Archive for 2023
Friday, December 15th, 2023 by AdvisorCatalyst
Without a doubt, the existing, successful business
is the number one barrier to innovation.
This is why many new market-shaping innovations come from organizations
which are start-ups or outside an industry.
Yet managers shouldn’t be faulted. Innovation (beyond incremental efficiencies)
requires investment. Financial returns,
if any, won’t show until sometime in the future. Managers are tasked and incentivized to maximize
short-term financial returns which are better when focusing on the existing
business.
If organizations desire market innovation, leaders
must balance this conflict. Some organizations
find success by separating resources from the existing business and establishing
different measurements for innovation leaders.
“The creation of a thousand forests is in one
acorn.” Ralph Waldo Emerson
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Tags: In 100 Words, Leadership, management, Troy Schrock
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Tuesday, October 31st, 2023 by AdvisorCatalyst
Trend spotting is imperative in the world of
fashion and design – move quickly or miss out.
For most organizations trends are less faddish, but no less important. Does your leadership team value the
discipline of watching and weighing the impacts of significant trends?
- Are you considering both macro and micro trends
in demographics, the economy, technology, society, and the regulatory environment?
- Do you think through the influence these trends
might have in the lives and businesses of your customers (2nd level
impacts)?
- Are these trends accelerating or slowing?
Your team should regularly assess key trends to
remain alert and relevant.
“Facts are stubborn things.” Ronald Reagan
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Tags: In 100 Words, Leadership, management, Troy Schrock
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Friday, September 15th, 2023 by AdvisorCatalyst
Serving the
customer is the first objective of the business organization. This is why it is puzzling to see organizations
implement systems, processes or policies which make life more convenient for “managing
the business” yet make life worse for customers or the frontline employees serving
the customers.
Here are three important
condition questions to ask when considering a new system, process, or policy.
Will this:
- Add more value to
our customers?
- Make it easier for
customers to do business with us?
- Make it easier for
our customer-facing employees to serve our customers?
A business organization
doesn’t exist without the customer.
“The purpose of
business is to create and keep a customer.” Peter F. Drucker
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Friday, June 16th, 2023 by AdvisorCatalyst
Every organization has between one and three technical
crafts which spin its economic engine. Leaders
should ensure their organizations honor the craft and their craft workers. How?
- Spotlight excellence in the craft at an
individual and collective level.
- Help improve the tools of the craft to increase worker
safety and efficiency.
- Invest in the craft more broadly through associations
or standards setting organizations.
- Be a spokesperson for the craft throughout and
outside your organization.
Your organization benefits as craft workers sharpen
their skills and bring new perspectives, tools, and processes into your
organization.
This helps guard your organization’s economic engine.
“We are all apprentices in a craft where no one ever becomes
a master.” Ernest
Hemingway
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Tags: Leadership, management, Troy Schrock
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Monday, May 1st, 2023 by AdvisorCatalyst
There seems to be
confusion around what is micro-managing.
Everyone’s definition is unique to them.
I hear many
people complain about being micro-managed when their manager is simply bringing
accountability to expected behaviors, attitudes, actions, or outcomes of a given
project or job. People don’t always appreciate
accountability.
On the flip side,
I hear managers say they “don’t want to micro-manage” as a reason for why they
don’t check in on the work of their reports.
Or, as a reason for not being more directive.
Employees need
direction. Managers should be directive. Providing guidance and accountability is managing,
not micro-managing.
“Management must
manage!” Harold Geneen
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Tags: management, Micro-managing, Troy Schrock
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Wednesday, March 15th, 2023 by AdvisorCatalyst
Your team’s pulse is the frequency of your team’s
meetings. There are two situations where
leaders need to quicken their team’s pulse.
One is defensive – for fast, critical decision-making
in dynamic or fluid environments. Think
crisis management.
The other is offensive – for accelerating
important initiatives. This will instill
urgency around the few priorities which will best advance your organization.
It’s okay if the meetings are shorter. The most important thing is connecting. What happened since we last met? What needs to be accomplished next? What resources or decisions are required to
move forward? Go ahead, quicken your team’s
pulse rate.
“Leadership is all about people. It
is not about organizations. It is not about plans. It is not about strategies.
It is all about people–motivating people to get the job done. You have to be
people centered.” Colin
Powell
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Tags: Leadership Team, Meetings, strategy execution, Troy Schrock
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Wednesday, February 1st, 2023 by AdvisorCatalyst
Is your staff younger than ever? Are more than 25% of your staff new in the
last 30 months? Are you seeing an
increase in mistakes in service delivery or quality?
If so, you have hit the “inexperience tipping point.” Your organization isn’t alone. Many industries have seen greater than 50% of
the workforce leave the industry. Leaders
are grappling with the results – a far younger, less experienced workforce.
Leaders can create a reverse tipping point and change
the momentum. How? Slow down and train new staff. Reinforce the basic why, what, and how of
value delivery for your organization.
“Look at the world around you. It may seem like an immovable, implacable place. It is not, With the slightest push — in just the right place — it can be tipped.” Malcolm Gladwell
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Tags: Leadership, management, Tipping Point, Troy Schrock, Young Employees
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