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

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

Are Successful People Just Lucky?

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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

7 Traits of Successful Leaders

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All business leaders are not alike. There are many different leadership styles, all of which can be successful. However, if you take a handful of department heads with unique management styles, and you will see very similar traits in all of them.

The seven traits that are common to most successful business leaders include the following:

  1. Authenticity.  People can sense authenticity and authenticity is directly related to trust. Employees are much more likely to work hard for someone who is the “real thing.” True leaders stay true to their values regardless of the pressure that they are under to act otherwise. They are honest with themselves and others, and take responsibility for their mistakes.
  2. Resilience.  There will always be challenges in work and home life — what’s important is how one responds to the challenges. A great leader not only faces challenges head on, but also grows stronger as a result.
  3. Ability to delegate. Delegating is difficult for many leaders, but it’s important. Leaders who are good at delegating show employees that they have trust in them and have confidence in them. Delegating promotes learning and growth in employees.
  4. Empathy.  Empathy can make the difference between good and bad leaders. Being able to put yourself in someone else’s place is a skill that many managers or top executives lack. A leader who shows empathy toward direct reports is more likely to be viewed as a better performer by “higher ups.” People will work hard for and appreciate an empathetic leader who demonstrates compassion.
  5. Excellent communication.  This one seems obvious but can sometimes be overlooked. This means communicating with a variety of people in a variety of ways, including social media, text, phone calls, Zoom meetings, email and face-to-face. Don’t forget that active listening is just as important as talking. Listening to concerns, asking for feedback, and showing appreciation all play vital roles in how a leader is viewed. Communication is also not always verbal, but seeing non-verbal cues is a quality in an effective leader. The quality of excellent communication directly correlates to the success of a business.
  6. Honesty. It’s often hard to speak up in the workplace, especially to executives, but it’s a trait that is essential to a thriving business. It’s easy for resentment to build and gossip to begin when employees don’t feel comfortable sharing ideas and opinions. Good leaders have the courage to be honest and demonstrate the ability to discuss difficult topics. Leaders intentionally create an environment that encourages employees to do the same.
  7. Respectful.  People who feel like their boss respects them work much harder to meet goals than those who don’t. Respect motivates people to trust others and to work hard to meet and exceed expectations. Employees who have the respect of a manager, also have a sense of purpose and feel valued by their company. A lack of respect can oftentimes lead to a lack of motivation and mediocre work.

What traits are your strengths?  Where are you not as strong?  Having these traits as part of your leadership team will help set the tone at your business and its course of success.

Mastermind is the Name of the Game

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What is a mastermind group? This timeless concept is explained by Napoleon Hill in his books published in the 1920s and ’30s, The Law of Success and Think and Grow Rich.

Some mastermind groups are informal with 2-3 people and other groups are more formally organized, such as organizations like Vistage (www.Vistage.com), YPO (www.YPO.org), or View From the Top (www.viewfromthetop.com).   More formal mastermind groups consist of approximately 8-12 peers who meet on a regular basis (weekly or monthly) either in-person or via Zoom. Members pay monthly dues, and their fee often covers in-person speaker(s), activities, and/or retreats.

CEO & Co-Founder of Sustainable Investment Group (www.sigearth.com), Charlie Chichetti, has belonged to a 10-person mastermind group, Iron Sharpens Iron (“ISI”) as part of the View From the Top, for the past six years. Chichetti says the strength of a group lies in the diverse personal and business experiences of its members. Participants share best practices and hold each other accountable for tackling problems and meeting goals. Each member takes a turn in the “hot seat,” while the rest of the group brainstorms strategies and solutions to aid them in facing their challenges head on. A successful mastermind group enhances its members’ business AND personal lives.

Make no mistake, these formal groups like Vistage and ISI are not laid-back clubs.  Attendance and participation are  required. Members are expected to present problems, as well as provide feedback. The group devises a method of holding members accountable for following through, which keeps everyone focused and on track.

Charlie Chichetti offers the following guidelines to create an efficient and productive mastermind group:

  • Meetings are not the time to multi-task; they should be structured and begin and end on time.
  • Be present – both physically and mentally.
  • Members should come with a giving—as opposed to taking—mindset.
  • Include a mix of members, including “solopreneurs,” people from small- to large-size businesses and from different industries.

