January Reflections – Bold Subtraction

by Elisa Spain Comment Closed

As January draws to a close, and we reflect on the goals we set, perhaps even create a new habit or two, is it also time to reflect on the nature of our goals?

Most of us tend to think in terms of additions.

  • What new thing do we want to do?
  • Where do we want to go?
  • What new accomplishments do we want to achieve?

The challenge with adding and not subtracting is, for most of us, there simply isn’t room. So, before you give up and join the ranks of folks exiting the gym before Valentine’s Day or stop setting goals, as one of my clients recently said, “I put the same things on my goal list every year; it seems silly to bother,” is it time to consider a bold subtraction instead?

Here are some questions that may help answer the bold subtraction question:

  • What did I give only my time, and not my passion, to last year?
  • How does this answer compare to previous years?
  • If my passion/time ratio has declined, what must I do or learn to change this? Do I want to continue to invest the required energy in this endeavor? 
  • If I boldly subtracted this passionless activity from my life, am I willing to go bravely forward not knowing, and instead discovering, what I will replace it with?

The Fresh Start Effect

by Elisa Spain Comment Closed

Temporal landmarks inspire us to reflect on our lives in a big-picture way motivating us to set goals for better behavior. 

Researchers describe this phenomenon as the fresh-start effect. According to the fresh-start effect, people are likelier to take action toward a goal after temporal landmarks. Psychologists studying the fresh-start effect show that it works because highlighting meaningful occasions creates a clean slate for people to make better decisions. 

This month is one of those important temporal landmarks. A new year, a new beginning, an opportunity to choose:

  • What matters to me? What am I willing to change or stop so that what matters to me gets my attention?
  • What important thing have I been neglecting? Health perhaps?
  • What actions am I willing to take to turn my resolutions into actions and my actions into habits that extend beyond Valentine’s Day?

It’s That Time of Year Again…

by Elisa Spain Comment Closed

As the year draws to a close, we tend to want to take stock. With that in mind, here are a few questions to consider about the past year:

  • Who or What was the most rewarding experience?
  • Who or What was disappointing?
  • Who or What was surprising?

And for the coming year:

  • What am I looking forward to?
  • What do I want to accomplish? 
  • Have I checked in with myself on my goals? Will the ones I am pursuing feed what matters to me, or is something or someone else driving my goals?

The Fresh Start Effect

by Elisa Spain Comment Closed

Temporal landmarks inspire us to reflect on our lives in a big-picture way motivating us to set goals for better behavior. 

Researchers describe this phenomenon as the fresh-start effect. According to the fresh-start effect, people are likelier to take action toward a goal after temporal landmarks. Psychologists studying the fresh-start effect show that it works because highlighting meaningful occasions creates a clean slate for people to make better decisions. 

This week is one of those important temporal landmarks. A new year, a new beginning, an opportunity to choose:

  • What matters to me? What am I willing to change or stop so that what matters to me gets my attention?
  • What important thing have I been neglecting? Health perhaps?
  • What actions am I willing to take to turn my resolutions into actions and my actions into habits that extend beyond Valentine’s Day?

It’s That Time Again…

by Elisa Spain Comment Closed

For many, perhaps most of us, the end of a year is a time for reflection. Last week I posed some questions to consider while Sitting By The Fire. 

This week, as my last story of the year, let’s talk about resolutions. In business, we call it goal-setting, and in our personal lives, we call them “new year’s resolutions.”

Here’s how Webster’s defines each of these:

  • Resolution: to make a definite and serious decision to do something.
  • Goal: something that you are trying to do or achieve

Resolution sounds much more committed, but common lore is that most of us break our resolutions soon after making them. 

Why is that?

Here’s the process most follow for business goals:

  • we set goals for the period
  • we prioritize the goals and focus on the most important
  • we identify the steps we, and our team, need to take 
  • we identify the dependencies that exist and order the process accordingly
  • we establish monitoring systems and milestones so we know how we are progressing toward the goal

In short, for business goals, we have a process, and for those who follow the process, results follow.

In my experience working with business leaders, some follow a similar process for personal goals, and many do not.

For some, a health scare reminds us that life is short and our families depend on us, which leads to getting serious about health and fitness goals, for example.

While most of us require a catalyst to inspire change, I wonder what other, perhaps less severe, motivation we can each find to inspire personal goals or resolutions that are definite and serious and treat them with the same level of importance as our business goals?

Perhaps this is the first resolution to consider for the new year.

Happy Holidays. Thank you for honoring me by reading my Sunday Stories each week. See you in the new year. 

What Are You Willing To Give Up?

by Elisa SpainNo Comments

I frequently ask my clients, What are you willing to give up to get what you want? 

One of my favorite marketing books, admittedly an old one, is Ries and Trout’s 22 Immutable Laws of Marketing. For me, many of these 22 laws are relevant to life as well as marketing. Law #13, The Law of Sacrifice, resonates for me for making life choices: You have to give up something to get something.

What I notice in my conversations is those who are willing to let go of something move forward. They invent the new products, hire the person who will free them up to do what only they can do, take the next job or start the next business. These people are willing to give up something to get what they want.

