Rudolph the Red-Nosed Reindeer and Montgomery Ward

I love learning the background to famous icons and stories. However, this one greatly surprised me. But first, a question.  What does a child, a parent who skipped several grades, a department store, and a brother-in-law have in common?  You already know, the creation of Rudolf the Red-Nosed Reindeer.  

This article tells the story of why Rudolph came about, the author’s inspiration, the role of Montgomery Ward, and everything else that flows from essentially a story about corporate marketing. I think one of the most impressive take-aways I got was that if not for Montgomery Ward and Robert May, we would not have a cherished Christmas special and a fun sing along song. Enjoy. 

This article is in Fast Money is by Shannon Cudd.  

Link to article: 

https://www.fastcompany.com/91246840/rudolph-the-red-nosed-reindeer-origin-story-montgomery-ward 

Florence Nightingale – Data Scientist or the Original Storyteller?

 Yes, we all heard of Florence Nightingale.  She is the founder of modern nursing.  What is not well known is that she was also a statistician.   

And I can hear you yawning.  Please allow me a few minutes.  

Ms. Nightingale returned from the Crimean War. She decided to explain to Queen Elizabeth the impact of conditions in war.  She analyzed data, challenged the methodology, and finally used her own information.  

So how to present boring stats?  She created charts still in use today. An example is the Rose Diagram.   

At this point I will point you to the excellent article by Lilly Smith.  Her piece is in Fast Company.   

Be sure to read it and you will enjoy the pictures.  This article demonstrates the importance of data collection AND presentation. Her success clearly proves it.  Be sure to read the entire article and the last two paragraphs.   

In addition, you will see books by two other statisticians/data scientist/story tellers. They are Emma Willard and Etienne-Jules Marey.  However, the focus of the article in Ms. Nightingale.  

If you think these subjects are interesting, you will enjoy the article.  

Link:  https://www.fastcompany.com/90637011/the-untold-story-of-how-florence-nightingale-used-data-viz-to-save-lives 

My Favorite Business Rankings - Entrepreneur

 I forgot this one - Franchise Ranking

In economic development, one of the most common business start-ups is the franchise.  Entire courses in community colleges are centered on franchises.  It is one way to jump ahead when starting a business. 

You will know many of the franchises on the list. And you may be surprised by some of the franchises.  The list is capped at 500 out of approximately 1,100 firms. Yes, I know, I too was surprised at the number. 

I was most impressed by the section titled, “Fine Your Franchise”.  It has 12 groups you can review to find one or more you may have an interest in.  A couple of the categories are business services, food and beverage, maintenance, retail, and recreation.  This is only a few.  The next section is a series of questions designed to help you narrow your choices. 

This is a very detailed and well researched ranking.  Please read the blue tab labeled “Jump to Franchise Overview”.  This is invaluable as it lets you compare franchises.  A summary of the key sections of the Franchise 500:

-Business Overview

-Financial Requirements and Ongoing Fees

-Financing Options

-Training and Support Offered

-Operations

Each franchise must currently be searching for a franchisee and have a minimum of 10 new franchises opened with one in North America. Franchisers are given the choice of filling out a form or submitting a current Franchise Disclosure Document (FDD). It is an impressive list. 

In addition, the ranking includes excellent write-ups of each franchise. Generally included are initial investment range, number of units, why you may want to start an individual franchise, why this franchise, how to open one, and an excellent company summary.

This is an informative and fun list.  Link:

https://www.entrepreneur.com/franchise500

GovFest and Prince William County Services

 Late last year (and in the bitter cold) the County executive team sponsored the Employee Connection.  This event had approximately 30 County departments showcasing their services and it was a lot to take in.  This is a pretty impressive program for the simple reason that I think most people have no idea what a County does. That includes me and other employees.  Thirty County departments!  That seems like a large number. 

First, some perspective.  The County employs approximately 5,200 people. If you look at the revenues and expenditures of the County, it ranks in the low 800s of the Fortune 1,000 list.  That is a major corporation by any metric.

