How To Avoid “Death By Meeting”

by

Have you ever been in a meeting that went on and on and on with no clear action and nothing done differently afterwards? I know I have, and this common experience is the premise of the book Death By Meeting by Patrick Lencioni.

Lencioni suggests that meetings should not last any longer than 30 minutes.  As Parkinson’s Law indicates, work expands to fill the time available, so if you don’t set a limit to the meeting, it can drone on way too long.  And especially these days, now that Zoom meetings are the norm rather than the exception, we need to keep meetings short and to the point so we can all get away from our webcams.

Why 30 minutes?  I have not found a scientific study to explain why; however, for me personally, I see a higher level of intensity by participants because they know 30 minutes is the limit.  It seems people listen more intently when things move faster and we are engaged.  People tend to come prepared and are ready to get started on time.  (And if not, they will the next time!)

Try implementing these three tactics to make your 30-minute meeting more powerful:

  1. Tell everyone to read any materials before the meeting. Ask the important question: “What outcome do we want?”
  2. Decide on the one thing to focus on in the meeting that will make a difference and stay on it for the 30 minutes.
  3. It’s what happens after the meeting that will tell you if the meeting was good or not. Take action with a summary and clarity on the action steps and accountability.

Try some of these tips for your next (30-minute) meeting and let us know how it goes!  We’d love to hear your feedback at mike@trilliumfinancial.com.

What’s Your Mission?

by

I recently read an article by Patrick Hull on what makes a great mission statement.  Although they are connected, a mission statement is not the same as a vision statement (read our recent Tip on vision statements).

Hull describes a vision statement as a broad view of how your company is going to leave an impact on your customers.  In contrast, the mission statement is a clear and concise explanation of your business strategy.  If your mission statement does not answer the following questions posed by Hull, then you might want to re-think it:

  • What you do?
  • How you do it?
  • Whom do you serve?
  • What value do you bring?

By answering these questions, you can articulate for your employees, customers, and other stakeholders why you are doing what you do.  If your mission statement is too vague, it loses qualities for people to understand the answers to the above questions. 

Need an example?  Below is the Advance Auto Parts mission statement:

“It is the mission of Advance Auto Parts to provide personal vehicle owners and enthusiasts with the vehicle related products and knowledge that fulfill their wants and needs at the right price.  Our friendly, knowledgeable and professional staff will help inspire, educate, and problem-solve for our customers.”

This statement helps answer the above questions.  For you and your team, figure out what is most important to you and your customers.  Figuring out your “why” goes a long way to helping you figure out your mission. 

Cheers to achieving your mission!

Mike

Is Your Vision This Good?

by

I often get confused on what makes up a good vision.  My finance background does not exactly lend itself to visionary thinking—we are trained to look at the present and history.  I know one underlying trait of a good vision is that it should be timeless. 

One of the great examples of this notion is the vision that Walt Disney wrote himself over a half century ago and still remains true today for the Disney company:

“Physically, Disneyland is to be a small world in itself.  Encompassing the things that were good and true in American life…. dedicated to the ideals, the dreams, and the hard facts that have created America.  I don’t want the public to see or think about the world they live in when they are inside our world created for them.  Beyond the physical places, we want to bring people along into an entirely different world, with our philosophies and idea, our characters, our stories, our past, present, and future, so they are part of it and never want to leave it.  At age 12 or at age 62, we want them to feel curiosity, wonder, awe, fascination, joy, and attachment.  Within this world, we want them to experience discovery and adventure, fun and entertainment, education, participation, and recognition. They will not just come to visit our places or to the theater to see our films. They will bring us into their homes and into their hearts.  We will never settle for having customers or fans – they will be Disney people.  This world will never be completed, it will always be under construction; expanding, diversifying, playing more and more roles in peoples’ lives.”

When I read this vision statement and think about the time I visited Disney World with my young kids, I am awestruck with how this so closely aligns with my family’s experience.  Walt Disney built his visionary idea in such a manner that it strikes emotion into many who have experienced Disney films, theme parks, and books.  I did leave my world behind and entered the world of Disney when we visited…it was truly magical.

So, what can we do to create a vision that can elicit a similar type of feeling and experience?  Start with asking yourself these questions:

  • Is your vision written in a manner that evokes emotion, or does it just feel like cold facts?
  • Is it about your customers’ experience with your products or services….an external focus?
  • Is it written with the intensity that you want your customers to feel, regardless of length?  (Obviously, Walt Disney’s vision statement was not written with the notion “It’s got to be short or people won’t remember it”)
  • Is it timeless?
  • Is it one that will be incomplete?

