WHAT THEY DO N’T TEACH YOU AT HAVARD BUSINESS SCHOOL
BOOK REVIEW BY
EMMANUEL OKODUGHA - (Head, Echannels & Retail)
BOOK TITLE: ‘’WHAT THEY DO N’T TEACH YOU AT HAVARD BUSINESS
SCHOOL’’
Therefore, this review is two-sided. The first side of the
review relates to CEOs, Managers, Middle Managers, business men and women,
aspiring Entrepreneurs and by extension men and women who wants to fulfill
their purpose on earth. The Second side of the review relates to its
applicability to my fellow Colleagues as
staff of the bank.
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SESSION
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CHAPTERS
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REVIEW
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ITS
APPLICABILITY TO OUR JOB AND
RELATIONSHIP WITH OUR CUSTOMERS
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PART 1
IS ABOUT READING
PEOPLE
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READING
PEOPLE
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-The Author recognized the fact that the most important asset in any
organization/industry is the people.
-Among the 3 Ps
ie the People, Process and the Platform, the people is of vital importance
within the 3Ps value
Chain. This is however attributed to the fact that you need the people
to work with the Process leveraging the right Platform (Technology).
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In a related development, the Author highlighted
the need for Managers/Entrepreneurs to
develop strong emotional
intelligence in reading people other than developing a preconceived
notion which ultimately prevent them from seeing great business
opportunities.
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-He remarked that for many reasons people do
not always expose their true thoughts to others, especially if they feel threatened,
embarrassed, angry, contemptuous, dissatisfied or disgusted.
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Managing people is the most difficult task on planet
earth. This is attributable to the differences that exist along cultural,
tribal/ethnic and ideological lines. This, however underscore the need to
understand and read people with a view to knowing their emotions and
feelings. Note, somebody may exhibit negative behavior that is triggered by
unpleasant circumstances. Thus, such behavour as exhibited does not make the
person a bad person but such was
induced or triggered by Circumstances beyond his/her control. Hence, the need
to read people using intuition, Common sense etc
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As a bank, Customers represent the most
valuable asset. Customers are of varying degree. You have the
Apostle/Disciple, non Disciples types of Customers in our day to day
operation. Hence, the need to read and
understand their needs is very key to the bank.
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As Relationship Managers in our respective
desk, there is need to institutionalize an enduring relationship management strategy
to foster Customer’s loyalty through excellent services through effective reading and understanding of
people. Note, you can n’t be taught
body-language neither in Harvard nor in any of the School.
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For internal staff, a great lesson from this
book reveals the following: the need for tolerance and patience towards
staff, Customers is imperative.
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CREATING
IMPRESSION
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-The Author hinted that people will always
form an opinion about you based on your appearance, your body language, your
demeanor and how you are dressed.
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-With every new encounter, you are evaluated
and yet another person’s impression of you is formed. The first impression
can be nearly impossible to reverse or undo.
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Your business impression is created by the
little things you do and say. This is evidenced in Chapter 1 page 4 where
impression/opinion were formed regarding two personalities ie Richard Nixon
and Doug Sanders.
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- The Author revealed that people tend to
express their innermost selves in the most innocent of situations.
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To us as bankers, Customers evaluate us
through the impression we create. The impression can be positive or negative.
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In our relationship with Customers, We should
always try to create positive impression about ourselves and the Organization
will represent for strategic brand essence.
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To create a positive impression, we must take
note of the following:- Be on time, Be yourself, present yourself
appropriately, be open and confident, courteous and attentive etc towards
Customers.
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To develop a strong emotional intelligence to
be able to manage the emotions of both staff and Customers.
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TAKING
THE EDGE
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-The Author posited that taking the edge is
wining through intuition and preparation. It means learning what people want
and finding a profitable way to deliver it.
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- He emphasized on the importance of taking
initiative.
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As a service industry, we have two set of
people. First, those who are working up to their capabilities, secondly,
those who combine Capabilities with people sense and the understanding of how
the game is played. These second categories of people always succeed in an
organization.
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GETTING
AHEAD
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-The book reveal that Stars in any Company combine their capabilities
with know-how, people-sense and an accurate understanding of the way the game
is played.
-Also, from the Employers side, the need to identify real talents
other than being misled by appearance in an organization is of vital necessity.
- Again, the need for one to emotional intelligence to trust, love
and appreciate people is equally an added advantage in every organization.
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In every Corporate organization, it is
important to learn how to carry everybody along without necessary making the other person
feel bad.
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Remember that there is always a system that
you will need to work within or through it.
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PART 2
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IS ABOUT SALES & NEGOTIATION
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THE
PROBLEM OF SELLING
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-This aspect of the book reveals that nobody ever reaches the top
echelons of any Company unless they master the power of persuasion. The only
way to learn these techniques are in sales situations.
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The art of selling is the conscious practice
of a lot of things we already know unconsciously, and have often done while
growing up.
