Listening and Communication

I’ve heard that you only retain 20 percent of what you hear. So maybe if you hear something five times you’ll be at 100 percent! Unfortunately, I don’t think many lecturers, orators, or teachers want to be stuck on one subject for days. Instead it is up to you, the listener, to extract as much knowledge from a speaker as possible.

Sometimes it is easy to listen to a speaker because you are genuinely interested in what they’re saying. For example, it’s easy for me to listen to others talk about the NCAA basketball tournament because I love basketball. However, if people talk to me about economics it will be harder to keep my attention. Listening is difficult when you are distracted or you’re just not interested in what the speaker has to say. I had a professor who told his students, “Even if you aren’t interested my class, at least pretend that you are listening. Those who pretend they’re listening will do better.” I’ve actually used this strategy for some of my “less intriguing” classes, and I must say I believe I got better grades out of those classes for pretending to listen. However, pretending to listen doesn’t cut it when important situations arise and you know you should pay more attention.

Listening skills are important to the communication process, and can be the difference between success and failure in a business setting. For example, salesmen and saleswomen need to listen to customers for their request for goods and services. Employees of a business need to listen to managers for instruction and training. Managers need to listen to employees for feedback. Really listening to what people have to say makes things sail along more smoothly.

The next time you listen to someone, ask yourself if you’re really listening and not just hearing words. After all, the first thing we’re taught as children is to stop, look, and listen. Although these are instructions for crossing a street, it also applies to communication. When you are listening to someone, stop your thoughts and limit your distractions. Look at the speaker and give him or her your undivided attention. Finally, really listen by understanding the feelings, opinions, and point-of-view of the speaker.

"Seek first to understand, then to be understood."

Stephen R. Covey

7 Habits of Highly Effective People

Cover Letters!

Do you really need a cover letter when you submit your resume? According to Sarah E. Needleman of the Wall Street Journal thinks so. She says, "applicants who take the time to craft a cover letter stand a fair chance at setting themselves apart. And given the stiff competition for jobs these days, career experts say writing an introductory note may be worth the effort, especially for career-changers and individuals whose resumes show a red flag, such as employment gap."

I'd never heard of a cover letter until recently, but I can see the benefits of writing one. Instead of just submitting a resume filled with data and facts, you should write a cover letter to accompany it so you'll stand out to an employer. A cover letter allows you to speak and "sell yourself" before meeting a potential employer face-to-face. Consider a cover letter to be an ice-breaker and a head start on an interview. Sarah E. Needleman also stated, "cover letters are ideal for clearing up anything in a resume that might confuse or concern recruiters."

Cover letters should be brief and focus on how your strengths and skills apply to the job you want. Make sure you proofread your cover letter before attaching it to your resume. Sarah E. Needleman quoted an employer, Ms. Shanahan, who looks at cover letters. Ms. Shanahan says, "Sloppiness can automatically eliminate an applicant from consideration. The person's resume and credentials would have to be really outstanding to compensate, and many recruiters may not look past the cover letter to make that assessment."

You need a cover letter to persuade an employer to hire you. I'm convinced that a well written cover letter allows you to stand out. All you need to do is take the time to write one for each specific job you apply for.

Business and Movies

The Oscars are this weekend and I’m excited to see which movies will win. I really enjoyed Avatar and Sherlock Holmes. I like to go to the theater to watch movies and I also like to buy movies to watch on DVD. The movie industry is big business. According to Strategic Finance magazine, the major studios spend an average of $72 million to produce and $37 million to promote. This magazine also showed how movies revenue has changed over the years.

Until the 1970s, consumers could only watch movies in theaters, attend film festivals, or wait until the movie was released to one of the major television networks (ABC, NBC, or CBS). Then videotapes (VHS) were invented which started to change the revenue streams for movies. Today movies make revenues from DVDs, pay-per-view, premium pay channels, and television license revenue. Recently the Internet has provided downloadable movies.

This article was directed toward management accountants to help them understand the lifecycle costs and revenues in knowledge-based industries such as motion pictures. I liked this article because it shows how an industry can change over time. The movie industry took advantage of new technologies to maximize their profits. I believe that for business people to succeed, they need to understand their industry. Business people also need to be able to anticipate and adapt to changes that will inevitably happen over time.

Young, Mark S. “The Business of Making Money with Movies.” Strategic Finance. February 2010. Pg 35-40.