Planning

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Have you heard the quote “work on the business vs working in the business?”  As leaders in our businesses and communities, some self-reflection is important if we are to gain wisdom from our experiences.  A research study done by Giada Di Stefano, Francesca Gino, Gary Pisano, and Bradley Staats, indicated that employees who spent 15 minutes at the end of each day reflecting about their lessons learned experiences did 23% better than those who didn’t do this self-reflection exercise.

Many leaders at driven individuals who are focused on accomplishment and making results happen.  Taking time out of their day to do self-reflection seems too much given their busy schedule.  Other excuses include they don’t see the return on their time invested or they don’t want to slow down.

I recommend self-reflection because it causes you to pause and think about what was good and what could be improved during your day.  I use a journal to help me document not just my daily gratitude but also what went well and what did not go well.  Here are some questions to ask that could help you in your journey on self-reflection.

  • What are you avoiding?
  • Are you helping someone achieve their objectives?
  • Are you a hindrance or a help with someone you are working with or for?
  • How could you be more effective in meetings?

Asking these or other questions will help you move forward in a more positive path on your leadership journey.

Mike

Time: The Ultimate Finite Resource

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I remember reading a book titled “Death by Meeting” by Patrick Lencioni.  The focus was on silos, politics, and turf wars in a business.  I recently ran across an article suggesting that meetings should not last any longer than 30 minutes.  I am sure some who are reading this can relate to being in a meeting that went on and on and on with no clear action and nothing done after the meeting.

Maybe implement compressed time for business meetings will remove this poor habit.  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.

Why 30 minutes?  There is no scientific study, however, for me personally I see a higher level of intensity by participants because they know 30 minutes is the limit.  Its seems people listen more intently when things move faster keeping us engaged.  People tend to come prepared and ready to go.  And if not, they will the next time.

Give it a try.  Implement these three tactics to make the 30-minute meeting more powerful.

  1. Tell everyone to read any materials before the meeting.  Ask an 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.  Act with a summary and clarity on the action steps and accountability.

How are your meetings?

Here’s to having better meetings!

Mike

Leadership: Time Management for Decisions

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Studies have been conducted on when its best to make important decisions.  In general, it’s best not to make critical decisions late in the day.  Typically, morning is best.  Our mental resources are put to the test during the day, and as the day wears on, we are getting fatigued.  Sustained engagement commonly leads to cognitive fatigue over the course of the day.  It seems reasonable and yet we still can find ourselves making critical decisions late in the day.

Scientists Shai Daziger and Liora Avnaim-Pesso studied 1,112 bench rulings in parole court and plotted the results throughout the course of the day.  They found judges more likely to deny a request and accept status quo vs a new ruling.  Favorable rulings started high in the early part of a day by fell off precipitously later in the day.

Cognitive fatigue has also been documented with clinical decisions.  Prescriptions increased as the day wore on for physicians.  A study done on Danish student standardized test scores the students performed worse later in the day.  More breaks in the afternoon helped improve performance.

As we tackle our “to do list” we should attend to those items that need focused decision making to be earlier in the day.  And make sure to take breaks through out your day to keep your performance up.

Here’s to making great decisions!

Mike

Leadership

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I recently read a short article that addressed 5 interesting metrics to measure as you build your leadership skills.  The author, Verne Harnish, who wrote the book “Scaling Up” has these key measures that will help you grow the impact of your leadership.

  1. Initially when a business owner is starting out, it pays to say “yes” to a lot of opportunities to network and gain experiences.  However, as you get clear on your strategy, Verne recommends turning this upside down and aim for a ratio of 20-to-1 “no”.  Why?  So you can get laser focus on getting to the results that you want.
  2.  A “meet and greet” strategy with other influencers in your industry.  Set a goal of how many coffees, breakfasts or lunches to have so that you will gain knowledge from other leaders in your field
  3. Spend uninterrupted time “in the flow” for at least 90 minutes a day.  Put this on the calendar for every day.  If you don’t focus on your high priority items, they will not get done.
  4. Get input from lots of other brains that can help propel your company forward.  Get a brain trust or advisory team who have experience and wisdom that you want to obtain.
  5. Spend time thinking to let your best ideas incubate.  Even Ben Franklin took time devoted to learning each day.  Reading and thinking are a must for a leader.  As its been said “leaders are readers”.

Measure these leadership metrics on a regular basis and give yourself a chance to take your leadership skills to the next level.

