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Posted by Martha Rice as bottom line performance, goals & goal setting, planning
Whether you love them or hate them, goals are necessary. Goals unleash a powerful force that keeps organizations, teams, and individuals growing and improving, both professionally and personally. Without continuous regeneration, jobs and organizations can quickly become obsolete and irrelevant especially in our highly competitive marketplace.
Research has shown that individuals who set goals generally accomplish five to ten times more than those who have equal or better education and ability. In his research, Damon Burton, professor at the University of Idaho, found something even more striking about people who set goals.
• Have less stress and anxiety.
• Concentrate better.
• Are more self-confident.
• Perform better.
• Are happier and more satisfied.
 Ironically, goals (and the power they wield) can quickly become problematic unless we diligently use caution and our common sense. Like an invisible magnetic force, an errant or misleading goal can actually push people to act in inappropriate or unethical ways, sometimes engaging in risky behavior that isn’t beneficial for them or their organizations. Someone who pursues a reckless goal creates undue anxiety for others, encourages self-serving ambitions, and amplifies silo behaviors within an organization.
On the other hand, the most admirable and benevolent goal can be a miserable failure if isn’t developed carefully. A budding goal may have a focus that is too broad, too vague, too narrow, too aggressive, or without motivation. It is possible to have a goal that conflicts with other goals or you can simply have too many to complete. Sometimes, a seemingly very good goal can be perceived as threatening by other people; make certain that it is beneficial to all concerned. It has been said that the hardest task you will face is making the “right” goal. Many organizations use a goal-setting method defined as S.M.A.R.T –Specific, Measurable, Aligned, Realistic, and Time-bound.
Too often, goals fail because people don’t believe this type of results driven leadership can be realized. It won’t matter how “good” the goal is if you can’t see it, feel it, or define it. You must believe in and then be ready to act on your goal.
Goals can be a potent force and are necessary to keep up with the constant change in our world. Use good judgment as you develop your goals and take the time you need to set goals that are well-defined. By keeping the five S.M.A.R.T. concepts in mind as you set your goals, you will increase your chance of success by five to ten times over those who don’t. As someone once said, “All good performance starts with “smart” goals.”
Tags: Goal failure, goal setting, Reaching Goals, results driven leadership, S.M.A.R.T. Goals Help To Improve Productivity, setting goals, SMART Goals
Posted in bottom line performance, goals & goal setting, planning | No Comments »
Posted by Brian Miyasaki as character, team development, team members, teamwork
Although they may seem like an unusual place to find inspiring lessons on teamwork, the giant redwood forests have a lot to teach us.
 The majestic trees found in the redwood forests of California have been on the earth for over 100 million years. At one point, giant redwoods could be found almost everywhere in the world, but they are now found primarily in a narrow strip of land near the California coast. The statistics describing the redwood tree are truly amazing: These giants can live for upwards of 2000 years. They can weigh up to of 500 tons. They may grow to a height of over 350 feet and be over 25 feet in diameter.
You would think that the root system for trees of this type would go deep into the earth, providing the support it would need to weather high winds, lightning storms, and earthquakes. You would be mistaken. In my research on these trees, I was amazed to learn the root systems of these giants only go between eight and ten feet deep. The roots of each tree spread out laterally and interlock with the root systems of surrounding trees, giving them the strength they need to stay upright over millennia. And in addition to the joint strength of their roots these trees also release upwards of 500 gallons of water into the air each day to help create a moist fog that provides the other trees and plants in the forest the water they need to live.
CMOE defines teamwork as, “A group of people who combine their energy and efforts to achieve a common goal; A group of people who clearly understand the team’s goals and are committed to achieving those goals; A group in which team members understand their roles and responsibilities. Productive teams have an atmosphere of trust and are completely accountable for their results. Each team member invests in the team through their actions and attitudes. Team members are respectful, caring and cooperative. Teams are the mechanism by which organizations can unlock world-class results.”
The redwoods are a prime example of effective teamwork. In order to survive, withstanding adversities and inevitable hardships, all the redwoods must work together. By sharing their main resource (water) with the other trees and plants in the forest, they are truly making and investment in the team, and through their teamwork, these trees have absolutely unlocked “world-class” results – they are breathtaking.
