants a lot of themselves and their leadership style.
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Failure is a good thing, as long as you fail taking a risk while attempting to help the company. That's the motto at One Click Ventures in Greenwood, IN, just south of Indianapolis. The company culture is laidback, but very metric and goal driven. Randy Stocklin, the Co-Founder and CEO of One Click, sat down with The ROI Podcast team to discuss how embracing failure has helped grow the company exponentially.
Show Notes: 0:06 Shane Simmons and Phil Powell welcome listeners to The ROI Podcast. 0:45 This episode will talk about embracing failure in the workplace, and how one Greenwood, IN company has seen massive growth practicing this principle. 1:25 When you think of companies with a great culture, many people think of companies like Google, Facebook, Apple and Nike. 2:02 There’s a correlation between a company’s culture and their growth. 2:25 Randy Stocklin and his wife started One Click out of their home office. 3:00 Their first venture began as a Christmas letter from Santa company. 4:00 Randy and his wife grew their second venture, Sunglass Warehouse, 4X two years in a row. 4:30 Randy says they learned that people make or break a business. 6:38 While One Click Ventures is a very relaxed culture, they are also data-driven. 7:45 One Click gives an award for failure each month titled “The Lame Duck Award.” 9:40 There is a difference between failure and messing up. 11:04 There’s so much ownership at One Click because of that underlying culture they’ve created.
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Research has shown those who have mentors throughout their lives ultimately are more successful. Pulling from experiences in her own life, Alison Martin-Books created a business that matches mentors and mentees in a strategic way.
Show Notes:
0:01 A Bill Gates show opening. 0:15 An introduction to The ROI Podcast presented by the Kelley School of Business. 0:55 The episode’s topic will revolve around mentors and the importance it plays in a professional’s life. 01:24 A study published in the Journal of Applied Psychology that found people who are mentored reported having more career success. 2:29 Alison Martin-Books, Founder and Chief Learning Officer for Diverse Talent Strategies is introduced. 2:40 A basic definition of what a mentor is. 4:40 Under the Talent Nexus model, mentors and mentees are strategically matched in a way that can increase the diversity in a given company. 5:25 Women who have a mentor are much more likely to break the glass ceiling. 7:05 Why mentor someone? 9:10 What you should look for in a mentor. 10:23 The closing credits for the podcast.
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Is employee retention a challenge in your company? Does it seem like your “younger” employees are leaving as quickly as you can hire them? In this episode of The ROI Podcast, Val Grubb, author and former vice president of strategic operations at NBC Universal, unveils the key to retaining employees, including Millennials and Gen Z.
Show Notes:
0:21 Shane Simmons and Luke Cooley introduce The ROI Podcast. 0:50 The topic of the podcast is managing the new workforce of millennials and gen z. 1:40 Author of Clash of the Generations, Managing the New Workplace Reality appears on the show. 1:50 In 2015, Millennials surpassed Gen X to become the largest generation in the American workforce. 2:08 By 2020, Millennials will be 50 percent of the American workforce. 3:02 Val says there’s been a misconception about the work ethic of millennials. 4:30 When managing the new generation, focus on results rather than where or how it gets done. 6:40 Millennials want something meaningful at the workplace. 8:23 Val gives an example of how she kept one of her employees motivated. 11:30 You can purchase Val Grubb’s latest book Clash of the Generations, Managing the New Workplace Reality on Amazon.
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Did you know increasing your employee’s satisfaction and productivity can be as simple as changing your workspace layout? Mary Beth Oakes, the CEO of Business Furniture in Indianapolis, is changing the way companies think about their workspace. Through research, Mary Beth and her team have found ways to organize a company’s workspace in a way in which employee satisfaction increased 60 percent.
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The tech industry is growing like crazy! But there's a problem: talent to fill the growing positions that are being born. Eighty-three percent of Chief Information Officers (CIOs) struggle to find talent, according to a recent Gartner survey. That's not a problem for EduSource, an Indianapolis tech company that grew 300% in 2016. Jason Beutler, President of EduSource, has created a pool of young talent that he can hire as an apprentice for a two year time period, train and then hire full-time once they graduate college. Listen to how he did it, and what you can learn from EduSource.