Trace Blackmore, owner of Blackmore Enterprises (www.blackmore-enterprises.com), has been part of a mastermind group for the past 10 years. He currently facilitates a mastermind group, Rising Tide (www.scalinguph2o.com/mastermind), and is a firm believer that learning from others’ mistakes and successes is one of the best tools for good decision making. Like Chichetti, Blackmore contends that the structure of mastermind groups is key to their success. He provided the following guidance to anyone who is part of a mastermind group, or is considering joining one:

  • All devices should be on silent mode during the meetings.
  • Progress is expected every week and a group may choose to offer consequences for members who come unprepared.
  • Before deciding to join a mastermind group, be sure you have the time, energy, and desire to make it a priority.
  • Each meeting should start by celebrating wins. Support and accolades are integral to keeping members motivated.
  • Ask questions! Questions help people think and look at circumstances from different perspectives and keep people from jumping to conclusions until they have all the information.
  • Members should be honest, while doing so in a tactful way. A book titled Fierce Conversations by Susan Scott is a good resource.
  • Individual goals and plans should be clearly verbalized to the group and should include deadlines for completion. This keeps people focused and on track.
  • What happens in mastermind stays in mastermind. Like all of life, business and personal events overlap, and problems and solutions are often of a personal nature.

Now you are officially aware of the who, what, when, where, and why and of mastermind groups. The benefits— accountability, strategy development, and healthy business and personal habits—are invaluable. Perhaps you will think it over and decide that membership is right for you.

As a member of a mastermind group for 10+ years now, I’m happy to advise you if you are thinking of joining one.   Feel free to contact me to discuss.

Traits of Successful Entrepreneurs

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Did you know that 20 percent of new businesses fail in their first year, 50 percent don’t last beyond five years, and 66 percent are gone before 10 years?

Lasting entrepreneurship involves so many factors – it’s not just being an industry or functional expert, or putting hard work into a great idea. External inputs such as economic, market, and industry conditions play a role. And so does plain old luck.

What tends to drive a business to succeed, or not, is its founder(s). And many serial entrepreneurs seem to have a skill set that balances industry and business knowledge, ideas, intuition, the ability to build relationships and close a deal, and willingness to embrace risk.

Entrepreneurs are much like someone who goes up in a plane, and jumps right out without hesitation. But starting a business, like sky diving, is not for everyone. And though there is not one “successful entrepreneur” mold, here are some qualities I have noticed that many profitable self-starting-business owners exemplify:

  • Discipline. Successful entrepreneurs limit distractions and stay focused on making tangible progress each day to drive their business forward. This builds momentum and both internal and external confidence.
  • Confidence. Entrepreneurs also display an uncanny confidence in their product or service from the onset. They absolutely believe their product or service and that it will succeed.
  • Creative. Being creative doesn’t mean an entrepreneur continually invents products or services. It does mean they can think of ways to solve a problem either better, faster, or cheaper than others. Just one of those traits is enough, but two or more of the three are even better.
  • Open-mindedness. This skill helps with the entrepreneur’s ability for agile problem-solving needed in a startup environment. Successful entrepreneurs are open to new ideas and truly listen to others.
  • People skills and empathy. An entrepreneur has learned to inspire, persuade, and communicate articulately their vision. The can also soundly judge others’ characters.
  • Business thinker. An entrepreneur understands motivation and emotion, and they consistently view every situation as a business opportunity or risk, and ensure that the path they take is executed upon to drive beneficial results.
  • Competitive spirit. Finally, entrepreneurs are competitive. They’re not cutthroat, because they know that people generally want to buy from and work with people who wish the best for others. But they do embrace the truth that competitiveness and ambition go hand-in-hand. They also realize when it’s time to move on to the next project.

How does this list make you feel? Motivated? Tense?  Exhausted? Bored? If you’re feeling motivated, you may have an “E” (entrepreneur) personality. You may have what it takes to start a new business venture and see it through to prosperity. More importantly, you may have what it takes to have a fulfilling career as an entrepreneur.

Let us know how we can help you design your entrepreneurial business for financial success!

Mike

It’s Decision Time

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The average adult makes about 35,000 decisions a day. Sounds like a lot, doesn’t it?

