Blog

The Leadership Challenge: Orthogonal – 1 Tip

August 5, 2015 By Sam Palazzolo, Managing Director

The Point: So you say you want to move forward with your business idea. However, this business idea is gaining little/no traction with your leadership, as well as your stakeholders. So what’s a poor leader to do in order to regain focus, direct organizational attention, and achieve desired results? In this post we’ll take a look at the concept of orthogonal and how fully grasping independence probability thinking just might make the difference in executing one tip… Enjoy!

The Orthogonal Leader

Leading in times when decisions are agreed upon is a relatively easy task… Other leaders and organizational stakeholders typically fall inline when decisions are met favorably. However, what happens when decisions are made and they are not so favorable? What happens then to the initiative? What happens to the organization? What happens to the leader?

Orthogonal is defined by the Merriam-Webster dictionary as being statistically independent. A play on independence probability theory further reflects that the occurrence of one does not affect the probability of the other. In other words, this independence of thought, implementation, and results occurs without impact on other moments.

The Ability to Forget

I worked with a leader an in executive coaching engagement as part of a leadership development program at their company. The leader was super smart, had attended the best schools, and was able to comprehend/process huge sums of data instantaneously which afforded him a significant competitive advantage to his peers (If you don’t believe that leadership roles are a competitive battlefield, you probably aren’t leading at the tip of the spear!)

Above all else, this leader was gifted with what could be called an extremely short memory… He would forget what happened a few minutes prior in assessing the current opportunity/problem that was staring him down. I believe that in other leadership development and in working with other executive coaches this was seen as a “downside” to this candidate for future career advancement. However, what he lacked in memory he soon used to his advantage, as he was able to assess without predetermined outcomes or biases.

The Leadership Challenge Orthogonal Tip #1

So if you want to get the most out of yourself, your stakeholders, and your organizations sooner or later your going to have to make decisions that aren’t popular. As a matter of fact, they might be so unpopular that they go against the grain of previous business decisions. However, in so doing, you’ll be looking for other key performance indicators that can/should/will be measured to determine effectiveness. While these moments will differ from others previously collected, the leadership challenge at hand calls for strategic planning to be made on an independent level. In so doing, results will be achieved (although different, or independent of previous ones).

SUMMARY

Orthogonal might be seen as a key for leadership strategic planning. Too much “sameness” often times lack the innovative moments that could be grasped. Full potential is seen as a far-off destination, with little/no hope of being achieved. So forget what you’ve done in the past and look to make solid decision making in order to lead forward.

Sam Palazzolo

The Leadership Challenge: Accountability – 5 Tips

August 4, 2015 By Sam Palazzolo, Managing Director

The Point: Have you ever sat in a meeting and heard the leader swear that from now on things were going to be different? How exactly is this “different” theme going to be carried out? Well, the leader swears again that they’re going to start holding people accountable. Accountable for what is one question you might be asking? Another question you should be asking is who is going to hold the leader themselves accountable? In this post, we’ll take a look at leadership accountability and provide five tips to better leader accountability efforts… Enjoy!

This Isn’t Oprah (It’s not even Ellen!)

I’ve seen a lot of leaders as an executive coach and leadership development coordinator. I’ve been fortunate to work with some really great leadership at Fortune 100 to Main Street organizations. Along the way on this leadership development journey, one aspect has rang the “failure” bell of many a leader looking to do good but ending up with bad results. That one aspect… Accountability. Accountability as a leader has at its core the ability to “count” on someone for doing something.

Too often leaders like their stakeholders to do what they say, but not as they’ve done (or are planning to do). In other words, some leaders are great at spouting off advice/hyperbole/recommendations to their stakeholders when all the while they should be heading their own advice. Unfortunately, Oprah (or Ellen) never show up in their workplace to ask them those really “hard” questions to get the leader to stop and reflect on what will/won’t work (You know those really hard questions… The ones that make you stop, think, and cry as you blubber out your response to Oprah).

5 Tips to Enhance Leadership Accountability

So what is our leader in development to do?(You are a leader in development, continuously learning, right?) What follows are five accountability tips for leaders searching to achieve better results:

Tip #5: Establish Expectations

It’s awfully hard to hold yourself/your stakeholders accountable if you don’t establish expectations. What are you going to do, by when, with what resources are expectation (or goal) setting basics. But begin to overcome the leadership challenge of accountability by beginning with the outcome, or the end in mind.

Tip #4: Determine Action Plans

As Marshall Goldsmith says, what got you here won’t get you there. However, if you know where there is and you don’t establish an action plan to get there you might as well not set out in the first place. Having an action plan that clearly establishes how you will get to your expectation outcome will provide you with a roadmap, one that if followed correctly and the current situation (market factors, competition, customer engagement, etc.) remains the same.

