Situation: A company has had one primary focus for the last few years. They are now developing another capability which takes significant attention from the CEO. How do you balance multiple foci, while maintaining a balance with family life? How do you balance multiple businesses?
Advice from the CEOs:
Find people you trust and delegate – ask them for help. Give them lots of leeway – just ask for updates.
Prioritize your weeks – big boulders and small rocks – decide weekly how you will focus. A week is a good planning time frame.
Identify and come to grips with your situation – the brutal facts – this will help you to prioritize.
Set boundaries based on time, relationships, priority – have realistic expectations of what you can accomplish. Set others’ expectations on when you will respond to their calls, emails, etc.
Compartmentalize your time for full concentration and focus. Focus on one thing at a time instead of multi-tasking.
Eliminate non-value added “stuff.”
Avoid letting others impose their schedules onto yours.
Use exercise time to refresh your endorphins, clear your head and give you time to reflect on priorities.
Situation: A company has hired a new employee with excellent skills who reports to a Director. This person is a self starter who prefers little supervision. Friction is starting to develop between the new employee and the Director. How do you resolve this conflict?
Advice from the CEOs:
This person was hired for their talent. However a successful hire takes account of talent, but also role, cultural fit, organizational placement and the needs of the company.
For example, if this person is strong in operations but they are now in client services, is this the right role?
Similarly, if the culture of the office emphasizes teamwork, collaboration and support, is this the right culture for this individual?
Be cautious before tweaking the org chart to create a new role for this person..
Consider both your current staff and the new person. You may be creating additional conflict if your actions appear as favoritism.
The dominant factor is YOUR plan. If the employee is wrong, replace the employee.
If an employee can’t get along with others it is a difficult situation to repair.
When you meet with the employee what should be said?
First, don’t try to solve the situation before you have a clear strategy.
Question and listen. “You’ve been with us a short time, and I want to check in with you. What do you think of your role?” Let the employee talk, probe for clarification of what is said. Take note of what is said. Acknowledge any requests but indicate that you will put them under advisement.
Do the same in discussion with the Director.
The key is that you are in control. Look at your objectives, and where you fit resources best within the org chart. Once you have your plan, communicate it.
Situation: A company has an opportunity to form a marketing partnership with another firm. The primary potential benefit to the company from this partnership is gaining access to new customers. On the other hand, partnerships may bring complications. What is your experience with marketing partnerships, both positive and negative?
Advice from the CEOs:
Marketing partnerships can certainly work, provided that both parties see benefit to the relationship, and both are committed to make it work.
Be sure to clearly define boundaries with the partner.
If either company can perform a particular service, whose customers are who’s?
Is there alignment throughout the partner’s organization regarding the partnership? Or are their conflicting priorities within different branches of that organization? Test the waters ahead of time and assess how these will potentially impact the partnership.
There are potential pitfalls:
What is the in-house/outsource attitude of the partner? If there are strong voices for in-house production or service provision, these will not be supportive of the partnership.
Watch the quality of the partnership over time.
Successful partnerships are based as much on friendly cordial relations as on business priorities. Are your business cultures and ethics compatible?
Who is the champion for the partnership on the other side? What will happen if the champion leaves? Is there a back up champion?
Build an exit strategy into the partnership that will allow you to leave gracefully and mitigate financial or good will consequences if the partnership sours.