Summer 2009 INTERVIEW with Michael Marshall, ‘The Business Doctor’
The economy is not better yet and businesses seem to continue struggling.
What are you hearing and seeing about all of this?
What I am hearing and seeing is what I have written about several times.
Please elaborate on this and give us some details.
I have the bibliography and list of articles that I have written and those published, right here in front of me. This is posted on my personal website.
Fundamental and important subjects include;
1. Importance of Creativity, Outside The Box Thinking, and Innovation
2. Importance to hire those with higher level skills, expertise, education and knowledge than what businesses currently have
3. Importance to watch for and avoid ‘The Rule of 10’ which is the natural tendency for management to only hire those with lower level skills, knowledge and education than themselves; this hurts a business organization in a major way
4. Beware of ‘Business Psychosis’ which is continuing to do the same things that are not productive but expecting better results which never comes
5. Creatively uncovering more needs and more challenges in your customers and clients: finding ways to partner better, build deeper and more beneficial relationships
6. Importance of mixed accounts and more niche markets
7. Importance to communicate more creatively and boldly to the marketplace, clients and customers
8. Managing and utilizing your customer knowledge
9. And there are a lot more
In the article titled “Business Chaos in 2008 and Beyond; financial pressures may help overcome The Rule of 10 and Business Psychosis”, I wrote about how financial pressures may force business organizations to change and improve.
From my discussions with a lot of individuals and numerous business organizations of all sizes and in many markets, I do not see much improvement in these fundamentals and critical areas.
This is truly disheartening.
Do you have any ideas as to why this is?
Yes I do.
I think that there needs to be major communications and publicity about these things sponsored by many including education sector, various business organizations; local, state and federal government.
Until this happens it appears needed change and improvements will be slow.
What do you think will happen until this happens?
Businesses will continue to struggle with many failing, continued high unemployment, US economy will continue to struggle affecting the global economies as well.
This sounds depressing.
Do you think people will just accept this and just sit around waiting for improvement to happen by some miracle?
This is a great question.
This also leads to some other questions and other associated subjects.
What are the other questions and subjects?
Will unemployed people be happy just collecting unemployment benefits and struggle financially?
What happens when unemployment benefits expire for individuals and they do not have money to survive?
Will this produce major social unrest and anger?
Will this possibly produce higher crime rates?
Will the US economy and global economy get worse?
Will the larger companies and business organizations buy up the other companies that are struggling and failing or will these larger companies just take more business as the others fail?
These are tough questions and very concerning ones.
What do you think?
I do have a psychology and social human behavior background along with my business development and marketing background.
From my perspective, all of these things have a possibility of happening and I believe the US government is concerned with this.
There are indications that people are getting frustrated and angry.
Recently I read about a person bringing a lawsuit against their college that they graduated from.
They are asking for their $70,000. in tuition money spent to be returned since they are still unemployed after a year of graduating.
The college advertised to get an education and degree to obtain a job position in the field they get educated in.
I did not hear of this.
I have heard about the many students graduating from college owing a lot of money for their college loans and not being able to find a job or if they do find a job it is for minimum wage.
Obviously they are not able to pay back their college loans and this will create considerable hardships on them with long term affects.
Yes this is true.
This situation of legally suing for implied guarantees and implied results can also happen between businesses.
What do you mean?
Most businesses are ignorant about what is called ‘Risk Management’.
Often, this is thought of as applying to investment strategies and money management only.
It actually extends to how businesses promote themselves, any implied guaranties and implied results.
Words and phrases that imply things can be used to bring a lawsuit against them.
As businesses organizations and companies get frustrated with their struggling or failing business situation, they may take this recourse.
What type of words and phrases can produce such a situation?
You will be amazed how simple and common they are and how often you hear and see them.
Well tell us some of these.
Some of the many include:
1. We are the best
2. We are the highest _____
3. We are number one in_____
4. We get you the best results
5. We get you results
6. We help you achieve _______
7. We guarantee _______
8. We help you get________
There a lot more words and phrases that imply things that a business may not be able prove or accomplish.
This can lead to undesirable liabilities and legal situations.
How would a business defend themselves on any of these phrases and words?
Just imagine companies and businesses suing others for lack of results due to being misled by using these words and phrases.
Why are businesses and companies not aware of this and why are they using such words and phrases that can get them in legal difficulties?
This is often caused by what we have discussed earlier.
Businesses and companies not hiring individuals with higher level skills, expertise, education and knowledge than what they currently have.
Same for management having the natural tendency of hiring only those with lower level skills and knowledge than themselves.
The common ‘Business Psychosis’
The lack of ‘Creativity’, ‘Out of The Box Thinking’ and ‘Innovations’ that is needed to produce better results.
Is there anything else that business organizations can do to improve on this legal issue of liabilities?
Besides the importance to hire those with higher-level skills, expertise, knowledge and education, there is something that can be done.
I just wrote a new business article about ‘The Importance to Utilize The Corporate Attorney More Proactively’.
This approach is to help businesses improve and avoid possible legal problems.
In this article I discuss utilizing the corporate attorney to get to know each department and function of a company or business organization; and to probe for possible legal issues that can be improved upon proactively.
This article has been posted on my personal website already.
This seems to be a creative way to improve and avoid possible legal issues.
Why don’t more businesses and companies do this?
This is discussed in the article.
Again some of the major causes are often;
1. ‘The Rule of Ten’, Management hiring only those with lower level knowledge, education, experience and skills
2. ‘Business Psychosis’
3. Lack of ‘Creativity’, ‘Out of The Box Thinking’ and ‘Innovation’
4. Business organizations lacking the higher level of knowledge and expertise that is needed
I now better understand the importance in many of the things that you have written about and have discussed with us in the past.
This is a real ‘eye opener’.
Well, we seem to be out of time.
Thanks again for the information and your willingness to share with us.