Lessons for Success

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Improve Your Productivity: Take Time Off

My wife will probably chuckle when she sees this topic. Yes, I’ve been accused at times of suffering with an acute case of workaholism. When you love what you do and are excited about helping companies emerge from tough situations to be viable and more successful, it can be tough to shut down work at a reasonable hour.

Yet studies show that people are actually more productive if they engage in “strategic renewal.” That includes sleeping more, taking more frequent vacations and spending more time away from the office.

An article earlier this year in The New York Times, “Relax! You’ll Be More Productive” claims that paradoxically, the best way to get more done may be to actually do less.

One of my favorite ways to get away from the pressures of work is to go on a cruise.

One of my favorite ways to get away from the pressures of work is to go on a cruise.

While the article discusses studies that show the benefits on productivity of extra sleep and working out, being a numbers guy, this part caught my eye.

“In 2006, the accounting firm Ernst & Young did an internal study of its employees and found that for each additional 10 hours of vacation employees took, their year-end performance ratings from supervisors (on a scale of one to five) improved by 8 percent. Frequent vacationers were also significantly less likely to leave the firm.”

Now that’s something to take note of. Improved performance of 8 percent and a higher retention rate? Those are major benefits that companies can take advantage of just by encouraging employees to take their allotted vacation time.

In the United States we start out with far less vacation time to begin with than our European counterparts. And we don’t even take the few days we do accrue.

In 2010 Expedia, the online travel agency, conducted a survey about vacation days. The average American earns 18 vacation days, but only used 14. Contrast that with countries in Europe where in France, for instance, the average worker gets a whopping 37 vacation days and uses 35 of them.

Only 38 percent of Americans say they use all of their vacation time, while 63 percent of the French do.

This seems a fitting topic at the beginning of a holiday weekend, a time when most workers are actually forced to take a day off when their businesses are closed. But a large percentage of our workforce now works on computers and laptops away from the office, so there may rarely be such a thing as a forced vacation.

You can still disengage from the pressures of work and engage with those around you by shutting off your cell phone or leaving it in the car during social events with friends and spouse. Answering a text during spousal time dampens the mood.

When dining out with friends, have everyone put their cell phones on the table. The first one who touches his or her phone gets the check!

One of my favorite ways to really get away is to go on a cruise. Then I only look at emails at 6:00 a.m. or at midnight when my wife is asleep. I leave my cell phone and iPad in my room during the day so I can really enjoy my vacation.

That means you have to make an effort to well, do less. In recent years I have decreased my working hours somewhat and try to take time to enjoy vacations with my wife. This Monday I’ll be joining millions of Americans who relax on Labor Day weekend, visiting with family or getting one last long summer weekend in before fall sets in.

Aren’t you due for some strategic renewal of your own?

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Lessons from the Fraud Triangle

Fraud can occur when three elements are present: pressure, opportunity and rationalization. That’s the premise of the Fraud Triangle that I wrote about in last week’s column, “Why Fraud Occurs: The Fraud Triangle.”

So what lessons can we learn from these three elements of the Fraud Triangle? With a better understanding of why fraud occurs, what can we do in our businesses to prevent it?

The Fraud Triangle needs to be the basis of any effective fraud-deterrence program and should address its three elements.

1. Pressure

While some employees steal due to financial pressure, they may also be stressed due to difficult circumstances at home or addiction issues. Remember the example of Amy that I wrote about last week, the office manager who embezzled $345,000 from her company over a four-year period. She began stealing because her son had been arrested and she used the money to hire a lawyer to defend him.

Other than paying employees fairly, there is not a lot a company can due to relieve many sources of pressure, financial or otherwise. But it can train managers to recognize employees that seem to be under unusual stress. In some cases the HR department can point them to resources to get help.

fraudhandcuffs2. Opportunity

This is the area where a business can be most effective and should focus its efforts. Every company needs to have an effective fraud prevention program with strong internal controls and management oversight.

