Trust Your Gut For The No…

Trust Your Gut For The No…

by Elisa SpainNo Comments

survey with exceeded expectations checkedOften when we are buyers, we find someone or something we like and then work to find data (experience, accomplishments, etc.) to convince ourselves why this person or this product is something we should buy.

When it comes to interviewing for key candidates, Vistage speakers, Barry Deutsch and Brad Remillard, recommend we take a more structured approach to interviewing to improve our hiring success. They recommend we start the process first by clearly defining the success factors for the role and then asking the candidate to tell us stories about how they have achieved this success in the past and how they will do it for us.

It dawned on me recently that this approach works in many (most?) situations when we are buyers. After all, when we are hiring, we are buyers.

So, am I saying no gut at all? All data? No. Absolutely, there is a gut to every decision we make, and in most situations, especially when we are buyers, trust your gut for the no. If something doesn’t feel right, it probably isn’t. When hiring, it’s the behavioral questions that help us learn if a person is a cultural fit. If a person’s style, ethics or values don’t fit, it doesn’t matter if they can do the job.

When committing our time or buying a product, isn’t it really the same key question?

  • What are my expectations (success factors)?
  • What is the data that supports that my expectations will be met?
  • Then the gut question: How does this feel?

Elisa K. Spain

Leadership Quote: Create Goals, Not For What You'll Achieve…

Leadership Quote: Create Goals, Not For What You'll Achieve…

by Elisa SpainNo Comments

2013-09-29F iStock_000022814566_ExtraSmallThis month’s leadership quote:

“Create goals, not for what you’ll achieve, but for who you get to be in the process.”

Occasionally, I hear from people who say, “I don’t have goals and frankly, I don’t see the point”. While setting achievement goals is somewhat personality driven, the value is there for all of us when we create goals for the purpose of….well, creating a purpose.

Goals, be they personal or business, give us a direction to go in. They help with that ball-dropping prioritization, I talked about a few weeks ago, Drop Some Balls, and they give us clarity each day.

When we begin to think about goal setting as defining who we want to be, suddenly it is less about achieving and more about “who we get to be in the process”.

 

Elisa K. Spain

 

Go Ahead, Drop Some Balls…

Go Ahead, Drop Some Balls…

by Elisa SpainNo Comments

High resolution image orange spheres. 3d illustration over white backgrounds.Just the other day, I was meeting with an executive acquaintance of mine who had just received a significant promotion. While he is excited about his promotion, he is challenged with looking for his replacement in his previous position; and in the meantime was doing both jobs. When I asked him how it was going, he responded, “just trying to get it all done, without dropping any balls”.

This conversation reminded me of one I had with one of my Vistage CEO  Advisory Board members. He was lamenting the challenges one his executives has with burnout. In this case, the CEO was saying “I wish he would learn to drop some balls, his effort to get everything done is what is causing his burnout”!

For those of us who want to dot every I and cross every T, (I admit I am one of them), the ‘to do list’ can seem endless. What I heard this wise CEO saying is, “go ahead, drop some balls”, just choose the ones you are going to drop.

What if instead of starting each day with a list of what we are going to do, we instead begin by removing from the list the things we aren’t going to do. Here are some examples to get you started:

  • What if you reviewed email once or twice per day, and let everyone know that is your plan?
  • What if you coded your email so that critical emails moved to a priority list and you responded to these first?
  • What if you paused and asked yourself, does this email, call, text, inquiry require a response?
  • What if you removed yourself from EVERY email where you were listed as a cc (or sorted these to a “someday maybe” list).
  • What if you paused, before saying “yes”?

Please send me your comments with ideas to add to this list…

P.S.  In honor of this post and my upcoming vacation, the next blog post will appear September 29th.

Elisa K. Spain

 

 

When Making The Counter-Intuitive Choice…

When Making The Counter-Intuitive Choice…

by Elisa SpainNo Comments

2013 09-08 iStock_000024950177XSmall
I have often heard our Vistage economists, Brian & Alan Beaulieu say, “the time to invest is late recession, early recovery”. And it is one thing to say this in theory, and quite another to actually have the courage to do it. Not unlike the recommendation to buy more equities when the market is down. While we all understand the “buy low, sell high” adage, natural risk aversion causes many of us to do exactly the opposite.

