Making money with ideas

Don’t Get Bit in the Financial Butt!

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Perfection is a myth, yet, many companies engage in seeking the “perfect solution” to stay competitive and improve the bottom line. A few are doing a great job by focusing on “viable solutions.” Most, however, are realizing mixed results due to reliance upon the same old practices that have long surpassed their peak. Less savvy companies are simply hanging on to their soon-to-be outdated products and services. They are afraid to make changes, despite their customers’ requests, and dismal sales.

Why have many business owners stopped listening during this critical time? They fear the change process. They don’t understand how to create a blue print for success. They falsely believe that since riding it out it worked in the past, it will work now. Sticking your head in the sand (think, ostrich) will only get your financial butt bit – hard!

Navigate change now. Waiting won’t change anything! Management needs to seek the right guidance and alter their paradigm to include change. It doesn’t need to a big, evil, costly endeavor. It’s time to hear employee and customer ideas with an open attitude. A simple twist of the wheel may gain the competitive advantage. Proper alignment, direction, and training to manage ever-changing economic factors will keep your doors open for business!

Talk Straight. Give the members of your staff the opportunity to contribute, appropriately. Brainstorming isn’t about judging ideas as right or wrong, or good or bad.  It’s simply a process to gather ideas. Often, off-the-wall ideas are winners once they are narrowed down and fine-tuned. Determine the ROI and viability of the final cuts, and during implementation and execution, train everyone to ensure consistency and positive results. Focused action is the key.

Big Picture vs. Small Details. Some people tend to get caught up in the “bright shiny object” of the bigger picture; others get lost and don’t understand how to move from “here” to the vision of “there.” Create a strategy to put everyone on the same page. Break tasks down into “bite-sized pieces.” Keep listening to and communicating with your team. When you hit the inevitable walls that crop up due to poor planning or implementation, do not reduce your expectations of intended results! Readjust your strategy as necessary, but remember: the success or failure of any idea is in the details.

Hire a Business Mentor. If management is too narrowly focused on people considerations OR on bottom line financials, it could stymie the forward movement required to achieve the expected results. A business mentor helps you blast through the stumbling blocks that change causes. A business mentor helps you make the hard decisions that may be unpopular, at least initially. S/he can also help you create business savvy solutions that balance people and numbers. Someone from outside your organization can see landmines coming up more clearly than you can, since you are so close to the situation. S/he helps you recognize and navigate around them, and enables you to move forward with speed and confidence.

(c)Jeannette L. Seibly, 2010

More Money Does Not Equal Better Results

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Too often employers are held hostage when employees demand more money to do the job they were hired to do. Since most employees are paid by the hour and not by the task, it’s difficult to know when to reward someone with additional compensation, particularly when you don’t have stated and objective performance results for each position. Unfortunately, even though everyone says “money is not a motivator,” many employees have the false perception that money will indeed motivate them!

It starts with clarity in your hiring process. Since most hiring processes are fraught with improper and antiquated methods of selecting people, it’s important that you are clear on expectations for the job. Then, hire the right person based upon needs for the job, not his or her ability to sell themselves! Remember, the wrong person in the right job will rationalize poor compensation as the reason for poor performance.

Set up clear expectations on Day One. Onboarding new employees requires the boss to provide a written outline and timetable for producing the required results, along with an accurate job description. To create a win/win for a new employee, the boss needs to stay involved, working through the new employee’s honeymoon period, and beyond. Do not make mention of additional compensation opportunities until after a six-month period. Communicate a clear expectation – in writing – of the results required for the new employee to receive any added monetary perks.

Compensate based upon results. Too often, employers compensate based upon promised results. If employees who don’t deliver these results receive the money anyway, they get a pretty clear message that achieving performance goals is not truly important. It is wise to devise a plan that is performance based. Make sure the goals are objective and attainable.

 ©Jeannette Seibly, 2010

Beware of Time Mongers

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As business owners, executives and professionals we are very busy people.  Many of us wish we had more time to get everything done.  The unfortunate truth is that it wouldn’t matter if we had more time –  we would simply keep creating too much to do!  Instead, make time work for you.