Most employees steal only when they perceive no chance they will get caught. Remember, it’s only the people you trust that will steal from you. If you don’t trust them, you’ll make sure they don’t have the opportunity to steal. Trust no one implicitly.

For tips on preventing fraud, please see my previous columns, including “The High Cost of Fraud and How to Prevent It,” “My Number One Tip for Fraud Prevention” and “13 Fraud Prevention Tips.”

3. Rationalization

Like pressure, this element is harder for an employer to deal with as it is done internally and no one may know that the employee feels it’s okay to “borrow” the money from the company or is owed it because he is feeling overworked. Amy the office manager began working harder and longer hours to justify the money she was stealing from the company, telling herself that she was really earning it.

Rationalization lets a person continue to commit a crime while telling himself that he is really not a criminal; he is still an honest person. Make sure every employee knows that fraud will not be tolerated in your business and it will be prosecuted.

I also recommend you follow Lee’s Fraud Policy and post it in the employee manual and reinforce it verbally: If you steal, I’ll put your butt in jail!

Because it is more difficult for a company to deal with an employee feeling pressured and his ability to rationalize crime, the majority of efforts should be focused on the most effective way to prevent it in the first place — by not providing any opportunity for thieves to steal. That way, all your employees truly can remain honest.

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The Red Flags of Fraud

In a continuing series on fraud, this week’s column is about how to spot the signs that an employee may be engaged in fraudulent activity. Please see last week’s column, “Employee Tips Key to Fraud Prevention” for tips on decreasing fraud in your company.

It happens every day. Employees are caught stealing from their companies. Then the messy business of uncovering the amount of money stolen, how it was taken and how to prevent it in the future begins.

Fraud not only hurts businesses financially — an estimated $9 billion a year is lost to fraud in the US annually — but it takes a toll on the company in other ways. Employees are demoralized and time is lost to dealing with the results of the fraud.

A strong fraud prevention program is critical. Part of that program should include managers being trained to be on the lookout for red flags that employees may be involved in fraudulent activity. Here are just a few of those red flags.

imgres1. Refusal to take vacation and rarely taking personal or sick days

Isn’t that great to have such a dedicated employee? Except that often the employee who never takes off is not dedicated to the company. That employee is dedicated to continuing to perpetrate the fraudulent activity he or she has begun, and doesn’t take off work because of the risk the activity may be uncovered.

I’ve mentioned dear Aunt Tess in this column before. She was the beloved payroll clerk who showed up the day after she had major surgery to hand out the paychecks. In 25 years she hadn’t missed a payroll and a little thing like an appendectomy wouldn’t keep her away.

Turned out she had to show up to handle the paychecks for her non-existent employees whose creation had allowed her to steal around $100,000 year from the company.

Be wary of the employee who never takes off work.

2. Getting annoyed at reasonable questions or offering unreasonable explanations

If a simple question about how an invoice is handled, or who double checks the list of vendors or changes to payroll evokes a defensive or irritated response, don’t back down until you get an answer. The same is true if the responses don’t make sense or sound unreasonable. Guilty people will act defensive when questioned about why they do things a certain way.

3. An employee wants to remain in his or her current position

Staying in the same position is not necessarily a bad thing, and many people enjoy staying in a job that they feel comfortable with for years. But if that person turns down opportunities to advance or otherwise better his or her situation in some manner, that can be a warning sign that they are afraid of being unable to continue their fraudulent activity or that it may be uncovered if they leave or change their position.

4. An employee that exhibits behavioral changes, undergoes a sudden change in lifestyle or has financial difficulties

If an employee starts talking about his new lake home, wearing an expensive watch or driving a new car with no explanation for his new-found wealth, that may be worth a closer look. If she starts acting more stressed at work for no discernible reason and claims all is fine at home, that could be a sign that engaging in the fraudulent activity is causing stress.

Having financial difficulties can be a precursor to fraudulent activity. A law student in Atlanta was arrested for stealing more than $100,000 of jewelry at his part-time job at a department store. When he was caught, he said he did it because he had so much debt in student loans.

