In fair weather and good markets, sometimes just drifting through the marketplace produces good results like new opportunities, revenue growth and profits. You don't need me to tell you that in these times if you are not navigating your business through rigorous strategic planning - you are likely to crash on the rocks. Here are key elements of leading your business, organization or career through these rough waters:
1. Develop and communicate your vision. As a leader, your destination is your vision- your direction and focus. It must be grounded in what you are trying to achieve and the most important concerns you need to take care of both personally and from a business perspective. You must communicate your vision and keep it very visible in front of you and your team, or in busy, trying, crazy times we live in...you will lose sight of it. Vision is what motivates us and mobilizes us into effective action. Navigating is making your everyday decisions with your vision in mind. Can you describe your vision in 2 minutes in a clear and compelling way? if not, this is where you need to start.
2. Identify the key internal and external factors that have an important affect on reaching your destination. You must make assessments about your situation to make good decisions about which course to take. SWOT is an easy framework to use to capture and consider key internal factors (strengths and weaknesses) and external factors (opportunities and threats.) Of all the strategic planning practices, SWOT requires the most outside perspective. As a business leader, it is impossible to see and interpret everything that is going on, and our psychology can get in the way of making well grounded assessments. Use employees, colleagues, customers, peers and coaches to thoroughly lay out your SWOT. Think of it as the chart for your navigation- a clear document which starts to point out the possible routes you could take given your situation and the hazards to be avoided. A thorough SWOT demands a rich understanding of employee competencies, your market, economics, technology, legislation and competition. By evaluating your SWOT you determine how to best utilize your assets, avoid threats, and identify the areas where you can build unique competitive advantage for the future.
3. Make a Plan, AND a Plan B! We all know how to plan, I think this just comes down to how much rigor we are willing to put into the practice. One of my TAB colleagues often notes that many of us put more time into planning our vacations than planning for our businesses:) Yes, planning takes time and energy on the front end. Having worked with hundreds of different business leaders in different situations, I know that it also pays off in the end with well coordinated, successful and effective action. A plan includes the who, what, where, why and how of navigating to your destination. Most importantly, it requires insights into the interim situations that are critical to achieving any goal. Business is complex and multi-faceted. Executing the strategies that gain us competitive advantage requires more than simple action. Navigating our course requires a bit of reverse engineering - determining the goals along the way that serve as a launching point for the next goal.
Over the past year it has also become clear that one plan is not enough. Business leaders must have a plan for the most likely scenario, and a backup plan as well. Your "Plan B" must also be well thought out and include a path to another satisfactory destination (even if it's not preferred.)
These three steps will get you on your way. I find once I help a business leader become a navigator using these steps, a new sense of control, peace, resolve and optimism follows. There is still work to do to make it happen...but I'll leave that for a future blog!
Seize Tomorrow!
Business as usual doesn't work anymore. The economy, globalization, technology and competition have all dramatically changed what we all need to do to be successful for the future. So as a business leader, how will you transform your organization in 2010 so that you will be successful and thrive?
These are the conversations we have with our customers to help them prepare for a future unlike the past:
- Organizing people, roles, practices, processes and systems for maximum effectiveness and agility
- Designing services to provide value in the new context
- Adopting new ways to connect and communicate with customers, employees, and stakeholders that exploit new technologies
- Rethinking sourcing models, decreasing overhead and eliminating waste
- Transforming your role as a leader
- Leading change
- Staying ahead of the curve with technology
Contact us if you are interested in exploring these conversations more and transforming your organization.
December is a perfect time for business leaders to reflect on the year's goals and accomplishments. Take the time over the next few weeks to slow down, and give yourself the time and space to consider what you and your team successfully completed this year, where you are satisfied with your progress against goals, and what areas need focus in 2010. And then, as the New Year rolls around... ACT!
- Make a SMART plan for 2010- one that is Specific, Measurable, Achievable, Relevant and Timed
- Design a strategic 90 day project- harness the energy of the first quarter
- Hold a team jumpstart meeting - align, energize and connect your employees for superior performance
Contact us if you want to learn more about how we can help you with any of these options. Enjoy the holiday season!
Here are some resources that I came across or used to help business owners and leaders over the past week:
1. Blogging for business- Click here for the ebook on this subject we used to kick off our TAB Social Media workshop series earlier this year. It covers why blogging is essential for business leaders as well as steps for getting started. It all starts with following and reading blogs (there is still time to add that KINDLE to your Christmas list- great way to keep up with blogs!) Please subscribe to our blog for a steady stream of resources for business leaders building their organizations for the future. Here are some of my favorite blogs on business from other great authors:
Small Business Marketing
Seth Godin
Small Biz Trends
Small Business Owner Blog
Awake at 2oclock
Still want more? Check out Inc.'s list of business bloggers you should follow now.
2. Standard Policies and Documents: Ben, one of our business advisory board members recommended "Business in a box" for off the shelf resources, including an employee policy for internet use. I took a brief look at it, seems like a broad resource for all sorts of business domains.
