PD Strategies Blog

PD Strategies Blog

Performance and Development Strategies Blog is the informational place to get timely and purposeful articles on the issues that concern you most.

DOES YOUR FAMILY BUSINESS HAVE A SUCCESSION PLAN?

Family-Business-Succession
We are a nation of small businesses. And many of our small businesses are privately held or family owned. Hopefully these business owners for the business to carry on after they have left the business. Sadly, many have not made any plans and by not doing so they are planning for their business to fail one day. Suppose you started your business years ago and you have built a profitable business for you and your family. Your children are now working in the business. What will happen when you exit? Many parents do not have a plan in place for when they exit the business. There are number of steps that should be taken to prepare. These include legal, financial, and preparing the next generation to take over if they want to work in the business. In the first two areas you should work with an attorney and financial planner who...
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HOW CAN I BE SURE IT IS GETTING DONE?

Business-Meeting-Delegation
Has this happened to you as you are growing your business? You are so involved in every little detail that you have missed some emerging opportunities. Every entrepreneur certainly knows that details are important and staying on top of them is very important. The devil is in the details as they say. You would not have gotten your business this far if you had set specific goals and took every action step. There comes a time when you hit a growth wall. You can’t do everything yourself. Time to hire someone. Are you ready to delegate to the person you hired? I know, you are worried about all the details. Is this person going to do it as well as I can? I have to say that if the person can’t do it as well you then you will not grow, and you may lose business. It is your job to...
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HAVE CONFIDENCE TO DELEGATE. YOUR BUSINESS WILL BE SUSTAINABLE

Entrepreneur
If you want to have a truly sustainable business, you must learn to delegate with confidence. The effective leader first puts the structure and processes in place to assure the successful execution by others. In other words, an effective leader knows how to delegate with confidence. Consider an example. Let’s say you want to open a restaurant because you are a great cook and really love to cook. If that is your primary reason, I would suggest that you get a job as a chef at a restaurant. If you want to open a restaurant you need to manage and understand all elements of that business, but primarily, be able to manage and hold your employees accountable. Let’s consider the example of one of my clients. This client has built a very successful home services business. He did the sales, and his wife did the bookkeeping. He hired service staff to...
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DO YOU HAVE TROUBLE LETTING GO?

Family-Business-Succession
If you want to grow and have a sustainable business, you will need to let go. Just like teaching a child to ride a bike you must do the same in your business and take the training wheels off. Here is a problem that comes up all too often. A business owner or agency owner spends most of his or her time working IN the business and virtually no time working ON the business. Why is this problematic? When you start your business, you need to do everything, or it does not get done. Sometimes you have time management issues, but you must work through them. Your business grows, and you simply can't get it all done. Time to hire someone. Now you are at the pinnacle of a growing business. At this point you are now not only the owner but also a manager and the leader. When you hire...
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TELL WHAT NEEDS TO BE DONE NOT HOW TO DO IT

Team-Empowerment
George S. Patton said, “Don't tell people how to do things, tell them what to do and let them surprise you with their results.” As a manager or leader how to you communicate what needs to be done? Do you delegate with confidence or are you a micro manager? Once you hire employees your job becomes managing results of others rather than doing everything yourself. If you don’t do that effectively you will spend all of your time driving the fire truck and putting out fires. You’ll worry about how to do every detail, but you will lose sight of the big picture. This is problematic because if you hire a new employee but continue to try to do everything without delegating, you are defeating the whole purpose of hiring help. For example, the new employee may ask a question or offer take on a project. “Don't worry “, you say,...
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TAKE DELEGATION TO THE NEXT LEVEL

StrugglingManager
If you feel that nothing important should be delegated, you will never be able to take your organization to the next level. Being a control freak or a micro manager is not necessary even in projects where accuracy or compliance is required. There is a much better way to get desired results and hold people accountable. You can maintain accuracy and compliance without stifling your team. If you do micromanage you could stifle your company growth, have high turnover, and end up working way too many hours. Let’s consider an actual example. I have worked with a person owns a business that includes insurance and real estate. He has a dozen employees involved in the process of sales and contracts. Each person has a job title but not a job description. Things change quickly as does the mood of the owner. To make matters worse people are asked to do something...
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DO YOU HAVE A BUSINESS OR A HOBBY?

DO YOU HAVE A BUSINESS OR A HOBBY?
Can you go on a vacation and unplug totally without worrying about what will happen in your business? If your business cannot properly function when you are not there, then you don’t have a business but rather, you have a hobby. This is not a bad thing because this may be your business goal. There is nothing wrong with being solo so don’t worry if that is what you want. However, if you want to take your business to the next level you need to have systems in place that are easily followed by others. Does your business survive due to external dynamics and timing but will become stagnant when you are not there? In this case you might feel like you are a hamster on a wheel. There is a lack of entrepreneurial leadership. As an example, in the restaurant industry there are numerous great cooks and chefs that feel...
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CHANGE YOUR CULTURE TO ONE OF ACCOUNTABILITY

CHANGE YOUR CULTURE TO ONE OF ACCOUNTABILITY
The best way to create an accountability culture is to help people to accept accountability. The best way to accomplish this is by motivating them to be accountable. Dwight Eisenhower said, “Leadership is getting people to do what you want them to do because they want to do it.”   Understanding what motivates a person, whether it be rewards, recognition, promotion, or feeling that something is accomplished will result in developing that accountability attitude. However, you will have continued failure if you do nothing and refuse to hold people accountable for results. How does a manager hold members of the staff responsible for performance? What about an employee who needs help but fears asking for help? The results can be devastating when we fail to have accountability discussions. The book, “Crucial Confrontations”, by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzer really talks about this topic. How do we handle missed...
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EFFECTIVE LEADERS DELEGATE WITH CONFIDENCE

EFFECTIVE LEADERS DELEGATE WITH CONFIDENCE
An effective leader does not simply hand out jobs for others to do. The effective leader first puts the structure and processes in place to assure the successful execution by others. In other words, an effective leader knows how to delegate with confidence. Consider an example. Let’s say you want to open a restaurant because you are a great cook and really love to cook. If that is your primary reason I would suggest that you get a job as a chef at a restaurant. If you want to open a restaurant you need to manage and understand all elements of that business, but primarily, be able to manage and hold your employees accountable. I have a client who had built a very successful home services business. He did the sales and his wife did the bookkeeping. He hired service staff to work with him. He has a successful business but...
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IS BEING IN CONTROL PREVENTING YOUR BUSINESS GROWTH?

IS BEING IN CONTROL PREVENTING YOUR BUSINESS GROWTH?
Any smart business owner knows that a business must have adequate controls.  But is being in control preventing your business growth?  Being controlling can prevent your business from growing.  Why are owners so controlling?  The reason is that most businesses are started by people who are very involved in the product or service.  That is natural.  The owner has to spend a lot of time working in the business to make sure that the product or service gets out, the money gets collected, and the bills get paid.  That is very important for business survival.  Here is a problem that comes up all too often.  A business owner or agency owner spends most of his or her time working IN the business and virtually no time working ON the business. Why is this problematic?  When you start your business you need to do everything or it does not get done. Sometimes...
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