What If Instead, We Gave Feedback?

What If Instead, We Gave Feedback?

Opt 3 2014-03-16In my last post, I compared business to dating. Continuing that theme… Another similarity is “absent information, we make stuff up.” In the dating world, if he doesn’t call, we assume all kinds of things. Similarly with a prospect, an employee, a customer, a new connection.

And, most of the time when we don’t like how we perceive something went, we simply walk away. What if instead, we offered feedback?

Several months ago, I met a talented young entrepreneur through a mutual friend. Our mutual friend asked me to consider introducing her to some of my contacts. I am always very careful about making introductions, as I feel a responsibility to both parties. Long story short, I introduced her to a couple of friends and never heard anything more from any of the parties. I like to complete the circle, so I reached out and learned from my new contact that she had met with each of my friends and they were good meetings.

Shortly thereafter, my new contact asked for a second meeting and around that same time, I happened to speak with both of my friends. My friends had a story, similar to each other, but different from what I heard from my contact. Each of my friends came away feeling that my new contact had promised to send them something and never heard from her again.

New friend, only had a first date, while there was a spark, (see last week’s blog), my gut said, “no second date”‘. She didn’t treat my relationships with the same care as I do.

Instead, I did go on the second date, prodded by a friend who encouraged me to. I decided I had a responsibility to give my new friend feedback.

What ensued was a real conversation about the emotional wake we sometimes leave; the importance of focusing on what is important and the importance of perceptions. It was a defining moment for both of us. For me, being open to hearing feedback that was different from my perception; for her taking a pause and focusing on what matters.

She and I have become friends, not in spite of our conversation, but because of it. She has since told me that she has completely changed her approach to building her business, because of our conversation.

The next time something doesn’t go the way you want it to, with someone with whom you see potential, perhaps a new member of your team, someone you recently promoted, or someone you might do business with, would you consider giving feedback, instead of walking away?

Elisa K. Spain

 

When Was The Last Time You Went On A Date?

When Was The Last Time You Went On A Date?

Let´s get together

 

You are probably wondering why I am asking this question and what dating possibly has to do with a leadership blog…

Actually, this topic comes up frequently in my coaching sessions. Business it seems, is a lot like dating…

So, here are some dating and business best practices I’ve learned along the way:

  • Be authentic.
  • Be respectful.
  • Be clear on what you are looking for in a partner, a customer, an employee or a vendor.
  • Be clear what it is you bring to the table and be realistic. That high powered CFO may be great in a Fortune 500 company, but is she really what your $30mm company needs?
  • Put yourself in situations to meet new people that fit. No matter what anyone tells you, it’s not a game of numbers, it’s all about defining and measuring fit.
  • That wild guy or gal you wouldn’t bring home to Mom, is probably not going to be your SO or your best customer, no matter what he is willing to pay.
  • As soon as you meet “Mr. or Ms. right”, go out with someone else (when we get fixated on winning one partner, customer, employee, we can appear desperate. As Vistage speaker, Tom Searcy says, “play like you have nothing to lose.”
  • Go on a date with anyone once (okay, not someone you know is an ax murderer).
  • Go on a second date, if there was a spark of interest.
  • When she says she needs some time alone, or the prospect doesn’t get back to us right away, its not the time to call a day later and suggest coffee.
  • Once you have made a commitment, be committed.  Give your customer, employee, vendor a chance to right a wrong.
  • And.. when a relationship fails (or the service is consistently poor), don’t drag out the exit. End it, learn from your mistakes, decide what to look for next round and start the cycle again.

For an amusing, albeit somewhat crass, perspective on the subject:

http://www.buzzfeed.com/kristinchirico/ways-building-a-startup-is-just-like-dating

Elisa K. Spain

All That Matters Is Culture

All That Matters Is Culture

http://www.dreamstime.com/stock-photo-strategy-structure-culture-image26561510The theme in my Vistage CEO and Key Executive Groups for 2014 is “All That Matters is Culture”. Each meeting, the host shares a bit about how this applies in their company. Here are some of the comments I have heard so far…

  • We have a “can-do culture”. When I interview prospective employees, I ask questions that tell me how the person has demonstrated this in previous jobs.
  • Our core values reflect our culture. I have articulated ours to each employee and I am asking employees to tell stories about actions that have been taken that demonstrate how these core values resonate for them. For example, we have a value of integrity, I want to hear stories about how employees have made choices that reflect the integrity choice. I publish these stories so other employees see them.
  • We have a lot of temporary employees. When it comes to culture, I treat them the same as the full-time employees. I want them to know our culture and feel good about working for our company.
  • We share our core values and our culture with our customers. The more they know about us, the more effectively we can serve them. Similarly with our suppliers, when we share common values with our suppliers, we deliver a better product.
  • In the past, I had some talented people who didn’t fit our culture. It was difficult to make the decision that these people had to go. And, once I made this decision, the performance of the rest of team improved exponentially.

