business planning - Artful Thinkers

January 5, 2017June 1, 2017

Leading Transformation in the New Year

Executives around the world are locking down budgets, business plans and growth strategies that will lead them into a new year with confidence and clarity. Or, at least that is how the process is supposed to work as we exit another year.

The reality is we are often distracted from planning our future, as we are buried in the real-time business demands of “now” for closing out the year, assessing our performance and measuring the success of our current year stated business goals. Our future is ahead, not behind us. We need to look ahead.

The actions we take today to change how we do things in the next year really deserves our full attention. Transformation requires prioritization.

There are many businesses who have great stories to share about the past year, highlighting lists of remarkable accomplishments in growth and opportunity. They have expanded into new markets, launched new products, added new channels for business development. The simple recipe for those businesses will be to double down and do more of the same. We’ve all heard it, GROW MORE! Those that look at how they might have done better over the past year will be focused on clarified business plans that pivot from where they have been to a future path of prosperity.

One thing is certain, whether looking to exploit past success or tearing down the obstacles that led to failure, transformation is imperative for any business in the new year.

Transformation is more than updated goals or repeating the past, it is doing things differently. It is tackling “big” things that others can’t and won’t do.

Transformation is change. It is new coordinates, new variables, new operations and new formulas for success. It is what leads to great. As marketers, we often hear about digital transformation. The way in which we consume information, the speed of the Internet, the Internet of Things, all driving behaviors and pushing businesses to behave differently with their consumers, partners, employees and even regulatory agencies. Yet, transformation applies much more broadly today than just digital. It applies to everything.

Change will happen. The upcoming 12 months will be loaded with transformation for most people, some of which they will have no control or input. It is taking place all around us. Point to the many global examples ripe with political change, where we will see instances of transformation in a new year that can and will change our existence in the world as we know it today. It will likely change how business is conducted globally.

It’s also personal. We’ve all rehearsed transformation to some degree. Personal and professional transformation will be veiled in the guise of declarations of resolutions in the next few days. We all need something to work on and often will state so “out loud” to be held accountable for our changing ways.

What about business transformation? How will businesses change in the new year to capitalize on the new, inspire the potential consumer, foster team development and capture the imagination of dreamers through vision and execution? Well, businesses like people, have to do things differently.

There are five signs a business is ready to lead through transformation.

A focus on globalization will transform any business, as it is not just about selling products beyond a geographic region. It is thoughtfully reaching out through cultural connectivity to orchestrate engagement, learn and drive meaningful (and profitable) relationships around the world. It is understanding the global economy and embracing differences that are ripe in worldwide opportunity through relative experiences. A bit of advice on this point, rely on experts to guide you through the market, cultural and language complexities if you really want to take advantage of transformation through globalization.
Acquiring talent with new insights, skills and competencies that do more than align to a job description will transform a business. Hiring smart and passionate people to join the “team” to challenge the status quo, rule outside the governing boxes and raise the ceiling on what can be done by thinking and ACTING differently is transforming. These individuals will bring experiences and richness of ideas that can expand the possibilities when embraced by an environment of collaboration and exchange.
Diversity of thought and leadership that spans across all functions and roles is encouraged and celebrated by businesses that lead through transformation. Create an environment for bringing people together through idea generation, expanding digital and remote work spaces and systematically rewarding those for participation in solving problems and offering ways for capitalizing on change.
Go beyond innovation, as it is an overused word in the lexicon of business strategies. Innovation is survival today, part of the life blood of existence as a business. Leading in innovation requires transformation, going beyond what has been done in the past and exploring the possibilities through new approaches, processes, technology, thinking and knowledge sharing capabilities. Innovation should be flowing throughout the organization and fundamental to how a business directs and drives transformation. Leaders must ask every team member, “How are you transforming what you do today to take us into the future?”
Predictive analytics must be a basis for transformation, using smart data to guide decisions and empower actions with a bet on the future. Reporting is old, tiring and can paralyze an organization with constant reviews of the past. Using data as intelligence to guide decision-making and focus on outcomes that are in front of the business will free businesses from spending all their time looking in the rear view mirror. Let data push you forward.

Change is constant. Change is here. Transformation is critical to success.

Executives and business leaders that are thinking about their global journey, pushing the boundaries on talent acquisition and diversity of thought, living innovation and predicting the future with accuracy are the leaders of tomorrow and beyond. They will transform the world, doing more and doing things differently.

How are you transforming your business?

Jamie Glass, President + CMO at Artful Thinkers, a sales and marketing consulting company.

February 25, 2013

Wishing, Wanting and Hoping Does Not Work in Business

What works in business is “doing”. Executing the plan requires effort. It is the muscle, the labor and the heavy lifting that gets the job done.

If you are wishing a prospect calls you to buy something, the wait is long. If you are wanting people to respond to your awesome tweet, the anticipation is agonizing. If you are hoping a great venture capitalist recognizes your incredible invention, your desires can go unfulfilled.

The message is not harsh or meant to burst your bubble. It is a direct call to action. Your wish, want and hope strategy needs reconsideration. It is not time to give up. It is time to change your strategy. Winners get rewarded for hard work. They do what others won’t do and that is how they win.

The sales person that makes the most calls, nurtures the most relationships and asks for the close multiple times, makes the sale. The marketing person that gets their message out through multiple channels using frequency and smart engagement tactics sees return on their marketing investment. Business leaders who knock on many doors to showcase their compelling business models that are producing multiple returns with predictable growth get the call backs from the investor community. Those that are putting their nose to the grindstone are realizing the rewards. The rewards of hard work.

