Tag Archives: Roles

How do you Prioritize Multiple Priorities? Seven Suggestions

Situation: A new CEO has just been promoted from COO. During the transition, this individual is responsible both for past and new duties. There is an extensive list of company priorities. How should the CEO prioritize this action list? How do you prioritize multiple priorities?

Advice from the CEOs:

  • Focus on the Executive Committee first – the roles of your leadership team. This is the team that will both manage the organization and oversee the work that is being done.
  • Select your leadership team carefully – the team that will implement your agenda. They will help you make key choices and implement changes and programs. It is essential that this team present a united front as you roll out any changes.
  • As CEO, you are now accountable for the success of the company. Put issues on the table. Gather input and advice from your team. With their input, make your decision on how to move forward. Delegate responsibility and accountability. Rally the team around your decisions. Follow-up to assure that things are getting done.
  • Be focused. If you only had the resources to do three things, what would these be? What will bring the greatest both short and long-term value to the company?
  • Avoid micromanaging assigned responsibilities.
  • Bring in a consultant to assist you in implementing organizational changes that are necessary for the company – defining new roles and responsibilities and correcting behavior of team members that does not benefit the team.
  • As soon as possible, promote or hire someone to take on your old roles. You will have your hands full as CEO.

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How Do You On-board a New CFO – Four Imperatives

Situation: A company is hiring their first CFO. Previously, as a small company the founder and an accountant handled this responsibility. How do they integrate this key person into the company? How do you on-board a new CFO?

Advice from the CEOs:

  • The company and its key players should reflect the values, needs and desires of the CEO. The talents of the CEO and CFO should complement each other. Have a clear discussion and agreement with the CFO candidate on values, role, and organizational structure before hiring or announcing anything to the company.
  • Recommended announcements and timeline: When the new CFO is announced, simultaneously present the new organization chart with broad responsibilities, but not with detailed position descriptions. Set a timeline for realignment of roles. It is not necessary to specify exact roles at the time of the announcement. Let everyone know that this is a work in progress and give a time frame within which all will be resolved.
  • Once the CFO is in place, the CEO and CFO should meet at least weekly to assure that the CFO has the support and resources needed to accomplish his/her responsibilities. All decisions within the CFO’s group, personnel responsibilities and any shifts in roles should come from the CFO, with the support of the CEO. This will help the new CFO to assimilate into the company more rapidly and will give him/her the authority needed to manage his/her organization.
  • The CEO may put the CFO in charge of areas that they want to delegate – accounting, administration, finance and contracts. The CEO should remain involved in banking relationships.

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How Do You Develop Leaders? – Five Strategies

Situation: As it has grown, a company has used talent from their home area to seed new locations around the country. As a result, leadership is now short at headquarters. What have others done to fill leadership gaps? How do you develop leaders?

Advice from the CEOs:

  • Develop a formal Leadership Development Program. Identify the top leadership candidates with the company – the top 10%. Identify individual goals of these individuals and determine whether these are consistent with current and emerging company values. Clearly communicate the roles and expectations that you have for future company leaders – both the upsides and the sacrifices that you anticipate that they will have to make. Team the leadership candidates 1/1 with mentors to guide their development.
  • Consider an “internal” Board of Directors for developing leaders. Members are considered advisors to the true Board of Directors, understand company strategy, are coached on company values, and are involved in an advisory capacity in key company decisions.
  • Consider a leadership “boot camp” program to groom potential leaders and weed out those who like the idea of leadership more than the reality.
  • In the case of a very hierarchical company, the following items are involved: time, talent, defining the desired traits for key positions, identifying candidates who appear to possess these traits, assigning leadership roles to these individuals in executing the annual strategic plan – with senior managers mentoring leaders-in-training, and including training and development in individuals’ professional development plans.
  • Investigate employee assessment tools, for example the Myers-Briggs tools.

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How Do You Boost the Performance of a Life Sciences Company? Six Suggestions

Situation: The CEO wants to improve the performance of her life sciences company. She has questions about the business plan and roles within the company. She is also looking for better ways to connect with current and potential customers. How do you boost the performance of a life sciences company?

