Earlier this year, Facebook COO Sheryl Sandberg set off a renewed debate on an old question: Why aren’t more women in executive positions? The answer you get depends on whom you ask. Some say it’s outright discrimination, while others argue that it’s an aggressive, inflexible culture that limits women’s advancement or drives them to opt out.
Who is the CEO?
For anyone who questions that there is a problem, the evidence is quite clear. While research shows a correlation between a company’s financial performance and the number of women in its governing body, women held just 14.4 percent of executive officer positions at Fortune 500 companies in 2010.
More than a quarter of companies had no women in an executive officer position. And 48 percent of Fortune 1000 companies had one or no women on their boards in 2012.
As an entrepreneur and business owner for 30 years, I know firsthand many of the challenges that women face in the workplace. One of the most pervasive issues is this: a deeply entrenched belief that productivity and effectiveness are defined by the number of hours you spend at the office.
Any executive today knows that working at least 60 hours a week is standard. While technology has simplified our lives in many ways, it has also complicated it. We’re now expected to be on call 24 hours a day, seven days a week, ready to respond to requests at any hour of the day or night.
At most companies, the rewards go to those who are willing to put work above everything else, and to do it over the long haul. Those expectations are coupled with a complex and ever-changing global environment that make us — women and men — more fearful and stressed out than ever before.
With that kind of prevailing climate in many companies, it’s no surprise that people looking for a sense of equilibrium choose to leave.
Gender representation needs
Until productivity and effectiveness are redefined to allow and encourage contributions of varying levels, we’ll never achieve fair gender representation. Even worse yet, we’ll never get the best we can from each person. We need to redefine successful leaders not as those who work through the night, but as those who are empathic and balanced, those who cultivate productive and healthy people and work environments.
Eventually companies will have to heed the call to re-examine their work cultures, asking themselves hard questions about who is best served by maintaining the status quo. Finding a balance between work and life is gaining increasing importance and can’t be ignored.
Find the right balance
In a global study conducted this year by LinkedIn, entitled “What Women Want @Work,” 63 percent of respondents defined success at work as “finding the right balance between work and personal life.” To the question, “Would you like a more flexible work environment,” 65 percent answered that flexible working would better enable them to manage career and family.
If you’re wondering how to get started, open-mindedness and creativity are essential. You have to be willing to throw out the old to bring in the new. That means a willingness to redefine roles and responsibilities, focusing on what needs to get done rather than how it gets done.
People don’t need to work overtime or full time to be productive, and responsibilities can be divided in innumerable ways.
We must begin by deeply examining our prevailing notions of work and being willing to consider that people can be more productive and effective if we create more flexible, empathic work environments. Only then will we create truly productive, efficient, profitable businesses that add value to the well-being of individuals, families and communities.
Donna Rae Smith is a guest blogger and columnist for Smart Business. She is the founder and CEO of Bright Side Inc.®, a transformational change catalyst company that has partnered with more than 250 of the world’s most influential companies. For more information, visit www.bright-side.com or contact Donna Rae Smith at email@example.com
Business today is more competitive than ever. With a few clicks of the keyboard, every customer can research, price check and read reviews of your product or service. Many times, with one more click, they can have that same product delivered to their door from anywhere in the world. Want it tomorrow? No problem.
So how does a business succeed in this era of the empowered consumer? How can it differentiate itself? I’ve given this question a lot of thought, and the answer may lie in a practice called Customer Experience Management.
Failing on the promise
Let’s talk about customer experience. How many times has a customer service representative ended a conversation by reciting something along the lines of, “I hope you received excellent customer service today,” when the service was less than gratifying? How satisfied did you feel after hearing their script?
Most businesses pay lip service to the idea of superior customer service, but when it’s time to execute, they fail. Their departments are structured to run their own processes smoothly, not to ensure their customers think, or better yet, say, “Wow.”
