Search CompleteMarkets

Ideas For Moving Forward: Putting A Stalled Economy Behind You
IDEAS FOR MOVING FORWARD: PUTTING A STALLED ECONOMY BEHIND YOU by John Graham If we’ve learned anything over the past couple of years, it’s that nothing is easy. No matter what the product or the industry, doing business and staying in business is no picnic. This situation might not change much in the next year or so. In spite of a few hopeful signs, most Americans seem to think that a cold economic winter will be around for a while. Although the state of the economy sets certain parameters, we do ourselves a disservice if we believe that it necessarily determines whether we succeed or fail. John and Peter Greene came back into the ground transportation business just as the recession hit and corporate travel was being grounded. Not surprisingly, many limo operators were in trouble. Yet, the Greene brothers’ new company, ETS International, which serves the Greater Boston market, went from zero to 60 in nothing flat. The reason for such success is clear incredible focus, in-depth experience, and a vision of what can happen if you work at it hard enough. Other qualities can make major contributions to business success, no matter what’s happening in the economy. Here are 11 of them: No one is exempt when it comes to performance. Few CEOs earned more respect than A.G. Lafley of Proctor & Gamble. For years, he was an icon of American business if there ever was one. During his lengthy tenure, the company’s revenues doubled, for example. However, when the numbers sagged, he was sacked. It’s the same story with Bank of America’s CEO Ken Lewis who literally built the first truly “national” bank in U.S. history. But when Boa hit the wall, he was history. The recession pushed performance to the top. Unsupported action leads to disaster. During the recession of the early 1980s, Coca-Cola panicked as its 52% market share plummeted to 24%. In response, the company threw out its 100-year old formula and came up with a taste more like that of its rival, Pepsi-Cola, in an effort to stop its losses. This is probably the dumbest decision a company ever made. After three months, the old formula was back it’s still known as Classic Coke and Coca-Cola was ready to regain the lead. The failure to think through the implications of decisions can be costly. Perceived value becomes real value. Even in the most difficult of circumstances, experts often advise against major price-cutting and advocate a value-driven strategy. Hyundai has amassed new customers with its value, safety and 100,000-mile assurance program. It was the same with Applebee’s restaurants. When their customers dropped down to fast food, business sank however Applebee’s responded with a value offering “two meals for under $20” that’s pulling back lost customers. Urgency is in. Not long ago, someone overheard an employee say, “Well, the customer just needs to understand that.” No matter what we might think, that’s a killer comment, as are these: “We can take care of that tomorrow” or “Do we really need to do that?” Urgency is often the edge that attracts customers. Never listen to people who think they have all the answers. Anyone wanting answers should spend their time listening to talk shows. What they won’t hear, however, is anyone asking questions and it’s questions that uncover problems and help make improvements. Doubt your perspective. When urged to change General Motor’s corporate deeply inbred culture, former CEO Fritz Henderson, is reported to have said, “But that’s all I know.” This candid response told the story. He and his management team were prisoners of their own perspective. Under a new CEO from outside GM, they were quickly replaced. To one degree or another, we’re all prisoners. To make meaningful contributions, we need to set ourselves free. Watch out for the subversives. These people are skilled at undermining and derailing action. They’ll do just about anything to avoid getting things done. Using clever delaying tactics, they put on the brakes and they always find an excuse for not getting around to reviewing a project, preparing a proposal, or following up. They’re in every organization, from top to bottom, and particularly in between. They call meetings, not to get things moving, but to stop anything from happening. The best solution is to help them find a job with a competitor. Encourage customers to pick your company’s “brain.” Every business has proprietary information that it needs to protect. At the same time, sharing ideas, insights, experience, and helpful information is one of the most effective ways to draw prospective customers into a company’s orbit. White papers, newsletters, and timely bulletins offer valuable tools for communicating value to prospects. Yet, companies turn off prospects without knowing it. Today, I received six e-mails offering reports or information that caught my interest. However, when I went to “click here,” the free offer was conditional. In each case, I was required to provide complete contact information, including a telephone number in several cases. The message was clear: the offer was simply bait to get what the company wanted which diminished its value. The goal is to impress the customer with what you know, not drive them away by taking advantage of them. There’s no need to hogtie prospects when the power of your information will pull the serious ones to you. Watch out for bandwagon thinking. A marketing consultant tells about a meeting at which the sales manager said the company needed to get into the social media or be left in the dust. Although he was making an important point, it’s also “bandwagon thinking.” This is dangerous because it’s seductive, taking our minds off reality-based issues. A few years ago, e-mail “blasts” were the “answer, with companies wasting billions of dollars on endless lists and frenzied distribution& all with little or no results Before that, it was fax “blasts,” which produced equally dismal results. Consultants often do their best to make us feel we’re out-of-date if we don’t move instantly and buy their services. To avoid embarrassment, we sign on. The way to avoid such costly traps is to do your homework first. Require transparency. Obfuscation is out and transparency is in. Whether it’s a company or a person, privacy is an illusion. There’s no way to hide. If we say it, do it, write it, e-mail it, text it or post it, someone will find it so never be surprised. Acting otherwise, can be a tragic mistake. This means that transparency is neither a moral nor an ethical issue it’s the new reality! We’re never maxed out. Although many people responded to the recession by learning new skills and taking on more responsibility, most just caved in and hunkered down, hoping to dodge a bullet. CONCLUSION While going through comments about “what the recession taught me,” several ideas stand out: “Leftovers make really great meals.” “Security is an illusion.” “There’s a difference between needing and wanting.” The recession is a “shake-up” call that has forced us to realize that maybe we just thought we were giving our all.

