Avoid these three common pitfalls when developing your team members.
Some common pitfalls I see leaders fall into revolve around not taking a personalized approach to developing their team members.
This includes spreading your time and energy equally across all your team members. I call this the peanut butter approach. Leaders give everyone exactly the same amount of time and energy. They do this because it feels fair to everyone. What’s wrong with this approach is, not everyone needs the same amount of your time. It’s not fair to people who need less of your time. It can feel like micromanagement. It’s also not fair to people who need more of your time. They’re getting slighted on how much attention they’re getting.
Another mistake I see leaders make is using a reactive approach and dealing with issues as they arise. Leaders give people attention whenever they ask, in the order they ask for it. This happens because the approach requires little thought. What’s wrong with this approach is it fails to prioritize the leader’s time and allocate that time and energy to the most important issues. It also encourages team members to constantly take up the leader’s time rather than solving issues on their own.
The final pitfall I often see is leaders taking the path of least resistance, where they only deal with people who are performing well. They spend more time with people who are easiest or the most fun to work with. They avoid team members who give them trouble. Leaders do this because this approach is easy—it avoids conflict. The problem with this approach includes not resolving big issues. You’re dedicating time to low-return efforts. Excessive time with high performers doesn’t contribute a great deal to improving results.
To see if you’re demonstrating these behaviors, ask yourself the following questions. Are you spreading your time equally across all team members? Are you only working with high performers? Are you reacting to people as issues come up?
Once you recognize these tendencies in yourself, you can be more thoughtful about how and where you spend your time with your team members. This means you’ll get better results from that time with them in a more efficient use of that time.
Want to learn more about developing your team? How about taking an entire course on it? Check out the video below to learn more about the course and get started. Or you can go directly to the course and start learning how to assess and improve your strategic plans. The entire course is available at LinkedIn Learning. Enjoy!
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Terry Conway shares his advice for operating a generational business.
Today’s post is by Terry Conway, author of Business is Simple: From A Family Cottage Business to World Processing and Markets.
I’ve always admired generational companies. There is a certain bond among the family shareholders; they pull together to preserve family values. Family shareholders have a certain enthusiasm about caring for their enterprise and seem determined to continue its success. In a word, they are proud. I thought to myself, “If ever own a business, it will focus on longevity.” Before that dream day comes, I need to figure out what it takes to make a generational company work.
Whenever an opportunity existed, I asked, “How did your family make it work for generations? What problems were overcome? What advice do you have?” Proven leaders had won the battle for generations. Their advice was pragmatic with clear dos and don’ts.
The ownership did come, and on the first day I assembled my curious associates. My presentation was short – I’m all about trust as the cornerstone of everything we will do, and our overriding principle is longevity. I’m in it for the long haul. There will be no shortcuts. We will be the best no matter how long it takes!
Now was the time to make a generational plan work.
1. Protect against estate tax shock
One advisor had some strong words. “Why let your life’s work be gobbled up by onerous estate taxes? There is no guarantee that your family will have the funds to pay estate taxes. Without planning a sale will be inevitable and could result in just a few dollars left over for the family. You must make plans now before your enterprise gets too valuable. Procrastinating could evaporate most of what you’ve worked for.
My tax advisor suggested a variety of plans including gifting non-voting shares to so called “100-year irrevocable trusts” where the estate tax would not become due until existing generations has passed on, approximately 100 years, and keep the percentage of voting shares low as they would be subject to estate tax. There were other suggestions such gift programs, preferred stock, and life insurance.
2. Restrict ownership to family bloodlines
Every generational owner emphatically gave me the same advice – whatever you do “restrict ownership exclusively to the bloodlines of the original owners.” Bloodlines in this context means limit stock ownership and subsequent sales to direct decedents of the founding generation. No wives or husbands of direct descendants. No family members outside the bloodlines who had become company executives. No adopted family members. No exceptions.
That policy seemed harsh at first. The advice was “you’ve got to protect yourself.” Divorces and poor performing executives outside the bloodlines can create costly and unusually long delays to resolve. Price per share is almost always in contention when the board seeks an involuntary buyback from shareholders outside the bloodlines. “A divorce brought our company to the brink of bankruptcy,” one owner told me.
