Author Archive for AdvisorCatalyst

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Advisor Power Question: “What’s the Next Action?”

Friday, August 20th, 2010 by AdvisorCatalyst

A CEO recently contacted me to learn more about our strategy execution system. Early in the conversation, I realized that he was actually looking for a system to manage his own time, projects, and work flow. Of course, the disciplines of our strategy execution process are as applicable to individuals as they are to organizations: long-term, quarterly, weekly, and daily priorities. (Read more about setting daily priorities.) Having established that, I recommended this CEO read Getting Things Done by David Allen.

If you’re not familiar with this book, read it. Allen lays out a 5-stage system for managing workflow. I have clients who have used this book to completely change the information storage systems throughout their organizations with great results.

In addition to that system, Allen drills the importance of the phrase, “What’s the next action?” I have found this to be a powerful question for driving clarity in strategic conversations with my clients. Allen writes:

“I am frequently asked to facilitate meetings. I’ve learned the hard way that no matter where we are in the conversation, twenty minutes before the agreed end-time of the discussion I must force the question: “So what’s the next action here?” In my experience, there is usually twenty minutes’ worth of clarifying (and sometimes tough decisions) still required to come up with an answer.”

As you work with clients, ask yourself two questions: (1) Is there a decision to come out of this conversation? and (2) What’s the next action? My own experience confirms that of David Allen; there is at least twenty minutes worth of conversation yet to take place.

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In 100 Words: Inviting Dissent

Friday, August 20th, 2010 by AdvisorCatalyst

According to Winston Churchill, “Criticism may not be agreeable, but it is necessary. It fulfills the same function as pain in the human body. It calls attention to an unhealthy state of things.”

The natural response to criticism is to fight back. The effective response is to pause and consider. You are not always right; don’t you want to know when you’re wrong so you can correct your course?

Disagreement is good. Discipline yourself and your team to invite criticism and respond productively.

Choose to pursue the truth rather than defend your turf. As with any discipline, it takes practice.

“The effective decision-maker, therefore, organizes disagreement.” (Peter F. Drucker)

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Nothing New

Wednesday, July 21st, 2010 by AdvisorCatalyst

During the 1930s, 1940s, and early 1950s, my grandpa and his brother built and exited a number of different business ventures. They began by helping their dad with his cattle business and launched into a full-scale dairy operation. (I have a photo circa 1930s of a delivery van with “Schrock Dairy” and “Natural Milk & Cream” written in fancy lettering across the sides and back.) From there, they launched a full-scale apple orchard business. Then, with the full-gut commitment unique to entrepreneurs, they tore down all of their orchards and started a hybrid seed corn growing business. They later added a fertilizer (anhydrous ammonia) business with multiple plants and distribution facilities across Illinois, Indiana, and Ohio. This business was eventually sold to Standard Oil of Indiana. (I guess anhydrous ammonia was the rage those days.)

Today, we are more than a half-century removed from these entrepreneurs, so naturally, we have different business concerns than they did, right? My dad was recently reading through their correspondence and found two consistent themes:

1. Get the right people in the right positions.
2. Cash flow! Cash, Cash, Cash. It was never far from their minds.

OK, so maybe business really isn’t much different today! The key issues facing entrepreneurs 75 years ago are the same for entrepreneurs today, and they will still be the same 75 years from now.

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In 100 Words: Positive Tension

Tuesday, June 22nd, 2010 by AdvisorCatalyst

Do you like tension? When it comes to executing your strategy, you should.

Positive tension yields excellent results. The tension of opposing ideas generates the debate that produces a solution. The tension of self-imposed financial/time limits on new projects (what Michael Eisner called “creativity in a box” at Disney) drives efficient innovation. The tension of preserving the core while stimulating progress (Jim Collins in Built to Last) builds great and enduring organizations.

Q2 is almost done, and you have rocks to complete. Push to get them done while exhibiting the patience to get them right.

That’s positive tension. Embrace it.

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In 100 Words: A Time to Lead

Tuesday, June 22nd, 2010 by AdvisorCatalyst

These are the times in which leaders are forged! The last few years have been tough for business leaders, and I don’t expect the uncertainty to wane anytime soon.

So are you excited?! You should be. Great leaders are honed in the crucible of tough markets where fear of the unknown and feelings of insecurity chain ordinary leaders to their seats.

More than ever, you need to make clear, decisive, and tough decisions. More than ever, you must clearly communicate your organization’s vision.

Your employees and others are looking for someone to step up. Now is your time to lead!

