Hartford Business Journal

www.HartfordBusiness.com • May 13, 2019 • Hartford Business Journal 21 OTHER VOICES Thank you Gov. Lamont, for cutting red tape By Andrew Markowski S mall business owners struggle to comply with regulations and paperwork, spending valuable hours that could be used instead to grow their business. It is more difficult for a small company to cope with the bureaucratic requirements than a large firm. The small busi- ness owner often handles finances, sales, human re- sources, compliance and even fills in for employees. As you might guess, there is rarely a compliance officer on staff. Gov. Ned Lamont recently an- nounced an initiative to cut red tape for companies that want to do busi- ness with the state. The governor hopes to reduce the need for 90,000 forms submitted annually. He will align the definition of a small business with the federal government's version to reduce confusion or the need for ad- ditional forms. Applications will soon be able to be completed online, and duplication eliminated. As the head of the National Federation of Independent Business in Connecti- cut, a small business association with thousands of members in the state, I can confirm that this initiative will be helpful, and we applaud Gov. Lamont. It will let more of our members participate in the bidding process and make it easier for them to compete for state contracts. In an NFIB poll of small employers, the single greatest regulatory problem cited was the cost of compliance, and the second was dif- ficulty understanding what had to be done to comply. Cutting red tape will certainly help. The governor asks that business owners make suggestions to cut bu- reaucracy by emailing cutredtapeCT@ CT.gov or use the social media hashtag #CutRedTapeCT. Or, you may call NFIB at 860-248-NFIB, and we will pass on your suggestions. Andrew Markowski is state director of NFIB, an association representing small businesses in the state. BIZ BOOKS How to attract and keep the best people By Jim Pawlak "Talent Magnet: How to Attract and Keep the Best People" by Mark Miller (Berrett-Koehler Publishers, $22.95). With unem- ployment at re- cord lows and tax cuts providing an impetus for growth, there's a war for talent. Those losing the war will be left with the mediocre, which will make it difficult to achieve ambitious goals. Miller illustrates this point through a business parable that follows the decisions of a CEO faced with reducing the organiza- tion's growth goal because there aren't enough high-caliber people. He begins his quest by asking HR a few questions: "How would you define top talent?" "What do they want in a job?" "What would it take to attract them?" "How can we become a talent magnet?" He emphasized that the answers need to focus on individual contributors, not just those with leadership potential. The search for answers began by in- terviewing the firm's top talent and its typical talent. Why? The CEO wanted to identify differences between moti- vation and goals. The results: The basics (i.e. fair wage, training, resources to do their jobs), a positive organizational culture and the company's brand/reputation meant quite a bit to top and typical. But, top talent wanted more — leadership (how they were managed), growth opportuni- ties (not necessarily tied to assuming leadership positions) and the firm's ongoing contribu- tion to the com- munity. The "What at- tracts top talent" answer jumped out: "Better boss (demonstrate care, stay engaged, lead well), brighter future (champion growth, provide challenge) bigger vision (foster con- nection, celebrate impact)." Selling those "magnets" was something the organization had to do even before the hiring process began. Why? Potential employees had to be aware of what the firm offered — just as an organization advertises its products and services. To increase awareness, include the three-pronged message in the com- pany's webpage and its social media because those are places any talent will check for information on prospec- tive employers. Awareness isn't a one- and-done process. While the history of the organization won't change, the message must identify "what's next" to ensure it appeals to those who want to be part of its future. "Iconic Advantage — Don't Chase the New, Innovate the Old" by Soon Yu with Dave Birss (Savio Republic, $25). Iconic brands exist in local business and on the global stage. What makes them icons? Yu's been-there-done- that advertising and brand-innovation experience with Clorox, Chiquita Brands, and numerous, big-name apparel brands has identified three interrelated qualities that create and ultimately reshape icons. The three fit under the umbrella of "emotional con- nection with their audience": 1. "Distinction" — They are different than their competition; they are memo- rable. 2. "Relevance" — Their distinction creates a loyal customer base. People trust the brand to deliver on its promise. Trust and sales go hand-in-hand. 3. "Rec- ognition" — They're readily recognized by consumers in and out of their target market because of 1 and 2. The strategy required to keep an icon an icon centers around three principles: 1. "Create noticing power" — Icons grab attention; usually using some- thing sensory. Nike uses holes in the heel sole to show off its cushioning technology. Ferraris don't look or sound like Toyota Camrys. 2. "Developing staying power" — Connect the brand to the users through the human element. Let em- ployees tell the story of company heri- tage and ongoing product creation; use consumer testimonials, too. Use social mission to connect, too. Example: Buy TOMS products and you'll give those in need shoes, sight, wa- ter or kindness. 3. "Building scaling power" — Forget "glitz" advertising; your brand's signature elements should dominate every message. Word-of-mouth passes it on. You can also tier-up by offering an added-features version, or tier-down by offering a just-signature-elements version. Tiering opens the door to new consumers. The bottom line: Capitalize on the ongoing value of your existing prod- ucts/services. A few tweaks in your products/services can keep them from entering the maturity phase of their product life cycle. Andrew Markowski Jim Pawlak Book Review HARTFORDBUSINESS.COM POLL LAST WEEK'S POLL RESULT: Will rising gas prices curb your travel plans this summer? NEXT WEEK'S POLL: Will the Travelers Championship ever land Tiger Woods? To vote, go online to hartfordbusiness.com 34% Yes 66% No

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