3. Focus on business first
“Business first” is the battle that must be won every day. One saying I heard was, “When business is first there’s enough for all family shareholders; when the business is not first there is never enough for any shareholder.” It did not make sense at first until I understood that some families have long-term financial needs. Who decides the necessity for some and not others? My solution was a shareholder redemption plan, subject to board and lender approvals, that allows for redemptions in exchange for dilution of ownership.
I noted that every generational change needs a well-regarded leader to operate the business as a professional enterprise, keep the family focused on business first, and balance family needs with a board approved dividend program. The board, as part of its responsibility for succession planning, needs to develop such leaders.
4. Governance
To keep “business first,” I started with a combination of outside board and family members, including an all-important compensation committee. I kept hearing that directors prefer small boards because they want a chance to engage in meaningful discussions with management and family owners. “Limit your board to five members with two insiders who are working in the business and three outsiders.” Another advisor added, “I like outside directors to be active or retired CEOs with experience in your industry. They have the best perspective.”
5. Share the vision
How does a multi-generational vacation or family camp fit into a company’s longevity plan? It provides a relaxed environment that fosters communication among stockholders in a fun-filled environment, develops more interest in the progress and prosperity of the family enterprise, and, most importantly, builds relationships of trust that every family and family company will need someday.
6. Plan early
Early planning provides a generational enterprise with a better chance of working. Later, it may not be the best option for the family to continue, but it’s an option that may be the best choice.
Looking back after 25 years
The early plans worked out. We’re still enjoying the benefits of a generational company.
Terry Conway acquired sole ownership of Handy Seafood in 1981 and built the small cottage business into a prominent multinational brand with sales reaching $60 million in 2024. He has been Executive Chairman since 2016, when he transferred voting control to his five adult children. He lives in Salisbury, Maryland, on the Eastern Shore with his wife of 63 years. Since his recent retirement, he is Executive Consultant to the Board. For more information, please visit www.terryconway-bis.com.
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Stopping and considering decisions before you make them is only the start to critical thinking.
Let’s look at the importance of critical thinking. So many times when people ask us, “Can you go solve this problem,” we rush off and start solving it without stopping to think before we do.
We’re facing new demands that require extensive amounts of information before we can make a decision. There are multiple departments involved in all of your problem-solving efforts, and each department is contributing its own input. As part of your problem-solving process, there are going to be multiple stakeholders involved. This increases the complexity of trying to get to an answer.
When you do ultimately come up with a recommendation, those big decisions will involve numerous trade-offs. Not everyone is going to be happy with what you recommend. There are going to be long lag times in acquiring the required data to make your decision, and when you finally do make the call, there’s going to be high scrutiny over whether you were right or wrong. And a bad call can have both business as well as personal and professional implications. Add to this unforeseen bottlenecks in getting the process done of getting to that answer, multiply it by the number of problems you’re trying to solve every single day, and then divide by the limited amount of time you have to get to an answer.
The importance of stopping and thinking critically before you rush off and undertake all these very comprehensive efforts is very high. That critical thinking process is what’s going to differentiate you and the solutions you develop versus rushing off without any thought at all.
Distinguish causes vs. consequences
As you begin your critical thinking efforts, I’d like you to think about causes and consequences. One of the biggest challenges we’re going to face with any problem solving is that desire to rush off and get to an answer quickly because we feel like we’re being responsive to our stakeholders when we do. But think about it.
Have you ever solved a symptom only to find out there are other symptoms that arise after you solve it? Have you ever put in place a recommendation only to find out you created new problems down the road? When you’re going through this critical thinking process, first, consider causes.
Look at the symptom that is problematic. Then figure out the real reason it’s happening. And come at that possible symptom from multiple perspectives. Once you generate a recommendation, stop and think critically. What new problems can you create if you implement this recommendation? What are the new symptoms that will be caused? Think that through before you implement your recommendation.
