Tag Archives: business

Data-Drive Decisions

If you think about it, we use data every day to make decisions. I look at my fuel gauge in my vehicle to decide how soon I need to add fuel to the tank, and I check my oil usage to know when I need to change oil (which needs to be done next week!)

I check my fitness tracker to see how close I am towards reaching my daily step or sleep goal. One of my fitness goals is to keep my daily steps between 8,000 and 10,000. Some days I do better than others, but on average I am able to stay on track because I check the data.

I can check my spreadsheet to see how much revenue I have been able to generate in order to meet my business goal. I have a goal to bring in a specific amount of revenue by the end of the year, so I break it down each month to make sure I am on track to reaching my goal.

Before you can collect information about how your business is doing, you need to know what you should be tracking and why. For example, if you want to focus on improving sales, then daily, weekly and monthly sales would be important data to track. However, if you have seen an increase in customer complaints then tracking customer satisfaction data would be important. Having three to five metrics that you are following will help you stay on top of key performance indicators for your organization.  

Once you have decided on what needs to be measured or tracked, then you need to create goals around the data. Using the S.M.A.R.T. goal approach will help you to create specific, measurable, attainable, relevant, and time-bound goals. Clearly describing what you want to achieve, what will be measured and why, with a well-defined timeline will help you reach your goal.

The next step is to create a scorecard that identifies what information needs to be measured or collected, by who, and what the target goal is for each month will bring together the data for easy access. A spreadsheet is a good tool to use for developing your scorecard, and make it shareable so that those responsible for tracking data for a particular measurable can input data as needed.

I use spreadsheets to track my data because it is easy to use and it gives me a quick snapshot of where I am so I know what I still need to accomplish. Much like health data such as heart rate, blood pressure, and temperature tell us how well our body is performing, scorecard data is a snapshot of how well your business is performing.

Think about what data you track, and let me know if you need help in setting goals or creating a scorecard to make your data-driven decisions.

Managing Your Soft Skills

As leaders, we should be consistently updating and upgrading our skills. If you haven’t accessed your skills recently to see where you could improve or collaborate with others who have the skills that complement yours, it may be time to think about doing so. 

So what skills should you focus on? You might take a skills assessment test – there are many out there that you can do for free.  I find that soft skills are in demand, and the five soft skills I like to focus on are:

  • Self-Awareness
  • Self-Management
  • Social Awareness
  • Relationship Management
  • Sustainable Communication

These skills deal with how we manage ourselves and how we respond to the environment. I will touch on each of these briefly, but if you would like more information let me know.

Being a self-aware leader means that we understand our strengths and limitations, including setting boundaries around both. I don’t know about you, but I am better at working with my strengths than managing my limitations. Having back surgery and breaking my knee within a two-year time span made me have to deal with serious limitations!

Spending time at the end or beginning of the week to plan out my schedule helps me use my time more efficiently so that I can implement my strengths during times when I work best. I also make sure to schedule breaks in my calendar to regenerate and refresh my energy level throughout the day. As a leader, it is important to be able to accurately employ my strengths and not let external circumstances dictate my progress. It is also important to be in tune with my values and triggers so that I am positioned to respond rather than react to challenges during the day or week.

Self-management includes being calm and clear-headed during times of stress. In order to be able to accomplish this skill, we must have other things in place such as a healthy diet, sleep, and a way to manage stress through breathing, meditation or exercise. Stress can be brought on by too many changes or challenges that arrive at the same time, and being able to be flexible is key to managing or adapting to these events.

Being flexible is something that you may have learned or still need to learn. Flexibility as a leader is one of my superpowers and I have developed this power over the years. Meeting new challenges or seizing opportunities to stretch my comfort zone have helped me be more flexible. One key self-management strategy is to stay positive and look for the best in each situation regardless of what is happening around you.

A socially-aware leader is able to walk into a room and read the emotions of those in the room. This can be accomplished by looking for non-verbal signs of engagement or disengagement. People who are engaged and ready are usually watching you and have a relaxed posture. Whereas those who are not engaged are distracted and may have their arms crossed or a scowl on their face with little or no eye contact.

Since we don’t usually know what happened to each person in the room before you entered, you may find having a few minutes of ice-breaking comments or interactions gets people ready for you to interact with them. If you don’t already have a relationship with the people in the room, taking the time to create a connection with them is important.

Leaders who understand relationship-management are able to encourage teamwork and collaboration by bringing people together around a shared vision. Building relationships takes time, and is about finding common ground; people often bond over shared experiences, emotions, and knowledge. Relationship management is also about being able to identify the right people who can work together, so being able to identify complementary skills, leadership styles, and work ethic are important.

As a leader focused on relationship management, remember to cultivate abilities and skills through mentoring and coaching. Mentoring is usually a longer-term relationship where you may share your experience and knowledge on a regular basis with a team member who is looking to gain a better understanding of your business or for their own professional development. This is a great tool to use when working with succession planning. Coaching is often used for a specific task and specific time period, and is designed to help those you are working with move through a challenge or address a specific issue.

Leaders who communicate well have the ability to increase engagement. Communication is not only about speaking well, but is also about listening and writing effectively. Listening is about being present and actively listening – this means no distractions such as thinking about what is coming up next. Active listening means that you are seeking to understand not only the words but intention and emotion behind the words of the other person. Written words have an impact, and it is important to read over what you write before you send it regardless of what delivery format you are using – memo, email, text etc. 