5. An employee has unusually close relationship with vendors

Friendships do develop in the business world when we deal closely with each other and are often a source of pleasure in our work environment. However, an employee that seems to spend a lot of time with a vendor could indicate a kickback scheme that involves vendor overbilling.

Be on the lookout for these red flags at your company. To learn more about why fraud occurs, read my next column later this week about the Fraud Triangle.

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Etiquette Observed During Masters Good Lessons for Business

As the eyes of the sports world turn to the perfectly manicured green course at Augusta National as the annual Masters Golf Tournament begins, I thought about how some of the etiquette of golf can be applied to lessons in the corporate world.

As one of the only sports where there are no referees or umpires to enforce rules, golf relies on players observing the traditional rules. Attendees at the Masters must observe certain rules as well, including absolute silence during play. (Just try yelling out, “Way to go, Bubba!” after last year’s champion makes a challenging putt and find out just how seriously these rules are observed.)

Here are just a few of the rules of golf that you can apply in a business setting:

Masters_Logo_040509• Be prepared to hit your shot when it is your turn.

When you’re playing a round of golf, you’ve got to keep your group moving in consideration of those behind you. In the business world, when you are charged with responsibilities for a project or a big deal, you have to meet your commitments and deadlines to keep the deal on track.

I’ve worked with several companies where key employees just didn’t seem to understand that if their work wasn’t completed in time, the whole project could derail. One of the ways I deal with this, as I mention in my new book, “How Not to Hire a Guy Like Me,” is by using a whiteboard. With everyone involved in attendance, we outline the entire process and place goals at appropriate intervals. Not only do I get buy-in from the entire group this way, they also see that if they don’t meet their deadlines, it affects everyone else.

• Don’t spend too much time looking for a lost ball, especially if there is a group behind you.

When something goes wrong in a company, it is important to figure out what happened so the mistake isn’t repeated. But spending a lot of time looking for people to blame and generating massive reports after the fact can keep a company from moving forward.

Accept the loss, take action or put policies in place so it’s not repeated and move on.

• Keep carts away from greens and hazards.

A business leader needs to maintain focus on the path ahead and keep his company nimble enough to respond to any potential obstacles. Take a look at Kodak, once the standard for photography. Everyone had Kodak moments. Even though Kodak actually invented the first digital camera in 1975, the company failed to foresee that the rise of the popularity of digital photography would decimate its market. After 131 years being a pioneer in the industry, Kodak filed for bankruptcy last year.

• Rake sand bunkers after hitting to erase footprints. Replace divots.

Always rake sand bunkers after hitting your ball to erase your footprints and damage to the area where your ball was. If a business owner or CEO makes a mistake, I always urge him or her to correct the error and also to admit it. They may have ended up in the sand bunker of the business world but there are lessons to be learned while you’re there.

• If you hit a hole in one, buy everyone a drink.

Okay, so this one isn’t really a rule but it’s a nice tradition. If your company lands a big account, meets an aggressive deadline or completes a large and challenging project, celebrate together. It’s a way to recognize your employees’ efforts, build morale, and encourage them to work hard on the next opportunity.

When I was successful in helping a company I call Cheerleader Supply emerge from bankruptcy, I bought the judge and everyone in the courtroom a set of pom-poms. They are a reminder that even when things appear most bleak, it’s important to keep a positive attitude and keep on trying. There’s always a chance you’ll come back.

Just ask Tiger Woods.

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Focus on Retaining Customers for Continued Growth

It seems to be human nature to always be chasing after the newest thing. As just one example, think about how many people eagerly anticipate the latest product from Apple. When the new iPhone 5 was introduced last fall, people in New York City set up camp eight days in advance to snag the latest model.

It’s no different in the business world when it comes to chasing the newest big customer. Maybe it’s the thrill of the hunt and the excitement when you finally sign on the dotted line for a huge purchase order, or hear those sweet words, “We’d like to hire you.”