Let me offer an example. I know a client situation where the organization was going to roll out a brand-new website that would be facing their customers. The problem was they continued to miss deadlines for rolling the website out and going live. Now let’s look at causes and consequences. What was the cause of the website not rolling out? Well, the code wasn’t ready. Yeah, but that’s a symptom. That’s a symptom of a problem. Why wasn’t the code ready? Well, the specifications weren’t done. Okay. Well, that’s also a symptom. Why weren’t the specs done? Well, because they didn’t agree on the features and functionality of the new website. But let’s not stop there. Why was that symptom happening? Well, they weren’t given clarity by leadership around one aspect that was a major strategic decision in terms of how they would roll the website out. That was the cause of all these issues and why the rollout wasn’t happening.
Now let’s think this through. Once that strategic decision is made, what are the consequences of it? So leadership finally decided to make the website a closed network. Therefore, new customers would have to call in to register instead of registering on a website. Let’s look at the consequences of that decision and the new problems that can emerge. New customers are now going to have to call a call center associate. That’s then going to flood the call center with incremental calls. The consequence of that is the staff in the call center is going to be over-worked. And then the consequence of that is current customers are going to experience service issues. They won’t get their calls answered as quickly. And then the consequence of that is we might lose current customers.
By stopping and thinking about causes first and then consequences, once you do make a recommendation, you’re going to identify the true problem that you need to solve and, hopefully, you’ll be able to avoid causing future problems. When you go out to solve a problem, think backwards about the causes and think forward about the consequences.
As you go to apply these notions to your critical thinking processes, I’d like you to think about a problem you’re working on. Look at the causes. Spend some time thinking about what’s really causing this issue. Continue to work backward until it’s clear you’re solving a problem and not a symptom. Then, once you’ve generated a recommendation, think through the consequences. What are the new problems that could emerge if you implement your recommendation? Think about a problem that you made a recommendation on where it didn’t go so well. Which of these two did you miss? Did you miss the real root cause? Did you miss possible consequences of your recommendation?
By spending this extra time thinking about these aspects and putting in the critical thought, there’s a much higher likelihood that whatever recommendation you come up with is going to solve the true problem and you’re going to account for some of the possible consequences down the road.
Want to learn more about critical thinking? How about taking an entire course on it? Go directly to the course and start learning about critical thinking. The entire course is available at LinkedIn Learning. Enjoy!
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Differentiating your business and making it stand out isn’t about cosmetic external attributes. It’s about sharing the internal elements that make your business different.
Today’s post is from Winnie Brignac Hart, co-author of Stand Out.
Today, we’re bombarded with marketing messages from every side – the New York Times estimates over 5,000 messages every day. Marketers used to try to reach consumers at home watching TV or reading newspapers and magazines, but now advertisers reach consumers in real time, trying to catch their attention at every turn. It’s absolute sensory overload as companies press harder to make their brands stand out.
My sister, Lorrie, and I are identical twins. Because we are identical twins, we know a lot about the confusion and frustration that comes from a lack of clarity when things look the same. It has taught us a simple truth about differences.
We live in a world that appreciates and expects individual differences in appearance and behavior. So when we encounter two identical individuals, this experience challenges our beliefs about the way that the world works. Of course, identical twins are never exactly alike, and some differ in profound ways. Yet we can’t stop ourselves from comparing them and trying to find the differences that help us to tell them apart. By taking a closer look at twins, we can learn a great deal about the concept of differentiation. When I look at my twin, I can experience how others view me – and actually see myself from outside of myself.
I did not think about it much until I was almost 13. Around that time, I remember clearly that looking and being different from my twin sister was just about the most important thing in my world. I wanted to be seen as a separate and distinct person. I dressed as differently as I could. I cut my hair differently, I hung out with other people who were trying to be different, too – artists, musicians, and other experimental types who for one reason or another were trying to find their own identities. What I found was that most of what I did to be different was external. I was trading being part of one group (the twins) with being part of another, larger group (creative types).
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Establishing good sleep habits can improve your health and productivity as an entrepreneur. Reclaim your sleep with these tips.
Today’s post is by Brad Wayland, Chief Strategy Officer at BlueCotton.
If you are anything like me, you are no stranger to long, sleepless nights – no matter how bad for your health they might be. But take it from me, this is not something you want to make a habit. You need to reclaim your sleep. Here’s how to do just that:
It is three in the morning, and you are on a roll. It does not matter that you need to be up at eight tomorrow. You have work to do, and now is the time to do it.
