Posts Tagged ‘Execution’

Why Businesses Succeed

Wednesday, January 5th, 2011

If you search Google for “why businesses fail” you will get about 6.9 million results. Many of those articles will talk about the pitfalls and untold reasons why businesses go out of business. Our stance is, instead of the focusing on what went wrong, focus on planning and building for success. Outcomes that are focused on are typically the outcomes that are generated. If you want to build a successful business you need to focus on success.

We can learn a great deal from businesses that fail and apply that knowledge to actions step that propel a business toward success and away from failure. Here are some important elements of a successful business to consider.

  • Develop a plan. You can get where you are going much faster if you have a road map. Developing a plan for your business that includes a vision, objectives, and critical success factors creates a road map. Evaluating potential problems and challenges before they happen often eliminates crisis. Reviewing financial, equipment, and employee needs creates preparation. Developing a marketing, advertising, and customer growth plan ensures focusing on the right activities. Develop a plan and revisit it frequently.
  • Execution is key. Developing a plan is the first step to executing your plan. Daily action steps are what make it come to fruition. Do you and your team members know what they need to do, focus on, and accomplish in order to make the business goals a reality? Frequent and consistent communication with your team will help ensure that everyone is working towards the right outcomes.
  • Know your customers. Who are your customers and why do they buy from you? What makes your product or service different or better? Creating and growing a loyal customer base is the key to business sustainability. If asked, customers will tell you exactly what they need. Ask frequently and listen intently. As the world changes so do customers requirements of your product or service.
  • Evaluate competition. Who is your competition and how do you compare? Competitive research is well worth the time and effort. Know what your business is up against. Understand competitor’s products and services and how potential customers compare those products or services to your company. This knowledge is vital as it allows you to make well-informed advertising and marketing decisions.
  • Be able to adapt. Business environments and customers change. The ability to adapt to the ever-changing face of business is just as important as planning. Your plan provides the road map but every once in awhile there will be obstacles located in the middle of the road and a course correction will be necessary. Being able to adapt quickly will allow the course correction to be as seamless as possible.
  • Maintain focus. Know where you going and what you want to achieve at all times. Distractions can mean death to a business. It becomes very easy to lose sight of the big picture when a distraction presents itself. Again, count on your plan to provide the road map and make goal-oriented decisions. Distractions have a bad habit to allowing us to race down blind alleys and take our eyes off of the real objectives.

Creating a successful and sustainable business is not always easy; however, the rewards often out weigh the challenges. Put yourself in a position to win at business by giving yourself all the advantages listed above and the results you desire will follow!

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in helping businesses and individuals achieve high levels of excellence and success. Learn how at www.resourceassociatescorp.com or contact RAC directly at 800.799.6227.

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Posted in Business Management, Sustainability | No Comments »

The Leader as a Mentor and a Director

Thursday, February 11th, 2010

As a leader you must be many things to many people.

We have discussed in previous posts the need for a leader to be a visionary because involving people in realizing a compelling vision provides a beacon for the future and a standard of excellence. We have also talked about the leader’s role as a coach. A leader as a coach reinforces the results they believe people are capable of achieving as winning depends on execution.

In addition to the roles of visionary and coach there are two additional roles that round out an exceptional leader: The role of mentor and the role of director.

The Leader as a Mentor

While many aspects of the mentoring role are similar to coaching, the significant differences lie in the mentor’s advisory or teaching role. A mentor is a trusted advisor and tutor. Mentors share the benefit of their experience and knowledge. It is a critical role in developing individuals who will collectively be responsible for the success of the organization. As a mentor you should seek innovation, encourage experimentation, reward appropriate risk taking, drive out fear, and create an environment where everyone communicates freely, honestly, and positively.

Establish an environment that encourages and rewards people to develop their skills, improve their results, and learn new skills. Actively seek to help people learn from your experiences and knowledge. Develop a culture where people feel responsible for their own results and are supportive of others, as well as provide the model, knowledge, training, and freedom to achieve their goals. Today’s leaders must foster a culture where continuous learning and continuous improvement are the norm not the exception.

The Leader as a Director

In the director’s role, the leader is like a symphony orchestra conductor. Everyone knows their part, comes in on cue, and maintains the tempo that had been established. The conductor does not play the instruments, that is the role of the musicians. Each musician does not decide when to play, that is the role of the conductor. The role of the conductor is to elicit the best possible individual performance in concert with the entire orchestra to create a symphony of sound. The leader/director establishes the direction for the organization and for the people. This does not mean the leader is the authoritarian expert who knows all of the answers. Rather, it means that the leader, as director, gathers the input and ideas from everyone in the organization, establishes goals, and aligns the resources to achieve those goals. The director creates conditions under which peak performers can thrive. The director continuously evaluates whether the direction serves both the organization’s best interest and the best interest of all individuals involved.

All leadership behavior must create an environment in which people are encouraged to seek out innovative ways of doing things which will ultimately lead to more revenues or lower costs. Excellent leaders use their complimentary skills as a visionary, a coach, a mentor, and a director to accomplish just that. In the words of former President Dwight D. Eisenhower, “Leadership is the art of getting someone else to do something you want done because he/she wants to do it.”

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in business and management consulting, strategic planning, leadership development, executive coaching, and youth leadership. For more information visit http://www.resourceassociatescorp.com/ or contact RAC directly at 800.799.6227.

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Posted in Leadership | 3 Comments »