Showing posts with label Business Planning. Show all posts
Showing posts with label Business Planning. Show all posts

Friday, November 28, 2014

4 Must-Read Tips for Small Business Saturday

Tomorrow, November 29th, is Small Business Saturday. Although Small Business Saturday has become more than just a holiday tradition across the country, it has also helped jump start the economy and give small businesses a chance to get back in the black before the end of the year.

However, Small Business Saturday is more about promotions, sales, and driving customers into stores and on websites. It's also about being an entrepreneur and small business owner. Small Business Saturday should remind all of us why we are in business in the first place: to offer a product or service of value to consumers or businesses.

With that being said, here are some quick things to keep in mind tomorrow:

Instead of Buckling Down, Try Loosening Up...This time of year is easy for entrepreneurs and small business owners to get carried away and overwhelmed with trying to make year-end sales, sell off inventory, land new clients, and meet yearly goals. However, it's important to remember that in order to meet goals, it's important for entrepreneurs to loosen up when necessary. Avoid getting bogged down with the minutiae of daily tasks. Learn not to sweat the small stuff.

Learn Something New. Entrepreneurs and small business owners should dedicate themselves to learning something new each day. In fact, embracing any learning curve is important for the success of any small business. Learning something new contributes to the growth and development of any team, business, and entrepreneur. It also presents opportunities to expand.

So Small Business Saturday is no different. Meet a new customer who comes into your store or take the time to talk to him or her on the phone when they call, learn something new about a competitor and embrace that as an opportunity rather than see it is a direct competition, or if you think your Small Business Saturday strategy could have gone better, embrace that as an opportunity to improve for next year. Work with your team to make it happen.

Think About Your Business Plans for 2015. While you may be focused on leading a team or have numbers to meet tomorrow for the end of the year, don't put off business planning for 2015 until it's too late. Part of your focus should be on goals and objectives for 2015.

If you are unsure of where to start to put together a plan for 2015, first start with what worked and what didn't and go from there. This might mean admitting failures and looking at what didn't work and why. Get feedback from your team or trusted customers, if necessary. Don't forget about the who, what, where, when, and why.

Finally, once you've thought about what you want to change or see in 2015, it's time to implement. However, your execution strategy is just as important as taking the time to plan. Think about how you want to roll out new goals and objectives in 2015 and work with your team accordingly.

Don't Be Afraid of Change. Entrepreneurs have the toughest time with change. Admit it, guys, we do. We hate change because it's uncomfortable. We put so much time, effort, and sleepless nights into making sure our small businesses succeed. So any event or decision that might deviate us from that focus generates a psychological reaction. That reaction could be fear or discomfort because we begin assessing the risks (personal, financial, opportunity, etc.)

This brings us back to the first point about not sweating the small stuff. This isn't to say that ANY situation or change isn't a big deal, this is merely to keep entrepreneurs in check. Their focus should be on devising a strategy, solution or plan of attack to address any situation or concern rather than focusing too much on that psychological reaction, which only turns the focus away from the business or team, and results in low productivity.

So here's a final shout-out to all those local businesses who are looking to make a huge impact tomorrow. Keep your focus on those year-end goals and objectives, keep open communication with your teams, and keep business planning for 2015 at your not-too-distant horizon.



Image credit: © Marek
 
Written content: © 2014, 2013, 2012, 2011, 2010 J. H. Language Solutions 


Thursday, November 6, 2014

International Project Management Day: The Recipe for Project Leadership

November 6th is recognized as International Project Management Day. It is always celebrated on the first Thursday of November. Today we will recognize how project management is really shifting and evolving into project leadership.

What the Pros Think. We all know a project manager. Maybe we are one ourselves. With this in mind, how would you describe a project manager? My faithful audience knows I like to play word association in my blogs, so I'm going to start: Project managers are organized, excellent communicators, multi-taskers, proactive, and strive to make a difference. "Business to Community" recognizes some of the top project managers and their thoughts on the top project management skills needed to succeed.

What Makes a Project Manager Successful? The beauty of project management is that even though there's a definite science behind it, it's also an art. A large element of project management has to do with creativity. Creative problem solving, creative organization tactics and strategies, and creative project leadership all go into the "art" of project management.