Of course, you’ve got to constantly be working to acquire new customers. Even when your business is humming along at full capacity, you’ve got to keep filling the pipeline to keep your business growing and replace any lost business.

The problem is when all the attention is focused on landing that new customer, without paying adequate attention to current customers. To keep your company growing and thriving, you’ve got to maintain focus on retaining the customers you have.

Here are just a few reasons it’s important to do so:

• Statistics show that 80 percent of your company’s future revenue will come from just 20 percent of your existing customers.

• A 5 percent increase in customer retention can increase a company’s profitability by 75 percent, according to a study done by Bain and Company.

• Estimates show that it costs five times more to attract a new customer than maintain an existing one.

• U.S. corporations lose 50 percent of their customers every five years with an average defection rate of 10 to 30 percent each year, according to business researcher Frederick Reichbeld.

That’s a lot of money walking out the door that you may be able to save. If you’re not paying enough attention to current customers, you need to start now. So what should you do?

The good news is that it doesn’t have to take a lot to keep current customers happy. It can be as easy as regular phone calls, just to check in and ask how everything is going and if there are any concerns you need to address. Ask if their business is about to undergo any major changes where your company may be of help.

Make sure your current customers get notice of upcoming sales promotions prior to making them public. Offer some special deals now and then, for current customers only. Keep their pricing competitive with the marketplace.

If you’re introducing a new product, invite your current customers to come experience it. If they are currently using your products or services, they are your best market for any new products and can provide valuable feedback. That’s what I call a win-win.

You can also engage with your customers on social media. If a customer’s business is having a promotion, post it on your Facebook page or retweet it to your business’ followers as a way to offer them additional support.

It’s all about regular communication and making your current customers feel valued. Let them know you appreciate their business.

There’s an old Texas saying, popular with the late famed University of Texas football coach Darrell Royal: “Dance with the one that brung you.” Support those who are supporting you: your current customers.

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Two Keys to a Successful Negotiation

“So it is said that if you know your enemies and know yourself, you can win a hundred battles without a single loss.
If you only know yourself, but not your opponent, you may win or may lose.
If you know neither yourself nor your enemy, you will always endanger yourself.”

— “The Art of War” by Sun Tzu

“The Art of War” by Sun Tzu may be more than 2,000 years old, but that Chinese general knew a lot about the art of negotiation. I particularly like this quote as it contains one of my keys to a successful negotiation: educating myself as much as possible about my opponent.

I negotiate constantly. To be successful as a turnaround authority, I have to know how to negotiate with CEOs, bankers, employees, union workers, vendors, lawyers and emotional relatives.

When I’m involved in a tough negotiation I need to be prepared. Part of that preparation involves finding out as much as possible about the motivations of my opponent for that particular deal.

Let’s say I’m talking to a lender about settling an outstanding balance my client owes. Before I negotiate I’ll talk to my client to find out all the details on the outstanding balance and what he can afford to pay.

Then I try to assess what the needs of that lender are. Does he need to get this loan off his books quickly? Has he been trying to collect for a long time and he has a bad case of lender fatigue? Or maybe he’s new in his department and is trying to build a reputation as a tough negotiator.

I enter into negotiations with as much knowledge as I can and then as I began negotiations, try to determine more about what is driving the other person. Is it money, timing, company reputation?

While I consider myself an aggressive negotiator, I also negotiate in what I consider a positive and open way. I don’t go around behind the parties’ backs to try to undermine or manipulate the process by currying favor with the senior management or others involved in making decisions. I don’t make any implied promises on behalf of the companies I work for that I know they don’t plan to honor. As Otto Von Bismarck said, “When a man says that he approves something in principal, it means he hasn’t the slightest intention of putting it in practice.”

That is the second key to what I consider a successful negotiation: to come up with an acceptable deal for both parties. When possible, I try to follow the advice J. Paul Getty’s father gave him. “My father said, ‘You must never try to make all the money that’s in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won’t have many deals.’”

