By Lisa M. Purichia
Partner, Director of Entrepreneurial Services & Employee Benefit Plan Services
(Part 2 of 2)
In last month’s article, we talked about why it’s important for the leader of an organization to regularly set aside time to think about strategy, rather than getting caught in the weeds of the daily grind. Now let’s drill down a little deeper into how you can drive your business, rather than having your business drive you.
One of your primary goals as CEO (or whatever title you have) is to make sure the organization runs as smoothly as possible while laying down a firm foundation for success. Ideally you will have instituted processes and procedures to the point the company operates almost automatically, without the need for a lot of direct supervision and input from above.
The idea is that if a key position was suddenly vacant for any reason, a new person could walk in the door, pick up a binder or boot up a computer, and have things continue without serious turbulence.
This can be a challenge for small businesses, which often don’t have the time, resources, or personnel to document everything needed to run the show. But if you at least have adequate processes and procedures in place, the trains will run on time without a lot of workday oversight — time that can be better spent strategizing about how to grow or improve the business.
A leader must promote a culture of accountability in their organization that seeps down to the most junior level employee. This includes making sure commitments are met, that internal and external projects are completed on time, and that the outcome is what was anticipated when they were initiated. Individual Team members know they can depend on their colleagues to deliver as promised.
When this happens, employees know what the standards of operation are and hold their peers to account. Everyone should feel they have the initiative to say to anyone else in the organization, “This just isn’t good enough” or “That’s not how we do things around here.”
Another thing a CEO should spend time on is thinking specifically about a timeline for enhancement. Where do you want the company to be one, three, or five years hence? Is there a new product or service you want to debut? A key client you want to land? A form of accreditation you want to obtain for yourself or team members? Are you innovative enough?
Whatever your goals are, constantly ask yourself how well you are progressing along the path toward them. Make precise plans with benchmarks to achieve and a calendar for doing so. This will help you decide how to reallocate resources to best achieve those goals. Perhaps you need to invest more in research and development, or spend more time talking directly to your customers to determine what their anticipated needs might be and how you could meet them. Your customers must know you personally care about your company’s relationship with them.
Regularly assess your personnel to decide if people are placed in the right positions. Talk to them about their personal goals and aspirations, and try to maximize the value of each and every employee. Look for ways to upgrade their skillset and confidence, and you’ll find they are ready and willing to shoulder more responsibility.
No matter how well your business is doing right now, it can always be better. The best companies are constantly assessing their processes and procedures, and changing them to suit the constant evolution of the organization.
Try to avoid having your company become too bureaucratic, where the controls hinder your ability to be nimble, flexible and responsive to customers in an entrepreneurial manner. The emphasis should always be on having systems in place that allow you to deliver a product or service efficiently and effectively. Empower your staff with the autonomy to exceed your customer’s expectations.
If a CEO or other leader can regularly devote time to thinking in these terms, you will find yourself well on the way to becoming a better and more profitable company, where everyone enjoys great job satisfaction because they’re functioning as a cohesive team.
If you need advice on how to more effectively drive your business, please contact Lisa Purichia at (317) 608-6693 or email [email protected].