I will add to this list later in the year. Meantime if you have stories to add, please click on comments.

Elisa K. Spain

 

Leadership Quote: Be Like Water..

Leadership Quote: Be Like Water..

opt 8 Feb 23 blog                This month’s leadership quote:

“Don’t get set into one form, adapt it and build your own, and let it grow, be like water.”

-Bruce Lee

When I read this quote at my Vistage Key Executive meeting this month, we had a lively conversation about “what does it mean to be like water?” Here is what we came up with.

Water is infinitely adaptable, when it encounters a boulder, a rock or a dam, it moves around it. Water takes different forms, sometimes, hard and solid, like ice, sometimes fluid, sometimes cold, sometimes warm, sometimes boiling.

If we as humans can be like water, we will know when to simply move around the boulder and find another path; when to be fluid and when to hold firm; when to accept and when to respond; when to boil and when to be warm. In short, be like water and adapt to what life presents us with.

Elisa K. Spain

The Queen (Or King) Of Denial

The Queen (Or King) Of Denial

opt 8 Internet LLD-Queen-of-the-Nile-01001918There is a country music song entitled Cleopatra, Queen of Denial, recorded in 1993 by Pam Tillis. While the lyrics talk about a love relationship gone wrong (are there any country songs that don’t?), the title stayed with me because it reminds me sometimes of what I see in business.

What I observe is that both kings and queens of denial sometimes confuse optimism with denial. For example:

  • “Yes we are losing money and if we get that next deal, we will turn things around for good.”
  • “I know, Joe or Jane employee is not up to the challenge now that our company has grown, but I can make it work anyway.”
  • “We have always done it this way, if we continue to do things this same way, things will change.”
  • “Our business has grown about 4% YOY the last 10 years and this year, we will grow 20%, without any new capital.”
  • “I know the industry has matured, and prices have fallen as a result, but if we keep offering customized services, we will be able to command a higher price.”

I am sure you can think of others. And, my further observation is that denial is a powerful drug. As with most other drugs, the user won’t stop using until he or she is ready. No one can tell us we are in denial, we must see it for ourselves. One benefit Vistage members have is their chair and their fellow members will keep holding up that mirror until one day, we do.

 

Elisa K. Spain

 

 

Laws Of Success: The Three Secrets…

Laws Of Success: The Three Secrets…

Still life of pen,glasses and business file on tableWorking with CEOs and senior executives as both a coach and advisory board chair, I have had the opportunity to observe both those that are successful and those with unrealized potential. While their businesses and their personality styles are all different, when I distill it down, those that succeed share the following three traits:

  • Tenacity
  • Discipline
  • Hiring the best people – paying them and treating them well

Tenacity – The willingness to stay with it, even when there are setbacks. As Winston Churchill said so well, “Success is stumbling from failure to failure with no loss of enthusiasm.”

Discipline – Successful leaders ruthlessly manage their time, ensuring they ALWAYS carve out time to think and plan and learn. It is so easy for each of us to get caught up in the tasks of the day; successful leaders don’t. They make time to stay close to their business and rise above, stay current and focus on opportunities. And they make time for mental and physical fitness. Every successful leader does this their own way, and every one of them does it.

Hiring the best people AND paying and treating them well – Talented people want to work for talented people. And… the pool of talented people in each industry isn’t large – it is those that find the talented people, pay them and treat them well that succeed. The definition of “well” varies by individual, the leader that understands this and responds to the needs of their key people leads a successful company.

Seems so simple, doesn’t it? Just three things to do.

 

Elisa K. Spain

 

 

Delivery ALWAYS Matters…

Delivery ALWAYS Matters…

Businessman testing a microphone about to make a speach at a press conferenceWhen the stakes are high, we prepare. Whether it is a presentation to a large audience or a meeting with a key client or prospective client, we know we will be more successful if we prepare.

