A LEADERSHIP STRATEGY FOR SMALLER BUSINESSES

staying small doesn't mean remaining the same

The “shift-age” is ushering in fierce competition for market share, working capital, and people. For small to midsize business (SMB) owners, the status quo is no longer a safe place.

While beta testing a management system designed to help SMB owners create transferable wealth and wisdom,  I worked with several smaller companies who were offering customers a boutique experience. Many of these owners were reluctant to fully embrace process-discipline. They preferred operating with the flexibility of a jazz band (playing by ear) rather than performing like an orchestra (using the music of business—process).

 I was asked  by the owners of smaller businesses to identify what they could do to secure  economic viability in the shift age.  Subsequently, the Baton Management System has added a feature called “quick start”.  It clarifies the essenhtials as;  inspirational leadership, accountability, and continuous imprevement. 

How to secure the economic viability of a smaller company:

1. Clarify your cultural values—learn to use them as a performance tool.

2. Develop a corporate “North Star”—align employees behind the customer’s total experience

3. Declare an ethics platform—draw performance boundary lines in the sand

4. Release marginal performers—ensure that you have the right people are on the bus

5. Get everybody recognizing each other’s cultural-value contributions—generate corporate energy

6. Hold direct-reports accountable—conduct monthly one on one coaching sessions.  If family is involved clarify family roles and business rules (avoid enmeshment)

7. Brand your organization inside and out—communicate what’s special about your company (include your banker)

8. Involve employees in the systematic reduction of waste and rework—maintain a healthy bottom line and access to cash

9. Track product and employee contributions to overhead and profit

10. Assess the prior year’s performance and produce a strategic plan each year (even ihough things will probably change)

This post is sponsored by the worksop, How to Survive and Prosper in the Shift-age