CEM asserts that if we put our customer’s experience at the core of our business and subsequently construct functional departments around it, we will gain that competitive edge. Yet, truly understanding the customer’s experience while interacting with your business is easier said than done. So, how does one reinvent a company with the customer at the center?
Start at the touch points
Begin by becoming aware of your company’s touch points — all the places a customer comes into contact with your business. Keep in mind that these touch points vary widely. They include obvious departments such as telesales and customer support, but these touch points also include the clarity of the invoice/statement, your website, your ad in the newspaper, a partner or retailer and many more.
We did a quick count at my company and discovered 26 touch points! Too many for sure, since more touch points mean more opportunities for mistakes.
After you’ve identified the touch points, do some investigating. Be the mystery shopper, in person and on the phone. Listen to the language a salesperson uses to describe your product or service. Do it again. Notice the differences between what you hear depending on who is serving you. How did their actions differ from what you wish they had done?
Once you experience every touch point first hand, you might begin to feel your customers’ frustration, pain and sometimes, surprise. Then you can begin rebuilding toward a satisfying customer experience.
Use CEM as a tool
Right now at EVault, we’re working hard to reduce and improve each touch point using a CEM lens. For us, that means creating simple, valuable, authentic and pleasantly surprising exchanges.
We want each customer to feel that every interaction with EVault was worth their time, was clear that we genuinely wanted to help, and that we did something pleasingly unexpected.
How do you want your customers to feel when they interact with your business? You need to find out and then rebuild.
Terry Cunningham is president and general manager of EVault Inc., a Seagate company. He founded Crystal Services, which was purchased by Seagate in 1994 and integrated into the company’s software division, which then became Seagate Software. He has also served as president and COO of Veritas Software, and founded, built and led two other successful software companies.
Many executives do not view the content they distribute as intertwined with their organization’s unique product or service. However, the two are interchangeable. Your product or service has differentiators that cause your clients to select you instead of the competition. Those same factors apply in content marketing.
If your goal is to engage prospects and ultimately lead them to conversion, you must create content that keeps them engaged. Success comes from creating consumable pieces of content that together form a singular thought leadership message and distributing those pieces across multiple channels. You never know through what channel someone will engage with your brand (or branded content), so the message needs to be consistent.
There are a few simple rules to doing this. Your content and what you’re selling should meet four criteria. It must be:
Useful means the content, as well as your product or service, has a defined use for a target audience. It addresses:
- How do I use this?
- How does this help me?
- What problem does this solve for me?
Here’s an example: According to a recent IDC Research report, 49 percent of the entire U.S. population currently uses a smartphone. By 2017, that number is expected to reach 68 percent. That means that within four years, more than two out of every three Americans — regardless of age — will be connected via smartphone. Therefore, a useful product a company might offer could be a solar-operated phone charger. And useful content to distribute to a target audience may include “How to make your daily life easier with these top five iPhone apps.”
To be Relevant, the product, service or content must be new and interesting, and mean something to the market or industry. Your audience will ask:
- What does this mean to me?
- Do I need this?
Let’s say your organization provides a website portal that connects insurance companies. New and interesting content that means something might be, “How your health care plan will be affected by reform . . . and what you can do to prepare for it.”
In a world filled with noise, you must demonstrate how what you do is Differentiated from competitors and explain:
- How does your content, product and service compare to the competition?
- Is it unique?
Let’s go back to the smartphone example. If you sell or service iPhones and Android-platform models, think about creating engaging content that examines the needs of today’s smartphone user, and then go beyond the basic functionality.
It’s also imperative to understand your target audience and the target audience for each product. Android-based smartphones are primarily aimed at businesspeople. iPhones, for all their bells and whistles, are not. This differentiation has led to a lot of confusion in the marketplace when consumers compare one against the other. Understanding this allows smart marketers to create engaging content such as “The top 10 needs of businesspeople: A comparison of Android phones vs. iPhones.”
Finally, your product, service and content must be Available and easily obtained in any channel.