To use the time you do have more effectively, change your attitude:

Multi-Tasking is a Myth. Thinking or doing something in addition to listening or working on a task creates mediocre results. And, more work in the long run due to customer dissatisfaction. Stay solely focused on the task at hand and you’ll get it done faster and better. This also works wonders when listening to others. It’s amazing what we miss when we’re not focused!

Pay Now or Pay Later. We use our busy-ness as an excuse for not taking the extra minute or half-hour now (or scheduling it for the near future) to hear what someone has to say, fully! Because we are poor listeners, it takes us longer to resolve an issue or get to where we are going. Unfortunately, it often takes us hours, days, months, and even years to resolve something that we could have resolved now.

Prioritize. Many of us wish we didn’t have to handle certain projects or handle sensitive employee issues. We’re late for meetings, or fail to ask for and receive needed direction.

As a boss or leader, you need to handle the toughest parts first! Being the boss doesn’t allow you to impede productivity of others because of your own inability to handle issues. The biggest obstacle? Not being prepared. Take time to break issues into smaller pieces. If you are unable to handle people issues or conflicts, appoint someone else to handle them for you. Talk with your coach if you don’t know how to break issues into smaller do-able pieces.

20 minute rule. Tackling anything unpleasant, but necessary? Set aside 20 minutes of uninterrupted time to handle tasks or issues (hint: shut the door and turn off voicemail or email).  You’ll be amazed at what you can accomplish in a short period of time.

©Jeannette Seibly, 2010

What is your capacity? Planning & Growth

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What is your capacity to handle new clients without reducing what you deliver? The focus of small business owners everywhere tends to be the same: Making money, paying bills–not building systems and people, not planning capacity.

As entrepreneurs, we usually believe we can handle an increase in sales volume. It’s what we seek, it’s the holy grail of growth—right? Unfortunately, unplanned rapid growth can send any business to an early grave. Often, only after the fact of rapid growth do we discover we didn’t have systems and people to meet our growing needs.  Customers have little patience for trial and error. Waiting until necessity drives development of systems and people, we miss the opportunity to proactively increase capacity.  Ultimately, we damage profitability, and our reputation. So, how do we dodge the bullet?

Hire the Right People. Hiring the best can be a slow process. We must answer three questions:”Can they do the job?” (capacity); “How will they do the job?” (behavior); and, “Will they do the job?” (occupational interest—is this what they want to do?) All three questions must also be context-specific: “Can they do this job here?” If the questions are asked properly and answered clearly, the probability of hiring someone who fits the job increases. Research confirms it: people who fit their jobs produce more, stay longer, and create happier, more profitable workplaces!

Clarify strengths and weaknesses. When your capacity doesn’t change much, employees stagnate!  Those who might have handled new challenges have left for new opportunities, usually with your competition.  Current employees may have effectively departed while still on your payroll—a problem Harvard Business School calls “presenteeism.” A clear view of each of each employee’s “true” interests is critical. Remember, it’s an ongoing process: A wise entrepreneur once said, “When you think you have it all handled, you’ve set yourself up for failure.” Our working systems are often created by employees for their own convenience, not necessarily for your customers. Worse, we rarely know what our systems really are, and employees modify them continuously.

Customers have their own, private opinions about your business. Ask them questions, directly and indirectly:  What works for you, our customer? What do we do that does not work?  Allow them to clarify. What do they need from you? What else would they like from you?

Develop accountability and responsibility in your employees, managers and yourself.   Simply having feedback is one thing, acting productively on it is another—and acting is harder!  Measure skills in your managers, and plan to improve them. Make sure everyone realizes it’s an ongoing process: “Perfection is a direction, not a place.” Handle problem employees now! If you have an employee unable to do the job, be fair and let them go.  Hire slowly, fire quickly.