According to Psychology Today it’s not. And if you think about it, it makes sense: people make many decisions without thinking of them as decisions. (Which pen do I take out of the pen holder? Do I have time to review the report before the meeting?) With all of these opportunities to change the course of our day, our career, our life, it’s a good idea to explore ways to improve decision-making.

The results of a study published in the journal Cognition indicate that not all times of day are created equal when it comes to making decisions. The study tracked 184 chess players who made about 40 “complex human thinking decisions” during a 3- to 15-minute chess game. The results are interesting.

To summarize, study subjects made the decisions most favorable to their game when they were playing between the hours of 8 a.m. and 1 p.m. After 1 p.m., players made decisions more quickly (presumably they were in a post-lunch slump or tiring as the day was progressing), and their decisions were less favorable to their game.

Bottom line: make important decisions in the morning. Sort of. When you sleep and when you get up matters too. If you are a morning person—you know, the early to bed, early to rise type—then your best decision-making time is the morning. But if you’re a night person, then your “morning” is during the five hours after you rise for the day. So, relax: if you don’t get out of bed until 9 or 10 a.m. , then you haven’t missed your prime decision-making hours.

A lifehacker.com article by Adam Dachis also supports the morning person/night owl concept, recommending that people identify when they’re most able to make good decisions and then resolve to make important decisions during that span only. Creativity coach Mark McGuinness advises people not to worry too much about little decisions, because they generally don’t have a long-term impact on your life.  For example, what clothes you wear on a particular day or what you eat for dinner doesn’t change the direction of your life. (Although, should you wear neon orange cowboy boots with your suit and purple fedora to the office, the boss may question your judgment.)

McGuinness also recommends weighing the pros and cons before making big decisions. And don’t ignore your gut. He says it’s best to take more time (if possible) to land on a decision when your logical side disagrees with your instincts. In other words, intuition matters.

Should you follow this advice? Determine the best time, and then think it over. It’s your decision.

If You’re Happy and You Know It. . . You Likely Have Good Friends

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The key to happiness (along with the location of the Fountain of Youth) has eluded humans since the beginning of time.

Some keys to happiness have now been uncovered as a result of one of the world’s largest longitudinal studies of people’s health and happiness. Launched by Harvard University in 1938, the study followed then-college sophomores into old age. With fewer than 20 of the original subjects still alive, the results were released in 2015.

The study subjects were in several groups. The first consisted of sophomore students at Harvard, who graduated during WWII. The second group consisted of boys from some of the poorest neighborhoods in Boston. Additional groups were added over the years, including some of the men’s spouses and children.

The study had three primary takeaways about the keys to happiness, as outlined below:

  1. The most consistent factor in the lives of happy and healthy people is forming and maintaining close relationships with others. People who have meaningful connections to family, friends and their community tend to be healthier, so they are likely to live longer than those who do not.
  2. The quality of relationships is much more important than the quantity. Having a few good, supportive, close friends is much better than having a plethora of acquaintances or shallow relationships. And relationships that are full of conflict are not healthy. Robert Waldinger, a psychiatrist and professor at Harvard Medical School told The Harvard Gazette, “Good, warm and close relationships…have the ability to buffer us from some of the slings and arrows of getting old.”
  3. Good relationships are good for your brain. In addition to being good for physical and emotional health, the study also shows that people with meaningful relationships tend to have sharper and longer memories.

To have positive and close relationships, the article suggests trading some screen time for “people time,” and working on existing relationships by trying a new activity. Something as simple as taking walks together can revitalize a relationship. Another suggestion is to contact a friend or a relative with whom you have lost touch: reconnecting with people from the past is often very emotionally rewarding.

Virginia Tech gerontologist Dr. Rosemary Blieszner provides advice about making new friends: “Be sure to take the time to get to know one other. Share some personal information gradually, as you get to know each other. Find activities you both enjoy, and be sure to let the other person know you’re interested in getting together again.”

Advancements in medicine and science are enabling people to live longer and longer. The key to making the most of our longer lives is learning how to be as emotionally, mentally, and physically healthy as possible during these bonus years.