Sun Tzu covered that topic in “The Art of War” as well, in a more poetic fashion. “Build your opponent a golden bridge to retreat across.”

For more business advice, including a story of how creative negotiation involving a $3,000 mobile office saved a $15 million deal, please check out my new book, “How Not to Hire a Guy Like Me.”

 

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Companies Need to Own Up to How They Are Doin’

“How’m I doin’?” was one of the phrases that Ed Koch was famous for. The infamous former mayor of New York City died last week, and I doubt we’ll ever see his like again: a politician who speaks his mind and damn the consequences.

One of his most entertaining quotes is, “If you agree with me on nine out of 12 issues, vote for me. If you agree with me on 12 out of 12 issues, see a psychiatrist.”

But the one quote I read by Koch that resonated with me in my position as a turnaround authority is, “I’m the sort of person who will never get ulcers. Why? Because I say exactly what I think. I’m the sort of person who might give other people ulcers.”

Ed Koch, outspoken former mayor of New York City, died last week at the age of 88.

Ed Koch, outspoken former mayor of New York City, died last week at the age of 88.

Now, I hardly go around trying to give people ulcers. But I am hired to give my expert opinion on what needs to be done to turn failing companies around. And that often involves telling people things they don’t want to hear.

In my new book, “How Not to Hire a Guy Like Me,” (available in a few weeks on Amazon.com), I have devoted an entire chapter to how CEOs and business owners of failing companies need to face their harsh realities.

One of the biggest mistakes CEOs make — whether or not they are in trouble — is refusing to recognize challenging situations. They need to have contingency plans for worse-case scenarios and act on them if those scenarios arise.

Sometimes I don’t need to dig too deep to discover the problems — they may be staring a CEO right in the face. But he has been refusing to recognize them because doing so would mean having to handle them. Though tackling a big problem might seem taxing, I assure you that not dealing with it is worse.

Here are just a few of the harsh realities I address in the book:

• Markets are changing and evolving and your business is not. If you’re out of ideas and your new ones aren’t working, it’s time to confront your harsh reality. Don’t get stuck on played-out ideas, especially if you’re in the technology industry.

• Your employees are losing faith in you and your company. If your employees show up in the morning looking like they’d rather be washing dishes at the local diner than work for your company, you’ve got a problem you need to deal with.

• You have lost track of your personal guarantees. When I ask a CEO or business owner about any personal guarantees they have that are still in force, they often tell me they don’t have any. That’s a big red flag to me. Personal guarantees come in the form of business loans, American Express business cards, and agreements to process credit cards, just to name a few. It is crucial that you know about all your personal guarantees, so if your business does go under you won’t lose everything you have.

These are just a few of the many harsh realities I force people to face when they are dealing with a failing or faltering company. You can’t anticipate all the issues your company may face, but you do need to be prepared to acknowledge them and react quickly and nimbly.

Ed Koch left his mark on New York City during his 12-year tenure as mayor from 1978 to 1989 and among his other accomplishments, is credited with restoring the city’s fiscal integrity. That’s one of my goals as well, when I work with companies as a turnaround authority. And I try hard to not give anyone ulcers.

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Trust Your Gut

The freelance writer is a man who is paid per piece or per word or perhaps.
— Robert Benchley

In my job as a Turnaround Authority, I’m just like any other freelancer or contract worker. If I don’t work, I don’t get paid. I enjoy holidays and vacation time just as much as the next guy, but my bank account doesn’t grow during my time off.

I’ll go to great lengths to get new business. I once flew to Paris on a day’s notice at the request of a former client who said he needed me to meet face-to-face with someone at a manufacturing operation where he was experiencing a problem.

But there are other times when I’m offered work a lot closer to home. Work that would pay really well. And I turn it down.

Here are a few of the reasons I turn down work.

• I’m being asked to do something illegal or unethical. Not agreeing to do something illegal is an obvious one. But the ethical area is not always so clear cut to people. (I have a great story for that one that I’ll share later.)

