August 2009 Archives

Purple seems to be the hottest color on the runway, but in business, leaders may tell you that green is on the rise.  Green is making its way up in the ranks; this once casual accessory color is becoming a centerpiece in people's lives.

Okay - I'll admit it. The green I am talking about is not in reference to that envious shade between blue and yellow, it's the lifestyle, and it's embracing Boulder stronger than ever. Boulder has always fostered the environmentally conscious lifestyle, but there is a new consumer group in town taking green to heart: students.

CU is currently ranked by Sierra Club as the No. 1 "Cool School" for being "Eco-Enlightened", receiving exemplary points in transportation, waste management and efficiency.  Furthermore, the Sierra Club and the Princeton Review acknowledge that students are changing the way they select colleges - 66% (across the nation, not just Boulder) will allow this to change their final decision on where to attend.

As a business person, why would the interests of students matter? After tuition, students spend disposable income on Ramen dinners and maybe a box of Keystone Light on Friday.  Rethink: If 2/3 of students use a college's environmental prowess as the deciding factor in enrollment, these kids represent the dynamic "greening" sweeping across the U.S.  

This time around, "going-green" isn't just another fad destined for thrift stores; going to college is a significant investment.  Many will drop $100,000+ in persuit of an education. Over the next four years these students will graduate, seek jobs, boost their income levels, and make more purchasing decisions. When eco-consciousness plays such a large role in how students are choosing to "invest" in their future, we'll see it make an even bigger impact on smaller purchases. 

This trend also indicates that businesses are going to need to do an internal examination and start asking questions. How do I appeal to this developing psychographic? What business activities need to change to meet the shift in needs?

Analysts will tell you there are no profits in being fashionably late in the business world; the time to reevaluate is now.

 

-JS Executive Education Team Member

On August 21st, the Boulder County Business Report published a spotlight on our Finance and Accounting for the Non-financial Executive course, better known as FANE.

Some of the highlights:

"The most popular open enrollment course at the University of Colorado's Leeds School of Business is an intensive three-day seminar, Finance and Accounting for the Non-Financial Executive, or FANE. The program is designed for business professionals who want a better understanding not only how financial data is generated but also to employ that data in their decision-making."

"FANE teaches participants the basics, such as how to read a financial statement or evaluate a company's financial performance, which in turns gives graduates the ability to more actively participate in crucial financial decisions. Far from a traditional lecture program, the class includes opportunities for participants to debate real-world challenges they face back at the office.

"I liked the approach these professors took," said Mike Oldham, chief executive of Lakewood-based OmniBus Systems Inc., who took the course in April. "The instructors dissected public financial statements from real companies, and we applied tactics to business problems any of us might face. It was much more useful than dusting off a finance book."

For the full article, please click here.

Last week I did something I didn't think I could do - I climbed a mountain. I'm an asthmatic with a bad knee and on vacation, so I typically have no business ascending great heights, but missing out on the challenge somehow seemed like a far worse decision. So I tied my hiking boots, grabbed a water bottle, and headed up Peak 3 at Flat Top in Anchorage.

I found the task to be inexorably daunting. My friend and I hiked up a 70-degree incline and I quickly found myself wheezing. On the brink of an asthma attack and not ready to quit, I had a sudden flashback to my sophomore management course and Professor Jim LoPresti.  As I reflected on this management course, I remembered Dr. LoPresti's advice on setting  meaningful goals: making them realistic and feasible (wheeze) measureable (wheeze) easily attainable (wheeze) and to set a time limit (wheeze). I noticed about every twenty steps there was a larger boulder so I began marking my progress by making each larger rock a goal to pace myself. 57 rocks later, I was out of breath; not because I'd forgotten my inhaler, but because the view from the top stole the air from my lungs - I'd made it!

Reflecting back on my experience, I realize it not much different from what Colorado business owners are facing today. Similar to my struggle to climb Peak 3, business owners face the challenging task of climbing out of the red. Even in an excellent economic environment, being profitable is nothing to sneeze at. In today's market, businesses have taken an extra beating from rising costs and workforce reductions. Essentially, they are "out-of-shape" to make the difficult climb back up.

What's more is businesses are looking for someone to trust. I'm lucky that I had my best friend to remind me how some rocks were loose, and more importantly, to cheer me on and remind me that yes, I can climb a mountain. Similarly, Colorado businesses leaders need to collaborate to accomplish their goals. When facing the task alone, the peak looms ominously and insurmountably ahead; reaching the "summit" can be much easier when you set meaningful goals and have a guide to help you along the way.

Take it from someone who has been to the there - the view from the top is entirely worth the climb.

