The Well Coached Blog
Ideas and Inspirations for business leaders
Entrepreneurs come in all shapes and sizes, from a variety of backgrounds and influences. There is one class I find quite interesting: the creative class of entrepreneurs. Creative types rarely start a business in hopes of mastering spreadsheets and number crunching. In fact, making money is often at the bottom of the priority list. Interestingly, I find that freedom from a profit mindset often allows creative types to stay in their highest productivity zone: CREATING.
Smart and clear communication and joint decision-making is vital to the long-term success of a partnership. Understanding each other’s DISC and emotional intelligence is a valuable part of the equation as well, offering clearer ways to communicate, influence and work together as a sky’s-the-limit duo.
CEOs should think strategically and never allow themselves to be involved in tactical day-to-day decisions unless the ship is going down. Great leaders hire capable, motivated people and then provide vision and perspective to those people. Then, they allow those people to work a plan that is specific and trackable. When a CEO becomes tactically involved with team members all over the org chart, that CEO is no longer acting like a CEO. That CEO is a tactical decision maker without real strategy. This management method can also be called madness.
Building your team is more than hiring people with the greatest experience. This is a common issue in hiring, and it causes roadblocks. As entrepreneurs grow it is creating the right mix of teammates is arguably the most difficult challenge they face.
When it comes to leading your own business, Ken Blanchard, author of The One Minute Manager, says it best.
“There is a difference between interest and commitment. When you're interested in something, you do it only when it's convenient. When you're committed to something, you accept no excuses, only results.”
Maintaining a healthy sense of self is essential to developing as a successful entrepreneur. The same attention that you spend building your business, must also be focused in on taking care of yourself.
You are your most important asset.
Communication. Hiring. Accounting. Putting in processes that can support you while your business grows is just as important as safeguarding your creative spirit as an entrepreneur. Communication, hiring, and accounting are three of the most important problems for the entrepreneurs I work with every day.
Creative is a complicated word. Regardless of what comes to mind, I believe that you can call anyone “creative” who decides to make that leap into the unknown and earn money for themselves by starting a business.
Entrepreneurs have a bad habit of not giving themselves enough credit. It takes a lot of creativity in the beginning. If only being creative enough to make someone write you a check.
A lot of entrepreneurs get into business because they hate the word “corporate”. They can’t stand the thought of working for a large corporation, sitting in a cubicle, wearing a suit and tie, being told what to do every second of the day.
So, they start a business.
Turnover is triggered by a multitude of reasons; perceived better opportunities, personal issues, culture fit issues, performance issues, etc. Voluntary or involuntary, having to take the time to replace team members is hard work. With increased job-hopping happening today, hiring managers must utilize all the tools and resources they can to hire smart and thereby reduce turnover.
Sustainable success in business requires balanced attention in more than one discipline. When I approach this topic with clients and team members, I use an analogy of a three legged bar stool. Each leg represents a key component of sustaining success; People, Sales and Profits. If these “legs” are out of balance, the bar stool will fall.
The DISC personality assessment is regularly used by companies around the country to determine how an employee thinks and reacts to certain situations and how they improve their working relationships with their boss, peers and clients. Ultimately, it assesses your levels of Dominance, Influence, Conscientiousness and Steadiness (DISC) to create a personality profile to help you be more effective at your job.
Exceptional brands, like everyone else, must live their promise daily. That also means training new people that are fully capable to a level of competence expected by customers. A brand promise must be delivered throughout the organization down to the lowest common denominator. It’s easy to destroy the opportunity and give the customer time to find your replacement.
Facilitating organizational change requires that leaders ensure clarity of direction and that purpose is understood. Your team needs to understand how the upcoming change is going to support the vision of the company, how it will make the company more successful, and ultimately how their aligned interests benefit them personally as well.
We send verbal and nonverbal messages every time we communicate. These messages either enhance or hinder productivity in the workplace. Every action causes a reaction. It is not uncommon to have meetings where no one is really listening, or engage in wasteful chatter that drowns out the relevant business topics. These types of communication behaviors are typical examples of what drains productivity.
Is there anyone who can say they love when the Captain asks us to buckle up because there is turbulence ahead? Unavoidable, turbulence is the part of flying and managing a business that is often necessary to get from point A to point B.
Building a business requires all of your precious resources. Time, money, effort, and passion all get directed towards the exciting and necessary pull of building something meaningful.
As you grow your business, it is imperative to find balance personally as well. This is difficult for entrepreneurs as the line between business and personal is so thin and often non-existent.
What happens along the journey defines the character, culture and ultimately the success of the team. There is one thing for sure. Whatever your pre-determined goal is, circumstances that arise along the way will inevitably bring you and your team to a crossroads. The best laid plans get off track for a multitude of reasons but I continuously see one issue that is controllable by your actions.
Bad management often creates sweeping reactive rules for the team around a specific problem causing collateral damage across the organization.