Professional Program Insurance Brokerage (PPIB) offers: Medical Directors Insurance. Medical Directors face unique liability exposures depending on their level of involvement in patient care and the type of facility they oversee. PPIB’s Medical Directors Insurance program is designed to help insurance agents and brokers place coverage for a wide variety of client types, ranging from direct patient care roles to purely administrative or consulting positions. Retroactive coverage can also be considered, providing additional flexibility for your insureds. Ideal Accounts and Appetite PPIB can support Medical Directors operating in a broad spectrum of industries and facilities, including but not limited to: Occupational Therapy Clinics Women’s Health Clinics Research Laboratories Prison Systems Large Corporations and Businesses Medical Spas Colleges, Schools, and Universities Long-Term Care and Assisted Living Facilities Salons and Spas Animal Ranches Tattoo Studios Submissions are also welcome for other non-standard operations on a case-by-case basis. In addition, PPIB can consider professional liability coverage for various consultant roles, such as: Marijuana Facilities Healthcare Staffing Agencies Expert Witnesses This flexibility makes it easier to place hard-to-insure accounts or those with unusual risk profiles. Coverage Highlights and Advantages Professional Liability for Medical Directors with direct, indirect, or no patient care Coverage available on a claims-made basis Retroactive coverage options available Non-admitted solution offering broader underwriting flexibility Whether your client is a physician overseeing clinical protocols at a research lab or a medical director consulting for a beauty clinic, this program provides tailored protection for their professional activities and exposures. Underwriting Notes Submissions evaluated on a case-by-case basis No minimum premium specified—contact PPIB for pricing details Applications should include detailed descriptions of services provided and facility type Territories and Availability This program is available in most U.S. states, including but not limited to CA, TX, FL, NY, IL, PA, and WA. PPIB can write Medical Directors Insurance in all states except those where prohibited. Coverage is written on a non-admitted basis, offering flexibility to craft customized solutions. Why Work With Professional Program Insurance Brokerage? PPIB is a recognized master policy holder and program administrator with deep expertise in niche and emerging markets. They specialize in placing difficult risks and offer responsive service and underwriting flexibility. If you’re an agent or broker with clients operating in non-traditional healthcare roles or facilities, PPIB can help you secure the professional liability coverage they need. You might have a client who acts as the medical director for a chain of beauty clinics, or another who provides medical oversight for a marijuana dispensary. These types of accounts are well within PPIB’s appetite and can be submitted for prompt review. Contact Professional Program Insurance Brokerage (PPIB) for all your Medical Directors Insurance needs. Frequently Asked Questions What types of accounts are a good fit for this program?This program is ideal for Medical Directors working in clinics, spas, research labs, educational institutions, prison systems, healthcare agencies, and non-traditional settings like tattoo studios or marijuana facilities. Does this program cover Medical Directors who do not see patients?Yes, coverage is available for Medical Directors engaged in direct, indirect, or no patient care roles. Is retroactive coverage available?Yes, retroactive coverage can be considered depending on underwriting review. In which states is this program available?The program is available in most U.S. states, including CA, TX, NY, FL, IL, and more. Contact PPIB to confirm availability in specific states. What information is required for a submission?Submissions should include a detailed description of the insured’s role, facility type, scope of services, and any claims history. Need help placing an account? Connect with a market specialist.