P B - MY BIG IDEA

Perhaps you’ve heard the saying, “Show me your friends, and I’ll show you your future.”

Business experts have made this claim for years: if you want to be successful, spend time around successful people.

What makes the successful person more generous with their time, their advice, their introductions, their encouragement? Are you more likely to find help from a successful person than a less successful one?

Andrew Carnegie remarked, “No man can become rich without himself enriching others.” Studying the habits of successful people offers insight into this idea.

A look at a list of the world’s most generous individuals shows something interesting: the wealthier people are, the more likely they are to be generous with both time and money. The world’s billionaires are known for how much money they have, but also for how much money they give away.

What is the secret to their success? Generosity.
As Carnegie discovered, the road to success is not on an island. Successful businesses are built through networking. The truly successful business leaders realize that without the help of others, they would not have achieved the levels of success they now enjoy.

As a result, they understand that success is more than a monetary achievement. Venture capitalist David Hornik is an astonishing example of how generosity can give you more than you expected in return. Hornik has broken many of the ‘investor’ rules, sharing his ideas, making connections with other venture capitalists and generally doing exactly opposite of what many in the industry have done. As a result, he has become wildly successful, prospering when many others failed.

Sharing, helping and connecting others is important.
The ‘lone wolf’ entrepreneur who tries to build their company alone will find that the road is hard and lonely. Look for networking opportunities that allow you to make connections with people who will encourage you to succeed. Join your local business association and networking group.

Constantly be on the lookout for people who can mentor you as you grow your business. Don’t be afraid to ask for help and don’t be afraid to give it.

Success breeds success.
If you are a business owner who wishes to learn the secrets to success, look for individuals, both in and out of your industry, who have taken a similar path to yours. This may be a good place to start as you may feel you benefit from being in a similar situation.

Are you a single mom? Look for a CEO who built her company while raising her children on her own and learn from her story. Are you a leader of a regional division in a large enterprise focused on building the best team in the company? Find the “intrapreneur” who started the same way, and ask for insight into how they overcame obstacles. Use their example as a blueprint to your own success.

‘Give and it shall be given unto you.’ ‘Pay it forward.’ This principle of generosity applies to business. The leader who is generous with their time and talents finds their investment pays off in unexpected ways, and leads to more opportunities. Seek out those who have become a success, and ensure that you are helping those around you as well.

Next Steps:
Need to inject a generous and winning mindset into your leaders? Contact the team at My Big Idea™ to learn how getting clear on your goals helps you become a successful professional.

There’s an adage, among business experts, about the purpose of a rearview mirror. Compared to the large, open windshield in front of you, a rear-view mirror is small. It provides limited visibility and only gives you a concentrated view of what is happening behind you.

As a result, you won’t get very far if you spend all your time driving while trying to look in the rear-view mirror. Nevertheless, the mirror is included in every car as an essential tool for successful driving. You would agree, at times, it’s necessary to look behind you when you drive.

As a business leader, you’re in the driver’s seat of your company and get to press forward, steering your team down the road to success. The windshield gives you a clear view of wide, open road ahead of you. Is it important for you, on this figurative charge to success, to use the rear-view mirror? Simply put, yes.

See Where You’ve Been

Reflection can be an essential part of making progress, in part because it is helpful to see where you came from. What benefit is there in remembering where you started? Progress can be tricky to gauge.

The daily grind of doing business can deceive you into believing that you haven’t moved forward. Taking a glance in the rear-view mirror provides you with an opportunity to measure exactly how far you’ve progressed.

Concerned you aren’t growing fast enough? Remembering that you started with one employee can be an encouragement as you look at an office that is bursting with an enthused team.

Learn From The Road

Reflection is also a powerful tool because it enables you to evaluate past success and failures. Using a past mistake as a learning tool can not only prevent you from making the same mistake, it enables you to learn from previous missteps.

When you realize that even the most successful entrepreneurs have their own share of failures, it should empower you to embrace your mistakes as milestones on your journey. You can learn from your mistakes and figure out what went wrong, or see where a turn in the right direction led to an increase in revenue.