Ambition needs to be equally measured by production. In a recent board meeting, the discussion soon centered on what we want to accomplish in the next five years. A boisterous board member remarked that the question was not relevant. The room became silent. Finally, someone asked him why would we not want to focus on our goals and define our strategy. He starkly replied, “You don’t have anyone to do the work.”

Every business needs leadership, directing activities and measuring accomplishments. Great leaders inspire others to believe they will be winners and thus hard work will pay off. The fact remains that without the “doers”, leaders are really a figure head. A strategy without anyone executing the tactics is a failed strategy. Labor is what drives businesses forward. Those that execute in the business are those that bring in the revenue, open new markets, and create innovative products.

The amount of time defining the mission, vision and strategy of your business needs to be matched exponentially by the hours of “doing”. Plans without the work tethered to tactics are simply great ideas. Goals are achieved through sweat. A vision is actualized through production.

Wishing, wanting and hoping are great for daydreaming. Put your dreams into action. The performance of you, your business and your teams are visible in hard evidence. Facts. Results. Failures. Accomplishments.

As you analyze the hours in your day spent on strategy and planning; multiple that amount of time by 10 and that is the minimum time you need to apply to working in your business. In other words, every hour of strategy and planning needs to be matched by 10 hours of laborious action. Match your planning time with a report card of hours worked on your to do list. The outcomes are a result of the effort. Measure your business success by the achievements, the outcomes, the results.

Wishing, wanting and hoping in business creates a crisis in confidence. Wishing is obscure. Wanting is desirous. Hoping is improbable. Doing is concrete. Working is absolute. A commitment in confidence is defined by action. Execution moves a business forward. Nike reminds us all the time to “Just Do It”. The simple motto is one that all businesses and leaders need to follow. Do it. Get it done. Then start again and just keep doing!

“The three great essentials to achieve anything worthwhile are, first, hard work; second, stick-to-itiveness; third, common sense.” – Thomas A. Edison

Jamie Glass, President and CMO at Artful Thinkers @jglass8

July 22, 2012

Ready to Hand Over the Keys to Your Business?

Who is Ready to Drive Your Business Forward?

Business owners can easily be consumed by the short term activities of day-to-day operations. Sole focus on immediate outcomes exposes any business to long-term financial risks.

Every business leader needs to mitigate risks associated to being the one in charge. The value of a business is built upon the sustainability of the operating plan, with or without it’s leader. As an owner or CEO, have you asked yourself the “what if” question? Are you fully prepared to hand over the keys to your business today?

You may have imagined that some day you will be transitioning your leadership to a partner, an investor, the next in line or even family member. You may see your fabulous retirement life through the eyes of selling your business in multiples above your investment. In order to realize your dream, you need to spend time and commit resources to adequately prepare for a favorable transition. When? Now.

Succession planning is critical to an effective transition. Achieving optimal outcomes in transitioning a sustainable business requires years of preparation. How confident are you in handing over control of your business to your successors today? A successful transition plan gives the new leaders a complete operating manual. They need to be adequately prepared to operate the business day one. They need to be able to take your business forward to protect your investment and to benefit your employees, stakeholders, customers and partners.

Some owners avoid planning for the end of the business because of the time it takes away from working “in” the business right now. The lack of preparedness puts your business value at risk. It is never too early to prepare for an exit. Whether you are a small owner-operated business, mid-market company or family-owned enterprise, you need a definitive succession plan. It should be part of your standard business.

Here are some tips on how to start your succession planning:

1. Document company processes and procedures. Everyone is not replaceable. Unfortunately, when a person leaves the business they take institutional knowledge. Key personnel that do not document their knowledge or share it with their direct reports, cost your business long-term and expose you to great risk. This includes the owners and founders. You can mitigate that risk by making sure every employee documents their processes and procedures. Start with key roles. This is not a job description, it is a “how to” operating manual for every role in your company.

2. Review your wealth preservation strategies with your advisors. Meet regularly with your personal and professional financial team members to analyze your current situation and review your short and long term goals. Be “in the know” at all times of where your business stands financially. Use strategy and growth advisors to help you pivot the business, so that you can exceed your goals. Update your business evaluations annually.

3. Build a culture of knowledge sharing. Create internal social exchanges and information sharing networks. Use your company meetings to have one department or key player provide a highlight of their role and what it means to the business. Reward employees for creatives ways they educate others. Commit one hour a week per employee for education and cross-training.

4. Host quarterly strategy updates with key personnel. Spend time with your “next generation” of leaders to share business plans, KPIs, lessons learned and company strategies. They are the future leaders of your business and they may be executing your business plan. Keep no secrets. Share your wealth of knowledge. Sharing keeps people engaged and actively participating in achieving business goals.

5. Reward excellence in execution. Find opportunities to reward performance for those that take initiative and demonstrate they are prepared to lead. A business full of up and coming leaders, results in sustainability.

Exit planning helps you increase the value of your business today and in the future. Investors and bankers should ask to see your succession plan. As you plan your beginning, you need to plan for the end. Make your investment of time and energy pay off more than you imagined. Plan today to realize a profitable, rewarding and fulfilling end.

Jamie Glass, CMO & President of Artful Thinkers and Managing Director of Sales & Marketing Practice at CKS Advisors.