The end of the year is a natural time to give thanks, exchange gifts, and make resolutions. Most of those resolutions involve doing more, like exercising more, volunteering more, or spending more time with the family. While all of these are worthy resolutions, most won't be kept. By February 1, they will be a distant memory.
Often, that's because most of us simply add our new commitments to a workload that is already heavy. We trick ourselves into believing that we can always do more. But perhaps what we really need is to stop doing more and start thinking more. To be successful, we need to take a moment and question everything we are doing. We need to stop and ask ourselves: Where am I going? What is most important? Where should I really focus my time? What should I stop doing?
Stop "fighting fires"
When reviewing goals for my clients, I generally see a conspicuous absence of longer-term goals and plans. I am not talking about 10-year or even five-year time horizons. I'm referring to plans for the next 24 to 30 months. Clients will say that they don't have time to develop longer-term goals and plans; they are too busy executing their day-to-day responsibilities. However, what could be more important than knowing where you are going in your business and career?
Work life can seem like a never-ending series of mini-crises, interruptions, and distractions. We become entangled in handling perceived "emergencies," which in reality aren't truly crises. In fact these activities can often be delegated or delayed without the world coming to an end; in other words, the consequences would be minor, or at least manageable. But here is the difficult part: Most of us like the adrenaline rush of "putting out fires"—solving those immediate emergencies. They make us feel needed; they are exciting.
If you are spending most of your time handling emergencies, when do you find the time to think about longer-term plans for your organization and career? When do you find the time to sit down with your people, coaching and developing them? When do you find the time to lead?
Consider this New Year's resolution: "This year I will spend at least 50 percent of my time on value-added and nonemergency-related activities." That transition from putting out fires to operating thoughtfully with a strategic plan that includes how to deal with exceptional situations can be difficult. The activities of planning and setting goals lack the short-term excitement of handling emergencies. But remember that in the long term, they will help you get where you want to go and not just where the "wildfires" have driven you.
To resist the temptation of succumbing to time-consuming emergencies, recognize that you are more effective if you spend your time on the most important areas first. You need to schedule this time on your calendar. Make it a real commitment. And during that time, you need to just say no to the things that get in the way of accomplishing that deep thinking and planning.
Stop distractions
One of the things you should just say no to is distractions. Some of the biggest, most "urgent" distractions are e-mail and phone calls. They waste time not because you respond to them but because you respond to them as they come in. When you do this, you stop the momentum of other important tasks that require focus and thought. During your value-added, long-term planning time, stop the distractions. Put your phone on "do not disturb." Put the mobile device on "silent" in a drawer.
Instead, attend to e-mails and calls at specific times during the day, and not during your planning and thinking time. You will still return phone calls and e-mails several times per day, just not as they come in. Otherwise they will trickle in all day and interrupt your concentration.
How long should this slot of scheduled uninterrupted time last? It is generally believed that you can retain a high level of performance and focus for 40 to 90 minutes at a time. After 40 to 90 minutes, take a short break. You can engage in an unessential task if it keeps you connected or gives you pleasure. This might involve grabbing a cup of coffee or chatting with a co-worker. You will come back refreshed and ready to refocus.
Stop multitasking
When working on long-term planning, you should also just say "no" to multitasking. When you multitask, you may feel like you are doing more, but in reality, you are probably not doing any of the tasks well. The idea that multitasking is efficient has now been debunked. We need only look at our own performance to see that when we try to focus on more than one thing, we do none well. How many times have you lost track of the conversation because you were looking at your computer? How often have staff meetings droned on because the focus and energy in the room was divided by participants multitasking on their handhelds? Like the old saying goes, "Listen and silent have the same letters for a reason."
You need to give your planning time the same attention—without interruptions—that it would receive if you were meeting with a career coach or mentor. Frequently, when I start working with new clients, the first conversations are transforming. When the focus is solely on their career and goals, they get deeply engaged and animated. They can finally say things about their plans, and have them heard, validated, and sometimes challenged. You need to give your own planning time that same focus and full participation.
Not multitasking is just as crucial in our personal lives. You cannot have "quality time" if you are multitasking. If we are paying attention to what we are doing, the family knows it and appreciates it. Do one thing, do it well, and move on.