Humility’s Unexpected Benefits

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by Tom Mallory

“Always acknowledge a fault. This will throw those in authority off their guard and give you an opportunity to commit more.”
– Mark Twain

“If I only had a little humility, I’d be perfect.”
– Ted Turner

Can humility help us in business?

Maybe there’s a place for being humble but it couldn’t be in the competitive, driving, and sometimes cut throat world of the workplace. Strength and determination win on this battleground. Besides, isn’t being humble perceived as being weak? Do I want my competitors and, worse, my potential clients believing I’m weak?

In addition, don’t we all secretly strive to be flattered, recognized by our peers (and hopefully our bosses), and ultimately honored in large public ceremonies? Sure we do. So where’s the business benefit from being humble?

Humility Analyzed

Mention the name Lee Iacocca and most people think “great leader.” After all, he brought Chrysler back from disaster, raised its stock price far above his competitors, wrote a successful business book, had adoring fans worldwide, and even was urged to run for president.

But according to Jim Collins in his book Good to Great, Iacocca’s business success was in the first half of his tenure before “he diverted attention to making himself one of the most celebrated CEOs in American business history.” As Collins elaborates, he appeared regularly on talk shows, starred in over 80 commercials, and widely promoted his autobiography. At one point, Iacocca stated, “Running Chrysler has been a bigger job than running the country. . . I could handle the national economy in six months.”

The second half of his tenure was different. “Chrysler’s stock fell 31 percent behind the general market. He postponed his retirement so many times that insiders joked that Iacocca meant “I Am Chairman of Chrysler Corporation Always.” Then after his retirement, he launched a hostile takeover bid for Chrysler with Kirk Kerkorian which failed.

Lee Iacocca is just one example of business leaders who let pride foil their “enduring greatness.” Others, as Collins points out, were Al Dunlop at Scott Paper, Stanley Gault at Rubbermaid, and CEOs from many name brand companies such as R.J. Reynolds, Teledyne, Eckerd, and Bank of America. In fact, in over two thirds of the comparison cases Collins’ team studied, “the presence of a gargantuan personal ego contributed to the demise or continued mediocrity of the company.” Thus, the common characteristic that lacked in these potentially great business leaders was humility.

In contrast, Darwin Smith of Kimberly-Clark, Colman Mockler of Gillette, and George Cain of Abbott Laboratories rose to become great leaders because of a “paradoxical blend of personal humility and professional will.” Ever heard of these great men? That’s the point. They shunned attention of themselves, were modest, and gave credit to others. They had tremendous inner strength to repress their ego and focus on the larger goal of building a great company.

Humility and Success through the years

Success through humility is not a new concept.

Perhaps one of the earliest humble businessmen was Benjamin Franklin, who described himself as a “humble inquirer.” According to Walter Isaacson in Benjamin Franklin, An American Life, Franklin began developing this style around age 20 after reading about Socrates’ method of building an argument through “gentle queries.” Uniquely disarming to his opponents, this style won many friends, starting with the Governor of Pennsylvania after Franklin ran away from Boston to Philadelphia at age 17. He used his humble style along with wit, an astounding literary grasp, patience, and determination throughout his multiple careers. Although Franklin referred to himself as simply a “printer,” Isaacson believes that he was “America’s best scientist, inventor, diplomat, writer, printer, and business strategist” during his 84-year life.

George Washington is described by many authors as always moderate, always modest.  As Willard Randall in George Washington: A Life describes, just prior to resigning as commander in chief after the British surrendered, “his mortal enemy, King George III, has said that if George Washington could give up power, he would indeed be the greatest man of the eighteenth century.” Washington avoided the spotlight literally by being stealthy and elusive in battle (hence the English called him The Fox) but also by giving others the credit. His military officers loved him for this and cried along with him at Fraunces Tavern in New York on November 25, 1783 when he bid his officers a final farewell. He did not seek higher status or title even though the country begged for this, and he tried numerous times to return to his life as simply a “planter.” On his last day as President at the inauguration of John Adams, he “wore a plain black suit as he walked alone to Congress Hall while Adams in a lavish new suit rode in a new resplendent carriage of state.”

