If you don’t have the courage to change, be ready for a bigger change…
There are many businesses that are still struggling or, worst case, on the brink of closing. I was a part of a company that closed its doors due to the pandemic about a year ago. We, as leaders, must change the way we think, act, and the speed at which we execute. Millions of jobs were lost in the last year. Will my company and its tools and processes get all those jobs back…no. Might something you read here resonate with you and help you make a slight course correction, I hope so.
The 5 Things:
- Hosting a one or two-day strategy meeting(virtual or in-person) with your team.
In this approach strategy is an event. The 2-day, pie in the sky, offsite session with senior management and execs from a consulting firm where there is a lot captured on a Surface Pro projected for all to see(if the facilitator is using paper flip charts, I would quit now).
Only the most senior people speak at these sessions and thus, the “little people” who actually know what is going on in the market keep quiet and get lots of rest. People literally falling asleep, heads down on their iPhones, texting each other about how awful this event is. And they know nothing will come from this meeting, except maybe, a heavy meal and some cocktails.
2. Brainstorming session for strategy ideas.
The only thing brainstorming ever delivers is a bunch of anecdotal crap from the loud-mouth tenured, male exec who is still wearing a three-piece suit to the meeting and dinner. I do not recall many actions coming out of those sessions in the past (but they were entertaining, for sure).
The worst outcome I ever saw was that our company followed that exec’s ideas because he would not stop pushing them and he was almost yelling the ideas to the entire group. Less than two years later, the organization reversed course, restructured again, to execute a different strategy…Farewell, to the loudest and most bullheaded.
3. Starting from where you “think” the story/strategy is today.
I worked at a company where we spent 2+ days reviewing last year’s “strategy”(which was also the previous year’s strategy) and made adjustments and additions to the strategy which was not discussed again until the following year.
Where you are today only matters in the context of where you go from here.
Take a fresh look. Truly, step back. Do the work to collect facts about the customer, competition, market, and internal operations (meaning is the company environment positive or negative? Are the employees engaged? Are you executing at a high-performance level? Does leadership listen to all levels in the organization?)
And, I mean footnoted facts about market regulatory issues & growth, recent competitive dynamics, and customer shifts.
Your company’s financial trends will provide very clear signals about the health of the company. These facts will give you an eye-opening experience when viewed in the context of “Where do we go from here?”
Don’t be distracted by anecdotes… it's just not healthy or productive. Let the facts guide you to alternatives that you may never have thought of.
4. Believe you understand your business model as it stands today.
Over time, work practices change unbeknownst to leadership which in turn modifies the business model(let alone the pandemic impact). For example, a product your company manufactures is sold in 6 standard colors and 3 standard lengths. A sales rep has a large customer that wants to put their logo on the product and add their logo color to the standard colors. Somehow, this custom product is now a part of the portfolio. Or, a sales rep sells the standard product to a customer who called in from Canada…and you don’t do business in Canada! It is that easy and simple.
Below are just a few of the questions that need to be asked.
In what markets do you participate? Are you the market leader, or are you lagging behind competitors….why?
How do you compete in each market in which your company participates? What is your operating model(for example, do you ship products directly to your customers, or do you use distributors?) What is your pricing strategy in each product line or line of business?
If you cannot articulate these critical elements of a strategy(current or future), you might as well just keep doing whatever it is you are doing….same results will come. I won’t insult you with the Einstein wisecrack.
5. You don’t have the courage to decide to change. Then don’t waste your time following any of these points.
Leadership takes courage and willingness to take risks. Seriously, look in the mirror if you are reading this and ask(no, really, look in the mirror), “How much risk am I willing to take? Are you willing to put your job on the line?
So many leaders compromise on crystal clear choices that should be made to minimize personal risk. This leads to sub-optimized performance. Change is hard, and especially regarding your company’s direction. We all hate change, big or small.
Today, we need a straightforward way to assess our business with data to accelerate growth plans and put the pain of the last year behind us.
My company, EQ Growth Solutions, has a process that does this. If you follow our process, the facts you collect will direct you to the right strategy and execution process ending up as a high-performing business.
I bought a sign at a flea market a few years ago, that I love and hung it in my office.
“Change is HARD, YOU go first.”
Contact me at MikeO@eqgrowthsolutions.com or go to our website: www.eqgrowthsolutions.com and click on the “Contact Us” button to explore how our company can help you.
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