Time To Flourish

Women-owned business

The Keys to Effective Strategic Planning

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Having a clear strategic plan is a critical part of keeping your organization on the path to success.  However, the most important part of any plan is the execution.  As a manager, it’s understandable that the chaotic events of the day get in the way and push you off the path carved out by your strategic plan. It’s not the intention, but often it’s the reality.   Frequently, the strategic plan is created in a silo without consideration of daily challenges and dependencies between departments.  How do we prevent this and ensure that the strategic plan is woven into the fabric of the business?  Here are a few recommendations.

The key factors to creating an effective plan that will drive the direction of performance throughout the organization include the following steps:

  1. It’s a team effort!  If you can devise a method to solicit input from all levels of employees, the plan will be owned by everyone and there will be a greater and shared determination to see it succeed.  Including input from your employees provides a more realistic view of the probability of execution.
  2. Begin with a SWOT! The first step to creating a plan that will guide the direction of your business is to first identify the Strengths, Weaknesses, Opportunities and Threats of your business.
  3. Start with the what’s happening now! Assess the current year’s progress as compared with the current plan and identify factors that are affecting hitting or missing strategic goals.  Use this information to ensure that your new year’s strategic initiatives are realistic and achievable.
  4. Look at it regularly! Schedule monthly meetings to review and analyze organizational achievement as compared with the strategic plan.  Make adjustments throughout the year to overcome areas that are failing to meet expectations.
  5. Make it a regular part of the conversation! Communicate progress with all members of your team and keep everyone engaged in the execution of their specific goals as well as the overall plan.
  6. Get help! Particularly if this is a new initiative for your team, a consultant or coach can help to guide the process and provide an objective prospective.  Utilize external guidance to ensure that the process adds value and is conducted efficiently.
  7. EXECUTE!! “Execution is the game.” –  Gary Vaynerchuck

A strategic plan based on past performance and an in-depth analysis of internal and external factors is the first, crucial step to setting your business on a successful path.  If your organization is trending in a positive direction, a strategic plan and maintain that trajectory.  If your organization is failing to perform at the expected level, a strategic plan can organize and focus efforts in the direction needed to achieve the necessary performance improvements.

“By failing to prepare, you are preparing to fail” – Ben Franklin

Kindness Matters….Even In Business

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Kindness Matters, you hear and see that phrase every time you turn your head.  Parents say it to their children, teachers say it to their students and clergy say it to their parishioners.  How often do board members say it to the leaders of the organization?  How often do executives say it to their managers?  How often do managers say it to their front-line employees?   And more importantly, how often do the leaders of an organization actually live by those words?

Tough decisions must be made in an organization every single day.  And those decisions sometimes result in actions that cause stress, tension and even pain.  Laying off employees for a workforce reduction or disciplining an employee or changing direction in the middle of a project – all those situations create stress.   But every single action, every single conversation can be done with kindness and fairness.   An employee can be laid off or even terminated with their dignity.  Leaders can choose to be kind in tough situations.

Kindness matters shouldn’t just be a phrase but it should be a value that leaders emulates daily in their professional life.   I believe that when a leader demonstrates kindness, they are also creating a more positive and happy work environment.

Be kind to your employees.  Be kind to your employees on the good days, the great days and even the bad days.   Be kind when your sales team exceeds their goals.  Be kind when your sales team misses their goals.  I’m not saying to not address poor performance.  In fact, I believe strongly that poor performance needs addressed quickly and directly.  With kindness.

Business is business.  It’s not personal.  Goals and objectives must be met. But no one ever said you can’t be kind while you are accomplishing your business goals.    You might even find that kindness will help you achieve those goals!

In 2015, a Pew analysis of Labor Department data estimated that the average American works 1,811.16 hours per year.   That is a lot of hours to show kindness to the people around you.

Build It and It Will Flourish

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In Hollywood, if you build a baseball field in the middle of your corn field, legends will appear on your lawn.  In business, if you work to build an engaging workplace culture, success will come.  Ignoring factors and indicators of employee engagement is a sure way to decrease the productivity of your team.  Employee engagement is an asset of your business that will diminish if you do not keep it as part of your strategic plan.  Productivity, employee retention, employee attendance, and proficiency are all factors that will drive the financial results of your organization in an upward or downward direction.