Now back to the main thrust of the post.  Based on the department phone list that was emailed out in late January, I count between 35 to 40 departments.  The exact number is difficult for me to determine since some departments are in a larger division. Of course, you know several of them. Examples are public works, permitting, planning, economic development, police, fire response, parks, finance, library, budget, and tourism. These are the standard services you find offered by most local governments. 

But did you know the County also has departments for environmental sustainability, DEI, aging, housing, veterinary services, and human rights.  It is an impressive list of services for citizens. 

If you are interested, take a look at the County annual report.  It is the type of good news document that you would expect.  Please note that I am not a County “cheerleader” in any respect.  The report highlights accomplishments and considerable data. You may notice a couple of items. For example, the formation of new departments/offices. In government, when in doubt, form a new office.  Also, in my opinion, business and government often confuse processes with outcomes.  For example, stating that you had five meetings with 100 total attendees is a process. What is the outcome?  Most of the time it goes unanswered.  (these two observations are for another post)

However, it is an impressive (and highly readable) document if you wonder what all 5,200 of us County employees do. I suspect each citizen thinks about their needs (or not) and do not realize the comprehensive services offered by their tax dollars.  You can read other County publications like the budget (and accompanying justification) which is dense and lengthy, invaluable if you enjoy it.  In my opinion, the County annual report is a unique vehicle for all citizens to better understand their local government. 

Prince William County County Executive Year in Review by pwcdpr - Issuu

Business Cards –Declining in Use, but Not In Value

 I love business cards. I love to give mine out. I love to receive one in return (or not).  I love to place select ones in my handsome business notebook.  For me, I think people make a stronger impression on me if I get a business card.

Business cards offer a clue or two about the individual and the business.  Examples for the business, are the letters raised? Is the card stock thick? Can you write on the card?  Is the logo prominent?  Is the card one or multi-colored? 

For the individual, do they use a formal name?  Do they include certificates earned? Is the title prominent?  Does the title make sense to people outside (and often inside) an organization? 

One interesting question. Is a cell phone number listed? A few years ago, most people chose not to include their cell phone number.  I think today almost everyone does. I say that with this in mind.  In reviewing cards from staff with Prince William County government departments, very few include the cell phone number. That is a question for another blog.

From my observations, business cards are declining in use.  I recently attended a new advisory board meeting. Except for me, no one had business cards readily visible or gave one out.  Instead, the staff of the advisory board included LinkedIn profile links as part of the welcome package. 

This is a link to an article about business cards and how to design it for maximum impact.  The author and I agree on the value of a business card and he includes points I missed.

https://www.entrepreneur.com/article/379699

As noted above, I suspect that business cards are on the way out.  The main reasons are in an increasingly paperless society, they simply take up room. It is far easier to maintain a contact list in Outlook. Finally, I think LinkedIn is the new business card, even though it can be too much information. 

Yes, I do and will miss business cards.

“Franking Up’ my Business Attire

The title is based on a commercial for Franks’ Red Hot. You have likely seen it, some hapless soul starts to eat a hotdog and the person standing next to him pushes the hot dog out of the bun and says, “You got to frank it up!” This means add Frank’s Red Hot sauce on it.  I laughed as I typed this, the commercial just makes me laugh.

Now to the real purpose of this post.  In January of each year, I decide to lose weight. My most recent annual goal has not been met, but I do not choose to lose weight.  Hope springs eternal each new year.  That does not stop me from trying.  One key point about losing weight I have always known: only you can decide.  No one can make you or decide for you.  You are responsible for your actions (by you I mean me).

My wife signed me up for Noom.  This is not an endorsement, but rather an observation on a tool, one of many available.

In the past, I got tired of logging what I ate and what I weighed.  Noom, and I am sure other apps, make it easy.  Plus, you can see an analysis of what you ate that day.

This makes me think about the choices I have every time I think or want to eat food.  That is the most valuable part of the app. Yes, I read something every day about tips/help on weight loss and I weigh in every day.  Noom does offers hints and encouragement, but to me the most important aspects of the app are the calorie counter and the analysis of the food I eat.

