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#BestofFSCBlog : 4 Things Every Manager/Entrepreneur Needs to Do the First Week of the New Year.

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Now that the holidays are over and the new year is in full swing, it’s time to head back to the lab to formulate fresh, smart, and effective ideas that will grow your organization.

Whatever the size of your firm, whether you’re B2B or B2C, and regardless of the industry in which you operate, here are four must do’s that you need to launch if you’re aiming to increase profits and market share over the next 365 days:

1. 100-Day Plan.

Since the 1930’s when Franklin Roosevelt pioneered it as a means of gauging his effectiveness in the Oval Office, the 100-day plan has become a tradition for newly elected American Presidents. The plan consists of achievable short term goals that adhere to a President’s long term vision for the country. Entrepreneurs should write their own 100 day plans as blueprints for advancing their organization’s productivity and profitability. Such a plan establishes 100 tasks, and requires managers/business owners to consider the specific steps and resources that are needed to bring them to fruition.

While there’s a time and place for visionary long term planning, the 100-day plan allows managers/entrepreneurs to craft and pursue attainable objectives and start the year off with a burst of energy. When the 100-day finish line is reached mid-April, entrepreneurs will know if they should be celebrating or if they need to recalibrate their efforts.

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2. Declutter

Whether you want to improve the feng shui of your office or just make it easier to find and store your stuff, a comprehensive tidy up of your company’s work space is a laborious yet necessary task. To make it happen, set aside a Saturday when your team can come in, rent a dumpster and high capacity paper shredder, and destroy unnecessary documents, presentations and files, and toss out old equipment, brochures, books, product samples, and other unproductive items.

Once your space has been tightened and tidied, implement a cloud-based backup system that allows for fast and convenient recovery of your organization’s electronic files. The decluttering will not only allow your team to operate more efficiently, it will also help your office to look more streamlined and professional.

Related: 5 Marketing Essentials for Your Business to Appeal to Millennials

3. Fire the person you know you have to fire.

Maybe you’ve tried to intervene to help turn things around, or  you’ve ignored the problem in hopes that it would eventually take care of itself. But however you’ve handled the challenge of having weak members on your team, you know that they’re there and that they’re dangerous the to the health of your company.

If you didn’t have the heart to do any purging during the holiday season, delay no longer. The costs to your firm in reduced productivity, low employee morale, additional supervision, damaged client relationships, and lost revenue that are caused by substandard employees can be as high as $190,000 per year, so make a decision now to either remedy a situation that’s fixable — or to clean house.

Related: Pay Yourself: Why Founders Should Set Aside Profits Every Month

4. Get high or higher.

While 26 states and the District of Columbia have laws legalizing marijuana, the suggestion here isn’t that entrepreneurs should light up more. Instead, the first week of the new year is a perfect time to review and possibly raise the prices of your products or services. Too many small business owners try to compete by lowering their prices, and that’s often a mistake.

Instead, devise a plan by studying your competitive landscape; looking at your firm’s pricing history; reviewing the calendar to determine the best time to bump up your rate, fees, or prices; and thinking about how you can enhance the value of your offerings in order to justify price revisions. If you detect some white space that would allow for small yet profitable increases, you should absolutely seize it.

After the joy and frenzy of the holidays, it’s understandable if it takes a minute for business owners to snap back to attention and keep their ships moving forward, but the upside to getting started is significant. Entrepreneurs who have the discipline to leverage these four steps as an annual early January organizational “reboot” will help to energize their teams, inspire exciting ideas, and generate new opportunities for innovation and growth.

Entrepreneur.com | December 29, 2016 | Lyneir Richardson

#Leadership : What To Do When A Key Hire Quits…TAKE A DEEP BREATH. It Always Hurts When a Key Contributor Leaves, But There are Ways to Deal with it That Can Ease the Pain.

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A great member of your team just came to you with an unexpected resignation. I’m sure you’re somewhere between being upset that you’re being deserted and worried about what you are going to do to handle that person’s contributions. Maybe you’re even more concerned that this will be the start of an avalanche—how many more people are thinking about leaving?+

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I know it’s a big loss and a big hassle to have to deal with a key hire departing, but, it’s totally normal and manageable.  Get through the pain quickly and elegantly, and get yourself back  as fast as possible.

TAKEA DEEP BREATH. If you’re successful, this is a scenario you’ll experience many times in your career. It always hurts when a key contributor leaves, but there are ways to deal with it that can ease the pain.

Here are my recommendations for when you hear that you’re about to lose someone who means a lot to the organization:

Find out why they are leaving.  Are they running away from something or running toward something?  Do they have their heads on straight regarding the situation?

Are they salvageable?  If there is something wrong, can you fix it?

  • I always use additional compensation as a last resort, as it’s usually not compensation that makes them want to leave.
  • If you can fix it, is the person mature enough to re-commit and be wholly engaged? You only want people onboard who are fully engaged.

 

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If you decide they are salvageable, still do a gut check and make sure you’re not getting gamed. Sometimes people use the threat of leaving as a way to angle for more money. Unfortunately, people sometimes do disingenuous things.

Be very careful not to build an entitlement culture where people think if they threaten to quit, they become eligible for a promotion. That makes costs go crazy and makes you powerless. Reserve the times you are willing to get gamed for one percent of the employee population—the true talent—not 30-50 percent of the people who are trying to get a better offer. Only go through heroics for the true stars. Everyone knows what’s happening and you have to be careful about how they see you responding. If not, soon everyone will be at your door with a counter offer and request for a raise and promotion. How can you tell what’s what? Probe where they are going, then tell them that it sounds like a great opportunity and that if it doesn’t work out, they are welcome to come back.

