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THE PRODUCTIVITY INSTITUTE NEWSLETTER Thursday, May 14, 2009 |
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Newsletter topics: Hiring Consultants Survey Results, Cash Management, Innovation, Procurement, Job Responsibilities, Critical Factor Needs Analysis (CFNA)
by Bruce Newman
Hiring the right consultant has always been a
difficult responsibility. Hire the wrong person and it can hinder a project’s outcome,
often resulting in additional costs, decreased morale and rework – along with the hiring
person receiving much criticism. Hire an outstanding consultant and receive little credit for
a well designed, appropriately budgeted and timely project that significantly improves
productivity.
In a recent survey by The Productivity
Institute (PI), respondents were asked how much time they spent on each search. 46.3% of
respondents reported spending 5 or more days doing a consultant search. This inordinate amount
of time reflects the importance of hiring the right consultant. This percentage jumped to
63.5% when including searches of 2 – 5 days.
This significant period of time in the hiring
process reflects both caution and three necessary steps. These steps include:
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by Victoria Duff
 Start-ups
through mid-size ventures are beginning to see increased interest by venture investors as signs of
approaching improvements in the economy are beginning to appear in monthly economic
reports. One thing that will improve your
likelihood of receiving investment is being able to demonstrate that you are prepared to safeguard
your investors’ money. This involves appointing a Cash Manager and setting up a
professional-quality Cash Management Policy.
One of the key components of
Cash Management is the Prudent Man Rule. This is a guideline that asks “What would a
prudent man do in this situation?” There is rarely an argument over how this rule is
applied because the archetypal Prudent Man is always concerned with safety of principal. This
means that the Cash Manager
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by Mel DePaoli
 Dooms day
talk needs to stop right HERE, right NOW. You have a choice of how you are going to look at these
times. When you look back in history, it is times like these which inspired the most innovative
inventions that launched the next boom. It is times like these that take mediocre companies and make
them stellar. How do they do it? They take advantage of the times to improve all of those areas that they have been meaning to improve, they tighten up loose ends, encourage their employees break the normal bounds and most importantly, they take risks. When times are good and business is booming, companies are always complaining how this or that needs fixed or we need a new way to do something but they do not have the time to make those changes. With a little more down time than you would probably like, now is the perfect time to give your employees “Innovation Freedom.” Take the time with your team to brainstorm what is the most exotic idea they can come up with—no holds bar! Anything Information Technology Procurement: The RFx Factor by Tim Nuckles
 (This is the
second part of a two part article.Part 1 of this article discussed
several of the most-often cited reasons for not using an RFx process for information technology
acquisitions and the realized benefits it offers. Part 2 continues that
discussion.)
Technology vendors no
longer respond to RFIs or RFPs.
Situation: Your
organization has used an RFx process for technology acquisitions in the past, but with a low vendor
response rate. You have concluded that the RFx process is no longer meaningful for technology
acquisitions, or at the very least, not worth your time or expenditure of resources.
Solution: Accept
the fact that the RFx process is not flawed for technology acquisitions, but that your approach to
the process may be flawed.
Except for public sector
procurement, which is constrained by statute and regulation, the traditional one-shot,
cover-the-world RFx process is out of vogue in most commercial contexts, including
IT.
Now What or What Else? by Ethan Mayer
 It takes a rare breed of person to handle a
start up. On any given day, job titles are morphed with ease blending responsibilities until an
employee’s head is heavy with the number of hats he/she wears. With marginally established
processes and protocols, every day requires a steep learning curve that tests one’s tenacity,
flexibility, and at times, enthusiasm. Most entrepreneurs want to hire and work with dynamic,
skilled employees who lead them to business victory. Next time a new employee starts, consider how
they would answer the following questions: 1) The employee’s work has been completed by 3:30
P.M. and they work until 5:30. The boss has left for the day. What do they do? 2) During the
weekend, an idea strikes that could lead to greater efficiency or more revenue. What does that
employee do with the idea? 3) During a routine call to a client, the client starts asking questions,
some of which the employee knows and some of which the employee does not know. There is no one else
around to help. What does the employee do?
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Why Is Dave So Scared? by Douglas Castle and Bruce
Newman
 Preamble:
The reaction to our initial Article from members of various Linked In Groups to our article
philosophy, THE THREE COMPONENTS OF EVERY BUSINESS was very strong, outspoken, usually
supportive and highly emotionally-charged. The response we received from “Dave”
was so strongly negative that we decided to publically respond to it.Our complete response and all the text can be
found on our blog by clicking the link below.
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The Productivity Institute (PI) provides companies with rated outstanding consultants to meet their exact requirements. Outstanding consultants are experienced, knowledgeable, and excellent communicators who provide great value and enhanced productivity. There is no cost or obligation to use our location, qualification and referral service. (view one page brochure)
Click HERE to receive your free subscription to the Productivity Institute's free newsletter.
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