Knowing this, how do you positively impact employee engagement so that is drives success?  The following are five key areas to incorporate in your

The following are 5 key steps to improve employee engagement:

  1. Employ great leaders rather than managers.

Often promotion to manager is the reward given to a successful, technically proficient employee.  It’s a great move in so many ways, but one.  This individual may not understand how to lead a team; how to motivate, coach and manage employees.  Investing in management training and development is crucial.  Specific areas of focus for new managers include communicating clear expectations, implementing consistent processes, and leading by example.  Pairing a new manager with an experienced, effective manager for guidance and mentoring is a great approach to developing leadership and management skills.  Establish touchpoints with your new managers to review progress and establish upcoming goals.

  1. Encourage frank employee feedback.

It’s important that your managers create an environment where employees feel safe to provide honest feedback.   How to accomplish this?  Provide a means to solicit feedback and then pay attention.  Read the feedback and determine how to respond to each item.  Feedback can be in the form of a survey, anonymous complaint hotline, suggestion repository or targeted group meetings.  Now, where the difficulty lies is that honest feedback is only given when the surveyed individuals feel “safe”.    The actions of management have a deep influence on frank employee feedback.  A culture of open communication without retribution must exist so that you can trust the feedback provided.  So many times, the results of a survey are in direct contrast with the perceived morale.  In this situation, initiatives such as skip-level meetings should be utilized to uncover the cause of distrust and disengagement.

  1. Open lines of communication throughout the organization.

Employees who have a clear understanding of how they contribute to the mission and vision of the organization will undoubtedly be more engaged.  Communicate clearly the expectations of each person’s role.  Provide specific processes to follow.  Do not assume that everyone “knows how” to accomplish objectives.  Provide feedback on your team’s progress and provide a clear picture of how their performance is tracking.

  1. Create an inclusive environment.

Inclusive environments are critical to healthy employee engagement.  Offering an inclusive culture is being cognizant of the prospective and uniqueness of your employees.  It’s creating a workplace where everyone is treated equally with respect and consideration.   This includes providing equivalent opportunities to participate, contribute, learn and express opinions.    Often without conscious choice, managers will offer feedback to employees using completely different approaches.  For example, a manager takes the time to review progress with one employee, yet, sends an email to another employee to provide similar feedback.  Ensure that you delegate special assignments fairly and communication is to the group and not certain individuals.  Small gestures from a manager could be interpreted as discriminatory and erode  the employee’s sense of value.   Understanding the circumstances that create an environment of inequity is critical to eliminating office bias.

 

  1. Include employee engagement as a permanent part of your strategic planning.

Organizations with higher employee engagement realize higher productivity, substantially better customer loyalty, fewer accidents, and greater profitability.  Therefore, it is vital to include employee engagement as a priority in your organization’s strategic plan.  This initiative must be a priority for every level of management – from the board of directors to team leaders.

Employee engagement is not something that is “fixed” therefore forgotten.  It is a factor that will have a significant impact on the success of your organization.  If you ignore it, it will decline.

6 Reasons Why Interim Management is a Wise Choice for Many Organizations

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Have you ever wondered why some organizations hire an Interim CEO or an Interim President/COO?  Here are some insights as to why they do it.

1. Allows Hiring the RIGHT Leader to be the TOP Priority

The decision to change the top leadership of an organization is a big one.  Replacing that person with the right candidate is a long and time-consuming process.  And one that an organization can’t afford to mess up.   An interim leader allows the hiring committee to solely focus on the priority of recruiting and selecting a permanent leader.   Often times a top leader is left in place much too long for the simple reason that the hiring committee does not yet have their replacement identified.

2.  Brings Objectivity

An interim leader is able to remain inherently objective while they are in their role.   They are able to see the big picture and prioritize the needs of the organization without emotion or bias.

3.  Reduces Anxiety

Change at the top level creates uncertainty for the employees.  A board member or operating partner acting as CEO can create additional stress and workplace politics which creates a more inefficient workforce.

4.  Reduces Transition Lag

An interim leader is able to keep the company moving forward and focused on strategic goal achievement during the transition from one leader to the next.

5.  To Support a Founding CEO       

Sometimes a founding or start-up CEO finds that their organization has outgrown them.  They might not be ready to step away and/or still have value to bring the company.  An interim COO can provide the necessary support and collaboration the CEO needs to keep the business moving in the right direction.

 

6.  To Balance an Entrepreneur  

Everyone knows that the skills that make someone an amazing entrepreneur are not all the same skills that make an amazing leader.   A proven c-level executive collaborating with a visionary entrepreneur can be the perfect synergy for a start-up to realize true success.