Simon Sinek did a TED talk with the theme of “Start with the Why”:  Why do people buy your product or service?  If you can answer that, it gives you a way to think more clearly on what your vision should be. 

Cheers to your clear vision that will remain true throughout time,

Mike

Improving Group Event Conversations

by

I recently read an article in Inc magazine by Marcel Schwantes (click here to read) that focused on how too often we engage in small talk at our networking events or dinner parties and come away with a less than happy experience.  We use the typical questions, such as “What do you do?” or “Where do you live?”  instead of questions that can get you into more interesting and fulfilling conversations. 

Behavioral scientists Kristen Berman and Dan Ariely explored an interesting concept where they hosted a dinner party and handed guests given index cards with a question they had to use to start a conversation.  They found the participants came away much happier with their experience because it didn’t involve trivial small talk.

Another interesting concept the article pointed out was exemplified by Sean Bisceglia who hosted Jefferson-style dinners.  This format requires the whole table to share in just one conversation and not allow any side bar conversations, with small talk banned.

What questions could you do to help start a meaningful conversation?  Below are a few from the Inc magazine article that you may find interesting at your next networking event or dinner party:

  • What is your story?
  • What excites you right now?
  • What book has influenced you the most?
  • What book do you gift the most?
  • If you had the chance to meet one person you have not met yet, who would it be and why?
  • If you were stuck on a deserted island and you can have only three things, what would they be?
  • What was your favorite travel experience?

Cheers to having more interesting conversations!

Mike

The Top 5 Fears That Haunt CEOs

by

What keeps you up at night as a CEO or business owner?

I recently read an article by Tim Fulton, the founder of Small Business Matters, that outlined some common fears that a business owner or CEO worries over. 

Here are the Top 5:

  1. Losing a Key Employee
    Businesses are finding it increasingly difficult to find employees with the right fit for their organization.  Our population is aging and the number of workers coming up to fill slots for from retiring employees is getting difficult.  When a key employee leaves a company, they are usually not leaving for just the money, but more intrinsic issues.

    How do you avoid this possibility?  Tim recommends holding a meeting 30 days after hiring an employee and asking a simple question: “What does it take for you to stay?”  Research has shown that after about 30 days an employee may be considering leaving because they don’t see the company as a “fit.”
     
  2. Losing a Key Customer 
    It is difficult enough to acquire a customer, so when we lose one, especially an important one, it is both a financial and a psychological hit to the company.  Tim notes that too many companies devote resources to attracting new customers versus keeping existing ones. 

    One way to avoid this that Tim recommends is by using the Net Promoter Score (NPS).  I have actually used this in my business and it is always informative.  You ask one simple question to your customers: “On a scale of 1 – 10, what is the likelihood that you would refer a colleague to do business with us”?  If the answer is a 9 or 10, great!  If it’s less than 7, you may have a customer service and value proposition issue.
     
  3. Experiencing a Cyber Attack
    “Cybersecurity is a silent killer. It can shut you down like nothing else.” – Joe Galvin, Chief Research Officer, Vistage International

    Cyberattack is a relatively new fear for small business operators. In a recent Vistage survey, 62% of CEOs do not currently have an active cybersecurity strategy in place. Every day, small businesses hit by cyberattacks are losing data, cash, customer records, employee information, and employee/customer trust. 

    How to prevent this?  Tim recommends implementing a three-layered defense against cyberattacks including working with your IT services provider to implement cybersecurity, enforcing proper employee policies and procedures, and buying cyber insurance.
     
  4. Running Out of Cash
    When you run out of cash it’s game over!  One of my favorite quotes is by Hemingway when asked how he went bankrupt:  “Slowly, then all of the sudden.”  This can happen when you are not paying attention and monitoring your finances with forecasts to look forward.

    Tim recommends making sure to calculate your “working capital requirement” number.  This is a number that tells you how much cash you need on hand to run your business effectively.  In our Numbers NavigatorTMsoftware our clients get to know this number each month and why it’s so important to monitor.
     
  5. Lack of an Exit Strategy
    We all exit our business, it’s just a matter of how we want to go out:  Gracefully or with a big bang that could hurt your family, employees, and other stakeholders.  Every business should plan for succession and exit on a regular basis.  The decisions you make today will impact how you can exit down the road.

    Tim recommends a book authored by Patrick Ungashick titled “Dancing in the End Zone.”  I have read the book and also highly recommend it.  Ungashick has outlined some key questions that you need to ask yourself and the book goes on to help you outline what could be the options for you and your team.