• I don’t think the person trying to hire me is really committed to making the changes that will be necessary to meet the desired goals. Sometimes it’s someone who has a big ego and I can tell he or she won’t want to implement the changes I’ll be suggesting. I don’t want to set myself up for failure.

• I sense a personality conflict. I get along with just about everybody, but every now and then I’ll meet someone and I can tell right away that our relationship will not be smooth sailing. Many of my jobs involve working closely with key personnel at a company and it’s much easier to accomplish our goals (and more enjoyable) if we have good working relationships.

• I don’t trust the person who is trying to hire me. Sometimes this is based on just a sense I get about someone when I speak with him or her on the phone or meet with them in person.

Other than being asked to do something illegal or unethical, the rest of these reasons are pretty much based on my instinct. After almost 30 years in this business, I feel like I’ve learned to read people pretty well.

It really comes down to one thing: I trust my gut. If I make a decision against what my gut tells me to do, 99 percent of the time it turns out badly.

George Zachary, a partner with Charles River Ventures who has had more than $1 billion in returns on investments in companies that include Twitter, Trulia and Shutterfly, believes in trusting his gut too.

“Listening to my gut is the right thing to do for me. It doesn’t mean it’s going to work out.  But it does mean that’s what I should follow,” he said in an interview recently. “That’s my passion. When I’ve done that it has worked well. When I’ve followed my brain and not my heart it’s resulted in disaster and failure every time. I’ve had no success operating from making a rational decision or a decision based on fear. It’s all come from listening to my gut and intuition.”

The late Steve Jobs shared a similar philosophy during his Stanford Commencement speech. “You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”

It always works for me as well. My gut told me to go to Paris for a three-hour meeting. And that was the right decision. I didn’t make a lot of money on that trip — I only billed him for the time I spent in the meeting. But 18 months later when that client needed help again? He called me.

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The Lesson of the Brown M&Ms


You’ve heard the jokes about the outrageous demands rock stars make for stocking their dressing rooms during performances. Madonna requests new toilet seats; David Hasselhoff wants a life-sized cut-out of himself; Prince wanted everything in his dressing room covered with plastic wrap and James Brown is said to have requested two girls under the age of 21 and a lady’s hairdryer.

UnknownMany people trace these outrageous requests back to Van Halen. The band was mocked for famously requesting that the bowls of M&Ms in its dressing room had all the brown ones removed.

Rather than the ridiculous, egotistical request it may seem on the surface, it was actually a very clever way to ensure the band members’ safety.

At that time Van Halen had a sophisticated stage set-up and played in some older arenas that may not have been up to code. All the technical specifications on how the equipment needed to be set up safely were included in the tour rider that contained the request for a no-brown-M&M dressing room.

When the band and their managers walked in their dressing room and saw no brown M&Ms, they knew that the crew had read through the document carefully and their equipment would be handled correctly. If they did see brown M&Ms, they knew they’d need to check the entire production.

Fast forward a few decades and I’ll tell you what I can use as an indicator of whether a company has its act together and is taking care of business. Its website.

When I am called about consulting with a company, during the phone call I pull up the company’s website. I look to see if the site is being updated and includes new products. Are there any recent awards or press releases on there? Do I have to hunt for an address or a phone number to contact someone? Is it easy to navigate? Can I locate what I need to find quickly? These are just a few of the things I look for in that initial perusal.

A website is vital as a company’s online business card. And if the website isn’t being taken care of, then I can guarantee you other issues at that company are not being addressed either.

If a company isn’t taking care of the basics, like maintaining an updated and accurate website, it’s an indicator of shortsightedness and I know I’ll be finding other important tasks that have been neglected as well.

I worked with one guy who ran a $50 million manufacturing company. But the company had no website to purchase its products or even locate where a customer could find its products. I have plenty more stories like that.

I hear all the excuses: We’re working on it. The person who updates our site left. We don’t have the passwords. We’ll do it tomorrow. We can’t afford it.