And yet, the Beaulieu’s advice works. As an example, I had the pleasure of watching Baird & Warner, the 2nd largest real estate company in the Chicagoland area. With two of their top executives as members of the Vistage Advisory Boards I lead, I have a close connection to Baird. And while Baird, like everyone else, made tactical cost saving efforts such as closing offices and increasing efficiencies; at the same time, they were also investing in the future, making capital investments and key hires.

The result: as the real estate industry continues to recover, Baird has earned its unfair share of the market. Outperforming the competition on every key indicator, deals written, deals closed, etc.

When I spoke with Steve Baird, his response was “while everyone else is hunkering down – I took the opportunity to double down”.

Here is Steve’s summary of what it takes to build, and sustain (in his case for 5 generations), a world class company. Food for thought as the current economic cycle matures:

  • investment
  • reinvention
  • continuous feedback loop
  • commitment /stick to your principles
  • time is an asset
  • you have to do it for years – not just ride market share up and be really good
  • not just a great product – need a great business
  • building world class is not building to sell – be clear
  • be careful of sacrificing profitability for the sake of more business

Elisa K. Spain

Managing Business Assets W/ Portfolio Management Risk Practices

Managing Business Assets W/ Portfolio Management Risk Practices

by Elisa SpainNo Comments

2013 08-06 Elisa Spain Risk Management


Businesses are assets, right? What might happen if we followed the risk management practices of portfolio management in running them?

The “portfolio managers” of our business are our leadership team, our key executives.  Business owners have a risk tolerance that leads them to be more or less involved in activities in their businesses.

What I observe as a Vistage chair and leadership coach is sometimes executives frequently feel either micromanaged or adrift and unclear of expectations.

When the business owners abdicate instead of delegate, only to jump back in when things are not going as they expected (but didn’t verbalize), this creates unnecessary risk; leads to outcomes we don’t want and drives everyone crazy.

What if, instead, owners and executives followed the same process as we do for our investment portfolios?

When we hire an advisor to manage our traditional portfolio of stocks and bonds, the first thing they want to know is the answer to the following two questions:

  1. Will you delegate full responsibility for managing your portfolio to me? or
  2. Will the account be co-advised?  Meaning, before I make a purchase or sale in your portfolio, I must consult with you?

When the owner of the portfolio chooses #1, the client and the advisor work together to design a portfolio that meets the risk tolerance of the client, the advisor constructs the portfolio and typically the advisor provides reports, usually monthly or quarterly, that inform the owner of the status of their portfolio. Additionally, the advisor’s reports include a comparison of their performance to that of their peer group.

Sometimes, the owner of the portfolio chooses #1, but instead of delegating authority, monitoring the performance of the portfolio, and periodically evaluating the portfolio manager; the owner abdicates, i.e. moves on to other things and ignores the portfolio manager.

I heard a sad story from a friend recently who chose option #1, neglected the monitor and evaluation part, and didn’t discover the result until he needed the money and realized it was gone. The advisor was not dishonest, he simply made poor investment choices.

If you decide to try this approach, here are some questions you and your executives might consider asking:

  • What decisions will the executive have full responsibility for?
  • Which decisions do you want to co-advise?
  • What risks are you most concerned about?
  • What kind of reporting works best for you? Written, verbal?
  • What do you want to monitor, and on what frequency?
  • How will my performance be evaluated?

And finally the most important question,

What is our agreement as to how to give each other feedback when the outcomes or the process didn’t go as we expected?

 

Elisa K. Spain

Leadership Development: Not Just For Women

Leadership Development: Not Just For Women

by Elisa SpainNo Comments

2013 06-03 Elisa Spain Women in Business Blog PictureLeadership Development: Not Just for Women

As part of our leadership development, my Vistage groups frequently select a book to read as a group. Recently, my Vistage Inside group chose the book, Lean In: Women, Work, and the Will to Lead, by Sheryl Sandburg.