Tip #3: Identify Key Performance Indicators

You’ll need to know if you are to stay the course originally outlined, or pivot as needed to better overcome the situation identified. I know a leader that never measures his outcome until the end. They perceive the measurements to be some kind of leadership cherry on top of the sundae, when in reality it turns out being something a lot less savory. Knowing what your measurements are and taking them at routine moments can assist in letting you know where you are, how far you’ve traveled since the projects inception, how much is left to go, and identifying change in course moments.

Tip #2: Forget Hope

Hope is great when wishing for a gift to come true. It’s perhaps a deadly moment when it comes to organizational health. Simply put… Hope is not a strategy. As such, eliminate hope and the leadership challenge gets a lot easier.

Tip #1: Accept Ownership and Responsibility

You want others to follow you. You want to see things through. You’ll need then to roll up your sleeves and insure that the initiative gets done. While this doesn’t mean that you need to do every task associated (you should still look to delegate), it does mean that you’ll want to do everything possible to make certain the initiative is completed on time as expected.

SUMMARY

In this post we looked at leadership accountability. The leadership challenge at hand can be a daunting one, but putting into practice the five tips discussed can greatly enhance accountability for both leaders and stakeholders.

Sam Palazzolo

The Leadership Challenge: Troubleshooting – 4 Tips

August 3, 2015 By Sam Palazzolo, Managing Director

The Point: Unavoidably, problems do sprout up in your life as a leader no matter how well you plan your day/week/month/year. Is it a moment of preplanning that is lacking? Perhaps there is an opportunity to develop better contingency plans? Should you belabor the troubled moment? Or, exactly how should you rebound effectively from such problem times? In this post, we’ll take a look at how you as a leader can better troubleshoot to maximize your leadership potential… Enjoy!

Time, Time, Time… See What’s Become of Me

Simon & Garfunkel (and the Bangles) sang the verse of oh so many leaders in the classic tune “Hazy Shade of Winter” bringing up the point that there is never quite enough time to solve each/every problem faced without running into some form of adversity along the way. Think about it, is there really ever enough time to solve everything (and if you’re trying to solve all of them by yourself, this in and of itself is a recipe for disaster!) The problems will stack up faster than you can process them. Sooner or later, you’ll consider taking shortcuts (never a good leadership moment, right?)

What if in leadership development you could troubleshoot your problems away? Think of it this way… If you fail to solve the “core” of each problem faced, inevitably the problem will resurface again in the future (Think of this as blowing away the smoke, but never extinguishing the fire). You typically will find yourself facing the same problems in a never-ending continuous loop of predictable insanity.

Troubleshooting as a Leader

Solving problems is one of the essence of leadership. More importantly than always being able to solve problems, is that ability to problem solve. Getting out in front of problems and proactively problem solve is crucial, but this will take tremendous leadership strength especially when stepping out in front of problems that you may not know how big they are, can be, or are traveling towards you/your organization. Resiliency in solving such problems, along with a healthy dose of persistence, will reflect to the organization your abilities to troubleshoot and resolve issues.

Whether you are leading yourself, a team, or an organization here then are the four (4) most effective ways in which I see leaders troubleshoot:

Tip #4: Effective Communication

In what might seem like the most obvious of the four tips provided as leadership development opportunities, herein lies perhaps one of the most difficult. Communicating effectively has a dose of transparency mixed with both future vision as well as the plan for how that destination will be achieved. I often see/hear leaders that have a great “talk” with their organizational stakeholders. However, in discussing the message delivered with those same stakeholders find them to be confused, paranoid, upset, angry, etc. about the message delivered. It’s not that they don’t understand, they just couldn’t comprehend what was being said!

Tip #3: Forget the Org Chart

While organization charts were important 10-20 years ago, they still seem to play a role in the ego-driven leader of today (Think of it as how many employees can report up to a central figure and you’ll identify the power within an organization – either real or imaginary). Instead of fueling the leadership development ego flames of an out of control leader, look to communicate the message across the organization as a whole. There is no need to have one department hear the message and develop a solution while in the same organization but different part of the org chart a totally different solution is being developed to the same solution. Instead, troubleshoot together for a single best solution (or a series of solutions that could be appropriate for there to be a review of, and ultimate selection for the best).

Tip #2: It’s a People-Business

I can’t tell you how many leaders seem to forget that no matter how much technology is present, how big their organization has become, or how much revenue the organization drives that it’s the people that work in the business that make the difference. As such, having the best people working in your operation can, will, and does make the difference. Cautionary Note: A few years ago I worked with a client that was “force-ranking” all of their employees and looking to “Topgrade” all of their personnel. Everyone was ranked on a scale from 1-5 on a series of key competencies deemed important to the organization, with 5’s being the best. Those that did not measure up to a 4-5 were terminated. Unfortunately, in that group of 1-3 were some of the original people that helped start the company (and previously thought of as some of the “best” until HR started the ranking procedures). Also, the 4-5’s took note and most of the talented ones departed prior to the next go-round of force-rankings. Sometimes it’s important to note: You get what you deserved when it comes to treating your people like people.