So what does creativity have to do with project management success? Each project manager has his or her own unique, individual style for managing projects, working with customers, and working with team members. Sure, there are certain crucial steps in project management that are essential to success, such as risk management and response, gathering and identifying stakeholder requirements, communication and leadership styles, and estimating and budgeting, but there's also that gray area where each project manager has the opportunity to shade that gray area with their own color. While "following the rules" (such as the FMEA principles, ISO, and other set industry standards) is important, the other secret to project management success has to do with that little part of you that makes you, well, YOU.

Project Management is Really Project Leadership...So getting to the whole point of this blog, and the whole idea behind today, project management is really evolving into project leadership. I've always believed that there is a fine line between a manager and a leader. A manager does just that: manage. But we all know that a good leader displays an excellent balance between managing the business side and people side. A leader not only works with team members and stands by them, but also encourages.

We've talked before about how important communication is when leading a team (or any relationship for that matter). A successful project management leader encourages open communication among a team. A leader is open to conflicts and debate and sees them as an opportunity for change and improvement, and also recognizes the fine line between open, informal and formal communication, and knows when each is appropriate.

But there are challenges with project management leadership, isn't there? In fact, many would agree that the most difficult area of project management is working with different team members and personality styles. It's difficult to tailor your management and leadership style to the different working behaviors and learning styles on each team, especially if you have over ten people on your team.

What Do You Do When Your Team is Impossible to Work With? If you've been a project manager, team leader, or supervisor for some time, then you probably know too well what it's like to have a team that doesn't seem to agree on anything, or that are just particularly difficult to work with. But before you jump out the window, here are three ways to work with difficult teams:

- Recognize the four stages of project development
- Practice and encourage effective and active listening and questioning
- Use the "shit sandwich" technique when delivering negative feedback

I know what you are thinking, "What the hell is a 'shit sandwich'?" Don't worry, we'll get there. First let's start with recognizing the four stages of project development. Whenever a team is assigned together for the first time, there is always that awkward phase of getting to know one another...which can really create a lot of tension and not at all productive. But, recognizing the four phases of project development can help project managers and leaders understand what is really going on with a team.

These phases are the following:

Phase 1: Forming - The team is becoming acclimated, overcoming initial awkwardness
Phase 2: Storming - The team is learning how to work together
Phase 3: Norming - The awkwardness of the first two phases are over, the team is now solving problems together, and productivity starts to spike
Phase 4: Performing - The team has achieved a high success level together by either reaching a goal or finishing a project, the ultimate level of productivity and team performance

Through recognizing the phases of product, and ultimately, team development, a project manager or leader can oversee the phases, participate in various steps, but overall, he or she should be practicing effective and active listening while encouraging questions. Recognizing each team member for the unique individual he or she is really begins with listening. A team leader can certainly voice his or her opinions, but not without fully, actively listening to a team member first. And before consider your response before you respond. How will this team member react to what you would like to say? Remember, it's not always what you say, it's how you say it.

And, now, the "shit sandwich". I came across this term earlier this week when conducting research for a client and I thought it conveyed my point here perfectly. The "shit sandwich" is a method for delivering negative feedback. As Hubspot explains, "CEO, Ben Horowitz discusses the old feedback trick that is the shit sandwich. 'The basic idea is that people open up to feedback far more if you start by complimenting them (slice of bread #1), then you give them the difficult message (the shit), then wrap up by reminding them how much you value their strengths (slice of bread #2).'" 

However, the "shit sandwich" has its pros and cons...and not for the derogatory term. The positive reaction is that it is a highly effective communication tactic. The negative reaction is it could be interpreted as "sugar coating". All in all, the bottom line here is pay attention to your team members' personalities and tailor your communication accordingly.

Unfortunately, there are times when leaders really need to step it up a notch and lead a team through a crisis. The ultimate crisis is the downturn of a company or organization where morale is at an all-time low, and tension and fear are at an all-time high...and productivity levels are at 0. Again, the only way to really lead a team to the light at the end of the tunnel is communication.

There's Always Room for Improvement. Even if you are a senior project manager, or have been in project management for over a decade, there's always room for improvement. Project managers are constantly evolving and improving as leaders. But, the hard truth is that projects fail sometimes. It's just the nature of the job. While project managers and leaders are responsible for SO many facets of a project, there's still a great deal out of our control (even though we might hate to admit it). But accountability and responsibility are huge aspects of project management that go a long way.