 

On the day we discussed this book in my group, the first person to speak was a man. His comment was “This is not a gender issue. This book resonated for me and the challenges I have in my career”.

This book has garnered both praise and criticism and certainly puts to rest the question of whether a book can spark a debate.

The debate centers around two issues. First, given Sheryl’s wealth and position, is she truly able to advise young women? And, is she placing too much of the onus on women who are already struggling to fulfill impossible demands, and too little on government and employers to provide better child care, more flexible jobs and other concrete gains.

Having begun my career in the 1970’s, for me the book initially was a reminder that the more things change, the more they stay the same.  While certainly gender neutrality has occurred in many jobs, the executive suite is one where the numbers say otherwise.

That said, I wonder, is the question really about gender neutrality or is it about the challenges that women and men face as they navigate the path to career advancement?

I wonder if the real questions that Sheryl is suggesting we, women and men, ask are:

  • What is the path to a “seat at the table”?
  • What risks must I take?
  • What personal choices must I make to achieve career success (i.e. choice of mate, where I live, who my friends are)?

And, finally the most key question,

  •  What must I give up, to get what I want?

For more on this topic, see previous post,  Laws of Success: Perfection of The Life or Perfection of The Work

 

Elisa K. Spain

 

Leadership View #11: Hardest Task

Leadership View #11: Hardest Task

by Elisa SpainNo Comments

2013 06-23 iStock_000010450125XSmallLeadership View #11:

Hardest task – changing your leadership and management styles as your company grows or you go up the ladder. 

I often hear entrepreneurs say, “I don’t want to lose the culture as I grow this company” or “We are like a family, I want to keep this feeling as we grow”. And yet as the company grows the culture inevitably changes and the owner no longer knows the name and the family of every employee.

And, what the company needs as it moves from “go-go” to “prime” (to quote Vistage speaker Gerry Faust) is for the leader to change.

In the go-go period, everyone is equal and it is all about getting the job done, getting the orders out, meeting the customer needs. Typically the owner is the chief sales officer and innovator. And, then as a company adds more people and moves to prime, management becomes necessary and terms like “building a leadership team” come into play.

Suddenly the owner is thrust into a role of CEO and has people reporting to him or her who are focused on their own career path. These key executives want the opportunity to innovate and have an impact themselves. And, the CEO while still expected to define the vision, must also become a coach and mentor, allowing others to grow and develop as leaders.

At the same time, the folks who came to the company as experts and doers are often expected to become managers. And those that came to “manage” are expected to become leaders. The best operations manager who succeeded because he or she can implement processes must learn to think like an owner and take a broad view. These new roles and new ways of thinking require new behaviors as well.

Those that are able to change are those rare few that build and lead the less than 1% of companies >$100mm in revenue.

Elisa K. Spain

 

Leadership View #8: Merging Two Organizations…

Leadership View #8: Merging Two Organizations…

by Elisa SpainNo Comments


2013 06-02 iStock_000003052514XSmall TeamworkLeadership View #8:

Merging two organizations gives a leader an opportunity to form a new culture / leadership team / operating style.  A common mistake is to adopt one or the other, thereby creating winners and losers.  

This leadership view is actually a continuation of Leadership View #7 where I talked about getting buy-in during a merger. Once we have that buy-in from the early majority, the next question to answer is:  what will be the culture, leadership and operating style of the combined group?

Remembering that a “merger” can mean combining two companies, two groups, or simply adding a significant number of new team members.

In my experience the culture bends. Last year, I added several new members to my Vistage CEO group and most of these new members came from other CEO groups where they had been members for some time. The groups they came from had their own culture, operating style and formal and informal leadership.

Here is what I learned from that experience.

First, the integration must be intentional. The people that were there first, feel a sense of ownership of the group. The new people want to add value. The challenge is creating situations that allow for both. The following steps worked for us:

-We form workgroups including members with various tenure and personality styles – sometimes the official leader was from the new group, sometimes from the old.

-New members were given the opportunity to showcase their expertise in a way that helped the group.