If you run a benefits company that works with employers, for example, health care reform provides a timely opportunity to help clients make sense of the landscape. This might entail delivering a variety of consumable content that’s available to them 24 hours a day, seven days a week, through any channel.
This could include a video that explains the difference in options available to employers. It could be a social media campaign that outlines the top five differences between the health care insurance exchanges and employer-sponsored health care. Or, it may be a series of print mailers or webinars, or even a dedicated microsite that’s filled with content that details what employers need to know.
When your goal is creating engaging content, your ability to consider — and address — each of these factors may be what’s required to transform engagement into measurable conversion.
This is no fish story. Instead, this column is about one of the most important roles an owner or CEO must fulfill on an ongoing basis.
Leaders spend an inordinate amount of time dealing with the issues du jour. These range from managing people, wooing and cajoling customers, creating strategies, searching for elusive answers and just about everything in between. These are all good and necessary tasks and undertakings. Too frequently, however, these same leaders delegate this effort to others or ignore it altogether. To be “in the game,” you have to know when to fish or cut bait.
Successful fishermen know that to catch a fish they have to sometimes cast their lines dozens of times just to get a nibble or bite. The first bite might not result in reeling in that big fish. Frequently, a nibble is just a tipoff as to where the fish are swimming.
The same applies to reaching out — casting a line, if you will, to explore new, many times unorthodox, opportunities for your organization. These opportunities can be finding a competitor to buy, discovering an unlikely yet complementary business to partner with or snagging a new customer from an industry that had heretofore gone undiscovered.
All of this takes setting a portion of your time to investigate unique situations, as well as a healthy dose of creativity and the ability to think well beyond the most obvious.
Too many times even the most accomplished executives lack the motivation to look for ideas in unlikely places. Some would believe that it’s unproductive to spend a significant amount of time on untested “what ifs.” Just like sage fishermen, executives can also cultivate their own places to troll.
Of course, networking is a good starting point, particularly with people unrelated to your business, where sometimes one may fortuitously stumble onto a new idea that leads to a payoff.
Other times, a hot lead might come from simply reading trade papers, general media reports and just surfing the Internet. The creative twist is reading material that doesn’t necessarily apply to your own industry or to anything even close to what you do. New ideas come disguised in many forms and are frequently hidden in a variety of nooks and crannies. This means training yourself to read between the lines.
Once something piques your imagination, the next step is to follow through and call the other company or send an inquiry by email to state that it might be worth a short conversation to explore potential mutually beneficial arrangements. This can at times be a bit frustrating and futile. That's when you cut bait and start anew.
However, reaching out to someone today could materialize into something of substance tomorrow. The often skipped but critical next step, even after hitting a seemingly dead end, is to always close the loop with whomever you made contact. Even if there is no apparent fit or interest at the moment, it’s easy and polite to send a short note of thanks and attach your one-paragraph “elevator” pitch.
That same person just might be casting him or herself, be it in a month or even a year later, and make contact with a different organization that’s not a fit for him or her, but recall you because you followed through and created awareness about your story.
This just might lead the person with whom you first spoke to call you because you had had the courtesy to send that note. Bingo — you just got a bite all because of continuing to cast your line.
Good CEOs and honest fishermen also have one other important characteristic in common: humility. They know that when a line is cast it won’t result in a catch every time. But if nothing is ventured, it’s guaranteed there will be nothing gained. Don’t let that big one get away. Just keep casting.
As an organization grows, changes are inevitable.
New employees are added, promotions are made and job responsibilities shift.
But any time you have change, you have the potential for conflict. Few people are comfortable with change, and each person will react differently in making the adjustments necessary to move forward with the company.
The most important thing a CEO can do is to be active in confronting potential conflict. Conflict goes hand-in-hand with change. Employees begin to question management, co-workers and even themselves as they are forced outside of their comfort zones. Those questions can lead to misunderstandings that can lead to conflict, and that will ultimately slow your growth.
