Entrepreneurship

Leading for Results: How to Define, Align, and Track Your Team’s Goals

Being a leader in any organization means taking complete responsibility for the results, regardless of your team size. Whether you lead a team of 10 or 1,000, you are ultimately responsible for their performance. As President Harry S. Truman famously said, “The buck stops here.”

There are two distinct leadership styles that CEOs and managers use when focused on strong results. The first is a compassionate style that aligns, inspires, and positively develops team members to enable them to achieve shared goals. The second approach is a results-at-all-costs style that micromanages, stresses, and demeans team members. Technically both leadership styles will get results, but the former is a healthier long-term solution. In the book The Speed of Trust, Stephen M.R. Covey summarized, “Leadership is getting results in a way that inspires trust.”

You Get What You Celebrate

Dean Kamen, the inventor of the Segway and many other legendary products, once said, “You get what you celebrate.”

For many results-oriented leaders and entrepreneurs, it’s easy to get caught up in the day-to-day grind of the business. The marketing team has campaigns to roll-out and blogs to post. The sales team’s focus is on capturing new clients and attending the next tradeshow. The operations team has an endless list of tasks and assignments to complete. And accounting, well, there’s always another bill to pay and another month to close. When is there time to stop and celebrate? And, is it even necessary in terms of your bottom line?

First Look at the Paycheck Protection Program (PPP) in the CARES Stimulus Bill

UPDATE April 7, 2020: The U.S. Department of the Treasury maintains a website with the latest Paycheck Protection Program (PPP) Loan Application, guidance, and Frequently Asked Questions (FAQs).

The CARES Act Stimulus bill was approved by the Senate and House today and is expected to be quickly signed by President Trump. Many of my clients are small businesses (<500 employees) that should consider using this stimulus to help weather these uncertain times. Here’s my first impression of how one portion of the bill – the Paycheck Protection Program (PPP) – could help a small business.

The Essential Business Meeting: A Leader’s Guide to Implementing the Daily Huddle

A biological clock inside us establishes a natural rhythm to life. The circadian rhythm repeats every 24 hours and influences our sleep, body temperature, and organ functions. Additionally, we adapt to the changes in our natural environment caused by the cycles of our planet. Humans understand and depend on rhythms.

High-functioning businesses also have a rhythm that aligns and synchronizes team members with their environment. To establish this rhythm, your organization needs a daily meeting to set a cadence similar to our body’s circadian rhythm. This critical meeting is called the Daily Huddle, and hundreds of thousands of organizations around the world conduct the meeting every day.

During these times of uncertainty and daily changes to our work environment, this meeting is even more critical, especially if your team has people working remotely. A traditional office environment has a built-in daily rhythm based on when team members arrive in the morning and leave in the afternoon. The workday rhythm is natural to see, align, and utilize. But when team members work remotely, it’s easy to lose connection with the company pulse.

Actionable Strategies for a Remote Workforce Due to COVID-19

Leaders define themselves in difficult times, and we are experiencing difficult times like no other. COVID-19 is a severe threat, and I support public officials who are taking the necessary steps to avoid a catastrophic loss of life. Unfortunately, that means business leaders must manage the impacts of social-distancing – a new concept that is negatively impacting almost all businesses.

Disconnect Your Accounting Rhythms From The Annual Calendar

The “year” defines the amount of time it takes the Earth to make a full orbit around the sun. During this lengthy journey, we experience 4 seasons, 12 months, 365 days, 8,760 hours and 525,600 minutes. But what does our planet’s trek around the sun have to do with the accounting rhythm of your organization? The correct answer, unless you are a farmer, is: Nothing.

The calendar year is simply a construct made by humans to help explain and predict the seasons of our planet. It shouldn’t have as much impact on business as it does. Frequently I hear business leaders talk about their annual budget, or this year’s sales goal. Many bonuses and incentives are based on annual targets. But why should a sales goal be based on the amount of time it takes our planet to travel 92.96 million miles? They have no direct connection.

Follow The Money – The Changing Demographics of the United States

“Follow the money” was made popular by the movie, “All The President’s Men.” The 1976 motion picture told the story of the Watergate scandal and President Nixon’s ultimate demise. Today, many investigations and political debates invoke this catchphrase. But the concept is also useful for thinking about your organization’s strategy. A crticial and often overlooked element of the target audience is their ability to purchase your product or service. Several imminent changes to the demographics of the U.S. may significantly impact your target audience.

Advice For Aspiring Young Entrepreneurs

A common question I receive is, “How do I become an entrepreneur?” Or, “How do I start my own business?” My response to aspiring young entrepreneurs is counterintuitive – skip college. While there are many benefits and reasons to attain a degree from a university, they don’t always align with the needs of being an entrepreneur. And it’s not just aspiring entrepreneurs, more and more I’m hearing from business owners that college degrees are overrated.

Is Your Business Lucky? Or Good? The Danger of a Growing Economy

It’s easy for a business to fall in love with a healthy, growing economy, like what we’ve been experiencing for the past nine years. But steady economic growth also creates a danger of overlooking the real reason why your business is growing. I recently facilitated a heated debate with an executive team of a fast-growth business. One of the partners shocked the room by stating, “Let’s face it, we’ve just been lucky the past few years. We’re in a great economy and we’re not performing as well as we should be.” It was an honest and sobering assessment that made the executive team realize that their recent growth was really the result of ‘a rising tide lifting all boats.’

Lessons From Golf – Every Team Member Deserves A Coach

I have to admit that I have a serious affliction that affects almost every aspect of my life. I’m certain my health insurance company considers it a pre-existing condition. My disease is my addiction to the game of golf. And there’s no cure for it. (Which I’m okay with.) The reason I’m addicted to golf is that it’s a game that can’t be mastered. And I enjoy that it’s an individual challenge – it’s just me, alone on the golf course. I am ultimately responsible for every decision, every swing and every putt – good or bad.

Category: Entrepreneurship