  • What exactly does it mean “to prepare”?
  • When aren’t the stakes high?
  • When we focus on content and not on our audience, are we really prepared?

Last week, I had the opportunity to hear a speaker and deliver a presentation of my own, where in both cases, the content was outstanding and yet the message was not received well by most of the audience. These two experiences reminded me of two important facts:

Delivery always matters – It’s not enough to prepare our content. It is at least as important to consider the audience, prepare our delivery and adjust midstream as we read the audience reaction. Not easy to do, and yet, critical to having our message heard.

Prepare for every interaction as though the stakes are high, because they are – Every interaction with another human being, either as a group or with individuals, matters. When we are fully present, we listen, we adapt and thus can be effective.

 

Elisa K. Spain

Leadership Quote: We can't solve problems…

Leadership Quote: We can't solve problems…

someone's hand pressing a service bell what could they want                     This month’s leadership quote:

“We can’t solve problems by using the same kind of thinking we used when we created them.”

-Albert Einstein

Typically when we discover a problem, we bring together the same team that was involved when we first launched the new product, new division, new whatever, that led to the problem we are now facing.

What if instead, we asked people who weren’t involved at the beginning to look at the situation and give us questions to consider and offer possible solutions?

Perhaps you can gather a new team to look at the problem with fresh eyes.

Or, consider asking people outside your business.

Each month Vistage members have the opportunity to ask their private advisory board to bring that different kind of thinking to the challenges they face.

Wherever you choose to go when problems arise,  it’s that fresh view that leads to better results.

Elisa K. Spain

Vistage Confidence Index: Optimism Reaches 2 Year High In Q4 2013

Vistage Confidence Index: Optimism Reaches 2 Year High In Q4 2013

2013--01-19 Confidence IndexThe quarterly Vistage Confidence Index is now available.

CEOs in the Q4 2013 Vistage CEO Confidence Index survey held more optimistic economic expectations than at any other time in nearly two years. The largest 4th quarter gains were in CEOs’ evaluations of the overall economy, although revenue and profit expectations posted healthy advances as well. The Vistage Confidence Index was 101.5 in the 4th quarter of 2013, up from 97.8 in the prior quarter and well above the 87.0 recorded in last year’s 4th quarter.

Below are some key highlights from the Q4 2013 Vistage CEO Confidence Index (all members surveyed):

  • 52% of CEOs reported the economy had recently improved
  • 76% of all CEOs anticipated higher sales revenues in the next year
  • 56% of CEOs planned on expanding their payrolls during the year ahead
  • 11% of CEOs reported that finding qualified employees was an easy task

Elisa K. Spain

Why Now?

Why Now?

Hand writing Time to Adapt concept with red marker on transparent wipe board.Continuing the beginning of year theme of strategic planning. The question is, why diversify my business now, when everything is going so well?

Anyone who has hired an investment advisor knows, all of them advise first and foremost, to build a diversified portfolio. And, despite all the data supporting the long term benefit of diversification, some investors believe they can time the market. There are LOTS of stories in the investment press about the risks and consequences of market timing.

Those of you who are frequent readers know that my background is in financial services and investments and I often compare running a business to managing an investment portfolio. And, as with some stock market investors, when it comes to our businesses, we frequently ignore our advisors and the diversification advice they give. We have a great product or service, we are making money, we think “if it ain’t broke, why fix it?”.

Over the years, I have worked with a number of businesses and watched this process unfold…

Business is great, there are industry measures that indicate the product or service is maturing, but business still remains strong. Then suddenly (one could argue it wasn’t suddenly), it isn’t strong anymore, in fact, the business has gone from significant profits to losses, seemingly overnight.

The thing about income statements is they are lagging indicators. If we ignore other key indicators, especially the external industry trends, it is easy to be lulled into market timing behavior. And as with market timers, by the time the CEO realizes the market has turned, it is often too late to adjust without incurring significant losses.

As you continue your planning for 2014 strategic actions, I encourage you to pause and ask yourself the following questions:

  • What are the trends in our industry; where is our industry in its business life cycle?
  • How does our product/service compare to others in the industry; are we a leader or a follower?
  • What is our current level of product/service diversification; where would we like it to be?
  • What new product or service can we begin development on this year that will replace our core offerings in the future?

 

Elisa K. Spain