HBR Blogs: Three Questions Executives Should Ask for the New Year
I love the Harvard Business Review blogs. It’s where all the great research they do gets turned into practical guidance that can make a real difference!
Melissa Raffoni wrote a terrific article, brief enough to be read quickly, but meaty enough to be invaluable long term. In a nutshell, she identifies characteristics of successful CEOs, signs of under-performers, and the 3 questions to ask yourself as CEO as you set your 2010 goals.
Don’t miss this!
written by Nancy Chorpenning
\\ tags: goals, Management, Planning
The 10 Questions You Should Never Stop Asking
Here is an excellent overview in Forbes for those looking for “the easy answers to business success.” Not that implementing the advice is easy!
But if you can address all these questions, you will improve the success of your organization. More importantly, if you’re not regularly exploring these issues, any semblance of success you may be experiencing is fleeting and cannot be sustained.
So what are the questions?
- What is our purpose for existing? (Also known as Mission…)
- Who is our target customer? (And that doesn’t mean everyone who ever could potentially want or be persuaded to buy your goods or services. Who is your prototypical customer/client?)
- Why does anyone need what we’re selling? (And take off those rose-colored glasses before answering this one. Please?)
- If there is a need, is it enough to support a profitable business? (I contend that “need” isn’t enough – they must want your products or services!)
- What are our competitors up to? (Don’t skate by this one…)
- Can you reduce expenses–without harming the product? (And who can’t?)
- Do we have the right leadership? (Just because you started the organization doesn’t mean you’re its best leader forever. Is it time to consider other options and focus on your highest and best purpose?)
- Do we have the right employees? (And NOW is the right time to address this. Today.)
- How will we continue to drive revenue? (Notice the verb. Revenue doesn’t wander in the door when no one is looking.)
- How are your employees holding up? (“MBWA” was popular a few years back for good reason. When a “leader” just sits in the corner office and isn’t visible to employees – not just by walking around but by engaging – it can spell disaster.)
What’s your score on these?
written by Nancy Chorpenning
\\ tags: business success, Leadership, Management, profitability
On Friday, I attended an excellent seminar on leadership offered by Jenny Whitener, Chief Executive of Bridge Consulting International and alumna of Cap Gemini Ernst & Young. Among the many fascinating learnings she shared was a simple and elegant list of what “followers most admire in their leaders.” According to Kouzes and Posner in their book The Leadership Challenge:
- Honesty
- A Sense of Looking Forward
- Inspiration
- Competence
Does this constellation seem surprising to you? Are any of them “optional” in an effective leader? What other attributes and qualities are essential in the best leaders you’ve known? Continue reading »
written by Nancy Chorpenning
\\ tags: Change Management, Leadership
Have you heard of Napoleon Hill? He was an author and lecturer in the early part of the 20th century, influenced by such business leaders as Andrew Carnegie.
He wrote about his philosophy of achievement in a book called “Think and Grow Rich,” in 1937. Remarkably – or perhaps not – there are lessons in his observations still valid today.
“Think and Grow Rich” is available in PDF format – if you want a copy of it, drop me an email (NAPOLEON@CSuiteAdvisors.org) and I’ll send you a link to download it at no cost.
written by Nancy Chorpenning
\\ tags: business success, Napoleon Hill, philosophy of achievement
When It Feels Wrong To Be Right – Trust Your Gut – Entrepreneur.com
Interesting article opens with: “‘I trust my gut.’ That sounds so alpha-male cool, I know. It’s also a very dumb approach to running the major aspects of your business.” Perhaps not only “alpha-male cool” – women call it intuition, men call it “gut feeling.”
While I agree there is no silver bullet or panacea for today’s business challenges, entrepreneurs ignore your senses at your own peril!
Having said that, before you listen to your gut or follow your intuition, check these signposts:
- Conventional wisdom may not serve you well. Analyze beneath that first cell layer.
- Equip yourself to be a business owner, not just an operator. Most business owners spend the majority of their hours working IN their business. Your success comes from how well you balance managing working IN your business and working ON it. Make time to engage your brain regularly.
- Sometimes a decision feels wrong because it IS. Make sure you are leading towards the right goal, not merely “tripping” for the sake of being different.
written by Nancy Chorpenning
\\ tags: business intuition, decision-making, entrepreneur
It may be a fact of life for your business. To keep your doors open, you may have had to furlough or even lay off some employees. No one likes to do that. Even when you jettison marginal performers, no one enjoys the process, least of all the business owner.
If it DOES happen to you, are you aware that the layoff isn’t the end of the process? What about those employees who are still with you? Oh, they’re lucky to have a job, you might say. But they are scared no matter what you say or do – and who can blame them?
To protect your business, you need to take several more affirmative steps. Most won’t cost you any money, but they do require effort and caring. Continue reading »
written by Nancy Chorpenning
\\ tags: employee retention, employees, layoffs, motivation
Plotting a Smooth Course When You Take the Helm – WSJ.com
One of our clients is adding a COO to his firm, someone to focus on running the business while he concentrates on being the “visionary” and the face of the firm. So this Wall Street Journal article with tips for incoming CEOs to smooth the transition, it caught my eye.
Sure enough, here are a few quick (but not easy…) pragmatic and helpful recommendations from an array of experienced consultants. It occurs to me that these are good reminders for ANY business head, especially during times such as these when they may need to act more decisively than usual.
Resist the pressure/temptation to be a “know-it-all”
Find some people you really trust to give you the lay of the land
Consider worst-case scenarios with cash flow, aligning costs with revenues
Set an agenda, and be decisive – demonstrate leadership
Communicate constantly – it may feel like over-communicating, but do it anyway
These times of uncertainty (and enhanced creativity!) offer an opportunity to introduce the kind of change that more stable times don’t afford. Leadership will count more than ever. Don’t blow it!
written by Nancy Chorpenning
\\ tags: Add new tag, Change Management, Leadership, Management
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