Breaking out of your business activity trap prison

By: John D. Laslavic, LPBC

Business owners, CEOs and senior executives face a myriad of challenges in today’s business environment. Many of the challenges are related to understanding the ever-evolving business, economic, technology and political environments - not to mention the specific technical business changes presented in the professional field you and your team members embrace.

New and exciting products and services are continually being introduced to the market. These new business tools are available today and can be incorporated to assist your businesses to improve overall performance and profitability. However, the challenge we face is to find the time to invest in learning, adapting systems, and incorporating the new technology, tools and services while adjusting our current processes, maintaining our business efforts and dealing with a hundred other things. We must also keep the company mission in mind and lead our teams to success. This is no small task.

The trap we face is that it takes time, money and focus to step out and properly delegate our responsibilities and hold our associates accountable for results we have agreed upon. Stepping out of these day-to-day activities takes a tremendous amount of energy and effort. We get stuck in the business activity trap prison without a focused plan, resources and support. We do the same operational things that are important, day after day, subjecting our businesses to short term success but future harm. While our businesses earn revenue today, we sacrifice tomorrow. If you, as a leader, are not planning, looking at new innovations and adapting to the anticipated future environment, then who is? The answer is no one.

We know we must be open to change to be relevant in the long-run. We should be developing, introducing improvements, testing new tools and systems to help our associates but also to free ourselves from day-to-day technical and recurring business functions. Our goal must be to create, innovate and deploy better systems that produce more sales revenue and reduce our costs to gain a higher overall profitability. We can continually strengthen and grow our businesses through this process and applying best practices.

ThistleSea coaches have a fourteen-year track record of helping business owners, CEOs and senior executives free themselves from the business activity trap prison. This allows them to benefit from a more profitable business. In addition, ThistleSea clients understand the future, position their companies correctly and create a better life for themselves and their families with more time to pursue the things they value the most.

Give us a call for a complimentary discussion to see if a ThistleSea business coach might help you escape your business activity trap prison by starting the discovery process to build your action plan. Don’t hesitate to give us a call today.

“Because your business should lead to Abundance.”

The CEO Genome Project findings

By: John D. Laslavic, LPBC

Our team at ThistleSea Business Development, LLC works with clients to apply best business practices and personal effectiveness strategies. The results help them run more profitable and successful businesses and have careers that deliver more fulfilling lives.

An article in the May-June 2017 issue of Harvard Business Review, “What Sets Successful CEOs Apart,” reviews a behavioral study called the CEO Genome project. The University of Chicago and the Copenhagen Business School collaborated to identify the common traits of the most successful CEOs. They used data and interviews from over 17,000 C-suite executives (including 2,000 CEOs) covering career history, business results and behavioral patterns. Distinguishing behaviors were identified in four areas taken from those who were hired as CEOs (and those who weren’t) and those who excelled in the CEO role (and those who underperformed).

These findings are important because business leaders can significantly increase their odds of becoming high performing CEOs and top performing business executives if they deliberately develop the following behaviors. For this article, we will call them leaders.

1. Decide with Speed and Conviction
Leaders found as high performers move forward and make decisions. They understand that slow decision-making causes bottlenecks, frustrated teams, and over cautious staff. It stalls progress within their company.

Bad decisions are better than a lack of clear direction because they can be fixed. Mistakes are viewed as learning experiences by top performing leaders.

Having a wide view from a variety of data and information resources is required but must not be overdone. To make a call, 65% of the information is enough for these high performers. Perfection slows progress. They cannot wait for a perfect answer.

2. Engage for Impact
Top performing leaders lean into the discomfort. They set a clear course by understanding their stakeholders’ needs and motives. They have an unrelenting focus on creating value and driving performance and results.

Leaders are also principled in their communication. They stand out by making decisions fast with great conviction. The studies showed leaders who are more decisive are 12x more likely to be a CEO. A wrong decision is better than no decision. According to the findings, leaders were given low marks on decisiveness 94% of the time for deciding too little, too late and given low marks only 6% for deciding too quickly. Only 1/3 of the leaders are terminated for bad calls while 2/3 are terminated for indecisiveness. Results-oriented, engaged leaders who consistently understood their stakeholders were 75% more successful in their role.

3. Adapt Proactively
When you’re watching a close sporting event, you’ll see that sometimes the coach must throw the playbook out the window to win. Business leaders are, at times, required to quickly adapt. Those who can master adaptation are 7x more likely to succeed in their role. To successfully adapt, these leaders are consistently scanning wide networks and diverse sources of data and information. They have a great sense of change and can make strategic moves to their advantage. They also spend 50% of their time on long-term thinking.

Leaders use coaches and recognize the value of having diverse advisors who are objective and whose judgement they trust. As one colleague of mine would say, “Never drink your own bathwater!”

These successful leaders recognize setbacks as a part of their job. Setbacks are part of learning and offer opportunities to modify and improve.

4. Deliver Reliably
Leaders who had the ability to deliver reliably were twice as likely to be selected for the CEO role and 15x more likely to succeed. Board members, investors and employees love a leader with a steady hand they can trust.

The keys to delivering reliably? Set realistic expectations, plan, budget, assess the business to develop an independent point of view, build a strong team, align and execute. Establish meeting cadence, dashboards, clear accountability, monitor performance systems and make rapid course corrections.

If you want to see how you rank in these 4 traits, take the 5-minute online assessment at http://CEOGenome.com.

Contact us if you would like to discuss how we assist business owners, executives and other leaders improve their performance through understanding their impact and adopting successful behaviors and best practices. We might be a good fit to assist you and your team. ThistleSea is confident in our ability to positively impact your continued success and growth.