Abraham Lincoln never let his ego get in the way of his primary ambition for keeping the nation together. As James McPherson writes in Battle Cry of Freedom, he was humble:  shy, awkward in manner, and modest. He acknowledged his failures in numerous conspicuous ways, received suffocating amounts of criticism without seeking revenge, and felt more at home with common folks. “Common looking people are the best in the world: that is the reason the Lord makes so many of them,” he once wrote.  A line in his Gettsyburg Address sums up his humility: “The world will little note nor long remember what we say here, but it can never forget what they did here.”

Colin Powell and Jimmy Blanchard are example of current leaders who excel because of their humility. Powell “grew up poor but rich in spirit and values,” as he says in his book My American Journey. Among his 13 “Rules of Life” are being kind, sharing credit, and letting go of your ego. Like Franklin’s humble self description as “printer,” Powell sums up his unprecedented military career as simply being “a soldier.” Jimmy Blanchard, CEO of Georgia-based Synovus, always displays humility in his business and community life. His company, which was started by “a single act of kindness in helping a female mill worker,” continues to “treat folks right by doing the right thing.” Fortune Magazine in 1999 rated it the #1 place to work in America.

Becoming Humble

Jim Collins writes, “Humility + Will = the Enduring Level 5 Executive.” But how much humility is needed to go from a Level 4 Efficient Leader to Level 5?  Certainly Iacocca had the “will” as exhibited by his “ferocious resolve.”  But did he need a little or a lot of humility to achieve greatness?  Is it worth investing our time towards better understanding and perhaps becoming at least a little more humble?  Alfred Ells, a senior therapist with New Life Clinic and founder of House of Hope Counseling, suggests 10 ways to work toward becoming humble:

  1. Choose to serve others. Doing so reduces our focus on ourselves and builds up others. But when serving others costs us nothing, we should question whether or not we are really serving.
  2. Receive correction and feedback graciously. Look for the kernel of truth in what people offer you, even if it comes from a dubious source. Ask yourself, “What is being shown to me that I can’t see.”
  3. Take wrong patiently. When something is unjust, we instinctively want to strike back and rectify it. However, patiently responding to unjust accusations and actions of others builds and displays our strength and character.
  4. Acknowledge your mistakes and weaknesses to others. It’s ironic that it is so difficult to admit our mistakes and weaknesses even to ourselves since through these failures we learn. But the true test of humility is acknowledging our faults to others. Wisdom, however, dictates that we do so with those we trust.
  5. Actively submit to authority. Our culture does not value submission; rather it promotes confrontation and individualism. Submitting to those in authority, particularly if we disagree with them, reveals your strength.
  6. Accept a lowly place. If you find yourself wanting to sit at the head of the table, desiring to be recognized for your accomplishments, or becoming offended when others are honored, then pride is present. Support others being recognized rather than you. Look for and accept the lowly place; it is the place of humility.
  7. Purposely associate with people of lower state that you. Society is status conscious and people naturally want to socialize upward. Resist the temptation of being partial to those with status or wealth.
  8. Be quick to forgive. Forgiveness is possibly one of the greatest acts of humility. To forgive is to acknowledge a wrong that has been done to us and to release our right of repayment for the wrong. Forgiveness is denial of self. Forgiveness is not insisting on our way and our justice.
  9. Cultivate a grateful heart. The more we develop an attitude of gratitude for the gifts we constantly receive in life, the more we realize our successes have been gifts earned from giving.
  10. Purpose to speak well of others. Saying negative things about others puts them “one down” and us “one up.” Speaking well of others builds them up instead of us. “I will speak ill of no man, and speak all the good I know of everybody,” said Ben Franklin.

It’s ironic that one of the ways to be humble is by acknowledging our weaknesses and mistakes to others. However, to do this and other humble acts takes tremendous inner strength and confidence – the kind of strength and confidence that leads to enduring leadership.

So humility is not what business would perceive it to be: weakness. Humility allows weakness, which we all have, to be transformed into strength. Being humble also reveals this strength to others, and this strength continues to build within us if we practice humility. Ultimately, humility lifts others and in doing so lifts you. But watch out. It’s even more difficult to be humble from a higher position.

Tom Mallory is a partner at Acadia Associates, Inc., an Atlanta-based executive firm. He can be reached at TMallory@AcadiaAssociates.com or at 404-467-8900.