We can learn many lessons from nature. How much stronger might we make our teams if we were to implement some of the same survival strategies found in the redwoods? If each member of the team became more concerned about supporting the whole team, how much better could the whole team be? What if the individual members of the team were more open in sharing their resources (their talents, ideas, and workload) with one another? By making these decisions and becoming a little more like the redwoods, we can all help to create environments where teams can unlock their true potential.
Tags: Reaching Goals, teamwork
Posted in character, team development, team members, teamwork | 1 Comment »
Posted by Max Frei as Increase Profits, bottom line leadership, leadership
 Your people drive your business. Most have the best of intentions when it comes to making a solid contribution to the overall success of the enterprise. They do good work so you give them more work to do. They were your best account rep, your best payables clerk, best welder or project engineer so you made them leaders of people. The problem is that these outstanding individuals have neither the experience nor the training to be outstanding leaders, leaving them ill prepared for the job that they didn’t sign on for in the first place.
Take John for example. John recently became the team leader of 14 people who are responsible for $1,000,000 in production. Doing their very best, John’s team delivers 90% of the million dollar production budget. Managing by instinct, John tends to avoid conflict, uses the relationships with his former co-workers to emotionally bribe them into doing additional work, and measures success in the number of days passed where John manages to fly below the radar of the management team. John deserves better. He needs to be given the tools needed to do his job well. A small investment in his bottom line leadership skills will have a two-fold return: A gift to John that will last a lifetime and the opportunity for you to close your $100,000 budget shortfall.
Who’s holding you back? Who, not what, is standing in the way of your initiatives to increase sales, cut operating expenses and learn how to increase profit margins across the board? There is a John in your organization. He deserves a chance to succeed and continue to grow his contribution to the organization. An investment in John is not just an investment in John; he has 14 people reporting to him and they will also reap the benefits of his development. As John becomes a better leader we create the culture that will meet the demands of your business tomorrow and build ownership and commitment in the next group of potential leaders.
Do you think it’s too hard to find the time? Too hard to find the money? Stop for a moment and do the math. Can you really afford not to?
Tags: bottom line leadership, How To Increase Profit Margins
Posted in Increase Profits, bottom line leadership, leadership | 1 Comment »
Posted by rachelgrover as leadership, qualities of leadership, results based leadership, teamwork
 Traditional rock climbing is a style of rock climbing where a climber places pieces of protection gear, such as camming devices and stoppers, into the rock as they climb up. In traditional climbing there are at least two people, one who climbs andone who belays. Traditional climbing also requires more gear than other styles of climbing. At the base of the climb two people attach themselves to the rope. The climber ties the rope into his harness and the person on belay connects the rope to his harness using a belaydevice, giving him the ability to manage the rope as the climber ascends the wall. The person that begins climbing up and placing gear to get to the top leads that wall. This leader has the responsibility to plan out and take the correct line or route, use the proper pieces of gear throughout the climb, and to set up a secure anchor to which he and the other climbers following him will rely on. Once he reaches the top and sets up his anchor, he takes over the role of belay and manages the rope as those who follow ascend. Often times the reward of traditional climbing is phenomenal as the climbers are able to stand at the peak of their climb and take in the beautiful view hundreds of feet off of the ground.
To run a successful business there must be those who rise up and lead, and as a lead climber does, one must step up and make many decisions that will be crucial to the life of the company. As a leader you will not be alone. You will have those who are beside you who, when you begin the climb, will be there to catch you if you fall. There are also many tools available that you must use to aid you in getting to the top.
To have leadership that gets results many of the same responsibilities that a lead climber has must be taken on. The first responsibility a leader has is planning out and taking the correct line. Remember, others who follow behind you will take the same rou
te you did, make sure its where you want them to go. The second is using the proper tools available at the right times. Often, leaders feel like they have to do everything. Trust and teamwork must come into play. You hire specific people who all have different skills an abilities for a reason, use them. Lastly, setting up a secure anchor. If you do not have a secure anchor to rely on and keep you steady as you make your way to the top, there will come a time when something will happen and because of a lack of an anchor you and others may fall.
These of course are only a few of the responsibilities necessary to lead, and every leader will need to carry out these responsibilities in the way that is specifically tailored to their companies needs. When things get a bit challenging, tie in and climb on, the rewards waiting at the top are well worth the effort.
Tags: Leadership That Gets Results, teamwork
Posted in leadership, qualities of leadership, results based leadership, teamwork | 2 Comments »
Posted by Richard Williams, Ph.D. as Strategic Thinking, finance, leadership, management, teamwork
By Richard L. Williams, Ph.D.