These are just a few fears that can keep a CEO and business owner up at night with worry.  However, by putting the recommended strategies into place, you can alleviate some of these fears.

Cheers to a good night’s rest after you implement these strategies!

Mike

Marketing, Advertising, Branding… What’s the Difference?

by

For business owners, it can be confusing to understand the differences between marketing, advertising, and branding.  The differences can seem subtle and for those not trained in these areas, it can be difficult to figure how best to implement especially with the myriad of channels to put our companies out there, such as Instagram, YouTube, podcasting, LinkedIn, Facebook, and more.

I recently read an article in Inc. magazine that helped spell it out for me.  Here is how they defined these terms:

  1. Marketing
    Marketing is how you see yourself as you try to present to others in reaching your target audience.  It’s how you “dress” your company for the image that you want it to portray.  The article mentioned thinking of your marketing strategy like your personal appearance.  It’s the difference between a business professional, a rock ‘n roller or a nerdy techie.  It should convey the vision and values of your business in a way that the public can identify.
  2. Advertising
    Advertising best shows your actions.  While marketing portrays the image you want, advertising is the actions you are taking to carry it out.
  3. Branding
    Branding is how you want others to see your company.  The marketing strategy needs to mesh well with how you want your brand to be “seen” by the public.  A strong brand helps you drive your marketing and advertising strategies.

All three are important pillars in your company’s ability to educate and attract your target audience to buy your products and services.  Making sure they all work together cohesively will ensure better success with driving sales.  Knowing the difference among these three can be the difference between success or failure for your company’s bottom line. 

Cheers to attracting the right customers at the right time through your marketing, advertising, and branding activities!

Mike

Which Style of Leader Are You?

by

I recently read a fascinating article in Inc magazine that outlined 13 leadership styles of corporate leaders.  The authors outlined each type and what traits are typical.  While we all have our own unique leadership style, some styles resonate with us while others do not. 

Do you recognize your leadership style(s) from the list below? 

  1. Adaptive
    This leader rises above the noise and looks at the changing landscape to interpret how best to adjust the business to the challenges.
  2. Emotionally intelligent
    These are leaders who are experts with relationships and have strong influencing skills.  They are aware of their feelings and those of others, too.
  3. Charismatic
    These leaders are the motivators with a charismatic authority about them.  Think of Jack Welch and Theodore Roosevelt.  They can end up with a cult-like following
  4. Authentic
    This trait could be summed up as passion, but with integrity.  These leaders are consistent and open.
  5. Level 5
    This leadership style comes from the book Good to Great by Jim Collins, who describes Level 5 leaders as those with a strong pursuit of goals with humility.  They give credit where credit is due, and don’t have oversized egos that desire praise for themselves.
  6. Mindful
    This leader is a good listener and probes with questions to help address their curiosity.  They ask smart questions to help them be better learners and leaders.
  7. Narcissistic
    This is the leader who does not listen, does not learn, and does not teach.  They also have an obsessive vision that tends to pull their followers along.  If they have a strong second-in-command person who can offset their “less than nice” traits, they can be effective company builders.
  8. No-Excuse
    Think of this leader as a military commander who wants no excuses about why a mission didn’t work out.  These leaders display mental toughness and make decisions quickly with limited information.  This leader will typically debrief on why a situation didn’t go right, not to blame but to try and learn from it and not repeat it
  9. Resonant
    This is the enthusiastic leader who can rev up their team to push through challenges.  They have a contagious style that can get ordinary team members to do extraordinary things.
  10. Servant
    Servant leadership displays the person’s desire to serve employees, customers, and other stakeholders.  Based on Biblical principles of “wash each other’s feet,” servant leadership can result in workplaces you see on lists titled “Best-places-to-work.”
  11. Storytelling
    This leader evokes emotion with employees through narratives to drive the vision of a company.  This style tends to be prevalent with entrepreneurs who need to tell a story about their company and what they want to accomplish.  They can provide a picture for the minds of their employees.
  12. Strengths-based
    This leader invests in the talents of their employees.  They want them to thrive in a manner that can bring out the best of their skills and how it fits with the company’s mission.
  13. Tribal
    Tribes are led by people who understand the cultural norms and values of the group.  This leader has the ability to unite the team around shared beliefs that are needed to make the company successful.

Leadership styles come in all shapes and sizes.  Some people display traits in multiple styles and are not just “one size fits all” approach.  However, it’s likely that one style plays a larger role with a person.  Which one are you?  Cheers to finding out your leadership style and how you can best use it to drive your company’s vision.