 Photography courtesy of N. Soiseth. View of Cook Inlet from the top of Peak 3.

-JS, Executive Education Team Member

"Strong leaders rely on their left brain for analysis and attention to detail. But using the right hemisphere is also crucial be a great leader," according to Jim LoPresti, senior instructor at the University of Colorado Leeds School of Business.

"Our right brain is where our creativity and emotional intelligence comes from. Managers need to use right brain functions to relate to people, create a team vision and think outside the box," says LoPresti, who was a senior manager at Sun Microsystems.

In this short video, he gives a taste of what his Peak Performance Leadership is all about. The skills studied of this class will enhance not only your professional relationships but your personal relationships too.

The business landscape in 2009 has been characterized by organizations -both small and large, for and not-for profit - struggling to work their way through the economic mire and emerge as leaders in their respective industries. Faced with declining revenue streams and an unforgiving cost structure, executives have been looking more and more within their own organization for ways to increase the efficiency of their workforce and in turn, profitability.

 

For a large company with a full team of HR professionals, organizational development may be one thing; recruiting, hiring, and retention practices are their expertise. On the other hand, many small-business owners are inundated with human resource demands, which can be very distracting from the normal course of business and downright frustrating at times. An article in the Chicago Tribune had a great analogy illustrating this exact point:

 

"Like a car without a muffler, small businesses can run without a human resources component. But business owners can often become so distracted by dealing with the noise that comes from non-entrepreneurial tasks--personality clashes, employee apathy, poor performance, government mandates--they can lose their way."

 

Despite the obvious benefits of having an HR professional on staff, one of the biggest reasons small-business owners tend to do it themselves is cost. Hiring a full time HR manager could have a price tag of up to $90,000 a year with benefits, and hiring an HR consultant could run around $500 per hour.  If for-hire human resources professionals and consultants demand such a pretty penny for their services, and the old adage "you get what you pay for" holds true, why are most owners and managers overlooking such an important component of their business?

 

To me, it seems as if small business owners underestimate the power of an HR professional to attract, hire, and retain an engaged workforce. Those who do appreciate the importance of an HR professional but still neglect the need to hire one may be overestimating their ability to juggle the various employee needs while still effectively operating a business.

 

Luckily for the confident yet thrifty businesspeople out there, the Executive Education department has a perfect solution. In November, we will be offering a 3-day program designed to benefit anyone who is responsible for hiring, managing, developing, engaging and retaining talented employees. The Leading and Developing Top Talent program will be taught by two outstanding human resource professionals with over 35 years of combined experience in the field. For more information or to download a registration form, visit our website or e-mail us.

 

-- Sam Battan, Business Intern, Executive Education Team

I can't believe it is already August.  It was just last month that Heidi Ganahl, Founder & CEO of Camp Bow Wow came in and spoke to the 50 for Colorado leadership group.  The day's focus was on Entrepreneurship. 

 

Heidi opened the first Camp Bow Wow in 2000 in Denver and began franchising it in 2003 (over 200 franchises to date in the US and Canada).  Heidi is an amazing speaker and is a great supporter of CU-Boulder.  To put it in perspective of how much she supports us...she spoke to our group while she was just shy of 9 months pregnant. 

 

If you haven't heard Heidi speak, I strongly encourage you to do so.  She will be the keynote speaker at the Denver Business Journal's event "Outstanding Women in Business-2009" on August 27.  I hope to see you there.

 

Also during our Entrepreneurship Day, Marley Hodgson of Mad Greens (great paninis & salads- Don Quixote is my favorite) spoke about Building an Honest Business and utilizing locally-owned businesses as much as possible.  John Georgis of Banjo Billy (not your average bus tour-yee haw!) spoke about how he was in the right place at the right time.  Lynn Price, founder of Camp to Belong, talked about her personal story of not knowing her sibling growing up and founded an organization for people who are in a similar situation.  The common theme was how they all started their own businesses and the obstacles they overcame.  All are fabulous speakers. 

 

Later that day seven participants of the 50 program were on a panel discussion and talked about the positives and negatives of having your own business.  Industries included financial, insurance, consulting, accounting, human resources, promotional advertising, and auction/public relation services.  The panel was moderated by a 50 participant who works at the Small Business Development Center. 

 

Additional speakers for the Entrepreneurship session included Paul Jerde of the Deming Center for Entrepreneurship, Greg Berry of Nuance Intelligence, and Courtney Price of VentureQuest.  It was an enlightening day and gave a lot of people food for thought of what kind of business they would create. 

 

So...what kind of business would you start up? 

 

 

-- Heather Owens, Program Coordinator