One manager put it very well: “The most expensive employee time I have is the interval between when I realize they have to go, and when I actually make it happen.” An effective manager must concentrate on, and measure, results.  ”Working hard” is a valuable part of the systems producing your total results, but is rarely sufficient. Focus on these fundamentals of business, and you will soon see new opportunities for growth in your business, based on planned increases in your capacity!

Copyright © Jeannette L. Seibly and John W. Howard, 2004-2010

Jeannette Seibly, Principal of SeibCo, LLC takes your company to the next level by creating leaders, success and results. Whether it be generating your next million, making a strategic difference or resolving people issues, SeibCo, LLC is your partner in causing unprecedented results and impacting your bottomline.

John W. Howard, Ph.D., owner of Performance Resources, Inc. helps businesses of all sizes increase their profits by reducing their people costs. His clients hire better, fire less, manage better, and keep their top performers. 

The Critical Manager

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  • Do you always find fault with whatever someone does?
  • Do you believe your way is the only right way?
  • Do you praise privately but rebuke openly?

If you answered yes to any of these questions, you may be a critical manager. You attitude and behavior can make it difficult to work with you and nearly impossible to learn from you.

How do you transform your ability to lead a high functioning group?

Look for opportunities to praise.  Acknowledge others for a job well done, even if it’s a small step or contribution.  Consider ideas that may initially seem off-the-wall, or inappropriate, and acknowledge contributions in a positive manner.  Your openness will encourage everyone to stretch their thinking and behavior to improve their skills.

Learn from their mistakes.  Every mistake can be turned into a learning moment. It’s important to understand the difference between a Zero Tolerance Policy for unacceptable behaviors, versus, a tolerance for mistakes. Employees will inevitably make some mistakes when they learn a new task, take on a new project, or work with new clients.  Ensure your systems are up-to-date, and all your employees are well-trained to minimize errors at repetitive tasks. Develop an infrastructure for creating and executing non-repetitive opportunities.

Make 2-2-2 your paradigm. Acknowledge two positive things they have done well.  Then, share very specific areas for improvement, no more than two. Wrap-up with two positives they have done well. This makes feedback easier to give, and receive!

Hire a coach. It’s important for your own career and business development that you learn to effectively work with and through people to get the job done. Effective management produces win/wins on a regular basis.

©Jeannette Seibly, 2010

Do your clients think you are inaccessible?

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Ridiculous you say?  Hhhmmm…

  • Does it take several phone calls to get in touch with you? 
  • Does it take longer than 24 to 48 hours to respond to your voice mail messages or emails?
  • Do you normally use the excuses “I’m too busy.” OR “I don’t have the time?”
  • If so, you probably do not know this Law of poor customer service:
    The longer it takes for you to return a call or respond to an email, the more the issue will grow exponentially larger.

 Try this instead:

Treat your phone and email with reverence. Phone messages and email messages from clients and prospective clients are the life blood of your business. Prompt responses are a good opportunity to enhance the value you provide to your clients. It’s also a great way to up-sell and cross-sell any additional products and services that they may need, but do not realize you offer.

All clients are important. Rank ordering clients as to whom you will contact based upon revenues will work only until you lose the BIG client. Then, you’ll need to re-group and try to re-capture smaller clients who found excellent customer service with your competition while you focused on the BIG client.

Keep meetings. Continually canceling, not being prepared, and not taking responsibility for ensuring the client feels valued are good excuses for your clients to seek out other vendors. It’s easier and less expensive to keep good clients, then to go and find new ones.

Blitz them with customer service. We falsely assume, with devastating results, that everyone knows how to be a good representative of the company. Train all employees to be on the same page, and work together for the benefit of the client. Contact me for details … it will save you many clients! JLSeibly@gmail.com

©Jeannette Seibly, 2010

Bosses! Come down to reality!

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Are you a business owner, executive or the boss?  We all need a reality check from time-to-time. Do you believe projects could be completed quicker if only they would do it your way? Do you expect more from others than you do from yourself?  Are you intolerant of others’ mistakes? Yet, harder on yourself?