Along related lines, here is a copy of the standard employee manual that I provide to my customers. You can compare it to your own policy and adopt individual policies or, adopt the whole thing as your own by using "find and replace" with your name in word. Remember, best practice is to have your manual reviewed by your employment lawyer - this serves as a good foundation.
3. Dragon Dictation is a GREAT new app for the Iphone that was released this week. Among other things it allows you to speak your emails and text messages into the phone. The response time and accuracy of the conversion is amazing. One touch converts the message into an email or text.
Related posts:
Why-Apps-are-Essential-for-Biz-Leaders
the-blogging-three-step
Carpe Manana- Seize Tomorrow!
Business owners and leaders must recognize that this recession has brought on a new dynamic to our markets - long term frugal customers. When it comes to selling your product or solution today, you must develop new strategies.
1. Rethink Marketing: Because most customers go to the net first, you need to get savvy with search engine marketing, blogs, Facebook pages, Twitter and so on. They will not only engage potential customers but also build a growing digital footprint.
2. Value Message: You need to reflect on and re-craft your message. There's an ROI in every decision making process these days so make sure you demonstrate your value proposition from the start.
3. Customer Feedback: During tough times, your customers may be looking for alternatives. This means you need to communicate more and perhaps even provide enhanced offerings. In fact, this may help increase "word of mouth," which could result in getting more customers. Ask your customers some questions, such as: What do you value the most? What else would you want? This can be extremely valuable in terms of targeting new customers, as well as fine-tuning your marketing.
4. Be Upbeat: In light of the negative media, it's not easy to be positive. But as a leader, you need to set a mood mood of resolve and optimism. It's critical for mobilizing your employees and building confidence with vendors and potential customers. Plus, its infectious and just plain old feels great!!!
If you would like more information about creating new marketing messages, mobilizing employees, or redesigning your sales process in light of the new situation -Request a Free Consultation. We help business leaders achieve success through all of these strategies and more.
Related posts:
Do-You-Own-the-Mood?
As a business leader, how wonderful would it be to have top talent lining up at YOUR door?
In The Encore Effect Mark Sanborn asks the question: What if as a leader, you had such a reputation for effectiveness that you never had to look for new employees? There was always a long line of job applicants ready to do whatever it took to work for you?(Example: In 2006, Google received one million job applications and made 5,500 hires.)
So the question is: How do great sales managers create the ‘Google affect' in their organizations?
1. Raise the Bar to Entry
Strong sales organizations know that rock stars want to hang with rock stars. Instead of making it easy to join their company, they install hiring processes that are designed to screen, eliminate and only allow the best to join. Google's culture begins and is maintained with a rigorous hiring process.
If you don't have a documented process for hiring, there is a good chance you are still hiring from the gut, bringing bias to the interview, and keeping a fair amount of finger crossing in your final selection.
2. Create Cultures of Accountability
Great sales managers know how to take a team from startup to grownup. Effective sales leaders know that even good, disciplined salespeople work best when there is a culture of accountability. This starts by having systems, processes and metrics for performance in place. If you don't have anything to measure, you can't inspect, which means you can't expect. High performing sales organizations have metrics for hiring, on-boarding, business development, sales and client retention.
3. Be Excellent Teachers
Marshall Goldsmith authored the book, "What Got You Here Won't Get You There." This pretty much sums up the challenge for a tops sales producers transitioning into sales management. What got them to management was their ability to sell and close business. This skill has zero value if they don't have the ability to teach and transfer skills. Sales managers are only as good as their sales team.
4. Create Community
We may be living in an increasingly virtual world; however, people still want connection. Look at all the different groups on LinkedIn, Facebook, etc. Strong sales leaders are connected with their sales team, regardless if they are local or global.
Arunas Chesonis, CEO of Paetech, has a Friday afternoon conference call with his 4,000 employees every week. People on his team look forward to the call because it's an update on what's happening, where the company is headed, and includes a good deal of humor. The salespeople might be located all over the country, however, are connected to the mission and vision because of the video conference.
Contact us for more strategies on attracting and keeping top producers to fuel your companies growth.
I am celebrating my 1st anniversary with my iPhone. Sound a little quirky? I promise you it is not the norm for me to celebrate relationships with inanimate objects, but this is different. My iPhone has changed the way I work and live, including how I relate to people. I have grown and changed more personal practices this year as a result of having an iPhone than any other I period that can remember.
Experts say the explosion of apps and smart phones in this past year are the mark of us moving into a truly mobile age. Apps are a disruptive technology - a breakthrough innovation that improves our lives in a way that the market didn't anticipate. Like the advent of the automobile or the internet.
Over the past year I have downloaded and evaluated at least 100 apps. Many are free, and now I've even gotten my son and husband addicted. Here are some of the apps that have changed how I work and live:
- Linked-In, FaceBook and Twitter
- TED
- Mint
- Math flash cards for Jr.