Don’t passively avoid potential conflict. Instead, actively engage members of your organization by providing the necessary forums both for you to communicate your strategy and vision and for them to communicate their concerns back to you. An active conversation will help drive your vision for the company through the organization and will also help foster your next generation of leaders as they take a more active role.
Only when employees are challenged to think — and to challenge you — will you maximize your organization’s potential. Do you want employees who don’t speak up when they recognize what may be a fatal flaw in your grand strategy? Or would you rather have employees who are actively thinking about the big-picture goals of the company and doing their part to contribute?
Regardless of what size company you run, it comes down to a simple choice.
It’s a choice between having employees acting like robots or acting like people. If you choose robots, you will have to have all the answers. If you choose people, you only have to have some of the answers because the employees will help you find the rest.
Engaging employees in conversations, meetings and decision-making helps them take ownership and helps you create a happier work force. If they are not allowed to speak, gossip and rumors will drag down your productivity.
Actively provide two-way communication. Let employees do the talking and hear what they have to say. The results may surprise you. Those closest to the customer often know best what needs to be done to improve sales, service or efficiency.
Too many CEOs lament the lack of good people to help take them to the next level. Maybe the problem is more CEOs need to create good people rather than driving them off with a work environment that’s better suited to a good robot.
Legend has it that in 1505, shortly after Michelangelo’s David was placed at the main entrance to the Palazzo Vecchio, Pope Julius II marveled at its brilliance and questioned the artist about how the masterpiece was created.
As the story goes, Michelangelo responded, “I saw the angel in the marble and carved until I set him free.”
Whether this conversation actually happened is anybody’s guess, but the exchange provides a glimpse into the mind of a genius who could see what others could not.
Today, similar visionaries populate the landscape. In the business world, they often manifest themselves in the form of entrepreneurs.
One of the greatest skill sets that entrepreneurs possess is the ability to balance calculated risk-taking with a dogged pursuit of ideas they believe will succeed. This is combined with a passion for the solutions, products and services being offered, and a keen understanding of the marketplace. Entrepreneurs have a very good sense of what people will or will not buy, and are willing to continuously tweak their solutions to adapt to changing needs, wants and desires.
But draw back the curtain a bit more and you’ll find that an entrepreneur’s real mystique lies elsewhere. It is his or her mysterious sixth sense used for noticing gaps in the marketplace that others fail to see. It is the ability to understand the gap and develop effective solutions that fill it.
Thirty years ago, who could have predicted how ubiquitous smartphones would be?
Sure, if you watched episodes of Star Trek in the 1960s you noticed those nifty communicators that Captain Kirk and his crew used. They not-too-surprisingly look like the early flip phones of the late 1990s and early 2000s.
But today’s smartphone — essentially a pocket computer that packs so much power — required a different kind of vision, much like Michelangelo seeing the angel in the marble.
Most of the savviest entrepreneurs I know go through life looking at what will be once you remove everything that doesn’t belong. They see opportunities to create markets where markets do not or have not existed. Their efforts, and vision for what could be, fuel the economy and create jobs.
Entrepreneurship is not for the faint of heart, however. Even the best ideas often fail. Depending on which source you believe, as many as nine out of every 10 new business start-ups won’t make it to year three.
Two other factors play critical roles in bringing what you see to life — timing and people.
Having the right idea at the wrong time can doom even the most passionate of efforts. And if you don’t surround yourself with smart and capable people who complement both your strengths and weaknesses, you’ll either swiftly run out of bandwidth or be unable to effectively execute on the ideas.
All of which brings us back to the idea of vision.
How important is vision and this mysterious ability to see what’s not there?
It is the true crux of success. Vision is knowing what’s needed for the right market at the right time at the right price point. It is understanding through which channels the solutions need to be delivered. And it is recognizing how to best amplify an idea so you can reach as large an audience of potential consumers as possible and maximize revenue opportunities
Michelangelo summed up his artistic philosophy simply: “Every block of stone has a statue inside it. It is the task of the sculptor to discover it.”