Why is this important to me? Well, I used to wear jeans and golf shirts to work. This was perfectly acceptable in the workplace.  For me, I only want to wear nicer clothes if I do not look and feel so big.  Since I have used Noom, I have lost weight, and I am wearing nicer clothes to work (slacks and button-down shirts).  I feel better in countless ways. Perhaps most importantly, I like to see me in nicer clothes.

You can talk to me all day about the health benefits of losing weight. I know every one of them.  It finally took an easy tool to force me to think about my choices at every meal; and my desire to wear my nicer clothes.  Go ahead and say it and I certainly admit it, I am vain.  But if that helps motivate me to lose weight, it cannot all be bad.

My New Gift – Gadget Overload

Gifts can be great.  Gadget gifts can be great and fun.  For example, my family recently bought me a new watch. I have not had a watch for several years; I usually use my phone. In hindsight, I missed not having a watch.  It is so much easier than trying to hide the fact you are looking at your phone. More on this later.

First, some background. My father enjoyed gadgets and James Bond movies.  He bought me a Casio calculator when I was in high school (see picture). It still works.  I was one of the first students in my school to have one.  As I grew older, he continued to buy me cool gadgets, like the watch that was also a calculator.  You could even play a game on it (see picture).  Now it is important to remember, that was back in the 70s or over 45 years ago. 

And now to today.  My family did not buy just any watch, but a James Bond watch!   You can see it here. It looks like an ordinary watch, but it is not. I can call people, read and send texts, read and send emails, access the internet, use it as a stopwatch, etc.  Just like James Bond!  Quiet, I hear the music queuing up now.

Of course, I cannot shoot anyone, blow up a building, stun an enemy, or other key Bond needs. So, it is not perfect.

Oh yeah, it also can track my steps, tell me how my sleep was, tell me my stress level, measure my blood oxygen, etc. My family tells me that is why they bought me the watch. No surprise.  I like it because it is the watch James Bond would have.

First, I need Q to show me how to use it. It is complex. Then, I need to buy an old Auston Martin and then a Walther PPK. It would be my first sports car and gun.  Again, Q would need to show me how the car works. My son can show me how the gun works.

As noted earlier, gifts are great as are gadget gifts. Dad, you would be pleased with this gadget gift.  As for my family, are you reading this?  I see a classic car and gun in my (likely) distant future.

Virginia Business

 Most states and metro areas do something like this.  I really enjoy the Virginia Business editions. These are all listed on the website under the tab “Reports” and includes novel ones like Best Places to Work, CEO Pay, Most Influential Virginians…you get the idea. The various lists are posted in the monthly magazine and usually highlight an industry.  The Excel download is at a cost.  The HTML format lists an abbreviated edition of the top firms.

https://www.virginiabusiness.com/lists/

My Favorite Business Rankings - Fast Company - IV

The World’s Most Innovative Companies – 2020, 2021, 2022, 2023

Most lists are formula bases.  You may see individuals, companies, states, ranked by value, profit, revenues, net worth, etc.  An example is the most innovative state as determined by the number of patents issued to individuals and firms in a state.  We all know the Forbes and Fortune lists.

I think this one is far more complex.  Innovation may truly be in the eye of the beholder. It is a fluid and moving definition. Innovation can change radically by industry and/or individual. The automotive industry (driver less cars) and Elon Musk come immediately to mind.

Of all the rankings, Fast Company’s innovative firms is one of the more fun to read. First, all are innovative according to Fast Company and their judgements (next paragraph). And company size; revenues, longevity, etc. are not really relevant.

The question is are you innovative.  For 2020 Fast Company staff determined innovative by:

“This year (2020), Fast Company’s editors and writers sought out groundbreaking businesses across 44 sectors, including every region of the world. We also judged nominations received through our application process. We assess each company on a combination of innovation and impact, with a focus on what it’s accomplished in the past year. The 434 organizations we honor here lead their fields and are transforming the world.”