Show Notes: 0:07 Shane Simmons and Phil Powell welcome listeners to The ROI Podcast. 0:38 Shane thanks all of the listeners and subscribers of The ROI Podcast. 1:08 Shane and Phil discuss the massive growth happening within the tech industry. 1:35 Indianapolis is becoming a tech hub. 1:52 There are talent shortages due to the expansive growth in tech. 2:56 Welcome to EduSource. 4:00 Jason Beutler gives the backstory on EduSource. 4:40 Jason discusses his opinion on why companies outsource overseas. 5:20 Jason had an “aha” moment while doing some code review for code he had received from overseas. 6:35 The EduSource structure. 08:02 EduSource hires 12-15 students every year. 10:08 Jason shares some management for the listeners.
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In an age where millennials and generation z are set to flood the workforce, research has made it clear these generations are wired differently than their parents and grandparents. It’s important for a manager to consider investing in sustainable practices. Whether they invest in energy, human capital, or other avenues, reducing the possibility of a company’s exposure is always on a manager’s mind. Kelley School of Business Assistant Professor of Accounting Sam Tiras breaks down how a manager can implement Economic Value Added (EVA), and present it to his or her CFO.
Show Notes: 0:01 Shane Simmons and Phil Powell introduce listeners to The ROI Podcast. 0:30 Through some online research, Shane learned 65 percent of employees at Fortune 100 companies want to see their CEOs publicly support renewable energy. 0:55 Of those 65 percent of employees, 73 percent are millennials. 1:08 Phil says the millennial workforce is forcing a new perspective on business. 1:36 Shane introduces the episode's topic: sustainability. Assistant Professor of Accounting Sam Tiras explains the broad view people often have of accounting. Sam introduces the listeners to Economic Value Added (EVA). 3:48 Investments come in many forms: human capital, reputation capital, sustainability. 4:37 Investing more in EVA reduces your risk, which prevents your company from losing money. 5:11 Companies that are proactive when investing into sustainable practices outperform companies that just meet the minimal standards. 6:30 EVA says look at your benefits, and then evaluate your cost. 7:58 How to sell investing more capital in sustainable practices to your CFO. 8:58 CFOs want to help you make investments that are good for the company, that means managers need to think beyond the numbers given to them from the accountants. 9:24 This episode's takeaway for listeners. 10:26 How to subscribe to The ROI Podcast.
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A company's supply chain is vital to success. From the planning of raw inputs, to the shipping of the final product, the supply chain touches nearly every aspect of the business. Years ago, many companies operated using the traditional model of supply chain management: buy all the resources at the cheapest rate possible. In today’s business world, the supply chain model has shifted with more companies building long-term relationships with their suppliers and ensuring they are operating responsibly. Kelley Assistant Professor of Operations Management Amrou Awaysheh reveals his eye-opening research on this topic and gives managers tips on improving their company’s supply chain.
Show Notes: 0:07 Shane Simmons and Phil Powell welcome listeners to The ROI Podcast. 0:26 Introducing the topic of corporate sustainability through a company’s supply chain. 0:37 Phil defines supply chain management. 0:50 The traditional way company’s looked at their supply chain: reducing cost. 1:08 The new way the research teaches us about supply chain. 1:22 Introduction to Amrou Awaysheh. 2:22 The supply chain “blackbox” 2:31 The impact technology and social media has had on supply chain. 3:15 Doesn’t the bad press only impact larger firms? 3:44 Three specific dimensions Amrou’s research looks at. 3:50 Supply chain transparency. 3:56 Dependency. 4:00 Distance. 5:04 Cultural differences. 6:03 How socially responsible practices impacts the bottom line. 6:17 Key performance indicators that improve. 6:42 Social responsibility and its impact on labor productivity. 8:22 How to get your supplier on board with sustainable practices. 10:03 Show wrap-up.