- Voice recorder
- NJ transit
- Google Maps
- Kindle reader
- idial u drive
- Urban spoon
- My Christmas Lists
At this point, there is so much productivity to be gained from smart phones, if you are a business leader you can't afford not to use one. Your customers, competition and employees are getting more adept at using them every day. In addition, you need to be involved with this trend to truly understand and be able to use the technology in the future. If you don't have a smart phone, go get one. NOW! If you have one, and haven't explored and adopted some killer apps that are relevant for you... now is the time- check out the Fast Company list below. Contact me if you need some guidance.
I would love to hear your comments, as well as how smart phones and your favorite apps have changed the way you do work.
More resources:
CBS News Story on Apps
Fast Company Slide Show: 25 Must Have iPhone Apps
Here are some of my favorite resources of the week:
I posted links to two great resources on the Good Stuff section of my website:
If you like them, please take a moment to hit the vote button, so your favorites as a group rise to the top of the resource list. Also, I would love to hear your insights, so consider leaving comments.
One of my favorite books of the year is now out in executive summary: Who's Got Your Back by Keith Ferrazzi. Keith makes the case for business-owner-advisory-boards like TAB that create strong networks of people that enable you to "build deep, trusting relationships that create success - and won't let you fail.." He emphasizes some of the best practices we have at TAB of sharing goals and strategies and clearly establishing group commitments for ongoing success.
If you are still hungry for more...there are a few new blog posts too: Seize Tomorrow Blog
I was invited to join a team today, and was surprised by the statement of the leader that we would not be leveraging any collaboration tools, but rather just the "reply all" function in email. Ugggggghhhh!!! I had an immediate visceral reaction... "Not me! I don't want an onslaught of unconnected messages in my email! I work hard to be effective and efficient in all aspects of life and work, and don't want this to muck it up. I've got too much to do already!"
As with many of the teams we all get asked to participate on, this team is a great opportunity to contribute to work that is important to me, and get exposure to peers and a leader I respect and could learn from. So I should just get over it right?
What I noticed about myself in this situation is that only working with teams that are open to using modern technology for effective collaboration is now a stand for me. For years I have worked to help the teams I am on adopt new technology, and certainly this is one of the core aspects of creating high performing team that I work on with business leaders. I have quit teams and organizations before because they were ineffective and frustrating (including how they collaborated online.) But this is the first time I have the clarity to say, when I have a choice, I will only participate with groups, organizations and teams that are willing to go to the effort to adopt and use discussion groups, wikis, and other tools outside of email.
I am a self admitted change junky- I thrive on finding and adopting new ways to work. So, I am not the norm here. As a leader, you probably don't have to worry too much about people like me deserting your organizations in mass. BUT, if you are leading a virtual team, and you are not leveraging these tools, there probably are people on your team who are feeling this frustration.
More importantly.... you are missing a fantastic opportunity as a leader! Great teams not only accomplish their mission effectively, but connect people and provide insights on new tools and practices. Yes, it is change; and as a leader, you will have to put some effort into helping people learn and let go of old habits. I don't understimate or dismiss that. The good news, is once you get people going on it, the amount of effort will lessen the next time you charter a team.
It is inevitable that effective virtual collaboration will be required for leaders of the future. Last night I came across an Executive Summary for anew book about it: Leadershift: Reinventing Leadership for the Age of Mass Collaboration. Check it out!
If you are a member of a team or group that needs to collaborate effectively consider these actions:
- Be open and willing to try new practices: it may take a little more effort upfront but you will get exposure to new tools you WILL need for future effectiveness.
- If you are comfortable with online tools, identify someone on the team that is not and set up a 1-1 session and share your insights.
- Make an offer to help the leader institute these practices.
- Speak up, take a stand if you are frustrated. Make a difference!
Need some help identifying how to effectively use collaboration tools for your virtual teams? Contact us, we would be glad to help you identify the right toolset for your team and help you create a plan for engaging everyone on the team in effective new practices.
One of the most important responsibilities for business leaders is giving employees the feedback they need so that they can develop, and having a practice of continuously making well grounded assessments of your employees so that you are leveraging your most precious resource: your employees and their potential.
I was asked to speak on giving feedback to a TAB peer advisory board in Union tomorrow. While preparing, I came upon some favorite resources that I have collected over the years. Here they are for your benefit.
It all starts with well developed and communicated expectations for the role - click here for our worksheet Key Accountabilities.doc
Need help with approaching the conversation - check out these guidelines: Initiating Feedback Conversations or this article: Learn to Be Constructively Critical
Here is an example of a appraisal form your organization can adopt to ensure all employees are getting relevant feedback on an ongoing basis: Performance Appraisal Form
Don't shy away from this responsibility! In addition to the growth and alignment of the great employees you have, this is an opportunity to evaluate where you are settling for mediocrity and take the required steps to move employees who are not performing up to standards out of your organization.
What do you find are some of the best practices? As a leader are you making the time to invest in your people on a routine basis?