Cheers to identifying and enhancing your leadership style!

Mike

6 Tips for Increasing Productivity

by

Is increasing your productivity one of your New Year’s resolutions?

I recently read an article by Stephanie Vozza that outlined a number of productivity tips she culled from various CEOs and entrepreneurs.  Given how connected we are in today’s 24/7 world, one of their universal frustrations was getting focused work done.  Here are 6 ideas for you from Vozza’s article:

  1. Keep one day a week meeting free.  Meetings are a necessary way to communicate among your team and the verbal communication can be critical for understanding. However, meetings are also a disruption to getting work done.  One person’s meeting is another person’s disruption.  CEO Dustin Moskovitz at Asana has implemented a “no meeting Wednesdays” rule so actual work free of disruptions happens.
  2. Take a nap.  Many of the top CEOs and business owners take a nap during the workday to recharge.  Studies have revealed higher levels of productivity occur when you take a 10-20 minute nap daily.  The timing of the nap depends on your optimal work cycle.  Some people take a nap after lunch as they digest their food, and others take one following their afternoon coffee.  The caffeine from the coffee doesn’t kick in until about 20-30 minutes later, just enough time to nap and then get a jump start on your next cycle of work.
  3. Allow downtime to think.  Downtime is critical for a business owner to think about their business strategically.  “Doing” all the time does not allow for space for planning.  Sara Blakely, CEO of Spanx, lives near her office, however, she does a “fake commute” where she drives aimlessly around so she can have her thoughts come to her in the quiet car ride commute to work.  She can then write down an idea and be ready for the day.  Bill Gates, founder of Microsoft, would take “think weeks” and retreat to a secluded location to read and think about the business.
  4. Be email specific and send fewer emails.  CEO Jeff Weiner of LinkedIn sends as few emails as possible.  He noticed that most of his email clutter was the result of response threads in emails where too many people were copied who felt they needed to respond.  After he decided to write and respond to only the absolutely necessary emails, he noticed a dramatic decrease in the volume coming to his inbox.  Another tip is to give a specific deadline in your email to help shorten the back and forth.
  5. Decide quickly.  Have you ever experienced the “paralysis by analysis” over an issue when people get frozen in their decision making? Meg Whitman, former CEO of Hewlett Packard, said “a fast no is better than a long-extended no or long-extended yes.  It helps knowing that when you make mistakes, you can always fix mistakes.”
  6. Make a list.  I start each week with a list of activities that I want to accomplish for myself and my clients.  It helps me prioritize what needs to get done and when.  Brian Chesk, CEO of Airbnb, says he “makes a list of everything you want to accomplish that day.  Be as exhaustive as possible…. grouping similar tasks together.”  This helps me ensure as much as possible that things don’t fall through the cracks.  While the system is not perfect, it is a way to help stay on track.

Productivity and time management have always been a key component of an effective leader.  Today with all of the distractions that surround us, it’s even more important to stay vigilant on maintaining our productivity to help us win each day. 

Cheers to increasing your productivity!

Mike

Power of the Written Goal

by

Why is it important to write down our goals? 

If you just think about your goals, then you are only using part of your brain: the right side, or your imaginative cognition.  If you write it down, then you are connecting it to the other side of the brain that signals you mean business to make the goal happen. 

Does the act of writing it down alone mean it will happen?  Of course not!  We still have to do the work.  However, writing down your goal provides you a significant step forward in achieving it.

In an article I read by Mary Morrissey she noted that a study done by the Dominican University in California discovered that people who wrote down their goals were 42% more likely to achieve them.

Morrissey challenged her reader to do an experiment for the next 7 days.  Each morning start your day by writing down goals in four areas:

  1. Health
  2. Love & relationships
  3. Vocation
  4. Time & money freedom

What can you expect to gain from this experiment?  You can gain clarity around what goals truly matter to you, and the act of writing them down will drive your behavior cognitively to do the activities to reach the goals.  It also provides daily awareness of the opportunities that come before you to help you achieve your goals.

A goal that is not written down is a dream.  Some dreams can come true, but more often than not, dreams stay as dreams and never get realized.

Cheers to achieving your goals!

Mike

Are Successful People Just Lucky?

by

Have you ever heard of the “Marshmallow Experiment?”  This famous research experiment from the early 1970s involved children who were offered a deal:  The child was given a marshmallow and told that if they didn’t eat the marshmallow while the researcher was away, the child would be rewarded with a second marshmallow.  Some children ate the marshmallow right away while others waited for the second one.  What’s the significance of this experiment, you may ask?