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Join a Network to Succeed Going Solo

Thursday, April 29th, 2010 by AdvisorCatalyst

I’d like to revisit the recent Wall Street Journal article (“How to Succeed in the Age of Going Solo”). It talks about the importance of independent advisors joining a network of people engaged in the same kind of work.

The prospect of being independent is daunting to many. At first, it sounds exciting. After a career of the “daily grind,” the flexibility of working on one’s own seems very enticing. But newly independent workers soon realize that they miss that “daily grind.” They’ve grown so accustomed to the routine of commutes, coworkers, and corporate schedules that their newfound independence presents more of a feeling of “What now?” than “Yippee!” That’s where a network of professional peers serves such a vital purpose. It allows advisors to be independent, but not alone. Furthermore, it gives them a forum in which they can ask questions and share lessons learned.

Over the years, the CEO Advantage advisor peer group has become almost an organization itself in terms of the camaraderie and shared purpose. Our advisors are independent, but they feel a sense of loyalty and friendship toward one another. There’s no question that their association with one another has made them more effective advisors to their own clients.

Whatever you do for a living, if you’re working independently, join a network.

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Think Like An Entrepreneur To Succeed Going Solo

Tuesday, April 13th, 2010 by AdvisorCatalyst

A recent Wall Street Journal article (“How to Succeed in the Age of Going Solo”) further confirms an emerging trend that Peter Drucker noted years ago: we are entering the Age of the Advisor. More companies are looking to freelancers in lieu of full-time employees, but the more things change, the more they remain the same. The form of service delivery may be changing, but the essence of what is being offered has not.

All of us are hired for the services we provide and the value we create – whether that comes in the form of full-time employment, part-time work, or project-based consulting. In that sense, we are all entrepreneurs. The most productive workers are those who realize it.

As people lose their jobs in this economy, we see more and more “consultants” who approach their work as a temporary bridge to their next “real” job. This is a mistake. What is a “fake” job anyway? The person who reports to an office each morning to get orders from his supervisor is really not very different from the independent consultant looking for his next project. Both are individuals trading their skills for income. They are entrepreneurs. The more people think that way, the easier any work transition will be.

Business professionals – particularly those who have served in an executive role – possess tremendous ability in areas that can benefit a wide variety of organizations. They need to think more like entrepreneurs when looking for ways to share their expertise. In doing so, they will find that advising can be much more than a temporary step; it can be a very successful career!

Read “11 Steps to Effective Client Delivery” to learn more about how you can thrive in the Age of the Advisor.

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Listen, Learn, and Lead

Friday, March 12th, 2010 by AdvisorCatalyst

The Detroit Free Press recently printed a nice article (March 7, 2010) on David Brandon, former CEO of Valassis and Domino’s Pizza and current athletic director for the University of Michigan. Brandon has been a very successful leader in everything he’s done – including his time as a UM football player when he was looked to as a team leader despite not seeing much time on the field.

In profiling Brandon, the article reviews several characteristics that contribute to successful organizational leadership, including a genuine interest in people, holding those people to high standards, and a direct approach to problem-solving.

One of his longtime employees at Valassis was Jim Craig. Yes, it’s that Jim Craig, the U.S. goalie on the 1980 Miracle on Ice Olympic team. He summarized Brandon’s style as “listen, learn, and lead.” That’s a nice mantra for CEOs to remember, but it also works for advisors. In working with our clients, listening and learning are so important, but they must be followed by counsel that is biased toward disciplined action.

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Failure, a Great Teacher

Monday, February 22nd, 2010 by AdvisorCatalyst

As an avid reader of Peter Drucker, I have often noticed that he naturally uses examples of both success and failure to highlight various points. The ultimate goal is to identify what works, and there are lessons to be learned in both. As opposite as they may seem, success and failure are just different types of the same thing – experience (the best teacher).

Yet, how many of us make a habit of studying failure? During 2009, I embarked on a study of executive and organizational failure by tackling a number of books on the subject. I have captured some of what I learned in a recently published article entitled, “Failure, a Great Teacher.” I invite you to read it and welcome your feedback.

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In 100 Words: Spending Time vs. Leveraging Time

Sunday, January 31st, 2010 by AdvisorCatalyst

Meetings: do they excite or annoy you? Your answer says much about how you leverage your time. You may be able to lift 100 pounds, but applying that same strength to the input side of a lever enables you to lift much more. That’s the power of leverage.

The same principle applies to time. You can do many things yourself, but mobilizing an organization to do those same things enables you to accomplish much more. Are you spending your time working solo, or are you leveraging your time by working with others?

Think about it. Now, when’s your next meeting?

“One of the greatest joys of leadership is assembling and knitting together teams of fantastic people.” (Bill Hybels)

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