Here are three easy ways to get real and get results:

Come into alignment.  Get on the same page with your employees regarding the expected results. This is critical for ensuring agreement. Then, have them put together an action plan and review it with you before they start!

Be the coach.  Don’t micro-manage the process. If the process is not moving forward as discussed, or it has hit more than one bump, you may need to step in. Review the thought and action processes. Correct inaccurate assumptions and negative attitudes. Be aware that many people have a hard time addressing the details of a project, particularly if the process is not working the way they envisioned it would.

Manage results.  Have short weekly reviews. What worked? What didn’t?  Be specific and stay away from the why’s. Create a plan to address issues and acknowledge successes. The key is to fine-tune and move forward. Above all, do not let set-backs stop you.

As the boss, your job is two-fold:

  • To manage major blunders and the hiccups that occur along the way.
  • To recognize and reward great progress.

(c)Jeannette Seibly, 2010

Confidence vs. Bravado

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Strong leaders recognize that their self-belief starts from within. They are responsible for their actions and words.  They develop a natural and positive self expression, a genuine confidence that is not false bravado.  They meet challenges by sharing their ideas and solutions without blame, judgment or criticism.  Others are comfortable following their lead, and wish to follow the leader’s example of developing a clear compass for achieving great results.

1)Leaders make mistakes. When they do, they quickly apologize and don’t nitpick the facts. Then, they simply follow through and deliver the newly negotiated agreement on time.

2)Experience is the key to understanding. Everyone has thoughts, opinions and feelings about a situation or person — normally a reflection of their unconscious biases. Conscious recognition and experience require taking responsibility of one’s own perception, and developing compassion for others. Compassion does not imply agreement, but it does develop the depth of soul needed in a true leader.

3)Leaders are able to work with a wide variety of people and situations by relying upon their strengths, and managing their own weaknesses. Leaders who stay focused on the human and material sides of a project are able to elicit the best in others.  They are developing breadth in their own skills and the skills of others at the same time. Their success is repeatable.  They enjoy celebrating their successes, and the outstanding results of others.

©Jeannette Seibly, 2010

Break ‘Through’ Performance

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  • Do you make changes due to boredom?
  • Out-talk others to get your own way?
  • Focus solely on the facts or your feelings to make decisions? 

Many will say, “Of course, everybody does.” These are the normal methods to handle people, systems and issues.  But the same old habits limit your job satisfaction and your ability to achieve outstanding business results.

The world of work is changing.  It requires a new level of performance to recognize new opportunities that meet the needs and business goals of your customers. 

Recognize old habits. They have become your blind spots and are getting in your way.  When you move out of your comfort zone and take the appropriate action(s), new habits will be formed.  Work with a coach to customize solutions that work for you!

Take focused action now.  Busy work is simply your excuse to avoid doing what you know you need to do to achieve the results you say you want.  Work your plan.  Include others and their ideas. Handle the details and make those hard decisions.  Want results? Take focused action.  Now.

Hire a coach.  Many business professionals want to be top performers and enjoy peak performance.  Yet, they hit a wall and slug it out alone. A coach helps you recognize blind spots and stop recycling the same old information in a mental monologue. These insights, when put into action, make you easier to work with, keep you in focused action and have you elicit the best in others.

Break through performance requires out-of-the-box thinking via the synergy of you and your coach.  Recommit to your own success.  Hire a coach and enjoy your new results.

©Jeannette Seibly, 2010

#1 Energy Zapper!

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Our excuses!  It takes the same amount of energy to entertain the chatter about why you shouldn’t need to do something, as it does to simply get it done.  It’s amazing how much time we waste looking for excuses.

Want to be more effective?

  • Schedule
     Use a calendar or Outlook, schedule time to get the task done, and honor it as an appointment with someone important. 
  • Do or Delegate
    Just because you don’t want to do it, doesn’t mean others may not welcome the opportunity.
  • 20 minutes
    If you’re still finding excuses, set a timer for 20 minutes. Focus on the task during that time and see how far you progress.

 © Jeannette L. Seibly, 2010