As entrepreneurs, the question is therefore straightforward: How will you discover the next great business idea? And more important, can it have as lasting an impact as David?
Whether in the workplace or in sports, teamwork can produce extraordinary results. While this seems like a relatively simple task, teamwork does not happen automatically. There are a number of factors that are required for a team to develop and work cohesively and seamlessly.
At Clark-Reliance, we attempt to always use the following rules in our interactions:
Help each other be right, not wrong.
This is the underpinning of all successful teamwork. Our employees are encouraged to try to help their colleagues make a correct decision. This helps to avoid duplication of tasks. It also helps to avoid tasks being executed which are not in the best interest of the company.
Look for ways to make ideas work, not for reasons they won’t.
Make sure that you are promoting listening skills. Never dismiss an idea from someone. Listen to what someone else has to contribute and to try to help make that idea work.
If in doubt, check it out!
Don’t make negative assumptions about each other.
Simply stated — don’t engage in water cooler banter. Instead of fostering negative communication, create an environment of positive communication. If you are uncertain about something, go to the person directly and verify the facts.
Help each other win, and take pride in each other’s victories.
Celebrate your co-worker’s accomplishments. Share compliments. You will find that your enthusiasm is contagious.
Speak positively about each other and the organization.
When you have a chance (internally or externally) speak positively about your colleagues or your company. This can be at press opportunities or charitable events. Always promote the company and your colleagues.
Maintain a positive mental attitude no matter what the circumstances.
The adage, “Life is 10 percent what happens to you and 90 percent how you react to it,” can be applied in life and business.
There will inevitably be difficult circumstances where difficult decisions will need to be made in a decisive manner. You have to carry a positive attitude no matter the outcome of those decisions. Do everything with enthusiasm because if you have a good attitude, it will come back to you in return.
Act with initiative and courage.
This is Clark-Reliance’s “empowerment team rule.” We spend a lot of time ensuring that everyone in our organization understands that they have the right to participate and are encouraged to take the initiative to help drive positive outcomes, no matter how small they believe their idea is.
We want our employees to feel comfortable to take the initiative to do what they know is right. We want them to understand what the company is trying to accomplish.
Whatever you want, give it away.
This is troubling for some. For example if you want someone to trust you and have them respect and trust you, then you need to engender those same values in someone else.
If you want to be trusted and respected, you have to be trusted and respectful as well. Those who trust and respect others are generally those most trusted and respected by others.
Don’t lose faith.
There are always going to be times when the rules have been stressed, strained and broken. As long as everyone keeps pushing in the same direction, it will heal itself.
We want everyone to have fun doing what they do. We are direct and serious about running a successful business, but we want employees to have a positive, fulfilled and enriching career, and so should you.
Matthew P. Figgie is chairman of Clark-Reliance, a global, multi-divisional manufacturing company with sales in more than 80 countries, serving the power generation petroleum, refining and chemical processing industries. He is also chairman of Figgie Capital and the Figgie Foundation, a member of the University Hospitals Board of Directors, corporate co-chairman for the 2013 Five Star Sensation and chairman of the National Kidney Walk.
Rick Solon is president and CEO of Clark-Reliance and has more than 35 years of experience in manufacturing and operating companies. He is also the chairman of the National Kidney Foundation Golf Outing.
Any business owner can attest to the fact that running a business is no simple feat. As a small or mid-sized business owner, you must be prepared to wear many different hats, from new business guru, to HR manager, to janitor.
Running a business is all about preparing as much as possible, while still knowing that the unexpected is bound to happen, no matter how hard you anticipate. Being able to adapt quickly, think on your feet and learn as you go will help you be successful as you run your small business.
