Category Archives: Business

The Single Most Important Job of Any CEO

Being the leader of a business isn’t always glamourous. More often than not, your time is going to be spent figuring out where your company went wrong.

In the book Great CEOs Are Lazy (Inc. Original Imprint, 2016), leadership consultant Jim Schleckser argues that the best CEOs aren’t the ones who spend 100 hours every week at the office–instead, they are the ones who know how to effectively spend their time. In the following edited excerpt, Schleckser, the CEO of the Inc. CEO Project, a coaching and peer advisory organization, explains why that many executives struggle to find time to address organizational problems.contact us today

Continue reading The Single Most Important Job of Any CEO

Advertisements

The Secret to the Success of Southwest Airlines, Google, and Ritz Carlton: It’s Not What You think

It all begins with answering a crucial question: What makes your business unique?

Southwest Airlines, Google and the Ritz Carlton are three of the most successful companies around. But what makes each of them so successful?

The answer is that all three of these companies have a crystal clear understanding about what their basis for competition is and have completely aligned their business around that.

Let me explain, with a nod to Michael Porter and Brian Tracy. join_now

Continue reading The Secret to the Success of Southwest Airlines, Google, and Ritz Carlton: It’s Not What You think

How to Scale Your Company By Shifting From Talent to Systems

 

Eventually you can’t count on superhero employees and have to deploy systems if you want to scale.

In the earliest days of most companies, entrepreneurs can’t afford the systems that exist in bigger companies. Instead, entrepreneurs rely on hiring super-talented people skilled in doing everything from serving clients and delivering products to closing the books.

Continue reading How to Scale Your Company By Shifting From Talent to Systems

How to Try Before You Buy a Company

While lots of mergers fail, and if you had to pick one reason – it is companies rushing in without really vetting the potential match.

It seems there is news everyday about a proposed merger or acquisition between two companies. While buying another company is certainly a viable strategy for helping your company achieve your long-term vision, the statistics about the failure rate of acquisitions is certainly sobering. One KPMG study found, for example, that 83% of all M&A deals end in failure.talk to us

Continue reading How to Try Before You Buy a Company

Are Your Employees Firefighters or Snow Cones?

Every business has the occasional fire. When it hits, you should have plenty of people who we call “Firefighters” while avoiding folks we label “Snow Cones.

“Every business, from successful startups to well-established corporate giants, hits a rough patch or two. It’s just a part of doing business.

But if you’re going to weather those storms as an organization, you’ll need people who can handle the heat and won’t melt under pressure. In other words, you should be hiring plenty of who we might call “Firefighters” while avoiding bringing on folks we might label “Snow Cones.” Let me explain.join_now Continue reading Are Your Employees Firefighters or Snow Cones?

Moats and Machines: How Warren Buffett Analyzes a Business

Warren Buffett knows great financials are critical to the success of any business, they are really just outcomes from having a strong “machine” and an impenetrable “moat” for your business.

When you ask most CEOs about their vision for their business, they usually give you an answer built around metrics like number of customers, market share, or profitability.

But what I would argue is that while all of those numbers are critical to the success of any business, they are really just outcomes that result from having a strong “machine” and a “moat” for your business.contact us now Continue reading Moats and Machines: How Warren Buffett Analyzes a Business

Are You an Owner or an Operator: Why You Might Need To Fire Yourself?

A word of caution for any entrepreneur who has founded a business and remains active in it: you might need to fire your CEO – yourself.

Of course, every owner of a growing business knows what it’s like to play multiple roles. But let’s focus on the distinction between two of them: owner and CEO.

Continue reading Are You an Owner or an Operator: Why You Might Need To Fire Yourself?

Mercenary or Patriot–Which Should You Hire?

When you’re hiring, think beyond the skills and experience a candidate might have and assess whether you want a patriot or a mercenary.

When you’re thinking about hiring people, especially those in mission-critical-type positions, you need to use caution because the stakes are so high anytime you make a bad hire. But beyond whether they are an A, B or C Player and the skills and experience a candidate might have, you also need to assess whether they are a patriot or a mercenary. Let me explain.talk to us

The Patriot
Patriots are employees who seek to join your company because they believe in your organization’s purpose and mission. They want to contribute to the cause. Maybe they are drawn by what your company does or how you do it because it resonates deeply with their own personal beliefs. This can be a very powerful draw for some job candidates, many of whom might even be willing to make personal sacrifices like taking less pay, relocating their family or even working long hours for the opportunity to be part of your organization. Patriots are also deeply loyal to the organization and tend to stick around even when times are tough and the bullets start flying. We often see startups filled with people like this who choose a job based on its higher purpose rather than higher pay because the organization doesn’t yet have the resources to offer much in terms of compensation.

The Mercenary
Mercenaries, on the other hand, choose their next job based on how it will benefit them as an individual. You can identify a mercenary right away just by looking at their resume, where you’ll find lots of short tenures and plenty of job-hopping – something that’s common in job areas like sales and software developers. That’s not to take anything away from a mercenary’s skills: they are usually very talented and in demand. The tradeoff is that, unlike the patriot, if a mercenary’s personal needs aren’t being met, they are likely to jump ship at the first sign of trouble. Usually, they are just there for the money.

Why The Distinction Matters
One reason its critical to understand whether you are hiring a patriot or a mercenary is that your choice will impact your culture. Patriots are the people who live your culture on a daily basis and do things the way you want them done. Mercenaries, on the other hand, don’t always think the rules apply to them – especially if they are producing results.
While mercenaries can be very valuable to the growth of your company, you need to understand that they also carry a risk to your culture – at least depending on your business model. If you run a bond trading firm, for example, you might rely on a staff of 100% mercenaries – and that’s a good thing. But for most of us, especially those of us who want to build a company and a culture for the long haul, we need to be careful about how many mercenaries we have on staff relative to our patriots.

Consider the example of a company a friend of mine owns that operates in the government contracting space. It’s a tough business that relies a lot on relationships and social networks to be successful. That means that having a top-notch business development person is critical to any company’s ability to land new business. These folks have a very specialized, and valuable, skill-set – which means they can be hard to find and retain.

In the case of my friend’s company, he was fortunate to hire one of the best business developers around. And this guy delivered: he landed several large orders for the company (that he was well compensated for, by the way.)
But it also became apparent that digesting the work involved with those contracts was going to take my friend’s company at least a year to work through before they would be able to go out and bid on any new business.

Guess what happened? My friend’s business developer jumped ship rather than risk earning less by waiting for the company to chase new work.
This is a classic case of what happens when you hire a mercenary versus a patriot, someone who would have been willing to shift roles or jobs in the interim as a way to stay with the company and be part of its success over the long haul.
Both patriots and mercenaries can play important roles in your organization’s success. Just know what you’re hiring up front so you can plan best for the long run of your company.

Why You Need to Honestly Assess Your Talent

Many companies rate their talent well above average. Besides being untrue, this is a dangerous strategy as your top performers will leave you if you do.In the mythical town of Lake Wobegon, made famous by Garrison Keillor on National Public Radio, it is said that all the children are above average.While you might laugh at that joke, it’s worth asking: are all the people in your organization rated above average and how do honestly assess the talent in your organization?

talk to us

Continue reading Why You Need to Honestly Assess Your Talent