Enjoy all four rankings and note the vast differences in the top 50. I see very few parallels. You may find more.  I think you will enjoy the one-line description of why each firm was selected. 

https://www.fastcompany.com/most-innovative-companies/2020

https://www.fastcompany.com/90603436/the-worlds-most-innovative-companies-2021

 

https://www.fastcompany.com/most-innovative-companies/2022

https://www.fastcompany.com/most-innovative-companies/list

My Favorite Business Rankings – III - Forbes Next 1000

 This is a recent one.  Unlike almost all other rankings that use somewhat static data to rank companies, Forbes uses a combination to identify the future entrepreneurs. For example, most rankings take a combination of current revenues, profitability, etc. to determine the ranking.  By using the most recent historical data points, most rankings look at the most recent calendar year.

The Forbes Next 1000 looks at that type of data, but also asks about biographical, awards, and if student debt influenced your decision to start a business.  The magazine seeks to find the next generation of entrepreneurs by identifying current sole proprietors, self-funded ventures, and pre-revenue startups all with under $10 million in revenues.  A rather novel approach.

This is one of the most unique and fun rankings to read.  The winners are diverse in every sense of the word.  Since this is running all year, every season we get to read about the additional 250 firms.  The articles run over one year.

Finally, note the judges.  Just like the past editions, the judges are a varied group of individuals. 

 

Link to list:  https://www.forbes.com/next1000/

My Favorite Business Rankings – II - Forbes 400

Everyone has heard of the Forbes 400.  It is the ranking of the richest Americans.  This is more of a fun list. It is also very informative. An example, if you look at new wealth and how it was created, you might get an indication of a growth industry. You also get a great idea about family money.

The methodology is sound.  The brief on every individual is interesting and tells you several key facts about the person. Detailed profiles are definitely worth the read. The “did you know” is almost always interesting. The one category I immediately access is “Source of Wealth.” 

A couple of items on each profile I find difficult.  The first one is the self-made score. I think is a very hard judgement. The second one and more difficult than the first is the philanthropy score.  That just seems rude to me to have anyone pass judgement on an individual’s charitable donations. 

It is a fun one to read. Of course, I periodically read an entry and think “why didn’t I think of that”.

 

Link:  https://www.forbes.com/forbes-400/#34e4c567e2ff

My Favorite Business Rankings – I - INC 5000

This is a similar article I posted over one year ago. I decided to repost it since I am kicking off a new series.  So much of what we see today is rankings. I think it took off with David Letterman’s Top Ten List…(I hope people remember this).

Frankly, I get sick of reading all of them.  Often I will read the methodology first. Sometimes you know after reading it that the ranking is utterly useless.  However, over this one and the next few posts I highlight my favorite rankings and why. 

First up is the INC 5000. This ranking is billed as the definitive list of the fastest growing private companies in the US. 

It is a fascinating list to sort through. Thanks to great sort options you can actually find clusters of private fast growth companies.  You can sort by state and industry too. The write-up on each firm is very helpful and a link to the company is also listed. You can search past rankings to 2015.

One unique point.  You may think INC scours the US looking for these firms.  Not really, it is decided by application.  Hence, each firm must apply through INC for inclusion in the annual ranking.

Four more reasons I really like this one. Some the names are priceless.  Second, individual stories are very well done. Third, good data on privately held firms.  

And finally, the summary above the rankings is very helpful. The summary is whatever you chose to cut and dice the list by.  For example, if I do a search by Virginia firms, I find that the median growth is 152 percent, total revenues exceed $18.4 billion, 33,611 jobs were added, 22 are new, and 224 of the firms have been on the list before.

Link:  https://www.inc.com/inc5000

Business Resources IX - Tracking Incentives

 Well, I was wrong. I had two more business resources to present. The first one was the project brief.  The second and last one is a variation of an incentive tracking spreadsheet I developed during my tenure with West Kentucky and later revised for my time with economic development in Prince Wiliam County.

One (and a fair one at that) criticism we get in economic development is not tracking incentives offered and received by a client.  In West Kentucky we always required an MOU that spelled out amounts, timelines, thresholds, review dates, and claw backs.  These documents are public, you just need to ask the city or county. 

Note that the timeline also includes state incentives, when appropriate.  This allowed me to track all incentives offered to a firm and all accepted by a firm. 

The need to track the incentives received and review dates is a critical foundation in economic development. After all, this is taxpayer funds.  We must be the absolute best stewards of these dollars as possible.  We must always work to maintain trust with our shareholders, stakeholders, and pubic at large.