The ‘give up’ may be something we believe. It may be fear (of failing, being wrong), or simply comfort with what we have or what we know. The ‘give up’ may be tangible, dollars that may end up as a sunk cost, or accepting that a long-term loyal employee will not be the one to take the company forward.

In short, when we are talking about giving up something to get what we want, the key questions are these:

  • How much do I want the “something” I say I want?
  • What am I willing to give up to get it?

Better, Better, Maybe Not?

by Elisa SpainNo Comments

The notion that we can constantly make ourselves and our companies better, in theory, is a great idea. But when does it become too much?

For me, the best way to answer this question is to notice our strengths and work to enhance them. As an executive life coach, I refer to this as discovering and working in our genius.

Sometimes we become so focused on achieving that we cannot appreciate who we are or what we have already accomplished. When we are constantly reaching, it’s a recipe for perpetual dissatisfaction. 

What? Wasn’t I just quoting Florence Nightingale a few weeks ago, who said discontent leads to innovation? Yup. It is indeed a delicate balance, isn’t it?

For me, the subtle difference between striving to make the world a better place and pausing to celebrate accomplishment comes with self-awareness. The stoics said it well. We must be careful not to become reactionary or to accept, without question, the status quo. We must know ourselves, know our geniuses, and recognize where and when we can make a difference and where and when we cannot.  

Once we understand and act within our genius consistently, we become more effective, more satisfied, and ultimately better leaders. 

Boundaries Do Have Consequences

by Elisa Spain Comment Closed

As leaders in the 24×7 culture of the 21st century, we all must set boundaries. And they are different for each of us. Some of us like to stay at the office until the work for the day is complete and separate work time from family or playtime. Some of us want to be connected all the time, handling things as they come up. These folks prefer a more integrated life rather than a separation. Still, others want to be home in the early evening and choose to “catch up” later on when everyone in their family has gone to bed.

There is no right or wrong; some of it is generational, some of it is just personal desire. And, what I have noticed, in the years I have been coaching executives, is that regardless of preference, setting boundaries is something many people struggle with. And people with young children struggle the most. People with families often agree to boundaries rather than establish their own. They often forget to set aside time for themselves or conform to boundaries imposed upon them.

The topic of boundaries is not a new subject; it is talked about and written about a lot. What I don’t hear discussed as much is the consequences of setting boundaries. For the sake of our loved ones, our health, or emotional health, we all must set boundaries that meet our needs. And, what I have come to realize is with very few exceptions, these boundaries have consequences. Sometimes the work doesn’t get done, and sometimes our families are hurt or disappointed. Sometimes the cost is economic, the customer goes elsewhere, or we must leave our position and take one that allows us to live the boundaries we want, perhaps with lower compensation.

The question is, can we be intentional about choosing so that we knowingly pay a price we are willing to pay, rather than suffer a price that we were neither expecting nor prepared to pay?

Now That We Are Here

by Elisa Spain Comment Closed

Business is good for most companies and has been for quite some time.  And yet, the economic signals are there; we are nearing the end (are perhaps at the end?) of this long economic recovery.

Your industry may have more runway, or you may be in an industry that is a leading indicator. Regardless of your industry position, an equal perhaps more important question to ask is, what percentage of your customers fall into each of these categories and those in-between?

In short, are we diversified?

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 pick the winner or time the market. There are LOTS of stories in the investment press about the risks and consequences of these choices.

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 companies, we frequently ignore our advisors and the diversification advice they give. We have a great product or service; our biggest client is giving us more and more business; 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 good, there are industry measures that indicate the product, service or economic cycle is maturing, perhaps margins are tightening, but revenue 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 2019 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 and in the economic 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/customer diversification; where would we like it to be?
  • What new product or service can we start developing now that will replace our core offerings in the future?

Elisa K Spain

Are You a CEO or President of a Privately Held Business? If you are also a lifetime learner and want to learn more about my Vistage Group, click here

Can You Forgive Yourself for Not Being Beethoven?

by Elisa Spain Comment Closed

In interviews with Rolling Stone and CBS last year, Billy Joel shares why he stopped writing songs. “I just wasn’t as good as I wanted to be. It was driving me crazy. And it was wrecking my personal life too, just not being able to be satisfied.” That frustration led to a bout of drinking, he added.

He went on to share that he once read a quote from Neil Diamond in which Diamond said he had “forgiven himself for not being Beethoven.” In that moment, Joel realized, “my issue is,  I haven’t forgiven myself for not being Beethoven.”

Am I enough? No matter how accomplished, this question often plagues those of us who are driven. Is it the asking of this question that is behind this word: drive? Without it, perhaps we would accomplish less.

And yet, the question of how much is enough – money, legacy, career advancement, businesses, and stuff – is a personal one that each of us must answer for ourselves.

The message for me in Billy Joel’s interview is to recognize what is behind our drive for these things. And then ask ourselves what is it we truly want and are we moving toward that?

If we set high goals for ourselves, as most ambitious people do, what will we say to ourselves when the inevitable failures happen?

Will we forgive ourselves for not being Beethoven as Neil Diamond as done?  Or beat ourselves up as Billy Joel did for so long? The choice is ours.

Elisa K Spain

Are You a CEO or President of a Privately Held Business? If you are also a lifetime learner and want to learn more about my Vistage Group, click here