Question #1: Is it possible for a manager to manage sales in a retail store?
Through out the retail industry, including manufacturers and distributors, the sales number is often the number one priority. Indeed, in many companies sales numbers are so far above any other measurement that managers live and breathe by whether sales are up, or down. If sales numbers are so important they must be manageable, right? Let’s find out.
A number of years ago two highly experienced retail store managers quit their jobs and promising careers and purchased two stores and began a career of teamwork as owner-partners, rather than employees of a large chain. For four years the partners did everything imaginable to build sales volume in both stores. During the first two years the partners frequently told friends and family, “Sales are up.” In fact, about 18 months into the venture one of the partners said, “Can you believe it, our sales are up 22 percent over last year!” Without doubt these two owner-partners had achieved the American dream. They owned their own business and were controlling their own destiny. Clearly, everyone who knew the owners was envious, wishing they had as much courage to do the same. After all, isn’t this how other successful retail business began?
The first indication of trouble was when the partners tried to sell one of their stores. When that didn’t happen, they abruptly closed it over a weekend. Their explanation was that the store had always had problems and by closing it they could focus their attention and capital resources on the one remaining store. With the problem store closed, friends and family once again heard reports of, “Sales are up.” But within a few months the second store was also closed and the owner-partners declared personal and business bankruptcy. Literally the partners lost almost everything they owned. They escaped the failed venture with one taking a job as a clerk for Home Depot, and the other selling used cars.
What happened? If sales were consistently up, how could the business not be profitable? The answer is that in retail there is no direct connection between sales and profit. Unless gross and expenses are fixed, sales and profit become independent variables. It is possible for sales to go up, for example, while profit goes down; and profit can go up, while sales go down. The reason is that there are no guarantees in retail. Other factors such as gross margin, labor, overhead, and expenses have greater impact on profit than sales alone. That’s what happened and crushed the American dream for two enterprising, former, store managers. Now do you know the answer to the question, “Can sales be managed?” Let’s use a bit of strategic thinking and drill a little deeper toward the answer.
Question #2: Is there anything a manager can do directly to sales that will make the number change? Is it only possible to impact sales by influencing other factors?
Actually, sales are a product of two factors. That means nothing can be done directly to sales to make it change. To change sales a manager must manage something else, not sales itself. Therefore, to focus primarily or excessively on an unmanageable number, at the expense of the things that can change it, could lead to failure. This explains the failure of the two storeowners.
Question #3: What are the only two factors that determine sales in a retail store? Can these two factors be managed?
It’s true that many things contribute to retail sales; things like, margin, signing, suggestive selling, pricing, displays, merchandising, stocking, store location, advertising, product availability, and many more. But all of these things can be rolled up into two factors. Do you know what they are? The accompanying illustration is the key. All of the things listed above, and many more contribute to two factors: (1) Number of Guests, and (2) Sale Per Guest. The number of guests and the amount of each transaction determines sales. Did you answer correctly?
Question #4: Can the two factors that contribute to sales, Number of Guests and Sale Per Guest, be managed?
As with the sales number, what can a manager do directly to Number of Guests or Sale Per Guest to make them change? The answer is, not much. Once again, it isn’t possible to manage these numbers either, because they are the products of other things. Although they are excellent measurements of the health of a retail store (or company), they are technically unmanageable. To focus primarily or extensively on them at the expense of the basic things that really drive sales could be a mistake.
Question #5: So what can a retail manager manage?
The answer to this question is everything that contributes, or rolls into, Number of Guests and Sale Per Guest. The basic elements are the things that can be managed, not the products of these elements. That means the most effective place to manage sales is not with sales itself, but rather in all of the fundamental elements that begin the process. These are the things that are manageable, not the product number such as sales. When a retail employee is told, “Your sales are down, you better get them up,” the employee can only make the change at the basic element level. And if the employee doesn’t have a good understanding of the process, it will be very difficult to make the change.
