Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 3224 OCTOBER 2016 • FOGHORN BUSINESSMATTERS 2570 Beverly Dr. #128, Aurora, IL 60502 T 630.236.3500 CENTA Power trAnsmIssIon LeADIng By InnovAtIon • USA based production • Over 20 unique designs • Over 16 million sold • Torsional vibration experts Trust CENTA – The Global Innovator Since 1970 CENTALINK Carbon Fiber Driveshafts Innovative flexible couplings for marine applications As a leader in passenger vessel design, stability assessments and refurbishments, our vessels are not only beautiful, they’re also safe and efficient to operate while producing maximum profitability for owners. To bring Jensen on board for your next passenger vessel design or build, contact us at 206.332.8090 or visit our website at jensenmaritime.com. Passenger Vessel Designs: OPtimizeD fOr PrOfitability P reviously I wrote that the best way to secure your future was to build your own farm team of leaders. We have all learned the chal- lenging lesson of hiring externally to replace a top performer.After a difficult and lengthy search, you get seduced by the prospective hire, but the cold reality is that they want way more compensa- tion, as well as other special conditions, than the former star. You reluctantly seal the deal, only to have your double secret compensation package leak out to the rest of your crew. Your new star wants to change all your business processes (what do you mean I have to board the group, why do I have to worry about accounts receivable?) and you have a mutual quickie divorce between both parties in about six months. Who hasn’t done this? Chuck Johnson was the most disci- plined sales executive in the business, and was totally dedicated to 100 percent internal promotions. You say it can’t be done? The military is a poster child for this method, having done just that. Looking beyond the numbers, in- ternally promoted people are successful because they are loyal, ambidextrous, know the organization inside and out, and are supported by all others. We have hundreds of amazing examples in our own industry of home grown talent promoted to the stratosphere. Chuck’s focus on growing a farm team, along with a service system, are two of the three most important business tenets I ever learned. I have touched on the third, monthly com- munication and accountability, in an earlier column, but what follows is Securing Your Future, Part II By Bob Shaw, Industry Consultant both a refresher and closer look at this last pillar. Thirty years ago I heard a speaker say the most important management discipline was to meet with every sub- ordinate once a month for an hour. Each person should come prepared with a 1-pager detailing the last 30 days and next 30 days. Upon hearing this news, the audience groaned that nobody needs another set of meetings. The speaker countered that you could eliminate many other meetings if every boss and subordinate were calibrated monthly. Inspired, I dove into it and have been religiously doing this ever since that speech. Each month, I meet with every person reporting to me, on each operation and big project. They come in and discuss the last 30 days, reviewing safety, human resources, customer satisfaction, sales, costs, cash flow, competition and other factors. Then they forecast the next 60 days’ worth