The researchers tracked down the participants as adults and noticed something interesting.  The children who delayed gratification of eating the first marshmallow did better with SAT scores, stress responses, avoided substance abuse, and had better social skills, as reported by their parents.  The researchers then followed the participants for 40 years and continually noticed that the ability to delay gratification was one key aspect for their success in life.

This behavior plays out in business as well.  The decisions we make today impact what we can do in the future.  Delaying gratification with purchases and initiatives could be the difference between success and failure. 

Researchers at the University of Rochester duplicated the experiment years later with a twist:  They split the children into two groups. One group was exposed to unreliable experiences; hence these children were offered a small box of crayons with the incentive of getting a bigger box later that would never come.  The second group was given reliable experiences, and when offered a bigger box of crayons they got one.

Well, you could expect what would happen with the children with unreliable experiences when they ran the Marshmallow Experiment on them:  They ate the marshmallow right away because they didn’t trust the researcher.  Does that sound like a situation you may have had at your company?  Promise something, but you didn’t deliver?

If you can delay gratification and build a discipline for this into running your business, then one of the keys to success is already in your toolbox.  No luck is required.

Cheers to your ability to succeed with delayed gratification!

Mike

Is It Time To Spring-Clean Your Schedule?

by

I recently read an article in the Harvard Business Review that talked about having an “untouchable day.”  I was intrigued by what they meant and how it applied in today’s world of 24/7 accessibility. 

The concept of the “untouchable day” is to mark your calendar with one day every week or month (whichever feels right for you) when you will be 100% unreachable.  This day is when you can do the “deep” work that is necessary to take your business, or life, to the next level.   It could be for the book you always wanted to write, or the podcast you always wanted to launch. 

Here are some ideas for your untouchable day:

  • Switch off the phone or put it to airplane mode.It gives you a break from email, social media and all the other “noise” so you can focus and stay on track.
  • Try moving while thinking. Hemingway once said “I would walk along the quais when I finished work or when I was trying to think something out.It was easier to think if I was walking and doing something.”
  • Go to a different location to minimize distractions. Microsoft founder Bill Gates, when he was growing his company, scheduled “think days / weeks” where he went off away from the city and would think about the issues facing his company.
  • If emergencies come up, you may have to deal with them.In that case simply move your “untouchable day” to a different day (but do not delete it from your calendar!)However, I bet in some circumstances what seemed to be an “emergency” was really someone else’s lack of planning, and often they can actually handle the situation just fine without you.

The idea is that once you get into the habit of scheduling “untouchable days” to energize your creative and strategic thinking, then your brain will begin to generate that feeling to get you into that flow state quickly.  Great things can happen when we shake up our busy everyday routines and schedule focused time to work toward our goals.     

Cheers to your “untouchable day!”

Mike

Can A Controller Help You Grow Your Business?

by

Hiring administrative staff is an area that can be overlooked as an opportunity to help a business grow.  Why is it so tough for a business owner to make this move?  Because hiring a controller is a big step and it’s not necessarily cheap either.  Going from having a bookkeeper or staff accountant to a controller is a much bigger shift in thinking and the expected activity that should be the result of this hire. 

Below are four ways in which a controller can help a business owner grow their business and gain better control over their finances:

  • A controller will own the financial reporting.  This person should have complete responsibility for the data inputs into the accounting system, along with how reports are formatted and distributed for effective financial analysis.  The controller will be familiar with your backlog of sales, why expenses increase or decrease and if something does not seem right in your financials.
     
  • A controller should find cost savings.  This person should look for ways to help improve your business’s bottom line.  This includes looking at vendor relationships and the price you are paying for the goods and services you need to run your company.  They look at your product profit margins to understand what levers can be pulled to help improve it.  The right person enjoys finding cost savings.
     
  • A controller is a data manager.  This person will manage the staff who enters the data into the accounting system.  You don’t want your six-figure controller entering data, but rather finding ways to enter it faster and more efficiently.  This means looking at technology and applications that can enhance the speed and accuracy of the financial data entered to your systems.  This person directs, manages, and advises in this role and makes sure action is taken where needed.
     
  • A controller is the person willing to say “No.”  You want your controller to have the confidence to say “no” and be at times with vendors and your staff as a pain.  This does not mean the person is rude or unprofessional, but rather someone who has thick skin to handle tough discussions with vendors or staff in spending or policy issues.  The controller is your partner who is watching out for the company and employee’s interests.  This sometimes requires a person to say no.

Cheers to growing your business with a controller!

Mike