Except it is not. At all. Not only are you killing your productivity by pulling these all-nighters, but you are also slowly killing yourself.
I will spare you the details. I am sure you have already heard repeatedly that sleep deprivation is directly linked to a range of very nasty illnesses. I am sure you already know that you need to start sleeping more and sleeping better.
And I am also sure you have no idea how. I have been there. Read more
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Fear keeps us from doing a lot of things in our life, but if you can move past that fear and get out of your head, the possibilities become massive.
Today’s post is by John Murphy, author of Agent of Change.
It was 1988 and I was suddenly unemployed. My position was being eliminated due to an acquisition. I was 28 years old and the sole breadwinner for my growing family. My wife was pregnant with our second child and we had very little savings. What should I do?
Logic suggested I polish up my resume and start interviewing for a similar job, head of human resources. Surely, with my credentials I could find something decent. I was also given a reasonable severance package, so I had a few months to figure things out. No need to panic.
That’s when creativity and innovation kicked in. Questions like What if, Why, and Why not started rolling around in my head, pushing logic aside. What if I do something different? What if I start my own consulting company? What if I figure out a way to be my own boss? Why do this? And, why not do it? Little did I know that these questions would spark a new, life-changing career for me.
Of course, fear kicked in too. I now think of these fears and doubts as the “Yeah, buts.” Yeah, but you don’t have any money to get started. Yeah, but you have a family to take care of. Yeah, but you don’t know anything about consulting. Yeah, but you don’t have any advanced degrees or credibility. Yeah, but you’re only 28 years old. Who is going to take you seriously as a consultant?
I gave these “Yeah, buts” a lot of thought. On the one hand, they seemed negative and restrictive. On the other hand, they served a useful purpose in identifying and mitigating risk. So, I used the “Yeah, buts” to come up with a business plan. Who knows? Maybe writing a business plan, with thorough research and analysis, will talk me out of my idea.
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Avoid becoming one of the five in ten businesses that fail. Bust the five myths of entrepreneurship to see if you have what it takes to become an entrepreneur.
Today’s post is by May McCarthy, author of The Path to Wealth: Seven Spiritual Steps for Financial Abundance.
With record-breaking stock market levels on the heels of success stories about entrepreneurs like Jeff Bezos of Amazon and Mark Zuckerberg of Facebook, there is a desire for many employees to quit their jobs and start their own businesses. Before you quit your job and deplete your savings to fund your own startup, take a close look at your motivations for wanting your own business.
According to the Small Business Administration, 50% of businesses fail in their first year. This is often due to poor planning and the founders’ belief in five common myths about becoming an entrepreneur. Following is an outline of these myths and what you should know to prevent failure from happening to you:
Your income will increase
Most business start-ups are funded by the founders. Depending upon the type of business you start, your business may not produce a substantial source of income for the first year or two. Whatever amount of money you think you need to get to a level of profitability based on your business plan projections, double it so that you can handle unexpected situations that arise. With good planning and execution, you’ll have a better chance at succeeding and can pay yourself the larger salary that you desire in the future.
If you build it, they will come
Perhaps all of your friends and family have told you that you’ll be successful with your new business. That may be true, but before you empty your nest egg to lease the space, buy the equipment and print the letterhead, do some planning on paper first. Determine the feasibility of your business model, marketing plan, location choice, and competitive landscape so you have the best opportunity to succeed. Customers need to know where you are and to believe in the benefits of buying what you have to offer. It’s better to plan this out on paper than to discover it when very few customers show up after opening day.
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Achieving your goals is all about taking tangible steps every day. If you change your time horizon and ask yourself six simple questions, you’ll find you’re achieving your goals more rapidly than you ever thought possible.
Today’s post is by David Horsager, author of THE DAILY EDGE: Simple Strategies to Increase Efficiency and Make an Impact Every Day.
I met an eighty-eight-year-old man named Orville at my health club. I first noticed him one afternoon while checking in at the front desk. He was stumbling along behind me. There was no way this man, slowly shuffling along the path to the gym, was going to do any kind of meaningful workout! Orville patiently moved, inch by inch, into the weight-training area, picked up some dumbbells, and, with an audible grunt, started his routine.