Mike

Make Your Compliments Count

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One of the best ways to brighten up someone’s day is to give them a compliment.  

However, not all compliments are equal.  In her article “The Secret to Giving a Compliment that Makes People Glow” by Mary Halton, she describes the 3 ingredients for a great compliment.

  • Use their name
    • Using someone’s name says you value them as a person
  • Compliment something specific
    • Instead of using a generic statement like “Good job,” be specific and say something like “Your singing took me back to my childhood when my family would sing around the campfire.”
  • Don’t praise and run out
    • After your compliment, ask a follow up question such as why they chose to sing that particular song

Compliments can go a long way in building your relationships, so make them count.

Here’s to making it count!

Mike

Simple but Powerful Rules for Business

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Charles “Red” Scott was a President and CEO of several public companies over his career, including Intermark and then Fuqua Industries.  His business philosophy for success in running a business resonates with me, seems timeless, and cuts across all industries.  While simple on the surface, these rules and principles remind us as business leaders of what is important. 

Below are some of Red Scott’s “rules” that I think you will also find are key to business success:

  • Don’t run out of cash. . . no matter what!
  • No surprises: Give fair warning when you hear bad news
  • Never compromise quality for price
  • Plan strategy and set objectives before fixing structure
  • Be careful of a “quick fix”
  • “About right” now is better than “exactly wrong” later
  • Creativity is great. . . but not in accounting
  • Always ask “What if?”
  • Hire smart rather than manage tough
  • Do the “right thing” rather than do “things right”
  • Invest in business with a low cost to exit
  • Hire for attitude, train for skills
  • Be careful: A little success can create a whole lot of overhead
  • “I will” beats IQ every time!

These are just a few business tips that can help you pull through all your circumstances.

To your business health!
Mike

5 Ideas for Becoming a Better Leader

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I recently read a short article that addressed 5 interesting metrics to measure as you build your leadership skills.  The author, Verne Harnish, who wrote the book “Scaling Up” has these key measures that will help you grow the impact of your leadership.

1. Just say “No”. Initially when a business owner is starting out, it pays to say “yes” to a lot of opportunities to network and gain experiences.  However, as you get clear on your strategy, Verne recommends turning this upside down and aim for a ratio of 20-to-1 “No”.  Why?  So you can     get laser focused on getting to the results that you want.

2. Spend time with other leaders. Develop a “meet and greet” strategy with other     influencers in your industry.  Set a goal of how many coffees, breakfasts or lunches to have so that you will gain knowledge from other leaders in your field.

3. Put the highest priorities first. Spend uninterrupted time “in the flow” for at least 90 minutes a day.  Put this on the calendar for every day.  If you don’t focus on your high priority items, they will not
get done.

4. Use a sounding board. Get input from lots of other brains that can help propel your company forward.  Get a brain trust or advisory team who have experience and wisdom that you want to obtain.

5. Make space for thinking. Spend time thinking to let your best ideas incubate. Even Ben Franklin spent time devoted to learning each day.  Reading and thinking are a must for a leader.  As it’s been said “leaders are readers.”

Measure these leadership metrics on a regular basis and you’ll give yourself a chance to take your leadership skills to the next level.
  
Here’s to becoming great leaders! Mike

How to be Successful the Second Time Around

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I recently read an article about a study conducted on over 65,000 Swedish earlier stage start-up companies and their owners who successfully exited one company and moved on to their next company.  It pointed out that the second time around for the entrepreneur was not always a success.     Most business owners after they exit from their business seem ready soon after to start another venture.  This includes business owners that transition to the buyer company, but find out that they can’t work for anyone else anymore.

The second business often under-performs compared to the first one.  Why?  There is no one reason why the same skills and leadership that got them a first successful company exit does not work the second time around.     In some cases, the entrepreneur fails to understand the significance of timing and those “make-or-break” moments where their intuition helped lead the first company to its success.  They sometimes forget or underestimate how much effort it takes and the chance events that got their first company the results needed to succeed.

So what are the ingredients for a happy exit?  It depends on the person; however, some common strategies included: The business owner visualizes what life looks like after exit.  They don’t wait for the exit to happen and then decide, rather they are proactive about it before exiting. Test driving the next venture prior to exiting the first one Setting clear goals, deadlines, and amount of capital that will be committed These are just a few of the ideas that can help a business owner avoid moving onto a second or third business venture that ends up disappointing.

Here’s to your next venture! Mike

Improving Group Event Conversations

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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

Which Style of Leader Are You?

