Business Toolkit – Page 68 – thoughtLEADERS, LLC: Leadership Training for the Real World

How full is your “negotiating toolkit”?

December 15, 2016/2 Comments/in Business Toolkit, Career, Communications, Leadership, Poll, Sales /by Mike Figliuolo

Our reader poll today asks: How full is your “negotiating toolkit”?

– Very — I know many great negotiating techniques: 20%
– Kind of — I know a few core negotiating techniques: 42%
– Not very — I know one or two key negotiating techniques: 25%
– Not at all — My toolkit is virtually empty: 13%

Learn the Tools, Win the Deal. It’s surprising that 80% of respondents said they’re “kind of” or less on how full their negotiating toolkit is. The ability to negotiate is a huge determinant of your happiness and success. These skills aren’t only for Procurement people. Negotiating for a day off, a different role, compensation, promotions, and even where to eat lunch as a team can seriously impact how happy and successful you are. I strongly encourage you to fill your negotiating toolkit and learn as many negotiating techniques as you can. Doing so will make you more effective in many areas related to your success and job satisfaction.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

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3 Business Lessons from a Cracked Tooth

December 14, 2016/2 Comments/in Business Toolkit, Entrepreneur, Leadership /by Mike Figliuolo

You can learn business lessons anywhere if you look hard enough. A recent incident involving a cracked molar offers great lessons on planning, investing, and making long-term decisions.

After a couple of heart attacks, I’ve learned to eat a lot healthier. Finding snacks can be challenging though once you remove Doritos and Cheetos from the equation. A good substitute for me is now Harvest Snaps which are baked lentil pods. I highly recommend the tomato basil version.

Anyway, I was lentil snapping away the other day on some of the onion thyme ones. I bit down on a snap with my back left molar and heard a snap. Then the pain train came roaring through the station. The tooth had cracked all the way to the root. Of course this happens on a Friday at 7PM and the dentist doesn’t open until Monday morning. So I suffered through the weekend wondering what I’d be in for.

On Monday morning, Dr. Kubic saw me and put in a temporary filling to hold the tooth together. He told me it had cracked all the way down to the root. My options were having an extensive root canal, getting a crown, or getting a dental implant. With the root canal, he said it would be pretty invasive and he wasn’t optimistic about it holding up over the long term. With a crown, it would be more permanent but given it’s a molar with heavy grinding activity, it would need to be re-crowned down the road. The dental implant was the most permanent solution but also the most expensive, would take the longest, and was the most invasive. He referred me to Dr. Hinkle who had done an implant for me previously. By the way – if you live in Columbus, Ohio and need a dentist or oral surgeon, I highly recommend these guys.

Anyway… I went to see Dr. Hinkle and I walked him through my options, spouted off the pros and cons, and told him I had already made my decision. He looked at me pretty surprised and said “Seems like you’re all over this diagnosis and that all makes sense. Thanks for saving me the time of having to explain everything. And by the way – I agree with your recommendation.”

For me, the choice was clear.

Have you ever faced a major ethical dilemma at work?

December 8, 2016/0 Comments/in Business Toolkit, Career, Communications, Leadership, Poll /by Mike Figliuolo

Our reader poll today asks: Have you ever faced a major ethical dilemma at work?

– Yes, and I navigated it well: 70%
– Yes, and I navigated it poorly: 12%
– No, but I feel prepared to deal with one: 16%
– No, and I feel unprepared to handle it: 12%

Difficult Ethical Dilemmas. Many of you have faced these challenges and and handled them well. For the 24% who didn’t or who don’t feel prepared, don’t be discouraged or intimidated. These situations can be overcome by executing a few key steps. Be right, seek counsel, document events, and keep good records. In doing those four things, you’ll have protected yourself in the process of making a difficult call. Failure to follow these steps likely results in an ugly situation.

Do you agree with these poll results? Let us know in the comments below!

– 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!