When you realize that setting goals and planning your work is the most important task you have, everything else will fall into place. Once you know what your long-term goals are, you are better able to focus on what needs to be done now, and in what order. When you take away unnecessary work and distractions, you get more time for those important tasks. Most of all, when you focus—when you stop multitasking—your work speed and quality improve. So this year, resolve to just say "no."
Businesses are cautiously optimistic as peak holiday shipping season draws near, with many anticipating year-over-year sales increases as they continue to battle challenging supply chain conditions.
That’s according to the DHL 2024 Peak Season Shipping Survey, released today by express shipping service provider DHL Express U.S. The company surveyed small and medium-sized enterprises (SMEs) to gauge their holiday business outlook compared to last year and found that a mix of optimism and “strategic caution” prevail ahead of this year’s peak.
Nearly half (48%) of the SMEs surveyed said they expect higher holiday sales compared to 2023, while 44% said they expect sales to remain on par with last year, and just 8% said they foresee a decline. Respondents said the main challenges to hitting those goals are supply chain problems (35%), inflation and fluctuating consumer demand (34%), staffing (16%), and inventory challenges (14%).
But respondents said they have strategies in place to tackle those issues. Many said they began preparing for holiday season earlier this year—with 45% saying they started planning in Q2 or earlier, up from 39% last year. Other strategies include expanding into international markets (35%) and leveraging holiday discounts (32%).
Sixty percent of respondents said they will prioritize personalized customer service as a way to enhance customer interactions and loyalty this year. Still others said they will invest in enhanced web and mobile experiences (23%) and eco-friendly practices (13%) to draw customers this holiday season.
The practice consists of 5,000 professionals from Accenture and from Avanade—the consulting firm’s joint venture with Microsoft. They will be supported by Microsoft product specialists who will work closely with the Accenture Center for Advanced AI. Together, that group will collaborate on AI and Copilot agent templates, extensions, plugins, and connectors to help organizations leverage their data and gen AI to reduce costs, improve efficiencies and drive growth, they said on Thursday.
Accenture and Avanade say they have already developed some AI tools for these applications. For example, a supplier discovery and risk agent can deliver real-time market insights, agile supply chain responses, and better vendor selection, which could result in up to 15% cost savings. And a procure-to-pay agent could improve efficiency by up to 40% and enhance vendor relations and satisfaction by addressing urgent payment requirements and avoiding disruptions of key services
Likewise, they have also built solutions for clients using Microsoft 365 Copilot technology. For example, they have created Copilots for a variety of industries and functions including finance, manufacturing, supply chain, retail, and consumer goods and healthcare.
Another part of the new practice will be educating clients how to use the technology, using an “Azure Generative AI Engineer Nanodegree program” to teach users how to design, build, and operationalize AI-driven applications on Azure, Microsoft’s cloud computing platform. The online classes will teach learners how to use AI models to solve real-world problems through automation, data insights, and generative AI solutions, the firms said.
“We are pleased to deepen our collaboration with Accenture to help our mutual customers develop AI-first business processes responsibly and securely, while helping them drive market differentiation,” Judson Althoff, executive vice president and chief commercial officer at Microsoft, said in a release. “By bringing together Copilots and human ambition, paired with the autonomous capabilities of an agent, we can accelerate AI transformation for organizations across industries and help them realize successful business outcomes through pragmatic innovation.”
Census data showed that overall retail sales in October were up 0.4% seasonally adjusted month over month and up 2.8% unadjusted year over year. That compared with increases of 0.8% month over month and 2% year over year in September.
October’s core retail sales as defined by NRF — based on the Census data but excluding automobile dealers, gasoline stations and restaurants — were unchanged seasonally adjusted month over month but up 5.4% unadjusted year over year.
Core sales were up 3.5% year over year for the first 10 months of the year, in line with NRF’s forecast for 2024 retail sales to grow between 2.5% and 3.5% over 2023. NRF is forecasting that 2024 holiday sales during November and December will also increase between 2.5% and 3.5% over the same time last year.
“October’s pickup in retail sales shows a healthy pace of spending as many consumers got an early start on holiday shopping,” NRF Chief Economist Jack Kleinhenz said in a release. “October sales were a good early step forward into the holiday shopping season, which is now fully underway. Falling energy prices have likely provided extra dollars for household spending on retail merchandise.”