As cliché as it may sound, I often hear business owners and entrepreneurs say, “I wish I knew then what I know now.” With that in mind, here are a few simple lessons business owners have shared that might help make you successful in the business world:
• Understand what it takes to be a business owner: One of the first steps is to decide on what you want your life to look like. If you’re looking for more control and to “make your own hours,” then entrepreneurship is probably the right step.
• Be willing to go the distance: Leading a business takes time — time away from your personal life, spouse, family, and children. If you haven’t thought this through and developed a plan, you may find the demands of running a business pretty daunting.
• Keep your eyes wide open: Business ownership can be a cold world and business owners may not receive as much support as they expect.
• Know how and when to delegate tasks: Being a successful entrepreneur doesn’t mean being an ace at everything. It means knowing your strengths and working with others who complement your abilities by adding value to weak areas.
• Be patient: Don’t expect overnight success. When you are pursuing a new venture, you need capital, and you need time. The only way to get there is by committing 100 percent.
• Manage well: Never over-manage your employees, and learn to trust your staff. When it’s your blood, sweat and tears building a business, it is easy to become a micro-manager.
Truly trusting an employee means giving them the freedom and independence of working on their own and believing that they’ll do what is needed, even if unsupervised. Your employees will appreciate the mutual respect, and will be more inclined to reciprocate with hard work and loyalty.
• Focus on your clients: If you’re looking for fame, get out now. Running a business isn’t about building fame and fortune; it’s about focusing on your clients and building your brand.
• Be able to identify opportunities: Similarly, it’s important to be able to identify opportunities for profit and success. Some of the less cool, decidedly unsexy businesses are around because their owners saw an opportunity and acted on it.
The underlying theme for all of these tips is: Be prepared, be flexible and be successful, and keep in mind the tips above.
Gene Marks owns the Marks Group PC, a firm that provides sales and marketing technology and consulting services to businesses. He is a regular contributor to The New York Times, Forbes Inc. and has written five books on business, his most recent, “In God We Trust, Everyone Else Pays Cash.” Visit genemarks.com for more information. He is the featured entrepreneur and spokesperson for Hiscox Small Business Insurance's Author’s Series for Entrepreneurs.
You’ve worked, you’ve grown, and now it’s time to make a statement. For an emerging business, nothing says, “We’ve arrived” quite like a signature event.
Before you begin, don’t even look in an event planner’s direction until you answer one essential question: What are you trying to accomplish?
Consider whether an event is truly the best tactic to achieve that goal. An event can be an exciting coming out party for your company. But if your objective is at all unclear at the outset, there will be headaches.
This year, we hosted the Petplan Veterinary Excellence Awards for the first time in the United States. Making this event our own was no small feat; for 13 years, Petplan U.K. has presented a similar event that’s become known as “the Oscars of the vet world.” We had big shoes to fill indeed!
Here are some lessons we learned along the way:
Make it your event
Just as a handwritten signature represents your personal identity and communicates a promise, your signature event must be a symbol of your brand and deliver on your value proposition. Recognizing and awarding extraordinary veterinary professionals dovetails perfectly with Petplan’s “Pets Come First” credo.
The Petplan Veterinary Excellence Awards let us shine a light on the extraordinary veterinarians, veterinary technicians and practice managers who help keep our four-legged family in the very best health possible. These awards recognize not just their passion and excellence, but their exceptional “wow” service. The event’s purpose spoke directly to our mission.
If your event does anything less than that, you’re wasting resources.
Strategy is king
A good event engages a carefully cultivated audience, attracts media opportunities and generates goodwill in the community your business is a part of. This is where many organizations struggle.
While it is important to determine details like when, where and what’s for dinner, the focus should be on your event strategy: how you’re getting people there, what messages to communicate once you’ve got them and how to keep the conversation going when the event is over.
A feast for the eyes
A well-dressed window will compel people to gaze, so make sure the event’s visual branding lives up to the brand personality people have come to expect from you. For Petplan, that meant translating our fresh, friendly point of view into both décor and collateral.