Advice from the CEOs:

  • Assess both your own role and the company to ensure that there is good alignment between the business plan and the roles within the company.
  • Be strategic after assessing the company’s needs and situation. Too often companies jump to tactical considerations because they are action oriented. To be effective, tactics must align with the broader company strategy.
  • Build a foundation based on value and compliment this with effective models to communicate and leverage this value base.
  • Think outside the box. Consider options to use or increase the effectiveness of social networking. This has growing dramatically in importance as a way to reach and communicate with key current and potential constituencies.
  • Perception is important. Be aware of what others think of the company and work creatively to present the company in a light that will support objectives.
  • The visual cortex represents 75% of sensory awareness. Leverage this on web sites and in marketing campaigns.

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How Do You Use Metrics to Focus Your Team? Three Points

Situation: A CEO wants to improve company performance and is interested in how others use metrics to focus their teams. How do you use metrics to focus your team?

Advice from the CEOs:

  • Engage your employees in the development of metrics.
    • The team members are close to the customer and the company’s key vendors. What makes sense to measure? What metrics are tied both to performance and a healthy or supportive but competitive environment? What would create adverse conflicts within the business or with either customers or vendors?
  • Metrics need to be meaningful and applicable.
    • They have to directly pertain to day-to-day, week-to-week and month-to-month objectives and performance.
  • Factor in personal issues.
    • Everyone doesn’t need to have the same metrics – instead formulate metrics that are pertinent to the different roles and individuals within the company.

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How Do You Downsize Intelligently? Three Perspectives

Situation: A company has run into a rough patch and needs to cut costs. The CEO is considering a number of alternatives, but wants to hear input from other CEOs on how they have faced this challenge. How do you downsize intelligently?

Advice from the CEOs:

  • The key to intelligent downsizing is to take a different perspective. Look at the needs of the business in terms of a 3-5 year plan, not just at what is needed to do to survive today.
    • What key talent will be needed 3 years out? What key roles will need to be filled? Who is on-board today who will be needed in 3 years? How does this affect the decision on where to trim? Are there other options to simply laying off staff?
    • Answering these questions helps to consider options with a rational long-term view.
  • Establish a new paradigm. What do you want the business to become?
    • Is it the same as, complimentary to, or completely different from the current business model? Once the paradigm is developed plan personnel needs in line with this paradigm.
  • Look at all resources proactively.
    • For example, if you are considering moving your offices to a smaller space, look at your vision for the company 3 years out.
    • It may be more sensible to stay where you are and negotiate a new lease with your landlord that is more favorable short-term than paying for multiple moves.

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How Do You Build a Strong Team? Six Solutions

Situation: A CEO wants advice on how to strengthen her team. She is confident in her employees’ capabilities, but wants to see more teamwork and collaboration to add to the company’s culture. What have others done to encourage team building, and how has it worked out? How do you build a strong team?

Advice from the CEOs:

  • There are many options for team building activities. Look at the Discovery Channel for some ideas: Monster Garage, American Chopper, and programs like these. They feature some highly effective methods of building team camaraderie.
  • One CEO regularly conducts team building activities:
    • Taking the crew to the new Star Wars or blockbuster movie opening.
    • Go-Cart racing.
    • This is done during working hours, and the employees appreciate both the effort of the company, and the fact that they are not asked to do this after hours.
  • A caution – this type of activity may help morale, but it may not contribute to retention.
  • While team building functions are an essential part of building and maintaining company culture they are only part of the task of building a strong team. The group considered conditions at previous companies that prompted employee departures:
    • Lack of advancement or any clear path to advancement,
    • Ambiguity in roles and expectations,
    • Salary and advancement caps,
    • Poor managers,
    • Lack of consistent or clear feedback on performance.
  • Looking at this list, the converse represent the things that a CEO should do to build a strong retention culture and strong teams:
    • Clear expectations of employees in terms of performance,
    • Clear and public tracks for advancement in job and salary increases,
    • Frequent and consistent feedback on performance – both positive and as necessary corrective feedback – but always with considerate and constructive delivery,
    • Well-trained managers.
  • These factors parallel the findings of the Gallup Organization in their investigation of factors contributing to high levels of employee engagement and profitable growth.

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How Do You Improve Delegation? Three Solutions

Situation: A company is growing rapidly. As it grows it is important to build the management team needed to support this growth. A few talented potential managers have a tough time letting go of previous responsibilities. How does the CEO help them to let go of previous responsibilities. How do you improve delegation?