Tip #1: Strategic Thinking

Who thinks strategic in your organization? If it’s only you as the leader, you’ve got problems! Troubleshooting, contingency planning, and looking for alignment with new methodologies that go above/beyond where you are today as an organization is crucial to future success. However, above how the troubleshooting message is delivered/received in the organization, it is important to insure that the proper metrics are measured/reviewed/acted upon.

SUMMARY

In this post discussing the leadership challenge – troubleshooting we took a look at leaders and their problems, as well as four tips for overcoming troubleshooting moments. It’s important to have open communication, a plan that encompasses the entire organization regardless of org chart structure, top-notch people in your organization, and strategic thinking to troubleshoot effectively.

Sam Palazzolo

Business Valuation Services: Can You Receive More Money For Your Business?

July 31, 2015 By Sam Palazzolo, Managing Director

The Point: This “new” economy continues to ripple through the economy even after the “great” depression of a few years ago. What used to be a somewhat simple-straightforward process of selling a business is now complicated. These complications can be calmed when engaging a business valuation service. A business valuation service is responsible for conducting analysis and presenting to leadership real terms regarding the value of a business. In this post, we’ll look at business valuation services and whether or not they can assist sellers in receiving more money for their businesses… Enjoy!

It’s a Business Buyers Market

The recent downturn in the economy has left several business owners and leadership looking to exit. While this could be a painful time, one that most thought they’d be able to overcome, it doesn’t need to be an outright disaster. There are still businesses that are looking to purchase other businesses. However, what if the price at which a business is listed for sale is too low (or on the other hand listed too high)?

Hiring a business evaluation services firm can work to get the most money possible out of your entity. This money should not only represent the organization’s current value, but a value that also equitably represents the amount commensurate with the number of years it took you/your organizational family to build the business.

Business Valuation Services “True” Services

There are several reasons why leadership should look for help in determining this all too important listing/selling price point. For starters, and the answer most typically received when asked what a business valuation service does is to identify the actual value of the company. The number can be difficult to come up with, let alone the emotional value that typically gets applied by business owners. Separating emotional value from actual is a service that an independent business valuation service can produce.

Business valuation services also can act akin to a business broker in helping connect buyers and sellers. While not at the algorithmic efficiency as a dot com dating service (perceived or real), having more prospective buyers review the company can/often does present bidding wars where more than one prospective buyer looks to purchase. These connections can also help foster relationships with those that typically are not looking, as opposed to those only interested in looking for a good deal.

SUMMARY

If you’ve decided to sell your business, a business valuation service is a logical step towards the exit. Providing yourself with accurate data, removing the emotional price points you’d like to receive, and opening the sale to a wider audience can lead to sellers receiving more money for their business.

Sam Palazzolo

Business Valuation Services: Why Independent Business Valuation Services are Crucial!

July 29, 2015 By Sam Palazzolo, Managing Director

The Point: If leadership doesn’t know what a business is worth through a proper business valuation service, the value of the business at time of exit can suffer. Regardless of whether leadership is looking to sell business or acquire a business, you’ll want to insure that a proper valuation analysis is conducted. In this post, we’ll look at business valuation services and why they are crucial… Enjoy!

I’m Looking to Sell My Business… Do I Need a Business Valuation Service?

If you’re looking to sell your business, congratulations! This is a point that many a business owner would like to get to (Hopefully you’re not selling as a result of stress, capital undertow, etc.) Your goal in selling the business is to get as much for the entity as possible. Many sellers look to establish an estimated value prior to listing their business for sale. This allows the seller to list their business for sale at a price that coincides with the predominate value established in the ensuing valuation. Furthermore this business valuation can be provided to prospective buyers as a justification basis for their offer price to purchase.

Different Types of Business Valuation Services

Business Valuation Services derive their valuation from differing methods. Not only are there different valuation methodology employed, but different costs taken into consideration. Selling a business puts the seller, and buyer to a degree, in the position to explain these differences. For example, a basic calculation analysis type might omit details that could increase the value of the business, or conversely decrease the price.

The cost of a thorough business valuation service can be minimal, especially when considering selling a business. However, in comparison to the proceeds that could be either secured, or lost in the sale a business valuation service is crucial.

SUMMARY

You can, and should look to sell your business for as much as possible. Securing a business valuation service as the seller helps establish your selling price as well as acceptable bid levels regarding purchase. Requesting all potential buyer’s bids be considered serious if they in like kind provide their own is a great strategy to sell your business for the maximum amount. Simply put… Business Valuation Services are crucial!

Sam Palazzolo

Blog

Footer

Ready to Scale?