“There’s a very good chance that your company will run out of money before it makes any,” cautions Tobak. 3. Not worrying about money.īe optimistic - just not about money. Instead, concentrate on tasks that will help propel your business to the next level. Don’t do this.īy getting sidetracked focusing on things like how your business cards look or the design of your logo, founders are wasting valuable time. While this directive may seem obvious, new business owners can get really bogged down by the details. “First, you need to get your business off the ground,” says Steve Tobak, founder of Invisor Consulting, a business strategy firm, and author of Real Leaders Don’t Follow: Being Extraordinary in the Age of the Entrepreneur. Because of this, a small business owner sometimes jumps right in without a plan-and then wonders why things didn’t work out the way he imagined. You need to know who your customers are, what you are selling and what people are willing to pay for your product or service.” Putting together a business plan takes some work, and there’s a chance that you’ll discover that your great business idea isn’t so great after all. “You don’t need a formal 40-page business plan to successfully plan a business. “People regard the business plan as homework they don’t want. You don’t need to have a formal business plan - but you still need a plan. 7 7. Underestimating the requirement and drive it takes to succeed.6 6. Giving away too much and getting little or nothing in return.Please let us know how you will apply these skills in your company.
Discuss these factors at you next leadership team meeting (Do you have one?). They align not only with speed and quality, but also with effective leadership of a fast growth organization. Take two minutes to read this HBR article and the details for each factor. Leaders with fast execution and high quality were always looking for a fresher, faster, more efficient way to deliver.ĭiscuss These Skills in Your Leadership Team Meeting These leaders have the ability to inspire people in the organization. The leaders who were top in speed and quality are skilled at looking outside the organization and identifying trends and changing mindsets early. Speedy leaders with high quality output became the champions of change. When everyone is on the same page both speed and quality increase. Stretch goals have a natural tendency to increase speed.
To research this question, Jack Zenger and Joseph Folkman (leadership development consultants) reviewed a study that included information on more than 75,000 leaders. What does it take for you as a leader to have both high quality and fast pace? Leaders fret that their organizations cannot move faster if their staff operates slowly.Īccording to this HBR article, exceptional leaders require both a faster pace but also a quality focus. Organizational processes, communications, and human interactions in today’s world are speeding up. “Do you want this done fast or right?” How often do you get this question from your leadership team and staff? And how often do you answer: “Yes!” In other words, you don’t want to compromise on either aspect – making mistakes is not an option, yet neither is slowing down.
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