Despite that positive trend, market watchers cautioned that retailers still need to offer competitive value propositions and customer experience in order to succeed in the holiday season. “The American consumer has been more resilient than anyone could have expected. But that isn’t a free pass for retailers to under invest in their stores,” Nikki Baird, VP of strategy & product at Aptos, a solutions provider of unified retail technology based out of Alpharetta, Georgia, said in a statement. “They need to make investments in labor, customer experience tech, and digital transformation. It has been too easy to kick the can down the road until you suddenly realize there’s no road left.”
A similar message came from Chip West, a retail and consumer behavior expert at the marketing, packaging, print and supply chain solutions provider RRD. “October’s increase proved to be slightly better than projections and was likely boosted by lower fuel prices. As inflation slowed for a number of months, prices in several categories have stabilized, with some even showing declines, offering further relief to consumers,” West said. “The data also looks to be a positive sign as we kick off the holiday shopping season. Promotions and discounts will play a prominent role in holiday shopping behavior as they are key influencers in consumer’s purchasing decisions.”
Third-party logistics (3PL) providers’ share of large real estate leases across the U.S. rose significantly through the third quarter of 2024 compared to the same time last year, as more retailers and wholesalers have been outsourcing their warehouse and distribution operations to 3PLs, according to a report from real estate firm CBRE.
Specifically, 3PLs’ share of bulk industrial leasing activity—covering leases of 100,000 square feet or more—rose to 34.1% through Q3 of this year from 30.6% through Q3 last year. By raw numbers, 3PLs have accounted for 498 bulk leases so far this year, up by 9% from the 457 at this time last year.
By category, 3PLs’ share of 34.1% ranked above other occupier types such as: general retail and wholesale (26.6), food and beverage (9.0), automobiles, tires, and parts (7.9), manufacturing (6.2), building materials and construction (5.6), e-commerce only (5.6), medical (2.7), and undisclosed (2.3).
On a quarterly basis, bulk leasing by 3PLs has steadily increased this year, reversing the steadily decreasing trend of 2023. CBRE pointed to three main reasons for that resurgence:
Import Flexibility. Labor disruptions, extreme weather patterns, and geopolitical uncertainty have led many companies to diversify their import locations. Using 3PLs allows for more inventory flexibility, a key component to retailer success in times of uncertainty.
Capital Allocation/Preservation. Warehousing and distribution of goods is expensive, draining capital resources for transportation costs, rent, or labor. But outsourcing to 3PLs provides companies with more flexibility to increase or decrease their inventories without any risk of signing their own lease commitments. And using a 3PL also allows companies to switch supply chain costs from capital to operational expenses.
Focus on Core Competency. Outsourcing their logistics operations to 3PLs allows companies to focus on core business competencies that drive revenue, such as product development, sales, and customer service.
Looking into the future, these same trends will continue to drive 3PL warehouse demand, CBRE said. Economic, geopolitical and supply chain uncertainty will remain prevalent in the coming quarters but will not diminish the need to effectively manage inventory levels.
That result came from the company’s “GEP Global Supply Chain Volatility Index,” an indicator tracking demand conditions, shortages, transportation costs, inventories, and backlogs based on a monthly survey of 27,000 businesses. The October index number was -0.39, which was up only slightly from its level of -0.43 in September.
Researchers found a steep rise in slack across North American supply chains due to declining factory activity in the U.S. In fact, purchasing managers at U.S. manufacturers made their strongest cutbacks to buying volumes in nearly a year and a half, indicating that factories in the world's largest economy are preparing for lower production volumes, GEP said.
Elsewhere, suppliers feeding Asia also reported spare capacity in October, albeit to a lesser degree than seen in Western markets. Europe's industrial plight remained a key feature of the data in October, as vendor capacity was significantly underutilized, reflecting a continuation of subdued demand in key manufacturing hubs across the continent.
"We're in a buyers' market. October is the fourth straight month that suppliers worldwide reported spare capacity, with notable contractions in factory demand across North America and Europe, underscoring the challenging outlook for Western manufacturers," Todd Bremer, vice president, GEP, said in a release. "President-elect Trump inherits U.S. manufacturers with plenty of spare capacity while in contrast, China's modest rebound and strong expansion in India demonstrate greater resilience in Asia."