One day I happened to see Orville out of the corner of my eye, stepping onto one of the treadmills. I was across the room, and he was already reaching for the start button. Too far away to help him, I just stood there and watched. As the treadmill came to life, Orville took one small step, and then another. The machine picked up speed, but miraculously, so did his legs. Within a minute, he hit full stride, running like a man half his age!
At this point the reality of the situation dawned on me. Orville’s problem was not with his legs, it was with his vision. He couldn’t see where he was going. Though Orville did nothing to cause his vision problem, it is a powerful example of how limited we are when we lack clarity and vision.
How often do leaders and employees lack clarity in their communication, and as a result, drive forward ambiguous goals?
I think 90 days is the best timeframe for most goals. A year is too long – see how few people keep New Year’s Resolutions? Twenty-one days is too short for most real change. However, in 90 days, I was able to lose 33 pounds! And I’ve seen people triple their sales in 90 days.
That’s why I like the 90-Day Quick Plan. It is a strategy for clarifying how you are going to achieve your most vital goals.
Pick an area of your business or personal life that you’d like to address, and then ask six questions. Don’t wait to start because the plan should take less than thirty minutes to create. All you need to do is ask and answer these six questions:
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Reaching outside your comfort zone is critical for success in business and in life. If you want to be successful, follow these three tips.
Today’s post is by Andy Molinsky, author of Reach.
If you play tennis, you’re probably familiar with the concept of a “second serve.” In tennis, you have two chances to serve the ball, so on the first you can really put everything into it, with little risk since you always have that second one to fall back on. The key is how you approach the second one.
When I was much younger, I learned that it was OK – critical even – to learn how to hit a powerful second serve – something that would be nearly as effective as the first – with lots of spin to it. But that took time and effort and many, many failed attempts – even in game-time situations.
The easy solution in the moment would have been to tap that second serve right in – risking little, but also not developing for the future. But I’m very glad I got the advice I did to risk it early on, and learn from experience and failure, because now I actually have a second serve I can use effectively – something that’s actually an asset –a weapon – and something I can use in real game time situations.
And, as I’ve learned from my own experience, as well as from the experiences interviewing managers, executives, and entrepreneurs for my book Reach, having the courage to take a leap is just as important in business as it is on the tennis court.
So, what are the best practices for willing yourself to take that leap and do something you know will help you in the long run, but which feels risky, awkward, or uncomfortable in the short term?
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Maintaining your cool and being in a state of equilibrium is a huge asset in a negotiation. When the other party loses it, you benefit by staying calm instead.
Today’s post is by Corey Kupfer, author of Authentic Negotiating
Most negotiating articles, books, training programs and other resources focus on techniques, tactics and counter-tactics. These, however, are often ineffective, manipulative and inauthentic and, even when good, are not the key to true negotiating success. Authentic negotiating is the secret to true negotiating success and there are three keys to authentic negotiating:
Clarity: Authentic negotiators know what will and won’t work for them on every significant term, and what their true bottom line is – from a place of clarity, not ego.
Detachment: Authentic negotiators can walk away from a negotiation with no hesitation – not from a place of anger or upset, but from a place of detachment with no judgment or hard feelings.
Equilibrium: Authentic negotiators don’t let emotions dictate their actions. Instead, they maintain equilibrium during the heat of tough negotiation to stay present and preserve their clarity and detachment.
Although each of the components of this CDE core framework are important, in this post, I am going to focus power of equilibrium – the third key to true negotiating success.
Several years ago, I received a telephone call from an attorney, Henry, who was representing clients on the other side of an unhappy split of a business partnership between three guys. I represented one of the three partners, and he represented the other two. Henry called me up, yelling and screaming and threatening my client with all sorts of dire consequences. My client happened to be a lawyer, although the business he was in with the other two was not related to the law. This bullying attorney was saying, “He’s going to lose his law license” and “He’s unethical,” neither of which was true. Henry was emotionally involved. He had lost his equilibrium.
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Learn how creating a successful business is like climbing one of the world’s highest peaks.