Tags: Strategic Thinking, teamwork
Posted in Strategic Thinking, finance, leadership, management, teamwork | 1 Comment »
Posted by Matt Fankhauser as accountability, bottom line results, leadership, motivation, scorekeeping
Are you a sports fan? Have you ever been part of a game where competition was very high, where emotions are running high and you can feel the palpable tension in the air? Maybe you were even more excited than the players and became one of those crazy fans sitting in the stands! Regardless of whether you were a player or a fan at this type of event, the word “scoreboard” should be familiar to you. Sometimes this term is used to “trash talk,” coming at a point in the game when a player on the losing team makes a great play or scores point, but not enough to put their team in the lead. Someone rooting for the losing team might say something about how great the play was, to which the fan or player for the opposing team might simply say “scoreboard.” What does it mean? It’s simple: While the losing team may have made one great play, it simply is not enough to take the lead in the game. The scoreboard is where the results of the performance are shown, indicating how well the team members are playing and whether they are actually accomplishing their goals. It is the tool that measures who is winning and, ultimately, who won!
Competition, Winning, and Business
Your company probably has its own corporate scoreboard, but do you know where it is? If not, ask around and see if you can find it. Company scoreboards will manifest themselves in how the company shows its stakeholders the business’ earnings. Businesses need to make a profit. Companies that don’t make a profit won’t stick around, so, making a profit is a focal point for all for profit organizations. What about at the individual level? Individual performance is also measured in this way, but rather than a scoreboard, some companies use and individual “score card.” A scorecard shows how and in what ways each individual is accountable for performance that increases the bottom line. Scorecards drive results and have a tremendous impact on the bottom line and help people become more engaged in competing for “wins” at both the personal and organizational level. Asking individual members of the organization to develop a scorecard to visibly show and track performance will inspire better performance across the company and make positive changes in the following ways:
1. Hold people accountable for what they do while at work and how they contribute to the bottom line profits.
2. Help individuals see that they earn a pay check for authentic achievement, not for mindless activity.
3. Help individuals understand how each person contributes in their role to the organization’s overall profitability.
Scorecards will drive bottom-line results and create bottom-line leadership as individual contributors think more deeply about their own unique areas of the business. Keeping score of their successes on a regular basis (daily, weekly, monthly) can help people feel more energetic at work and increase their interest in organizational success over the long term. In your next weekly meeting ask everyone this simple question: Did you win or lose this week? Followed this question with, “What were you responsible for in terms of helping our company grow and be more profitable?” Using scorecards, asking questions, and engaging the entire workforce is powerful stuff, critical to the organization’s performance.
Tags: bottom line results, performance, scorecard
Posted in accountability, bottom line results, leadership, motivation, scorekeeping | No Comments »
Posted by Christopher Stowell as business acumen, finance, leadership, strategy
Business acumen is such an important part of business and our everyday lives. I believe that many of us do not fully appreciate how much financial literacy impacts our daily business activities, as well as the activities in our personal lives. However, those who are fluent in the language of finance, accounting, economics, and strategy, regardless of whether or not these subject were part of their formal education, find themselves with an open seat at the decision making table in their organizations and are able to make smart financial decisions for themselves and their families.
Thomas Cooley, professor of economics and former dean of the NYU Stern School of Business, articulates the importance of having strong financial knowledge:
Many of the most important decisions consumers make in their lifetimes involve financial products: a mortgage to purchase a home, a loan to purchase an automobile, credit to make a large durable purchase, investments for retirement and insurance to keep one’s family secure. All of these financial products have become increasingly complex over time and there is a much wider range of product options offered by different providers, making decision-making more complicated. Consumers need to be financially literate in order to make well-informed choices about such complex products. A growing body of evidence suggests that many consumers lack the knowledge they need to evaluate and make decisions about financial instruments.
Fixing our financial illiteracy and understanding the fundamentals of business acumen (finance, economics, accounting, and strategy) will not only aid you in your personal, consumer-based life, as Professor Cooley mentioned above, but will open doors for you at work, allowing you to sit at the conference table and make decisions that ensure viability – the life blood of organizations, the ability to stay competitive, profitable, and relevant.
Tags: Business Acumin, finance, strategy
Posted in business acumen, finance, leadership, strategy | No Comments »
Posted by Brian Miyasaki as relationships, team development, teamwork
Playing the piano is generally done on an individual basis with the occasional duet. When I was 14 years old, I had the opportunity to learn a lot about teamwork from a piano playing experience. I was invited to play in Pianorama, a concert put on in Nashville where piano players are invited and to perform and divided into groups based on their level of skill. I happened to be put in the advanced group with 23 other participants. We were then paired with another individual who we would play a duet with while sitting at the same piano. In my group, there were twelve pairs playing the duet on twelve pianos simultaneously. At one point, the duet splits into two parts, becoming a duet with six pianos (twelve participants) playing one part and six pianos (twelve participants) playing the other part.