Take some time today to think about your personal and professional goals, your strengths and weaknesses, your leadership and communication styles...even if you aren't a project manager. Think about how you can make a difference in all that you do, because that in itself, can make all the difference.



Image credit: © CurvaBezier

Written content:
© 2014, 2013, 2012, 2011, 2010 J. H. Language Solutions 



Friday, September 5, 2014

3 Secrets Behind Strategic Thinking

If you are in business of any kind, then you've probably heard of a little something called "strategic thinking". This hit me for the first time earlier this year. I heard it for the first time at a seminar and thought "oh, yeah, sure..." but never really understood what it meant.

Since then, I've seen and heard it much more frequently, so now I take the time and dive into it. What IS strategic thinking? What does it mean? And what does it mean for business?

Strategic thinking relates to long-term thinking and planning.

There. The secret is out. Problem solved. Case closed. So why read on? Well, before you close out of this window, there's more...

Today there are several interrelated business management and planning trends that are "buzzing" today, and those are:

1) Big Data. When we think "data", this is often tied to some form of reporting. And reporting needs to come from a source...technology. Our best friend. This is where business analytics dashboards come in handy today. From acquiring and accessing "big data", we then proceed to the next point of...

2) Performance Metrics. So once we've gotten our hands on that data, now what do we do with it? Make decisions. That's what it's about. By accurately analyzing our "big data" we can now come up with three important things: 1) goals, 2) performance metrics to reach those goals), and, 3) a long-term strategic plan on how to perform successfully and meet those goals, and make more informed business decisions. Remember, data is merely support...it is not driven.

3) Strategic Thinking. Now that we understand what strategic thinking is, and how to get to that step with our big data, now we can talk a little more about the planning nitty gritty. Based on your data and performance metrics,  We already covered this one. But here is how all three of these tie together. But strategic thinking, like performance metrics are about decision-making. What data can we use and analyze to make better business decisions?

Strategic thinking is all about the "what", and it's pretty hard stuff. Not gonna lie. Strategic thinking is harder because it involves rigorous planning and thinking long term...which can be difficult for some entrepreneurs. Some entrepreneurs have a hard time seeing the VISION of their business because they are the doers, the worker bees, the "technicians". They are too focused on the here, the now, and getting "the work" done each day. When you are too focused on the here and now, it is harder to see the bigger picture. Other entrepreneurs have the opposite problem. They have BIG ideas, but have no idea how to take the smaller steps to getting there.

Regardless of which "problem" you have as an entrepreneur, the answer lies behind Door Number 3: "Strategic Thinking".

So what does either entrepreneur do? Planning. There are several planning steps—all of which we heard before and strongly encouraged—that all point and lead to long-term success, and hit all the pit stops along the way. They include: daily planning, weekly planning, monthly planning, quarterly planning, and annual planning.

For those entrepreneurs who operate as "technicians", daily, weekly, and even monthly planning are probably a piece of cake. But where is your business going a year from now? You probably have no idea. For those entrepreneurs focused on your BIG ideas, good for you. You probably know exactly where you want your business to be in a year from now, which is awesome. But what are your plans next week? I know, I know...you have no idea.

Each entrepreneur should spend a little quality time with strategic thinking. (I know, strategic thinking isn't really the "quality" time you had in mind. Trust me, I get it.) I read an article not too long ago on the secrets and methodologies of highly successful entrepreneurs and one female entrepreneur claims she spends the first two hours each day IN her business...not checking email or answering the phone or doing the little tasks here and there, but spending time on her business VISION. Maybe you don't have two hours to spend every morning on this, and that's fine. This is just an example. Another idea is to spend a day and go into "black out mode". Same rules apply: no phone, texting, social media or email. Just quality time for you and your business, and a little intimate strategic thinking.

So before we close, what are the risks to strategic thinking? Business planning strategies are often investments of time, money, and resources. So the main risks here are opportunity and financial. "How much is this Idea A going to cost?" "How does that compare to Idea B?" "What if by setting Goal A, I miss out on Goal B?" The best way to address each risk is to lay them all out. Break out your FMEAs, and develop a risk response plan to each.

Phew. We finally got there. We NOW have a clearer understanding of strategic thinking, and how that is tied into performance metrics and data, which ALL equal how to reach our business goals, objectives, and, yeah...success.



Image credit: © igor - Fotolia.com

Written content: © 2014, 2013, 2012, 2011, 2010 J.H. Language Solutions