Today’s post is by Susan Ershler, co-author of “Conquering the Seven Summits of Sales”
In 2002, while relaxing at Everest Base Camp, I fell into conversation with Dan, a fellow climber about to make his fifth attempt to reach the summit alone. Dan was determined to be completely self-sufficient, carrying all of his own gear and climbing without a guide. I wondered why anyone would take on such a huge challenge without accepting even a modicum of help. But I wished him luck and rejoined my team to prepare for our climb of the treacherous Khumbu Ice Fall, the first major obstacle on our route to the summit. A week later, at Camp III, I found Dan camping alone and stopped by briefly to offer him a cup of tea and an energy bar. Cordially but firmly, he refused, reiterating his decision to rely exclusively on the supplies he had carried up himself from Base Camp. Later, I heard that Dan’s fifth attempt to reach the summit of Everest had failed. His determination to climb the world’s tallest mountain alone had defeated him.
Creating a successful business is like climbing one of the world’s highest peaks. One moment, the way ahead is clear and the summit seems tantalizingly within reach. Then, without warning, an icy storm descends, battering you with howling winds and near whiteout conditions. At times like these, climbers depend on the expertise and experience of their mountain guides and fellow climbers for their very survival. We don’t climb high mountains alone.
The same is true in the business world, where global market forces and turbulent economic cycles pose ongoing threats to the viability of a fledgling business. New technologies may be introduced seemingly overnight that render your products and services obsolete. A former partner with deep pockets may suddenly decide to compete and wrest away your clients. At times like these, your company’s survival depends on the experience and expertise of your team and the contacts and advice furnished by members of your personal and professional networks.
My friend and fellow climber John Waechter and I have been repeatedly struck by the remarkable similarities in skills and attitudes shared by elite mountain climbers and peak performers in business. Over the years, we frequently asked ourselves what made it possible for us to reach the pinnacle of our professions while ascending the Seven Summits, the highest peaks on each of the seven continents. Neither of us ascribes our success to the vagaries of fate or believes we possess unique or special talents. Instead, we’ve concluded that high achievement is a carefully honed skill; a strategic approach to problem solving that anyone can learn to cultivate with practice and dedication. This insight led us to share our experiences on the mountains and in business as co-authors of a new book, Conquering the Seven Summits of Sales: From Everest to Every Business, that examines the habits of success that we believe anyone can master to achieve peak performance in entrepreneurship and leadership.
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2025/03/20250303-Mountain.jpg?fit=1920%2C1280&ssl=112801920Trevor Joneshttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngTrevor Jones2025-03-03 08:02:412025-03-03 00:08:36The Power of Teams: From Everest to the Pinnacle of Business Success
Today’s guest post is by Kelly Gregorio of Advantage Capital Funds.
As the leader of your team, it is your job to forge ahead. When the horizon feels miles away, your team will turn to you expecting enough support to keep them going. However, people (including you) can take for granted that the person in the management position is still human with their own doubts, stressors and anxiety.
Regardless of your mentoring role, you still set goals for yourself in both your personal and professional life. The challenge being, when the going gets tough, there are few assigned to you to give you the motivating push and encouraging perspective that, as humans, we all need. Luckily, with some helpful tools in place, leaders can learn to shine their own light onto their paths of determined improvement.
Ground Some Goals
When your end-goals seem so far away that they are barely in sight, start small. Figure out what you could do today, in this afternoon, in this half-hour and then do it. Complete a task, any task, and recognize that you are now one step closer. How big or small that advancement is does not matter, all that matters is that you continue to engage in forward thinking and movement.
Grounding goals still requires positive and proactive thinking. Prepare your brain for the success that is ahead. Envision yourself surpassing your goal and tie your brain to that vision emotionally. This can be accomplished by imagining the sounds, smells and sights of those events. If you believe that what you proactively thank the world for you will get in return, then do this. If you don’t…well, daydreaming about success can still be fun.
https://i0.wp.com/www.thoughtleadersllc.com/wp-content/uploads/2024/10/20241022-Reaching-Toward-Horizon.jpg?fit=1920%2C1280&ssl=112801920Trevor Joneshttps://www.thoughtleadersllc.com/wp-content/uploads/2022/04/logo.pngTrevor Jones2024-10-22 08:02:582024-10-22 01:15:23What to Do When Goals Seem Too Far Away
