Do you have goals?
8 reasons why executive teams fail to set productive goals
You’re CEO of a company that’s scaling fast. You’ve assembled a leadership team where everyone’s on top of their game. And yet you keep hitting obstacles. Maybe there aren’t enough hours in the day. The scale of the task is threatening to overwhelm you. You can’t see the wood for the trees.
What you need is structure. Part of this is setting goals. Goals are how you make progress. Yet, too often, executive teams have no system in place. When we start coaching them, virtually none of our clients use goals. So, they can’t be intuitive.
Goals are a central piece of the execution framework we use to guide our clients. They’re part of doing the work of the Rockefeller Habits. If you implement them fully, there is no way you won’t get further than you’d hoped to get. No way at all.
Where clients drop away from us, it’s because they weren’t prepared to stick at it. We’ve never pretended it’s easy. But unless you implement a rhythm of daily, weekly and monthly meetings, quarterly off-sites and a cascade of goals or OKRs (Objectives and Key Results), you’re unlikely to move forward.
So, if productive goals are crucial to growth, why do executive teams fail to set them?
How to Create Value-Based Strategy with Felix Oberholzer-Gee
Are you struggling to create a simple strategy for your business? Then don’t miss Felix Oberholzer-Gee, faculty member at Harvard Business School in the Strategy Unit, and author of the recent book on strategy: Better, Simpler Strategy, on this week’s episode of The Melting Pot.
In his new book, Felix shows readers how to create value-based strategy with their service or product. Not in the sense of making customers or employees happy, but in so much as – creating a product or service that delivers so much value, people are willing to pay more for it.
The simple truth of the matter, says Felix, is that business and financial success boils down to imagination. Finding new ways to serve your customers or employees better will always yield better business results. But it’s amazing how many businesses have forgotten this simple strategy in their quest to be successful.
So, if you’re overthinking your business strategy, or you think you have no place to think strategically, think again.
To find out more, download and listen to this latest episode.
Dan Harris is a fidgety, skeptical journalist who had a panic attack on live national television, which led him to try something he otherwise never would have considered: meditation. He went on to write the bestselling book, 10% Happier. On this show, Dan talks with eminent meditation teachers, top scientists, and even the odd celebrity.
Good strategy has traditionally been seen as the key to business success. More recently, purpose has become an essential element of doing business. But something else is missing: culture, or the essential elements of how an organization and its employees behave, as well as its governing beliefs and principles. And yet, culture often receives less attention than purpose and strategy.
When an organization has set in motion the three processes of purpose knowledge, purpose internalization, and purpose contribution, it has turned on the machinery of purpose implementation. Once this machinery is up and running, it needs to be oiled regularly to ensure continued consistency between what the purpose says and what people in the company do.
Insights from McKinsey, tracking the disruptions that seem likely to shape lives and livelihoods, beyond the immediate crisis. From the 12 charts they use to illuminate the potential strength and direction of these shifts the only one that seemed obvious to me was the increase in defense spending.
How do you find the perfect person for the job in a stack of hundreds of resumes? Why do some teams succeed while others―made up of equally talented people―stumble? If the quality of your workforce is your company’s most important asset, then why are your managers still basing these critical decisions primarily on interviews and their gut instincts? In The Science of Dream Teams, Mike Zani details a data-driven approach to talent optimization that makes hiring, motivating, and managing people more efficient and effective than ever. Whatever the business or industry, this game-changing approach has the power to unlock an unbeatable competitive advantage. The Science of Dream Teams will show you how.
Why do some organisations thrive while others seem paralysed by inaction? How do we become more innovative? The Power of Us is the result of a three-year journey around the world seeking out highly successful companies from BrewDog and Patagonia to inner-city schools and renewable energy co-ops to find the answers. Cultivating people-powered innovation enables everyone to collaboratively work to figure things out. We just need to nurture the mindset and culture that makes innovation an everyday occurrence. Thought-provoking and incisive, The Power of Us is an urgent call for leaders, teams and individuals to challenge the status quo, transform our lives and rebuild a better world for the future.
News from the farm
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If you’re serious about growth and need expert advice to help you navigate the waters of uncertainty, you can still make it to our next workshop on Thursday,23rd June.
Join Dominic Monkhouse and learn how you can implement the Scaling Up tools that helped him scale 2 UK Tech firms during past recessions.
MEANINGFUL ACTION FOR MONDAY
Write down five things that make your firm unique to improve your positioning in the market
The question you should ask yourself is ‘are we getting a premium price in the market?’. If the answer is yes, fantastic! If not, there’s an exercise you can do around positioning. Write down five things that make your firm unique. Then, think to yourself about the ten closest competitors that you have. How many of them would be able to say the same things? In my experience, what most people write down is not differentiation. They haven’t thought about their positioning – whether it’s horizontal or vertical.
The question is are you properly positioned? Everybody does well in a marketplace that’s thriving. But if we’re entering economic choppy waters, it’s vital to make sure you come out on top.
Join Dominic Monkhouse and expert in strategy, marketing and pricing, Hermann Simon for a LIVE session of The Melting Pot where they will discuss how to optimise prices in line with inflation. In this session you will understand the profit mechanics, how to strengthen pricing power, how to apply tactical pricing and much more.
Join LIVE on Tuesday, 28th June at 3 PM (GMT +1)
This September, join Verne Harnish and Dominic Monkhouse for a reinvigorating 4-day boot camp in the UK. You will work closely with Verne and Dominic to find the answers to those questions and uncover those opportunities you’re overlooking, which will truly help you move the needle in your business.
Join Verne and Dominic at Lucknam Park Hotel & Spa, near Bath (UK).
Quote of the week
“Working on the right thing is probably more important than working hard.”Caterina Fake
Dominic offers business coaching and management development, strategy planning and organisational change, using tried and tested methods to launch your organisation onto an unparalleled growth trajectory. His programme is a function of his broad experience, his deep expertise and a proven process used by over 2,700 firms worldwide.