By looking at the success you’ve enjoyed, you can gauge the status of your current trajectory. Are you continuing to capitalize on the forward progress you made? Have you gotten away from the original path you were on? Looking back, reflecting, is the only way to find out.

Find Ways to Help Others

When you remember the milestones in your past, you are better equipped to help others on their journey. You can relate to the business owner who is just starting out and offer encouragement during the hard start-up phase. When you’ve struggled through growing pains, you can provide insight to others who face the challenges of growth. Use reflection as an opportunity to mentor those around you.

Savvy business leaders understand that to move forward, sometimes you need to look back. Looking in the rear-view mirror can’t be your focus, but should be an important part of tracking your progress. Add a time of reflection to your next team meeting, and celebrate how far you’ve come!

Next Steps:

Reflecting is a can’t-miss vital step to your next level of success for your team and your business. Contact the team at My Big Idea™ to learn how reflecting can revolutionize your work, your team, your goals and lead to your big idea.

Michele Bailey is president and CEO of Blazing THE Agency and My Big Idea™. These two lines of business work congruently to support her clients’ success.

Sylvia Ann Hewlett is an economist and thought leader widely known as one of the world’s most influential business thinkers.

We recently watched a video of Dr. Hewlett addressing a group of Google employees. What resonated with us was Google’s ongoing commitment to professional development. Here, we have a leading expert on corporate talent initiatives explaining to high-potentials at one of the largest organizations in the world, what it takes to advance.

Dr. Hewlett is often described as “cracking the code of Executive Presence,” and identifying that professionals must signal they are leadership material. Dr. Hewlett’s research clearly makes the point that presence is as critical as performance. Although widely known for her book, Executive Presence: The Missing Link Between Merit and Success, she is the author of many articles and numerous books, including, (Forget a Mentor) Find a Sponsor.

The New Way to Fast-Track Your Career
During her Google address, in addition to describing her personal journey from a hardscrabble coal-mining village in Wales, Dr. Hewlett discusses the importance of having a sponsor. In fact, the subtitle of her book is: The New Way to Fast-Track Your Career.

The Difference Between Mentors and Sponsors
Both mentors and sponsors are too important to advance an individual’s career. The main difference is that mentors advise; sponsors act. Dr. Hewlett defines a sponsor as “a senior leader who delivers high-octane support.” Their dynamic, powerful and public endorsement validates protégés. Three specific things distinguish sponsors from mentors to provide actual traction for protégés.

Sponsors:
Really know the protégé, understand their value, are willing to take a bet on their merit and go out on a limb
Publicly advocate for the protégé’s next promotion so they can demonstrate their capabilities
Stand firmly in their protégé’s corner to make risk-taking possible

As a sidebar to this final point, Dr. Hewlett emphasizes that “nothing gets done that’s amazing in the workplace without some risk,” and therefore failure.

Deeply Reciprocal Relationship
A protégé needs to earn a sponsorship. Typically, they must give, before they receive. How does a person get tapped on the shoulder and chosen?

There are three keys:
Performance is central
Trustworthiness, incredible reliability, and loyalty to the team and leader
Value-added personal brand, something unique that distinguishes the protégé and makes them indispensable

Two-way street
Sponsors scout talent and seek exceptional performance and loyalty that effectively reinforces their authority to drive their own careers further ahead.

People seeking sponsors must genuinely respect a leader. At the same time, they must never confuse a sponsorship relationship with friendship. It is a deeply productive alliance that provides mutual benefits.

This guest post is courtesy of Corporate Class, a My Big Idea™ strategic partner.

One of the most important jobs you face as a business owner is goal setting. Aligning your vision for the company with targeted, specific goals can lead to success. But what happens when you don’t reach a goal?

What if you reach your goal earlier than expected? Is it ok to redefine your goals? Periodic evaluation of goals (along with any necessary redefining of your goals) is essential and expected.