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Some Staff are often crippled by the fear of
rejection each time they go out marketing. The fear that Customers will tell
them no has been a source of concern.
When you go out marketing in a bid to selling your bank’s products /Services,
go with a positive psychological capital that no Customer will say no to you
and that it will be.
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TIMING
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-This Chapter emphasizes the fact that ideas
fail more often because of bad timing than because they have no merit.
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-Most ideas fail because of poor execution.
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- The Chapter equally talk about the
importance of patience which is a major aspect of timing.
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As a Banker, if you believe in a concept and
it gets turned down, always look for another opportunity/circumstances to
change and go back again.
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To get your timing right, start by applying
your business sense.
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Ask yourself some questions. Does the proposal
make sense and hold specific advantages? If so, then you can refire to
acquire your desire.
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SILENCE
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The Author further goes to posit that in the
Buyers and Sellers market, Silence is golden.
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Silence keeps the Seller from saying more than
he needs to and makes the buyer say more than he meant to.
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In the course of your dealings with your
Customers especially when cross selling your products/services , learn to be
silent so as to be able to find out exactly where you are in the Sales
process.
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You must be smart enough to know that Silence
is a social void that most people can not resist.
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MARKETABILTY
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The Author further hinted that Marketability
is the meeting point between the features of products and the perceived
benefits a Customer gets from buying that product. In order words, it is the process of
communicating the value of product to a Customer in order to sell that
product.
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Know your product, believe in your product and
sell them with great enthusiasm.
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The knowledge of your product will give you an
edge over the Customer’s demand.
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STRATAGEMS
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The Author revealed succinctly that the use of
common sense, trick or plan to ones advantage in business is recommended. The
trick or plans cannot be thought in any academic environment but can be
gotten through ones native
intelligence or intuition, experience gathered from situations.
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This aspect of the book revealed the vital
role conducive sales atmosphere plays in any business process.
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In as much as there are right time to make a
sale there is equally a right place for it as well.
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A non business location can present an
opportunity.
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As the bankers, the need for us to create out time/opportunity outside the
business place to meeting with new and
existing Customers is highly
encouraged.
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Most major decisions in most organizations are
taking over tea breakfast, lunch or dinner in a conducive atmosphere.
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NEGOTIATING
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The art of negotiation is imperative in any
sales effort.
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Deriving strength from positive psychological
Currencies can make for an effective negotiator.
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As staff of the bank, we should understand the rules of engagement in the negotiation
process. This goes to show that in the course of our dealing with our
Customers particularly with reference to the prevailing economic realities
occasioned by the recent devaluation of the Naira, we should know the reason
for the devaluation as it affects the lending rates, CRR for both Private and
public in the industry. The knowledge of these realities can make for a
strong negotiating tool.
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PART 3
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IS ABOUT RUNING A BUSINESS
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BUILDING
A BUSINESS
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The Author asserted that to build your own
business, you should have the ability to turn theories/ideas into practice.
Conceptualize a business ideal and turn them into reality.
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As an individual aspiring to start a business,
you need your own common sense and take the necessary steps to turn theories
into practice.
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Furthermore, to build a business you will need
to do the following: Commit to quality, Grow slowly, diversify your
Expertise, hire the best to teach you what you do not know, look to the world
Markets, Charge for your expertise and diversify Talent
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STAYING
IN BUSINESS
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The Author reveals that to stay in business,
there are certain important facts that must be borne in mind. They are:
I.
Think small
II.
Do not let structure run the operation.
III.
Think flexibility
IV.
Reserve the right to be Arbitrary.
V.
Do not let policies stifle the operation
VI.
Manage Unconventionally.
VII.
Manage with confidence
VIII.
Delegate what you can ,Not what you want to.
IX.
Hire People Smarter than yourself.
X.
Manage for consistency.
XI.
Dealing with Employees.
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It is important that as Staff, we understand
the two sides to building a business. The first side is starting the business
and the other side is Staying
in business.
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In every business organization, there are many
internal and external factors that militate against performance,
growth,Employee productivity etc. Notable among them is the issue of Organizational Policies and
Structure which tend to inhibit Organizational growth and performance.
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The Author recommend the use of discretion by
CEOs, Managers, Employees in every
Organisation.
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GETTING
THINGS DONE
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Getting things done according to the Author
implies accomplishing scheduled task.
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As Staff of Skyebank, the need for us to getting
things done , you will need to do the following:
I.
This can be achieved through effective Time
Management, sticking to your schedule, allocating personalities etc .
II.
Know your own work habit.
III.
Learn to say No even When it Hurts.
IV.
Organize your next day work at the end of the
previous day.
V.
Organise your day according to your own work
habits and stick to the plan.
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FOR
ENTREPRENUERS ONLY
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The Author hinted that in starting a business
you need an emotional commitment to start and run your own business.
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Dare to dream about becoming Entrepreneurs and
ensure to make it happen.
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The greatest obstacle to starting a business
is the fear of failing. Try to do away with the fear of failing in your
proposed business take necessary steps to start.
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