When I look back at everything that had to come together for that concert to be a success, there is a lot that can be learned about teamwork. We all came from different parts of the state and had different piano playing styles. Because we came from all over the state, we could only practice together once a week for six weeks. We did a lot of work as individuals to learn our parts and then as we met as a group put it all together. We had to rely on and trust not only our partners to learn their parts, but everyone in the group. In the end, we had the chance to play in front of 5,000 people and our performance was a huge success.
Here at CMOE we define teamwork as a group of people who:
• Combine their energy and efforts to achieve common goals.
• Are committed to achieving the team’s goals.
• Fulfill their roles and responsibilities.
• Have defined processes, procedures, and mechanisms that enable them to function at peak performance.
With Pianorama, our goal was defined and each of us knew exactly what we individually needed to do in order to accomplish the goal. The more specific the goal and the assignments at the individual level are, the better the chance that everything will come together in the end. As we become members of different teams, we need to understand that everyone will have different skills and personalities and that in order to work together as a team, we must learn how to capitalize on those differences.
After all the individual preparation was one and we put all the pieces together, the end result was a beautiful, harmonious song. No one stood out any more than anyone else. Cohesive teamwork occurs when each person recognizes that individual recognition and achievement is less rewarding than achieving the team’s overall goal.
The bottom line is, good teamwork makes beautiful music.
Tags: Achieve high level goals, improve teamwork, teamwork
Posted in relationships, team development, teamwork | 1 Comment »
Posted by Steve Reese as Leadership Development, bottom line results, leadership, qualities of leadership
With the first half of the New Year comes the opportunity to set New Year’s resolutions, new goals for self-improvement. As a leader within your organization (current or future), you can improve your leadership skills and make an even greater impact on the organization’s bottom line as we move forward into the year by taking note of some of the elements discussed below:
Within most organizations there is a management / leadership track – take advantage of this track by further refining and developing the leadership and management skills you already possess.
1. Improve your Peer-Leadership Skills
Build a reputation as a leader among your peers. Actions speak louder than words. At various meetings, listen and speak only when you have something important to say that will help the group to move forward. Do not focus on negative issues. Identifying problems is one of the easiest things to do; there is no great demand for problem identifiers, but there is a great demand for problem solvers. Be Solution Oriented: if you address a problem, be sure that you have a potential solution to discuss as well. Share information and communicate often with your peers. This helps you and others to grow and develop.
2. Improve your Administrative Skills
Develop an administrative competence in every form of communication and logistical follow up you perform in your job. Cultivate a reputation as someone who produces high-quality work no matter what your endeavor, no matter who your audience.
3. Develop your General Leadership Skills
Leadership is a learned skill. Constantly seek to learn from those successful leaders within and outside your organization. What pearl or pearls of wisdom can you pick up and use to help you become a leader? Pick and choose from their leadership styles, yet make it your own as you continue to develop your personal style. Whatever style you choose, keep these “pearls of wisdom” in the forefront of your mind and think about how to apply them as you move forward in two key areas – achieving bottom line results for your organization and developing your people.
Here are some key ideas to consider as you move along this path of continuous leadership improvement during the first half of the New Year:
• Know yourself and seek self-improvement opportunities
• Be technically proficient and know how to apply your knowledge
• Seek out responsibility and take responsibility for your actions
• Make sound and timely decisions
• Set a good example for others
• Know your people and look out for their wellbeing
• Keep your people well informed
• Help your people develop a sense of responsibility
• Ensure that task job tasks you delegate are understood, supervised, and accomplished
• Train your people as a team
• Develop plans of action that are in accordance with your team’s capabilities
Tags: Administrative Skills, bottom line results, Leadership Improvement
Posted in Leadership Development, bottom line results, leadership, qualities of leadership | No Comments »
Posted by rachelgrover as Strategic Thinking, leadership, teamwork
Welcome to the March 31, 2010 edition of Business Lessons. In this edition of Business Lessons the topics that will be covered are: Leadership, Strategic Thinking, and Teamwork.
Leadership
Strategic Thinking
Teamwork
Technorati tags:
business lessons, blog carnival.
Tags: leadership, Strategic Thinking, teamwork
Posted in Strategic Thinking, leadership, teamwork | 3 Comments »
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