When You Miss the Mark

At the beginning of the year, you may sit down with your staff, review the accomplishments of the past year and develop a strategy for increasing sales, generating more leads or any other specific business-related targets.

Using the SMART goal setting strategy, you compose a list of goals that will guide your company through the coming months. Sometimes, however, things don’t go as planned. The market changes, new competitors crowd into your market space, or production problems delay new arrivals. Whatever the reason, a periodic evaluation of goal progress makes it clear: you won’t hit the target.

Exceeding Expectations

Conversely, redefining your goals is not always an indicator of missing your target. It can also be the result of achieving your goals faster than anticipated. A new product that exceeded the initial projection figures can skyrocket through sales goals quickly. Market shifts that allow for growth, competitors that leave the market or new marketing strategies can cause your company to move faster through growth stages.

In both situations, a prudent business owner will re-evaluate their goals and redefine them according to their new reality. Some of the most successful entrepreneurs have learned to redefine their goals mid-stream, and are diligent about keeping their company responsive and flexible.

Richard Branson, head of the Virgin Group, has become iconic for his pursuit of monster-size goals. While he is most famous for the success he’s had, he is not shy about owning the failures he experienced on his path to success. According to Branson, “…a setback is never a bad experience, just a learning curve.” Whether it is adjusting a goal as needed, or creating a new one, Branson has learned to use both success and failure to propel him to the next level of success.

Is it Time to Redefine Your Goals?

To maximize the benefits of goal-setting, consistent progress check-ups can be an invaluable tool. How often should you evaluate your progress? There is no cut-and-dry answer. Some companies monitor their progress closely, holding weekly update meetings to ensure they are moving forward towards their goals.

Others follow a monthly schedule, while still others may do quarterly check-ups. The period is up to you, but the more frequently you monitor your progress, the easier it is to make adjustments as needed.

Remember: you wrote your goals as a tool to help you succeed. Redefining your goals is simply a realignment of your dream with the steps necessary to reach your target. Just like an alignment for your car, the process will help you run smoother and achieve your dreams easier.

Next Steps:

Need the guidance on setting goals for your business? Contact the team at My Big Idea™ for more information on how goal setting can revolutionize your work, your team, your goals and lead to your big idea.

You think of yourself as a reasonable boss.

You pay an honest wage, treat your employees fairly and make sure to recognize everyone’s birthdays. Why don’t your employees seem to appreciate what you’re trying to do as a corporation? The answer may be more complex than you realize.

Lack of Vision
A study on employee attitudes revealed a shocking fact: only 23% of employees feel as though they know their leader’s vision for the company. Despite the printed mission statement you may have framed in your office lobby, most employees have no idea what your company is trying to do.

How can you engage your employees with the vision you have?

Ask questions. Survey your employees about your vision. Find out some of the basics such as:
What do you think is the purpose of our organization?
Who are our target customers?
Evaluate the results and analyze them for a clear picture of what is known, and what you need to further explain.

Lack of Understanding
In addition to not knowing the corporate vision, only 20% of employees see the relationship between their job and how it relates to the company’s goals.

One analogy equates this to only 2 players on a soccer team knowing what position to play and how to play it!

Spend time detailing for employees the importance of their job and how it affects the success of the company. When they understand how their work makes a difference, they are more apt to buy into the corporate vision.

Lack of Inspiration
Employees not only want to understand the HOW and WHAT of their job, they want to know why their job matters.

A lack of inspiration can cause a lack of interest in their job, and a lack of caring about what the leadership of the organization want. This can affect the way they relate to their coworkers, management, and customers.

Find ways to inspire employees by showing the larger picture for the corporation. How did the company start? What positive ways does the organization relate to the surrounding community? Showcase positive benefits of working for the company that would not be found elsewhere.

Lack of Equipment
Equipment, in this sense, means more than the literal tools required to do a job: computer, supplies or other job related tools. A lack of equipment can include poor training, inadequate time to perform job related tasks and an unsatisfactory work environment.

Offering professional development through leadership training, goal setting programs and other job related trainings can be one of the most important aspects of employee relations.