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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

Are You Living in the Blue Zone?

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I recently completed reading a book titled The Blue Zones by Dan Buettner. The book is about the research Buettner did around longevity and how certain areas around the globe have a much higher density of people over the age of 100. He teamed with researchers from different countries and the National Geographic to study their lifestyles and habits. He was looking for unique traits or commonalities for why some areas exhibited a higher life expectancy compared to other regions of the world.

Habits for a long life

Here are some highlights that I gathered from the book and other articles around it for living a life in the “Blue Zone”:

  • Move Throughout the Day Naturally. The Blue Zone centenarians move every day. It’s the moderate exercise of working in the garden, walking through the pastures, and walking around town to see friends and family. They are not running marathons or pumping iron to bulk up. They are doing moderate work by lifting things or weights and walking a lot.
  • Eat in Moderation. They don’t eat in excess and a lot of veggies and fruits are in their diet. The Okinawans have a saying. “Hara hachi bu,” which means to eat until you are 80% full. This helps them eat intentionally in a moderate manner. I have adopted the mostly veggie and fruit intake with meat and fish interspersed during a week. I have come to really enjoy a nice salad at the end of a day.
  • Socialize and Belong. These Blue Zone centenarians have an emphasis on family, friends, and faith that underpins their daily life. They stay in touch with friends and socialize on a regular basis in person. They find purpose with their family and stay active in their kids’ family life.
  • Manage Stress. Saying “No” to things that don’t serve them is an attribute that helps centenarians have a lower level of stress. They relax with naps, prayer, or a happy hour. Getting a good night’s rest is one characteristic that seemed to be common among these centenarians. Even if some get up at the crack of dawn, they still managed to get 7-8 hours of sleep per day.
  • Choose the Right Tribe. They surround themselves with people of similar values and practices in their everyday lives. Having a group of people you can regularly socialize with creates the connection that is needed as part of our biological make-up.

These are just a few take-away concepts from the book. I recommend reading or listening to the book yourself so you can use those habits that resonate with you to live a Blue Zone life.

Grit Is the Key to Entrepreneurial Success

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Earlier this year, I ran across an interesting article on the most important attribute for career success. What would you imagine it to be?

If you ask the general public, intelligence is widely believed to provide the greatest advantage when it comes to business success.  Certainly, it is an important attribute for a business owner to have.  But, the psychologist whose work was the focus of the article found that intelligence is not nearly as important as a characteristic she calls “grit.”

Psychologist Angela Duckworth had studied high achievers for several years in her efforts to understand exactly what made them so successful.  When pressed to describe what she meant by grit, Duckworth said it’s a combination of persistence and passion.  

In other words, people with grit love what they do and do whatever it takes to get the job done.  To my way of thinking, that is as sure a path to career success as exists.  Not coincidentally, it describes the mindsets of the most successful entrepreneurs I have had the pleasure of meeting.

Passion, Perseverance

If we accept passion as an important aspect of grit (and I think we should), we need to consider the source of that passion.  I believe entrepreneurs are passionate because they invest so much in their work lives. 

A business owner is not just punching a clock; the business’s performance is a direct (although sometimes imperfect) reflection of the owner’s presence and efforts. His or her beliefs, ideas, worries, inspirations and perspiration are all tied to the business and reflected in business results.

Many owners I know are passionate about generating good results because of the personal sacrifices they make for the growth of their businesses. They are competitive about generating good results as a means of validation.  They also believe in the notion of legacy. By building successful businesses, they hope to make the world a better place.  Building businesses that provide opportunities for employees is a great way to do so.  

The quality I most admire in entrepreneurs is their perseverance. Duckworth describes high achievers as being unusually resilient and hardworking.  I cannot think of a successful entrepreneur who does not possess those characteristics in abundance.   

Perseverance goes beyond what is commonly thought of as resilience and hard work. It’s a mindset of never giving up even when everything seems to be working against you. A never-quit attitude is a fantastic leadership quality.  Any setback is seen as a temporary obstacle to be overcome. Overcoming obstacles large and small is the only way to improve the business over the long haul. 

An entrepreneur who can instill that kind of attitude in the workplace has a real chance of building a business that is focused on continuous improvement.  Continuous improvement is often rewarded with financial success and opportunities for growth.  That’s the kind of business most employees hope to find one day.

To discuss how your business can encourage the development of grit-filled employees, give Trillium Financial a call at (404) 353-2148 or email us