Fishing For Job Descriptions

December 5, 2016/0 Comments/in Books, Business Toolkit, Career, Guest Blogger, Leadership, Training /by Mike Figliuolo

We often miss the mark when we write job descriptions. We’d be much better suited to understand the job vision before we list qualifications for a candidate.

Today’s post is by Bill Munn, author of Why Make Eagles Swim? (CLICK HERE to get your copy).

Dave is thirty-eight and manages a team of HR professionals. But he still remembers a peaceful day over thirty years ago when his father took him fishing for the first time.

For two weeks, Dave and his father had talked about the day they had planned. Dave’s dad described all the details of the sport – how to choose a lure, cast, tie a fisherman’s knot, and so on. Dave never tired of these descriptive details, which began to define fishing in his mind.

When the day of the outing finally arrived, they stayed on the lake from morning to dusk, covering all Dad’s favorite spots. Dave got to practice everything he had learned on shore.

But in the end, they caught nothing.

Dave was crestfallen. But later, he forgot his disappointment in the face of a big shock.

“How was it?” Dave’s mom asked when they walked in the back door.

“Fabulous,” his dad replied.

What? Dave thought. How can he think that when we caught nothing?

Later that evening, Dave shared his confusion with his father. The man smiled.

5 Benefits of a Holistic Approach to Employee Wellness

October 24, 2016/4 Comments/in Business Toolkit, Career, Communications, Guest Blogger, Leadership, Training /by Mike Figliuolo

Companies that focus on employee wellness derive benefits like increased productivity, lower healthcare costs, and higher morale. Your organization can get these benefits by taking a few simple steps.

Today’s post is by Dan Colgan, CEO of Rock Paper Team.

Company wellness doesn’t stop at providing health insurance. Taking a more holistic approach to corporate health can provide a number of positive results, such as increased employee participation, a reduced number of insurance claims and better chronic disease management. Research from the Health Enhancement Research Organization has shown that employees who eat healthily are 25 percent more likely to have higher job performance, and absenteeism is 27 percent lower for employees who eat healthy and exercise regularly.

There are a number of ways corporations can implement a more holistic approach to wellness in their offices. Providing some healthy office snacks during meetings, or just to have in the breakroom, is a small, easy first step. Employees will appreciate the free snacks, and they’ll be more likely to reach for the apple or banana on the counter than to trek down to the vending machine for chips. Larger companies also tend to have an easy time putting together accountability groups for employees who enjoy particular types of exercise (like a jogging club or a yoga group).

Companies based in cities are often able to take advantage of joining adult sports leagues for everything from tennis to kickball — and putting together a company team is a great way for coworkers to blow off steam and form relationships outside of work! Another good option is to invest in team building activities on a regular basis. Not only will employees be able to relax and enjoy themselves, but they’ll have a chance to build upon skills they can bring back to the office with them.

When it comes to happy and healthy employees, a full-scale approach can provide a number of benefits the office can enjoy all year long.

Increased Productivity

When workers are more productive, there’s no limit to the compound benefits an office can see. Employees who complete tasks more efficiently are able to take on more tasks without becoming overwhelmed and run-down. What employer doesn’t want that?

The Simplest Questions Lead to the Biggest Insights

October 19, 2016/11 Comments/in Business Toolkit, Entrepreneur, Innovation, Leadership /by Mike Figliuolo

One of the shortest words in the English language can generate tremendous insights if you simply keep repeating it. Asking “why” can help you get to root causes and create ideas for fixing the biggest issues you face.

One of the most effective critical thinking tools I’ve ever come across is the five why’s.

When I was a young consultant, I was at a client engagement and I was responsible for doing a lot of analysis. One morning, I did a bunch of analysis around some items my client was purchasing.

When I went to lunch with my project manager, he said “What have you been doing today?”

I said, “Well, I was doing the analysis on this one category of spend.”

“Okay, what’d you learn?”

“Well, I think this is happening.”

“Okay, well, why?”

“What do you mean why?”

“Well, why is that happening? Why do you think that’s happening?”

I said “I don’t know. Maybe it’s this.” I then proceeded to offer my thoughts on what was causing the issue.