Not only does it improve employee satisfaction, it helps to improve corporate culture, reduce staff turnover and increase staff engagement.

It may be disheartening to realize that employees are not as committed to their jobs as you are.
Fortunately, it is not expensive or difficult to make the necessary changes that can revolutionize your staff.

Learn to cultivate an environment where employees are passionate about your company, and their roles in making the organization succeed. Not only will you have a happier workplace, your revenues will improve and you’ll find that you are reaching goals faster than ever before.

Next Steps:
Contact us to find out about our proven track record of success with My Big Idea™ workshops and how we can help you increase revenue and improve employee engagement rates.

“I quit.” Few words can raise the ire of a manager quite like these.

It can be anywhere from aggravating to devastating to replace an employee. The process can take weeks or months. Never mind the loss of productivity being down a person, and the emotional turmoil this departure can cause the rest of the team.

Some employee turnover can’t be avoided. People move. Others experience life changes that require them to leave their job. Those reasons are understandable, but the fact remains: they still must be replaced. The effects of employee turnover, however, can go beyond dealing with the logistics of hiring someone new.

Does it seem as though you are in a constant cycle of hiring and training?
Understanding what causes an employee to leave can be instrumental in learning how to retain valuable employees.

Generally we hear that people leave their boss, not their company. But it isn’t all doom and gloom. People do leave for a better position, opportunity for advancement or increase in salary even though they may not be unhappy in their current environment.

How does your turnover rate compare?
Turnover rate is a dynamic measurement that can be affected by a number of factors, including industry dynamics, regional areas and socio-economic climates.

In Canada, the retail, hotel and other leisure industries have the highest rates of turnover. Some studies, for example, indicate that the fast food industry has well over 100 percent turnover rate among crew members; while environmental industries have an average closer to 45%.

It may be difficult to gauge your turnover rate as compared to other industries, but a careful evaluation of your annual turnovers may be informative as to the impact employment issues may be having on your revenue.

What effect does employee turnover have on your other staff?
High turnover rates can have a detrimental effect on the remaining staff members. Not only are they expected to pick up additional workload, they begin to question their own level of satisfaction with their job. General feelings of unease can create a domino effect of exits, leaving you understaffed and over budget.

What are the true costs of employee turnover?
According to one study, it can cost the equivalent of 2 – 3 months of the employee’s salary to replace them. If the employee is at a management level or higher, those costs can soar up to the equivalent of 18 months’ salary.

Replacing an employee brings additional payroll expenses, as other employees must work additional hours to make up for the lost personnel. Management must use productivity time to review applications, conduct employment interviews and perform reference checks. Once a replacement has been hired, there are additional expenses involved in training.

If your employee turnover rate is low, the impact of staff replacement isn’t great. For most companies, however, staff turnover costs can be one of the largest expenses they face. Is there a way to prevent this revenue drain? Studies reveal that not only is it possible to reduce employee turnover, it is neither expensive nor difficult.

Employee engagement is one of the most effective means of preventing staff turnover. Strong engagement that begins during the recruitment process and continues through professional development can save corporations millions of dollars. It can create high employment retention and improve productivity, increasing revenue.

How can you cultivate this type of environment in your organization?
Staff development and corporate training. A well-crafted development program can combine the power of goal setting and planning with effective leadership training. Investing in the continued training of an employee can pay off with astonishing results.

Companies that spent less than $1,000 per employee on staff development had, on average, 15% higher turnover rates than that of companies that spend over $1,000. Decide. Do you really want that high-growth corporate team?

Cultivate a positive workplace environment. Demonstrating a genuine interest in the well-being of employees is a powerful way to show employees that you care. Evaluate the reasons given for staff turnover and then made the necessary changes to reduce their occurrence.

We’re experts in the development and implementation of goal training and leadership programs. Contact us today to find out how we can help you increase revenue and improve employee retention rates.

Next Steps:
Still on the fence about training events? Contact us to find out about our proven track record of success with My Big Idea™ workshops and how we can help you increase revenue and improve employee retention rates.