The Value Of A Culture Statement

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The Mission, Core Values, and Culture Statements unite your team and provide basic principles, objectives and values to guide their actions.  These declarations are critical to establishing a productive culture. They help your employees understand the impact of their daily tasks to the overall purpose and objectives of the organization.  In turn, this will translate to improved employee engagement and performance.

The Mission Statement defines the purpose of the organization and describes the characteristics that set your organization apart from the rest.

The Core Values support the Mission, shape the culture and reflect the principles of the organization.

The Culture Statement is comparable to a playbook that provides your team with a clear overview of what culture looks like in your organization.  It may be in the form of a handbook, a digital deck or a narrative statement.  The Culture Statement is a compilation of your organization’s mission, values, traditions and beliefs.  It will be used to guide your team in their actions, priorities and decisions.

Company culture must be aligned with all employees.  The company culture statement should be introduced to new employees as early as possible, preferably during the on-boarding process.  Ongoing training initiatives will ensure that employees remain aligned with the path and purpose of the organization.  Some organizations introduce their culture statement to prospective employees during the interview as part of the screening process.  It is an effective tool to explain the “why” behind the operations of the organization and to help determine fit.

There are numerous examples in recent events illustrating the pitfalls of operating a business without a carefully constructed culture.  Companies are in the spotlight due to poor treatment of their employees, unethical consumer practices and inappropriate behaviors.  It is crucial to provide culturally conscious leadership based on your specific mission, set of values and inclusive culture to ensure that your organization is operating as desired.  Culture needs to be a permanent agenda item when devising strategy.  Cultivation of your established culture requires ongoing attention and resources just like any other strategic initiative.

The mission, core values and culture of your organization must be apparent from front to back.  As you walk into your office and throughout each department, is there evidence of the principles, convictions and purpose of your organization?  Does your website convey what you represent and hold sacred?

Why is this critical to the success of the organization?  Simply put, it will improve performance.  Organizations who define themselves through their mission, core values and culture achieve higher levels of success.

Turnaround Operations, More Than A Catch-Phrase

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Business leaders often recognize that they are in a turnaround situation after missed financial forecasts for an extended period of time.  Maybe you are experiencing consistent declining revenues and increasing operational expenses, higher customer turnover, a shrinking marketplace, or other signs of distress.  The leaders of an organization find themselves reacting to try to stop the financial misses.   The reactions are commonly either in fire-fighter mode where the team members are averting or putting out one crisis after another.  Or the team members begin throwing spaghetti on the wall to see what will hopefully stick.   The work environment has become chaotic and stressful.

As you can imagine, this can be the beginning to a long and painful downward spiral.   Swift changes in organizational direction and perceived panic decisions made by top management can diminish the confidence of the strongest employees, causing them to job search and leave. The CFO/Sr VP of Finance is renegotiating credit terms with debtors and trying to get billables stretched as far as possible.  Cash flow reports are needed daily to ensure there is enough to cover payroll.

Investors, lenders, shareholders and board members start increasing the pressure and scrutiny which in turn results in more fire-fighting and more spaghetti at faster and riskier rates.  If something doesn’t change and change soon, the organization could find itself in dire straits.

Turnaround operations or turnaround management requires quick implementation of a focused strategy developed to fix the underlying issues of the business.   It is often very difficult for an organization to implement an objective turnaround plan internally due to emotions, biases and a lack of turnaround expertise. A turnaround requires a formal and structured plan with benchmarks and data points.

Turnaround itself implies the important point in which an organization begins to shift upward and make improvements.  Depending on the underlying issues, size, culture and adaptability of the organization the turnaround can happen quickly or take a significant period of time.

Questions that need answered:

  • Do you have the data to explain why you are in this situation?
  • Has your target audience/client changed in the last 1-5 years? Have you changed along with them?
  • Emotions aside, do you have the right leaders? Is a change in top leadership necessary to facilitate this turnaround? Do you have the right employees?  Are they in the right positions?
  • Is the organization aligned properly and effectively? Does the infrastructure compliment the business?
  • Is your business model efficient? Centralization vs. decentralization?  Is your mix the right one?
  • Do you have the funding and support to actuate the turnaround?

Turning around a poor performing company is daunting to anyone.  It is often best to bring in an expert; someone who has previously had to turnaround an organization.  A person who has lived through that pain and came out stronger on the other side can bring a lot of insight and save the organization time and money.   And let’s face it, in a turnaround situation especially, time and money are your most prized commodities.

Schedule an appointment with us to continue this conversation.