If they will definitely be leaving, can you negotiate a transition plan that is beneficial for both of you?  Can you get their agreement to help out in a pinch even if they are in a new job?

Treat them with respect and dignity on the way out.  Celebrate their contributions and let them know they are welcome back if things don’t work out where they are going.

But remember, you need to celebrate the people who stay and do good work as much as—or more than—the folks that leave.  Several times I’ve heard people say they only received recognition when they left (the squeaky wheel gets all the oil syndrome), which leads to very bad cultural dynamics.

  • Make sure the team knows that the departing person will be missed, but talk about the actions you and they can take to ensure that the company will still achieve its dreams.
  • Recognize that this is a great opportunity for someone else to step up and get a promotion.

Finally, look back and assess whether this was a surprise. Did you see it coming?  Make it a point to proactively know where all your key talent’s heads are and work hard to keep them motivated and in the game.

I know it’s a big loss and a big hassle to have to deal with a key hire departing, but, it’s totally normal and manageable.  Get through the pain quickly and elegantly, and get yourself back to terra firma as fast as possible.

 

Forbes.com | May 3, 2016 | Maynard Webb

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#Leadership : How To Make Your Company’s Culture of Innovation More Than Just A Nice Idea…In the #Workplace, Encouraging Creative Problem-solving is far easier in theory. By Taking the Needed Steps to Alleviate any Overpowering Fear of Failure, You can Steer your Team Onto the Right Path.

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Here’s what I Did to Turn our Office Culture Around & Encourage Employees to Share their Ideas Without Worrying about Rejection. – Manpreet Singh, Founder and President of TalkLocal

Develop an Effective Knowledge Transfer System

As a startup founder & investor, it’s not enough for me to merely value innovation and creativity: I must also manage the hazards associated with new ideas. After all, employees who routinely bring novel ideas to their colleagues are likely to experience more rejection, failure and even embarrassment than others in their career. The question is, how do you encourage your team TISI NaN% to innovate despite the risks?

Ultimately, I’ve learned that my personal values alone can’t create a robust culture of innovation. For example, at my company, a social media editor recently started noticing a persistently dismissive attitude coming from certain quarters regarding her collaborative projects. In one extreme case, she was mortified when a project (a stylized promotional video) was scrapped over what boiled down to the employee’s editing choices. Team members lambasted the video, getting it pulled without offering constructive criticism beforehand.

Imagine if that were our response to every lost sales lead or dip in quarterly performance: it would be both paralyzing and counter-productive.

In the workplace, encouraging creative problem-solving is far easier in theory. By taking the needed steps to alleviate any overpowering fear of failure, you can steer your team onto the right path. Here’s what I did to turn our office culture around and encourage employees to share their ideas without worrying about rejection.

Lead by Consensus: Put Feedback on the Meeting Agenda

My team used to email one another to get feedback. Besides being inefficient, emails offered an easy out for those who preferred to avoid confrontations. Ironically, this silence only increases the risk of failure and can still hurt feelings. To nip this communication method in the bud, we’ve placed all projects on the weekly meeting agenda to mandate those uncomfortable conversations. There are now face-to-face discussions about each project, which makes the office a safe space for critical engagement with one another. This in turn also produces shared clarity on project design and purpose while generating ideas for improvement and greater results. And with more engagement comes more shared responsibility for both successes and failures.

 

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Have the Last Word

Another barrier to direct critical feedback among team members was my own presence. I’m less risk-averse than most, yet my very vocal feedback made some team members too reliant upon me to catch every possible pitfall. Given my position and involvement, it was easy for team members to bring their concerns to management rather than have that possibly awkward dialogue with the project leads themselves. Now, my silence during meetings opens the door for the voices of other team members. Of course, I maintain the last word at every step of the process, but the emphasis is on last – and that makes all of the difference.

Make the Non-Starter a Conversation Starter

Most off-the-wall ideas never get implemented, so giving a constructive response to unviable suggestions early on can help your team members come up with more effective plans in the future (as opposed to shutting down their creative thinking). It’s critical that everyone has an evolving understanding of company goals, priorities and resources. At TalkLocal, we now deliver more frequent and detailed reports on our analytics, resource allocation, and where improvement is most needed. As a result, team members feel more empowered to offer informed feedback, and rather than falling silent, they are ushered towards a new way of critical thinking that allows them to produce more sophisticated and viable ideas over time.

Highlight the Anonymous Idea Box

As employees grew more seasoned, I saw fewer of those enthusiastic but naive suggestions, which was a problem in and of itself. In order to encourage new employees to not fall into a similar trap, we decided to dust off our suggestion box and encourage the team to bring up and discuss any anonymously submitted ideas. Through this process, we’re bringing new employees into our growing culture of innovation, while still helping them shape their thinking as they grow with the company.

Today, our social media editor remains creative, recently reducing our e-marketing costs while increasing click rates through better targeting, proving that one success is worth a dozen failures. Furthermore, not a day goes by that a team member doesn’t propose a way to change the company for the better — which makes us better regardless of whether the idea is implemented or not. As the inherent value of an innovation-powered workplace continues to energize and inspire our team, I’m confident that our tangible value will continue to grow as well.

Manpreet Singh is Founder and President of TalkLocal, a home services marketplace that turns online service requests into a live conversation with the right available business in minutes.

 

Forbes.com | August 7, 2015 |  Young Entrepreneur Council