Advice from the CEOs:

  • Don’t teach method. The individuals to whom responsibilities are to be delegated may feel like trained monkeys, not the bright creative people that they are.
    • Set goals. Give them the information that they need to get there. Let them know that there is a procedure, and they are welcomed to use or adapt this as they wish. If they can find a better way that is more efficient – Wonderful!
    • Empower them. This is an investment. Like many investments, it may take time to generate a return, but be patient and wait for this return.
  • Look at the required roles and prioritize them as most to least critical to the company.
    • Start delegating the less critical roles, as well as the roles that are less time sensitive.
    • This will make it easier to maintain patience.
    • Also, delegate roles that play to the strengths of those to whom new responsibilities are being delegated. Those taking these roles will be happier and will do a better job.
  • Create an organizational chart for each department and responsibilities.
    • Make sure that all of the roles for which a department is responsible are included, but group these into similar roles so that there are, for example, 3-5 role delegations.
    • Prioritize each role for importance and urgency.
    • Take the least urgent and significant role and delegate it. Either assign it to an existing individual, or hire someone to take it on.
    • Once this has been done this and those to whom roles are delegated are used to them, do the same with the next least important or urgent role.
    • Do this over time until all the needed roles have been delegated, and managers are comfortable managing the individuals now responsible for them.
    • A valuable resource is the EMyth Revisited by Michael Gerber. It is a quick read and provides guidelines for how to delegate and let go of responsibilities the organization grows.

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How Will Your Personal Plans Impact the Company? Six Points

Situation: A CEO, for personal reasons, is planning to move to another state. While he will remain CEO, he is concerned about the potential impact of this decision on the company, particularly the fact that he will not be present personally to handle matters that arise. What can he do to alleviate this concern? How will your personal plans impact the company?

Advice from the CEOs:

  • Put a stake in the ground. Set a date for the move and work backwards to see whether this is attainable.
  • Have a discussion with the company’s key managers.
    • Empower them to challenge the date.
    • Discuss this as a brainstorm to plan the future and what must be done to get there. Once a plan is established retest the timing.
  • Consider this as a gradual transition. Start 3 weeks here / 1 week there, and gradually transition to 1/3. This will help you to determine how the company performs absent the CEO’s daily presence.
    • Move family but keep a small place here. Start the transition now and figure out balance. Do what is necessary.
  • Have the key managers transition their roles before initiating the move.
    • This will provide confidence that they can handle this transition.
  • As part of the process, look at areas where the company can use more support. For example, is HR up to snuff? What about information services or financial management? Prior to initiating the transition take steps to fill any gaps.
  • Does the company have a formal metrics structure?
    • If not, establish one and in preparation for the transition see how the two managers manage this.

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How Do You Manage Succession Planning? Seven Considerations

Situation: The founder and CEO of company needs to find a successor. She is ready to reduce her role but wants to assure the ongoing operation and future growth of the company, as she will remain the principal shareholder. How do manage succession planning?

Advice from the CEOs:

  • Options for management succession and growth.
    • One option is to create an employee stock option plan (ESOP) to expand ownership of the company and to help recruit new managers to support growth.
    • A second option presented itself through a broker who has approached the company to help them find a buyer for the business. The broker suggests finding a customer who is a potential buyer and also the right fit.
    • A third option is to purchase a smaller company with a good CEO and then do an ESOP transaction to allow the CEO to reduce her role while providing new incentives for management.
  • Options for maintaining continuity of the business.
    • The CEO has identified an individual with the background to lead the company and identify the talent to fill key roles.
    • In addition to a leader, what other key roles must be filled? Look at the current and planned organizational charts. Determine which roles must be filled, the order of priority to fill them, and management succession plans for each.
  • When and how should the CEO’s plans and options be communicated to staff?
    • One approach is to say nothing until either a successor has been identified or an actual deal is in place. This will avoid unnecessary disruption that will accompany and news of the plans.
    • On the other hand, if an ESOP is the option, let current staff know early, along with anticipated specifics of the ESOP Plan.
    • It is best to be straight with staff once the timing has been determined. Complement disclosure of plans with assurances that the change will be good for staff and that there will be financial incentives for them to remain with the company.
    • Be sensitive to what drives and motivates staff – build this into plans to inform them of what is happening.

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