The visual elements deftly delivered a few fun surprises that really felt “like us.” Once your strategy is firmly in place, don’t be afraid to cross your t’s and dot your i’s with a few creative touches
A signature event is a great opportunity to put a public face on your company; think strategically about who you want to spotlight and how they’ll communicate your company values to the audience.
At the Petplan Veterinary Excellence Awards, our honored guests came face-to-face with our long-time friends and trusted advisors, not to mention key employees. Careful consideration was given to the seating plan to ensure that connections weren’t just hoped for, but inevitable. This made our event even more personal and gave attendees good insight into what we’re all about.
So many moving parts make up a corporate event. Make sure the foundation is sound and you’ll find that things will fall into place accordingly. Once you’ve nailed down your goals and hammered out the strategy, the rest is … well, a piece of cake!
Natasha Ashton is the co-CEO and co-founder of Petplan pet insurance and its quarterly glossy pet health magazine, Fetch! — both headquartered in Philadelphia. She holds an MBA from the University of Pennsylvania Wharton School of Business. She can be reached at firstname.lastname@example.org.
Most successful businesspeople agree with Benjamin Franklin’s famous quote when it comes to strategic planning, “By failing to prepare, you are preparing to fail.” A leader’s approach to strategic planning can vary greatly in length of time, measurement of progress, commitment and ultimately in the results.
I would argue that a detailed, strategic plan spanning longer than three years is too long to be relevant. Tactics identified too far in advance cannot keep up with the fast pace of changing technology, new information and changes in the economy to make the plan meaningful.
Here are my three essential elements to the strategic planning process:
Range of specifics
Leading an organization with an established three-year plan creates an environment where your internal team understands where you are going and what you must do to get there. In a franchise organization, this level of planning helps the franchisor foster confidence in franchisees that your plan is to drive revenue and profit — theirs and yours.
All three years of the strategic plan are not created equal. Here’s how plans are structured in my organization:
- Current year: Have a one-year very detailed plan where everything is accounted for. Each objective must be specific and outline tactics, deadlines, human and financial resources involved and the method of measurement.
- Year two: This plan has objectives with projected tactics and resources. The specifics will be incorporated during the annual planning process, where previous performance can be factored and available resources are clear.
- Year three: Proposed objectives are the only details required for a three-year outlook. The annual objectives outlined help determine your course of action toward the previously stated five-year overall goal.
Second to the importance of planning is tracking progress toward what you set out to accomplish. Quarterly, the board of directors assembles to receive updates from the divisions responsible for driving the collective success. The company’s leadership team has bi-weekly updates and each month, the entire organization gathers to understand the current status and how they can make an impact.
By building in regularly scheduled reviews, you are building the ability to be flexible into your business.
I’ve written about serendipity before as it relates to purchasing Mr. Handyman and being approached by an owner of PuroClean to join forces. Had our set plans been too rigid, we may have steered clear of these acquisitions due to imperfect timing and missed out on the chance to build our company’s holdings of in-demand professional home service franchises. There are times when it makes sense to adjust.
Teams must be completely committed to the annual strategic plan. It is the easy way out to simply change the plan when you don’t think you will make it. Finalize the plan, hold your people accountable to it and find ways to achieve what you set out to do.
Create incentives for your team to benefit when the shared goals are achieved. Years ago, we established a quarterly bonus program which has unified my team to work toward our revenue and store-count goals. Team members know what the company is trying to achieve, and they can also earn additional rewards for setting and meeting personal objectives in their area of influence.
As the assembly line inventor Henry Ford said, “If you think you can do a thing or think you can't do a thing, you're right.” Commit to your strategic plans and celebrate the successes of achieving them.
David McKinnon is the co-founder and chairman of Ann Arbor, Mich.-based Service Brands International, an umbrella organization that oversees home services brands, including Molly Maid, Mr. Handyman and ProTect Painters. To contact McKinnon, send him an email at email@example.com