Our reader poll today asks: How well does your organization stay on top of infrastructure upgrades? We always make upgrades well in advance of when they’re needed: 23% We make critical upgrades on time, but others tend to lag until a crisis: 28% We’re slow to make upgrades and usually are behind on doing so: 33% We never make upgrades until something breaks, and then it’s a crisis: 16% Stay Ahead or Scramble. This one is split 51/49. While many of you stay ahead of infrastructure upgrades, just as many lag behind. Lagging and delaying necessary upgrades can be a “pay me later” approach but usually the payment is much larger when accounting for business interruption, opportunity cost, and stress on your team. Staying ahead of the curve has costs too. You might replace infrastructure before it’s outlived its useful life in which case you’re not getting the full return on your investment. Either way, staying on top of upgrades and conducting them before they become crises is a safe way to avoid major issues. So the next time you consider deferring an investment because of the cost, be sure to calculate the possible cost of not making the investment on time. – Mike Figliuolo at thoughtLEADERS, LLC Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!
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To build and foster a high performing team, sometimes you have to step back and let your people do their thing. For you to get the most out of the members of your high performing team, you need to empower them. Remember, on a high performing team, those team members are typically very self-motivated, and they like being self-directed. You need to understand how letting go of your agenda, creating space for them to flourish, and then accepting that there are different ways of doing things is going to bring out the best in your people.
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/08/20210811-Delegate.jpg?fit=1920%2C1277&ssl=112771920Trevor Joneshttp://thoughtleadersllc.com/wp-content/uploads/2019/05/logo.pngTrevor Jones2021-08-11 06:30:042021-08-11 05:21:13Building High Performing Teams: Empower Your People
Too often, entrepreneurs seek business partners for the wrong reasons, from skills to capital. Whether leading a startup or growing organization, here’s how to avoid making a bad decision. Today’s post is by Patrick Burke, author of The 10 Biggest Business Mistakes And How To Avoid Them (CLICK HERE to get your copy). “Do I need a business partner?” I’ve been a business adviser for more than 40 years and this is one of the most common questions entrepreneurs ask, whether they are starting their first business or expanding an existing one. Holding onto as much of your company’s ownership as possible and sharing it only when absolutely necessary is simple logic. But entrepreneurs often succumb to the emotional need to partner. Though by nature an independent and confident group, they start tossing ownership around with little or no regard for its current or eventual value. So whenever I’m asked that question, I remind them that there’s no Rorschach test for what a successful business partnership looks like. Too often, you may think the inkblot looks like an opportunity, while your partner sees only obstacles. It’s an extremely tough chasm to bridge. But if you’re seriously considering a partnership, ask yourself these five questions as your guide:
https://i1.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/08/20210809-Handshake.jpg?fit=1920%2C1328&ssl=113281920Trevor Joneshttp://thoughtleadersllc.com/wp-content/uploads/2019/05/logo.pngTrevor Jones2021-08-09 08:00:512021-08-09 01:00:56Why You Shouldn’t Rush Into a Business Partnership – 5 Factors to Consider
Our reader poll today asks: When you encounter a small service issue with a supplier, how do you handle it? I always let it go — there are bigger things to spend time and energy on: 14% I let it go once, but after that, I bring it up for repeat offenses: 53% I bring it up immediately — it needs to be nipped in the bud: 33% Fix issues quickly. Most of you let one small service issue slide but after that, you’re on top of it and another large portion of you get on top of service issues immediately. It’s helpful to all involved when expectations are clear. For those who let things slide, consider a different approach. If there’s a service issue and your supplier isn’t aware of it, they’re not able to fix it. The result is ongoing problems, frustration, and eventually their loss of a customer but they don’t know why. It’s unfair to not let them know there are issues they can improve upon. So the next time there’s an issue and you don’t want to bring it up because it’s uncomfortable, consider how much more uncomfortable it’ll be down the road when you end the relationship and the supplier has no idea why or that they say “I wish you had told me about these issues sooner.” – Mike Figliuolo at thoughtLEADERS, LLC Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!
