Articles
It’s Eleven O’clock. Is Your Exit Plan Ready? | Strategic Planning
Can you hear the clock ticking? By the time you finish reading this sentence, a baby boomer business owner will have turned 65. By the time you finish reading this column, five more will have reached the traditional age of retirement. Those business owners probably have big dreams for retirement, such as moving to a warmer climate, playing more golf or visiting exotic destinations. However, according to a recent study by the National Association of Realtors, 75% of boomers are not financially prepared for retirement. Our discussions with local business owners in this age group indicate that most do not [...]
Blowing up the Annual Performance Review | Business Help
Leadership is lifting a person's vision to higher sights, the raising of a person's performance to a higher standard, the building of a personality beyond its normal limitations. ~ Peter F. Drucker When a team outgrows individual performance and learns team confidence, excellence becomes a reality. ~ Joe Paterno Last month I took aim at the old annual strategic planning model and suggested a new, dynamic model. This month I want to focus on another relic from days gone by: the annual performance review. If you’ve been in the workforce for any length of time, you probably remember vividly at [...]
Lousy Congressional Leadership-5 things leaders need to do to move forward | Business Leadership
The mess our politicians are making of our economy through their inability to lead together is a great reminder for business leaders. "Leader" is more than a title, it is a massive responsibility to those who you expect to follow you. Good leaders are "servant leaders." Great leaders... Have a clear and actionable vision Communicate that vision clearly and simply Gain buy-in on their vision from others Compromise and cooperate to gain buy-in and create as much consensus as possible Get the job done through strong action, cheerleading and encouragement Our political leaders cannot seem to get these concepts. Do [...]
Fuzzy Goals
I am frequently impressed with the fuzzy thinking present in many companies. The lack of clarity as to what they are trying to accomplish in their business is usually reflected in fuzzy strategic goals, lack of alignment between senior management and fuzzy, imprecise execution. Unless leaders are clear (think measurable) about what they are trying to accomplish and over communicate those goals to their employees, how can they expect an aligned and engaged team focused on achieving those goals. Fuzzy thinking inevitably leads to fuzzy action; and what organizations can afford a lack of clarity and alignment in these challenging times?
Leaders Do Big Things
Having recently been with a company that is doing a major plant expansion, I have been thinking about one of the differentiators between market leaders and market laggards. I am wondering if the leaders, in addition to the slow and steady incremental changes necessary of any long-lived company, also focus on doing big things and taking bold action. Many leaders are hunkering down, cutting costs, playing it safe without at the same time pondering what "big things" they might do that may change the future course of their company. Such steps as expand a plant and figure out how to [...]
No Easy Exits
There are no easy exits. There is no reason to think that, after building a successful business with that never-say-die attitude, you can effortlessly detach yourself through a sale or transfer. If you were learning a new skill or sport it would be prudent to take a few lessons. Exit Planning is no different. Have a process, follow the process, and be mentally ready and financially strong. The result will be a legacy business that will enhance the community, keep your employees on the job, and perhaps grow to new heights for everyone’s prosperity.