-We recognized that groups follow Bruce Tuckman’s model of forming, storming, norming, performing and they do it continuously. The merged group naturally moved through this process at it’s own pace.

The result: The group today is an integrated group with many of the same values as before, yet with updated norms and a new culture, well on its way to high performing.

 

Elisa K. Spain

 

Leadership View #6: Some Problems Can’t Be “Solved”

Leadership View #6: Some Problems Can’t Be “Solved”

by Elisa SpainNo Comments

2013 05-12 Fresh PerspectiveiStock_000019408214XSmall Leadership View #6:

Some problems can’t be “solved” (and, hopefully, made to go away) – they must be managed and may require the leader’s repetitive attention and time.

As leaders and managers, we have been taught to find the root cause and fix the problem. This Leadership View seems to fly in the face of that.

What do you mean “some problems can’t be solved”?

For me the key word here is repetition. For anything to be sustainable, it must be repeated. We humans get distracted, forget what we learned and have to be reminded. This is what Vistage is all about. Our members hear from a speaker 8 times a year. Do you really think each speaker brings something new to the table? Rather, they often are reinforcing a similar message. And, we hear the message differently depending on where we are in our lives and our businesses at the time. An entrepreneur leading a start-up will hear a leadership message differently 10 years later when he or she is challenged with building a leadership team that will lead to a sustainable enterprise.

I asked one of our long term Vistage members recently if he had ever considered leaving Vistage. His answer was “never, I learn something at every meeting, every one-to-one.” He leads a highly successful, high growth business. My belief is he learns something new each time, because he comes with different ears each time.

The same is true for the people that work for us. Some problems can’t be solved, because things happen. Life isn’t static and our businesses and our processes aren’t static. Last year in a post entitled “Is Your Leadership Team Your Co-Advisor“, I talked about the DIME Method: Design, Implement, Monitor, Evaluate. For me the repetition speaks to the Monitor and Evaluate part of the continuum. As problems get solved and things change, we must monitor, evaluate and then design again.

As you mull over this idea that problems can’t be solved, I encourage you to ask yourself the following questions:

  • When was the last time we monitored or evaluated the systems we have in place?
  • Are we doing things, “because that’s the way we have always done it”?
  • What is the root cause of the problems that exist in my company today? Which of these require my repetitive time and attention?

Elisa K. Spain

 

Leadership View #5: When Leading Change..

Leadership View #5: When Leading Change..

by Elisa Spain4 Comments

2013 05-05 SuperHero iStock_000013976003XSmallLeadership View #5:

When leading change – get some early wins –this makes change irresistible to those that resist.  Getting these “early wins” may involve changing priorities or sequencing of events.

How often do we begin an initiative by setting a goal with a date when everything will be complete?

When starting a project we are excited to get “it” done. What if instead we focused on getting small wins and buy-in, how might we approach the project differently?

One of my favorite visible stories of a leader who understood the importance of early wins is The Chicago Wacker Drive Project. Mayor Richard M. Daley began this enormous project, raised the funds for it and hired the team to lead it. It was a massive undertaking. The job required rebuilding both Upper and Lower Wacker, a primary downtown Chicago artery.

What I remember most about this project is it began in early 2001 and was declared “finished” 20 months later in late 2002.  It was declared a success coming in on-time and on-budget. The reality was, only a portion of the Wacker Drive rebuild was completed during this period. Work on Wacker Drive continued for many years and continues today.

Mayor Daley knew he had to get an “early win” and sequence the events so that he could pause and celebrate success. The work that continued for ten years hence followed this same model. Small incremental projects are funded, begun and then completed and celebrated.

Here are my questions for you to consider when you next begin an initiative in your company:

  1. What is the ideal sequencing to get the job done right and on-time?
  2. If my goal is buy-in, what changes might I need to make to get that buy-in?
  3. Am I willing to go slower at the front-end to get to adoption?
  4. Who are the people I can count on to be early adopters and influencers? How do I engage them, so they are willing proselytize our success?
  5. How will I celebrate success?

Elisa K. Spain