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When you invest your money into stocks or bonds, financial advisors often encourage diversifying. And with the Chinese Central Bank becoming more lenient with their policies, investors in the U.S. can diversify their portfolios even greater by investing in the Chinese Stock Market. Kelley School of Business Associate Professor of Finance Cathy Bonser-Neal explains these historic changes, and gives insight into what the future investments of U.S. investors may look like.
Show Notes: 0:06 Shane Simmons and Phil Powell welcome listeners to The ROI Podcast. 0:40 A glance at the world economy. 0:45 The U.S. economy is a quarter of global activity. 0:56 China's economy, in terms of purchasing power parody, surpassed the U.S. 1:18 The U.S. and European stock markets and how they compare to the Chinese Stock Market. 1:48 Introduction to Cathy Bonser Neal 2:33 The definition of volatility. 2:41 Why China wanted to stabilize its currency. 2:56 Two ways China has stabilized its economy. 3:34 Why the Chinese Central Bank wants to keep its currency stable. 5:30 There's pressure to depreciate China's currency. 6:03 What a more open Chinese market means for foreign investors. 8:15 Where you can listen to the ROI Podcast.
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Why do some startups fail and others succeed? Is it that some entrepreneurs lack a disruptive idea? Is it passion? Persistence? In episode #3 of The ROI Podcast, Kelley School professor Kim Saxton discusses the key to a startup's success, based on her recent research.
Show Notes: 0:07 Shane Simmons and Phil Powell welcome listeners to The ROI Podcast. 0:23 Shark Tank's influence on entrepreneurship. 0:57 Why don't more people become entrepreneurs? 1:08 Introduction to professor Kim Saxton. 1:29 Answering why some startups succeed and others fail. 2:35 The misconception of money. 2:48 The value of getting help. 3:12 Looking at passion for an entrepreneur. 3:49 The million-dollar idea. 4:35 The research findings. 5:15 If you ask for money you get advice (Pitbull song) 5:40 What we've learned about launching a business. 6:20 Shane and Phil wrap-up the episode. 6:59 Where to find The ROI Podcast. 7:18 Preview of the next episode: Changes in China and what it could mean for your investments.
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Were bullies just a high school phase? Not according to the latest research. In Episode #2, the main topic is how to deal with a bully in the workplace. Kelley School of Business professor Charlotte Westerhaus-Renfrow discusses the best way to handle a bully at work. She provides tips you can apply right away, and minimize the stress a bully may cause you. Show Notes: 0:50 The impact of a bully in the workplace. 1:00 Recent research findings. 1:18 Introduction to professor Charlotte Westerhaus-Renfrow. 1:56 How we are traditionally taught to handle bullies. 2:03 What Popeye taught us. 2:48 Focus on your mindset. 3:00 The most frequent targets of bullies. 3:33 The costs of a bully at work. 4:23 Tip #1: Call it out, but don't shout. 5:14 Tip #2: Rope-a-dope. 6:58 Striking back with kindness. 7:30 The final lesson. 8:57 Preview of next episode.
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In Episode #1, Shane Simmons and Phil Powell introduce the world to The ROI Podcast. This podcast was built to share business insights with the world from one of the top businesses schools in the United States. This episode's main topic: How to lead a team and get results. Kelley School of Business Indianapolis professor of management Christopher Porter discusses the fascinating results of his research. Show Notes: 0:27 brief overview of The ROI Podcast. 1:10 A list of great teams like the '96-'97 Chicago Bulls, '72 Miami Dolphins and the Apollo 11 Team. 1:25 What great teams have in common. 1:40 General definition of a team leader. 02:08 Two types of team leaders. 2:35 Definition of an outcomes-based leader. 2:54 Definition of a learning-based leader. 4:10 The study's focus. 4:36 Performance-goal team with learning-based leader results. 5:20 The importance of risk taking. 5:37 How to be the best leader you can be. 6:15 Why it's a mistake to assume teams look at achievements the same way. 7:05 Stream or download The ROI Podcast on iTunes, Podbean or hub.kelley.iupui.edu. 7:19 Our next episode.
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