I find that these five soft skills are valuable for leaders who want to make a difference in their organizations. It doesn’t matter how many people you are working with; you can always make a positive difference by sharing your insights with others. The key is to keep yourself in a professional development plan for improvement.

I hope you find these five soft skills helpful, and let me know if you need any more information or would like support around developing your soft skills. Be sure to check out any upcoming events.

How to Build and Sustain Business Trust

I recently listened to a TED Talks Daily podcast where Marcos Aguiar, an engineer and consultant, talked about business ecosystems that build and sustain trust. He began by asking how many people would allow strangers to pick up their children, drive them around town, drop them off at a remote location and pay them to do so. 

He then shared that this was the foundation of a company started by three women that began in one city and grew to others that transported children to and from after-school activities. This organization was built on what Marcos calls systemic trust – trust in the business or system.

From a study he conducted, he identified various factors that are used when building an organization based upon trust. Four of the factors are:

  • Access focuses on who is (and who isn’t) allowed to interact with the organization.
  • Incentives provide rewards and motivators for specific types of activities and behaviors the organization expects.
  • Transparency communicates a clear message to the consumer, and an example of this is reviews by customers about the business
  • Contracts allow parties to agree to terms and conditions of doing business together.

Marcos shared that there is not a single tool that can build trust by itself, and that most businesses seemed to use three to five of the tools he identified in the podcast. 

Another interesting concept he raised was that most businesses that build trust used both digital and non-digital tools when designing their systems. Think about this for a moment. When you buy things on online shopping platforms or use a particular online service to book your next trip, why do you trust one business model over another?

How do you build trust in your business with your customers, clients, contractors, or suppliers? What tools did you use to build and sustain that trust? How could you incorporate the tools that Marcos mentioned?

Does any of this resonate with you? Would you like the link to the original podcast? Drop me a note and let me hear from you!

Managing a Sustainable Business

Business Strategy

Earlier this month, I presented a webinar on Managing a Sustainable Business. As you look to grow your business and ensure your company’s longevity, it’s important to remember regardless of size, businesses exist for two main reasons:

Provide a product or service that meets an unmet need

Generate an acceptable return on invested resources.

If your product or service isn’t meeting a need, then the business most likely will not be able to generate an adequate customer base, and in turn not be able to generate a return on invested resources. The four factors important for a business to be sustainable include:

Market Positioning – A business needs to be in a market that is large enough to support growth regardless of the percentage of market share your company serves.  There are two methods you can use to grow market share:

generate new customers for your existing products or services

generate new products and services for your existing customers

Sometimes a business is not ready for the market due to limiting factors, or the market is not mature enough to purchase the products and services being offered. Having a clear understanding of the market is key to managing a sustainable business.

Leadership – A business needs to promote learning for everyone involved in the process of operating the organization. This includes:

learning about how the business functions

learning about the products and services the business offers

learning how to collaborate

learning how to be customer focused. 

Mentoring and coaching employees for succession and growth can have a significant impact on organizational culture. Keep in mind that open and authentic communication should also be part of the culture.

Operations – Having systems in place so that the business can operate effectively and efficiently are also important. One of the most important factors in operations is to make sure that internal resources are aligned with external demands. If you own a seasonal business, there may be times where inventories are lower than others, as well as staffing needs and resources.  Addressing the ups and downs of the business cycle should include a review of how work is being considered, and make sure that the right tasks are being incentivized.

Planning – While many businesses don’t work from both a strategic plan and an operating plan, a sustainable business knows the value of both. It’s important to understand the difference between a strategic plan and an operating plan:

A strategic plan maps the way

An operating plan works the day

Planning creates a map of how the business will address short and long-term goals, and should be structured enough to provide stability to the business and flexible enough to allow for contingencies.

I hope these highlights have been valuable, and please check out my upcoming webinars. If you have any questions or would like help managing a sustainable business please email me at jillian@wisewomenleadership.com.

Setting Goals

Dream Big – Set Goal – Take Action text with many light bulbs

This month I shared some tips about setting goals in the newsletter, and thought I would continue this topic here in the blog. Some people are really good a setting both long and short-term goals, while others struggle to set weekly and monthly goals. There are three main pieces to goal setting:

Know where you are now – take inventory of your personal and professional life and make a note of what you like and what you would like to change.

Think about where you want to be – this could be 6 months from now, 1 year, or 10 years. The key is to be clear in your mind what that future looks like.

Create a plan to get from where you are to where you want to be – this may sound simple, but you will find that you will need to make changes and adjustments along the way because life will throw you challenges.

Another important factor is to have that future goal – or where you want to be – as clear as possible. Creating clear, actionable goals is accomplished by making them:

  • Specific and easy to understand. Be as specific as you can try to include your senses in your description of what you want to accomplish
  • Measurable so you know how far you have gone to reaching your goal. A large or long-term goal can be broken down into small action steps that you can celebrate completing.
  • Achievable based on the resources you have at your disposal. You may find that you will need to acquire of build the resources you need to complete the goal, and this should also be part of the consideration before you undertake the task.
  • Relevant to you and your lifestyle. If a goal doesn’t resonate with you an all levels then you are less likely to reach the goal. It may be the right goal but the wrong timing!
  • Time-bound so that there is an end date to the process. As you create your goal and the subsequent action steps towards the goal, assign due dates and check off and celebrate when you reach each step.

I hope this helps you if you are setting goals or making adjustments to goals you already have in place. If you have any questions or would like help setting goals please let me know mailto:jillian@wisewomenleadership.com