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Once you’ve established your commit goals, you should also set stretch goals. Learn how to use the one-third, two-third method to set a stretch goal. In addition to setting a commit goal, you should also set a stretch. A stretch goal is what’s going to push people to achieve more. It still needs to be achievable when you go back and look at SMART goals, but it won’t have a guarantee of success. More often than not, you’ll fall short of your hitting your stretch goal. If you’re always hitting your stretch, you’re not stretching far enough. So why should you set stretch goals? Well, if you only set a commit goal, the team might coast once you reach it. They’re going to say, “Well, we hit our goal. We don’t have to push ourselves so hard. Let’s just relax and get to the end of the year.” A stretch goal gets them to continue performing. Once they hit the commit, there’s still something more that they can go out and achieve. A stretch goal can motivate and excite people. When they hit it, it creates a sense of shared achievement that’s going to build morale and team identity. Stretch goals force people to think differently. Many times, a commit goal is based upon what people know they can do. They don’t challenge constraints or look for new ways of doing things. A commit goal is about getting things done and doing it the way we’ve always done it. A stretch goal gets them to challenge assumptions. They’ll look at the business differently. They’re going to be willing to make large changes and they’re going to take risks to achieve that stretch. A stretch goal helps them build new skills from trying new things. So by combining a commit goal that they can achieve and they can deliver to the […]
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/08/20210803-Dog-Jumping-for-Frisbee.jpg?fit=1920%2C1280&ssl=112801920Trevor Joneshttp://thoughtleadersllc.com/wp-content/uploads/2019/05/logo.pngTrevor Jones2021-08-04 06:30:212021-08-04 00:00:25How to Create a Stretch Goal
Returning to work after a period of unemployment can be challenging. Use these 7 tips to make the process easier. Today’s post is by Carol Camerino, career advisor at University of Phoenix. Looking for a job is one thing. Looking for a job after an extended absence is an altogether different thing. From facing down impostor syndrome to explaining the hiatus, job-seekers face their own set of challenges when returning to work. The good news? They also bring with them their own set of advantages. If you find yourself in this camp, there are steps you can and should take to find your next role. But one of the most important is that initial step to embrace a “possibilities mindset.” Many people put constraints on themselves at the outset and view their time away from the workforce as more of a liability than an asset. But they didn’t hit ‘pause’ on themselves while they were away. They developed other skills and connections and outlooks. And I think that serves returners really well.
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Our reader poll today asks: What’s your perspective on “small talk” (catching up on personal details when conducting business)? I love it: it gives me a chance to connect on a personal level: 37% It’s OK: I enjoy it, but it does have its limits: 49% I’m not a fan: I don’t have time to spend on it: 9% I hate it: Stick to business, please: 4% Small talk has its limits. Clearly a large portion of respondents like small talk for connecting on a personal level but do note, it does have its limits. After a certain point, business must move on. If you’re one of those folks in the 13% who don’t like it, consider trying it and connecting at least a little bit with team members and colleagues and many of them do value it. If you find yourself to be a bit of a talker, monitor your audience for those nonverbal cues that it’s time to wrap it up and move on to business. A large portion of folks tire of it after a certain point. Bottom line: small talk matters because relationships matter but you have to keep the amount of small talk within reason. – Mike Figliuolo at thoughtLEADERS, LLC Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!
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Learn what a commit goal is and what you should consider when creating one. When you set goals, I encourage you to set two kinds of goals. The first is a commit goal and the second is a stretch goal. A commit goal is something you’re committing to do for the organization. If you miss it, you can get fired. There should be extreme consequences for missing a commit goal. To build your commit goal, work from the bottom up. Work directly with your team and have them make commitments to you as far as what they’re going to deliver for their goals. You’ll then need to reconcile the team’s commits and make sure they all add up to your commit to your organization. At one point I had three different teams and we were tasked with a major cost reduction project. My boss came to me and asked me how much cost reduction would I commit to removing from the system. I went to my teams and I asked them how much cost they could take out, and I asked them for their goals. They gave me commit goals of one and a half million, two million, and three million dollars, for a total of six point five million dollars that they would commit to. When I went to my boss, I hedged on that number a little bit and I told him I could commit to six million dollars. Now, he knew better and he knew I was hedging a little and he pushed me on it. He eventually got me to a point where we negotiated and I committed to six point two five million. Over the plan period, we exceeded that goal and we hit seven million dollars of cost reduction. Obviously there were no negative consequences for the team, but the result of having that […]
https://i2.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2021/07/20210728-Goals.jpg?fit=1920%2C1280&ssl=112801920Trevor Joneshttp://thoughtleadersllc.com/wp-content/uploads/2019/05/logo.pngTrevor Jones2021-07-28 06:30:432021-07-28 01:03:05How to Create a Commit Goal