After 35 years of observing the Fort Worth business ecosystem, I have never been more excited about the future. Our city is transforming into a hotbed of entrepreneurship, while holding on to its relational business culture. Our people-first, profits-second way of doing business provides the perfect climate for attracting new ideas, startups and corporate relocations.
As an executive coach, I have the privilege of working with many of Fort Worth’s most creative and successful business owners. Their enthusiasm and will to win are inspiring and contagious. Still, like everyone who puts on the mantle of leader, they consistently struggle to gain awareness of the obstacles and opportunities that impact their companies. Each one draws on past experiences and current market conditions when making critical choices and taking actions. Over time, the sheer weight of the struggle wears down their enthusiasm. Allow me to share seven coaching action steps that may help:
Innovation — You have heard it said, “If it ain’t broke, don’t fix it” — probably great advice in years gone by. Today, getting and staying ahead require a very different mindset, as in, “If it ain’t broke, break it and make it work better, faster and cheaper!” As leaders, we must model this aggressive way of thinking to give our people permission to try and fail at new ideas and methods. Innovation is the lifeblood of growing companies, and modeling it starts at the top. If you have lost your taste for trying new — and maybe risky — approaches to problem-solving and growth, it may be time to get some help from a coach, mentor or honest friend.
Information — Success is a strong motivator toward keeping our excitement and momentum. That said, our decision-making must be built on solid facts and information, not just gut feelings and speculation. This is a battle that is won at the front end of every project and opportunity. We must develop the discipline to slow down, get the facts and make a well-informed plan.
Automation — A common threat to every company is falling behind in technology. And while most owners will point to how outdated their website is, the real problems and opportunities often lie in the systems that support routine functions, including lead generation, sales, financial controls, customer service and employee training. When leaders try to timeshare their brains to keep up, they rapidly grow to dislike their own companies. By making a list of the most cost-effective/profit-returning areas to improve and then contracting with outside specialists, these functions can become more automated and save the company precious time.
Communication — It has been said, “The problem with communication is that people think it is actually taking place.” When we start believing our people understand exactly what we are saying, we’re in big trouble. Providing regular forums for employees to voice questions, concerns and ideas is critical to accurate communications. In my companies as owner, I set aside two hours every Friday to sit in the lunchroom with a yellow pad. Everyone in the company was invited to bring their lunch and speak their minds. For years, I would come out of those informal interactions with pages of great ideas, workarounds and critical issues that needed my attention. It was the shortcut I needed.
Execution — The world’s best plans die of loneliness if there is no one to put them into action. Creating excitement and momentum require ownership and follow-up. Embracing a framework for delegation and goal attainment like the “Traction System” (Entrepreneurial Operating System) is critical.
Reflection — In his book, The Flip Side, author Flip Flippen states, “Feedback is the breakfast of champions.” Using this concept, he and his team have worked with professional athletes, NASCAR racing teams, celebrities and business tycoons to help them improve their performance. As leaders, we must find ways to obtain clear, complete and accurate feedback about how we are operating our businesses. Short of that, we will base our decisions and plot our futures on ignorance and guesswork.
Appreciation — Making and taking every opportunity to show our appreciation to our employees, customers, vendors and community secures our special place in their hearts. It affirms to them we know who helped us build our company. It also opens the door to understanding and forgiveness when we fall short of our leadership responsibilities.
As you ponder what opportunities 2020 will bring, my hope is you will incorporate many of these action steps into your normal leadership activities. If I can help, I invite your questions and comments.