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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
Some recent articles have included some extraordinary – yet not surprising – statistics: companies with just the strategic section of a business plan have 50% more profits and revenue than non-planning businesses. Another survey found business planning companies have 63% higher revenue growth and 100% more profit.
If that isn’t enough reason, here are a few more:
- To anticipate and prevent problems before they occur
- To successfully attract the funding you need to run your business
- To reduce anxiety from not being in control of your business
- To have an impact on your success rather than leaving it to chance
Check out this white paper if you want a place to begin. CLICK HERE
written by Nancy Chorpenning
\\ tags: business planning, Focus, Management
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
Scrum for Social Media
Although this is an article specific to Social Media (a current passion!), there are some very practical and simple lessons for managers wanting a structured process to get things done thoroughly and quickly. No, the two are not mutually exclusive. It’s about FOCUS and ACCOUNTABILITY. Of yes, and if you happen to be planning, say, developing a company website there are direct applications.
My favorite learning is the new definition of “Scrum.” Not referring to Rubgy, the new definition:
“a project management process with less planning, more prototyping and faster turnaround. Taken from agile software development process, scrum is easy to learn; requires little effort to start using; and works ideally for social media [and OTHER!] projects.”
This isn’t the only way to manage introducing a new product, but it is one to consider. See how it fits your business!
written by Nancy Chorpenning
\\ tags: Accountability, Focus, Management, Marketing
Regardless of your political views, this brief article in Business Week by Jack and Suzy Welch reflects on how a few key leadership principles relentlessly pursued by Barack Obama spelled the difference in his campaign’s success. The take-away is that CEOs–whether large or small–can apply these lessons to lead their businesses to greater results.
written by Charlie
\\ tags: Leadership, Management, Organizational Development