Hence the need for the tracking spreadsheet.  I can determine every step of the incentive negotiation, approval, receipt, and review of any package received. 

The process is straightforward.  After the incentive is received by the company it is logged in by month. From this I can check the spreadsheet every month to see which company’s review time is coming up.  After that determination is made, I then draft the necessary correspondence and set up a meeting to review the company data and ensure that thresholds are indeed met.

If a company is not in compliance with the MOU, I then draft correspondence noting that the company is not in compliance with the MOU and what steps will be taken to ensure that they get into compliance. 

This may involve a give and take over a couple of weeks.  The goal is not to penalize the company, but to find a path to compliance.  If it appears that the company will not ever get into compliance with the MOU, then claw back procedures are implemented.  Fortunately, I never had to institute any claw back steps. However, if I did, the MOU clearly spelled out how.

This was a smooth process and it clearly spelled out the procedure for every step.

Link to spreadsheet:  https://docs.google.com/spreadsheets/d/1qZDXGrgWswRBFJf4mtjOcFJh22ibQ6Qi/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

 

Business Resource VIII – Project Brief

Sometimes you know so much about a project you cannot easily sum it up for your board or elected officials.  I had to come up with a solution.  

The result was I developed a project brief template during my tenure in West Kentucky.  It was my goal to put all the necessary and appropriate data on one page. It must be easy to follow, easy to read, cover key issues, and use headings, etc.  Also, no cheating by using small print.

You will find two links to project briefs I initially used in Prince William County.  I preferred this style, but of course the County has its own formats. Naturally, I conformed to the agency templates. 

As you look at these you will find a company overview, the current situation, key actions taken, CEO requests, etc.

Project Brief I

https://docs.google.com/document/d/16JhrfMCPSCsi4GjLm1DZ1Lpt0afBFjLt/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Project Brief II

https://docs.google.com/document/d/1z9AZrzILeSH0qpBL61pqdc-zEuNJeWL6/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Business Resource VII – The Business Retention and Expansion Questionnaire

 I started with the Prince William County Department of Economic Development in June of 2011.  During my interview I was asked what I would do. I gave something along these lines: 

“I would focus my attention on basic industries with an employment range of 5-50 employees.  These are the businesses that could benefit from various programs in the County and Virginia and usually simply do not have the time to find out what is available.  These are your job generators.  However, the first order of business is to schedule BRE calls with the leading businesses in the County. We always need to know their challenges and expansion potential.  But the bulk of my time will likely be sent on the businesses with an employment range of 5-50.”

I did exactly that.  Among my first activities was to create a BRE questionnaire.  It is attached.  It is very dry if you read it. However, in eight years of using this and improved versions was I never finished it.  As you can see, it is three pages and most of the questions are open ended. 

What are the goals/objectives of this strategy?  It is fourfold:

--Start a long-term conversation

-- Strive to be the first call a business executive or his team makes when considering an expansion or an employee reduction.

--Strive to be the individual the executive or his team calls when they have questions or concerns about your jurisdiction.

--Develop a relationship with the business executive and his team so your calls and emails are returned promptly.

The interview helps you learn what is important to the team.  This allows you to customize unique opportunities to the executive and his team.  

If this makes sense to you, be warned, the responsibility on the BRE professional is significant. It encompasses this:

--Read business publications.

--Know the people who can help your client.

--Have a general idea of the federal, state, and local resources available to the client.

--Have a general understanding of the policies and practices of your jurisdiction.

How do you do this? Just review the six other postings of previous resources.  These took years to build, manage, and keep updated. But it was well worth the effort.

 This is a link to the survey:

https://docs.google.com/document/d/1TV41anrklF0-ekxI1SC2niTwhYb6lO3Q/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Until COVID, I was doing a variance of a BRE interview for Development Services.  I scheduled brief meetings with small businesses who went through the County permitting process.  Generally, the questions were open ended. 

This is the last entry of the business resource series. As you can see, I tried to develop several comprehensive resources for businesses in Prince William County whether I am in Economic Development or Development Services.  And I will continue doing so.