“Okay, well, why?”

“What do you mean why?”

“Well, why would that be happening?”

I stopped and I thought and I said “Well it might be this.”

He said “Well, why?”

I said “Oh my gosh! What’s with the why’s?”

How to be a Mentor to Your Millennial Recruits

October 17, 2016/2 Comments/in Business Toolkit, Career, Communications, Guest Blogger, Leadership, Training /by Mike Figliuolo

Millennials work differently than other generations. The way you onboard them, give them assignments, and hold them accountable needs to match how they work best if you want to get the best out of them.

Today’s post is from Matt Arnerich, from graduate jobs & internships specialists, Inspiring Interns.

One of the most important parts of leadership is making sure that all your staff are being managed properly, and a particularly difficult area of this is how to manage entry level recruits.

This could be one of the biggest problems facing older managers, as millennials are now the largest generation in the working population.

Many managers struggle to find a balance between using the same one size fits all policy that works on older recruits and being patronizing. This makes it difficult to communicate and engage with new recruits and ensure you get the most out of them.

The truth? We’re not that different. Much like generations before we’re concerned with job security, and working in a role where we feel challenged and for a company that we’re proud to represent.

Yes, there is a tendency for job-hopping, but many millennials entered into a stagnant job market and had to make compromises on their first role. Now, in a thriving and ever-changing world, opportunities are bound to come knocking, but mentor your recruits properly and you’re far more likely to keep the top talent that can help your company to grow.

Introduce two-way feedback systems.

One of the clear traits among many millennials is the importance placed on feedback. For most, this comes from the desire to grow, learn and improve and supplying your workforce with feedback should rarely be avoided.

3 Tips for Making a Successful Leap to the Next Level

July 20, 2016/0 Comments/in Business Toolkit, Career, Communications, Leadership /by Mike Figliuolo

Jumping from one level to another – like going from manager to director – requires a shift in the way you think. The biggest adjustment is recognizing and accepting that you deserve your seat at the table.

I remember my days as a manager. I had multiple layers of bosses between me and the executives in our C-suite. I worked for a director who worked for a VP who worked for an SVP who worked for an EVP who reported to our COO. I was way down the food chain. And life was good.

I had a perception that the members of our C-suite occupied some ethereal world up high on Mount Olympus. You didn’t talk to them. You didn’t look them in the eye. You just respected their existence and appreciated that they chose to let you continue yours.

After a change of jobs, I was a VP. My boss reported to the CEO. When I first took the role, I was in a meeting with members of the senior leadership team including the CEO. I sat there quietly like I was supposed to and I listened attentively to the conversation going on around me. At one point pretty far into the conversation, the CEO looked at me and asked “Hey… You… You just gonna sit there and listen or do you have anything to contribute to this discussion?”

I was caught off guard. Why would he be asking me for my perspective when he was the CEO and there were all these other senior people sitting around the table? Didn’t he realize who he was and how far above me he was in the food chain?

Then it dawned on me. I screwed up.

How well do you negotiate?

July 14, 2016/2 Comments/in Business Toolkit, Entrepreneur, Leadership, Poll /by Mike Figliuolo

Our poll today asks: How well do you negotiate?

– Very well — I always have negotiating success: 12%
– Well — I come out ahead in most negotiations: 65%
– Not well — I come up short in most negotiations: 20%
– Not at all — I almost always fare poorly in negotiations: 3%

Are you doing as well as you can? When 77% of people say they come out ahead in negotiations, that math doesn’t add up. Are you really getting everything you can? Or is it that your negotiating partner is getting the best of you but doing a good job of maintaining your relationship? Learning techniques like anchoring and approaches to managing the relationship after the deal are key determinants of your negotiating success. Always challenge yourself on the notion of whether you’re doing as well as you could – you could be leaving value on the table.

Do you agree with these poll results? Let us know in the comments below!

– 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!