But somehow tomorrow never comes.

Think of the saying: You only get one chance to make a first impression. Your website is often that first impression. What kind of impression is your company making?  If it’s not a good one, make it a priority to improve it.

I’m thinking of adding a new clause to my contract when I work with a company. I will request a box full of mixed nuts, trail mix and peanut M&Ms. And colors are fine. If I find these items when I show up, then I know people at the company are paying attention to detail and will most likely be cooperative.

If not, well, I may have a harder time getting the cooperation I need to get that company turned around. And I’ll just bring in my own snacks.

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Two Ingredients for Success Never Change

“I’m a greater believer in luck, and I find the harder I work the more I have of it.”

― Thomas Jefferson

“Innovation distinguishes between a leader and a follower.”

— Steve Jobs

Our society is always looking for the next thing that will lead to success and while theories on what makes people successful may vary, I believe there are two ingredients for success that never change: hard work and creativity.

In Malcolm Gladwell’s book “Outliers,” he writes about the 10,000-hour rule, which was based on a study by Swedish psychologist K. Anders Ericsson that claimed it takes 10,000 hours of practice to master a task.

He uses examples like the Beatles. While he acknowledges their talent, Gladwell claims that an invitation the band received to play in Hamburg, Germany, while they were starting out is what led to their monumental success. In Hamburg, the Beatles played five hours a night, seven hours a week, and honed their skills, preparing them for worldwide stardom.

The Atlanta Crackers minor league baseball team played in this stadium on Ponce de Leon Avenue

The Atlanta Crackers minor league baseball team played in this stadium on Ponce de Leon Avenue

I’m a big believer in the value of hard work. I’ve been working since I was 12 years old. In the warmer months I dragged a lawn mover around the neighborhood and cut lawns. When I was 15 I got a paper route, waking up at 4:00 a.m. to make sure my customers had the latest news from the Atlanta Constitution when they woke up.

While I learned valuable skills from these jobs — responsibility, reliability, how to land a newspaper squarely on a front porch and collect from delinquent customers — the job where I honed many of the skills I would use the rest of my life was as a peanut vendor at the Atlanta Crackers baseball games.

The Atlanta Crackers, a minor league team, played from 1901 to 1965, prior to the Braves coming in 1966 from Milwaukee. The games were played in Ponce de Leon Park, destroyed long ago and replaced by a shopping center.

I sold peanuts for a penny a bag commission. The top seller for each game got a $20 bonus for selling the most peanuts. It didn’t take me long to figure out that even if I threw away 100 bags and paid the $10 for them myself, I’d still come out ahead if I sold more than anyone else.

So during every game I’d try to track the other boys’ sales and then would buy whatever additional bags I guessed I needed so I could be the top seller and win that coveted $20. I won it every time and some weeks there were multiple games, so that extra $20 really added up.

While walking up and down those stands week after week, handing out bags of peanuts to baseball fans in the 20,000-seat stadium, I learned then that two of the keys to success are hard work and creative thinking.

I could have just worked hard selling the peanuts. But it took the creative thinking to land that additional $20 a game.

It’s that creative thinking that is often called into play in my work as a turnaround authority. It’s not that I’m the smartest guy in the room. It’s that I bring a level of experience at rescuing failing companies — there’s that 10,000-hour rule — and I bring a fresh perspective that is conducive to a creative approach.

Here’s just one story I tell in my upcoming book, “How Not to Hire a Guy Like Me: Lessons Learned from CEOs’ Mistakes.”

On one of my assignments we had a big problem with theft from a warehouse. Lots of merchandise was disappearing and I didn’t have the time or money to install a security system.

But I could install a dummy camera, wire and blinking red light. No guts or recording equipment, but it worked! Theft was reduced and with the savings I could buy a real security system.

There are plenty more examples where the combination of hard work and creative thinking by a team challenged with saving a failing company was able to succeed.

That’s what I do as a turnaround authority. And fortunately, I don’t work for peanuts any more.