Solving Big Problems by Solving Little Problems

July 13, 2016/1 Comment/in Business Toolkit, Entrepreneur, Innovation, Leadership /by Mike Figliuolo

Big problems are nothing more than a collection of little problems. The faster you can break those big problems down into solvable component problems, the faster you can generate ideas that will resolve your biggest issues.

One of the first steps in any good critical thinking process is taking a big problem and breaking it down into smaller ones that you can actually solve. The time you invest thinking through what the components of the problem are is going to pay dividends on the back end when you look at the possible solutions. You’ll have a better sense for what recommendations and solutions to pursue, and how those solutions help you solve the bigger problem.

Let me illustrate. Let’s imagine we have a problem where our profits are down. That’s a huge issue to solve. We can’t solve that in and of itself. We have to look at smaller components of it. If we have a profit problem, we have two components: either our revenues are down, or our costs are up, or some combination of the two. But those are still very big problems to try to solve.

Let’s break down revenues, and what could be causing our revenue shortfall. Revenue issues are caused by either volumes being down or realized prices being down. On volumes, that’s still a big issue. We may have a smaller issue of current customers are buying less, or we’re selling less to prospective customers.

Now on the cost side, the reason that costs could be up are either prices are up, or we’re buying more stuff. If prices are up in terms of the stuff we’re buying, that could be a function of base prices are up, or we’re getting less of a discount.

Let’s look at the issues we can now try to solve for. We can work on:

How well does your organization understand and use data?

July 7, 2016/0 Comments/in Business Toolkit, Entrepreneur, Leadership, Poll /by Mike Figliuolo

Our poll today asks: How well does your organization understand and use data?

– Very — we are effective at generating data-based insights: 29%
– Kind of — we generate insights but it takes some effort: 41%
– Not very — we tend to get sucked into analysis paralysis: 19%
– Not at all — we’re overwhelmed by data without insights: 11%

Data versus Information. There’s no shortage of data out there but insights are at a premium. If you want to wade through that sea of data more quickly and effectively, take a hypothesis-driven approach. Before you crunch numbers, identify what it is you’re trying to prove or disprove. Doing so will help you focus your analytical efforts and sidestep distractions. Beware of confirmation bias – only looking at data that confirm your hypothesis – because it can cause you to miss the real insight. You’ll be more efficient and effective if you take a hypothesis-driven approach to data versus blind number crunching.

Do you agree with these poll results? Let us know in the comments below!

– 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!

Changing Behaviors is the Key to Achieving Your Goals

June 8, 2016/4 Comments/in Business Toolkit, Communications, Entrepreneur, Leadership, Sales /by Mike Figliuolo

No matter how SMART your goals are, if you don’t get people to change their behaviors, there’s no way you’ll ever achieve the goal. By clearly articulating what behaviors they need to change and explaining how those changes tie to goals, you’ll increase your chances of “making your numbers.”

The reason we set goals is to drive different outcomes. That means behaviors need to change. You need to know what the current behavior is, what the preferred behavior should be, and have the right incentives in place to make people change to that new behavior. You’d be remiss to set a goal and not tell people how they should behave differently in order to achieve it.

Explain which behaviors should change and how you’re going to monitor those changes. What new skills do you need your people to build? Do you need to train them, coach them, give them different resources? What new information or resources will they need to demonstrate these new behaviors? If you want to hit your goals, tell people what the new behaviors are that you expect. Setting a goal without telling giving your team members behavioral guidance is a recipe for failure. Make sure they know how they should change the way they work and reinforce those changes regularly.

There’s a consumer packaged goods company that had a large sales force. That sales force was previously given incentives based on the revenue they generated. The company was trying to grow which was their strategic imperative. Their original goal of driving revenue was tied to that strategic goal of growth.

All the salespeople had individual revenue goals for the year. The behaviors that led to was first, the salespeople discounted heavily to drive revenue and steal share from competitors. Sales people also chased small accounts because they were easier to sell to even if they were more costly to service. Lastly, salespeople sold any product in the portfolio just to make the sale, rather than focusing on the products that drove profits.

Over time the company changed its goals. Read more