Presentation on theme: "PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 2 Types of Businesses “Ouch” “Ho-Hum” “Gee-Whiz” “WOW” Lost control – personally and professionally."— Presentation transcript:
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 2 Types of Businesses “Ouch” “Ho-Hum” “Gee-Whiz” “WOW” Lost control – personally and professionally Tend to do OK when the market is OK Well managed – tend to get comfortable / vulnerable Impeccably managed in every aspect – never comfortable
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 3 WOW Businesses What They Look Like Clear vision and sense of purpose External focus Clear values and strategy Organizational alignment Effectively lead people and manage processes Flawless and rhythmic execution
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 4 Some Fundamentals Know what you want to achieve Know what you do well – and why it matters Focus on the present and the future Employ the very best people Minimize surprises
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 6 Personal Vision A unifying set of personal values, beliefs and attitudes Links dreams, goals and timetables of the owner to the business Defines and articulates the outcomes to be achieved by all stakeholders
Perpetual Planning Process PERSONAL VISION ORGANIZATIONAL VISION STRATEGIC AND OPERATING PLANS In Sync PATH TO “WOW”
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 8 Planning A decision-making process by which organizations develop their objectives, strategies, and action plans to achieve them. Planning emphasizes present-day decisions that affect the future.
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 9 Define Reality Focus your business against defined reality Determine Skills / Competencies required for success Adapted from Peter Drucker Theory of the Business Pub. date: Sep,1994 Simplified Planning Model
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 10 S t r a t e g i c Continuous Improvement Vision (The outcome we will achieve) (What we do, products offered, customers served, needs met) Mission Planning Setting Direction
The Second “P” People – Alfred S. Chandler “Structure Follows Strategy.” Steps 11-17
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 13 People Who Fit – – Now and for the future Right person; right skills; right structure Look for those who are a cultural “fit” Hire for attitude; train for skills Hire slowly – terminate quickly Never settle
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 14 The Future Organization Review current structure vs. current performance Overlay the strategic plan – Determine skill sets required from each key person – Evaluate capabilities of current employees to deliver it Identify gaps – Initiate employee development program – Recruit / hire talent required Revise the structure to implement the plan
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 15 People Development We each have the ultimate responsibility for our own growth – personal and professional Leadership’s role Create the environment Provide the resources Give feedback on developmental progress Employee’s role – develop /grow with the company Who is Responsible?
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 16 Leadership Facts Everything you do is observed and interpreted You cannot control everything that happens - nor can you control what others think Every interaction within an organization conveys a message – by design or by default Just because you own the place doesn’t give you the right to run it
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 17 Culture The way things get done Leaders form the culture through their behavior Major driver of long-term success or failure Must be managed – even in the “WOW!” companies Difficult to change
Your Impact on Culture Values Your Actual Behavior Behaviors as perceived by others Behaviors as perceived by you Leadership Behavior Courtesy of Dr. Lee Ginsburg and Shamrock Group, Inc GAP PATH TO “WOW”
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 19 Effective Organizations Flexible, adaptable, and creative Buy-in to what must be done Believe they have a responsibility to the business – not just to their job Do what they say they will do – and they do it on time Welcome being accountable for results
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 21 Process Control Issues No defined outcome Unclear who has what authority Priorities are blurred Duplication of effort Less than expected performance Slow to make decisions
PATH TO “WOW” www.gowowadvisors.com 22 Aligned / driven by plan Defined / well documented Clear- never misinterpreted Repeatable Followed to the letter Linked to job descriptions Impact compensation Drive training and development WOW Processes
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 23 Control Process Set performance standards Consistently monitor and measure performance Take appropriate action Recognize / reward achievement – good and bad
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 25 Performetrics Focus on outcomes – not activities Monitor performance versus plan Anticipate trends that will impact the business Link empowerment and accountability to performance “Things that get measured are the things that get done.” – Michael LeBouef
PATH TO “WOW” www.gowowadvisors.com 26 Job descriptions Dashboards Balanced scorecard ABC Accounting McKinsey 7-S ISO Action plans Performetrics Examples The tools used don’t matter – using them consistently to improve the business does
PATH TO “WOW” PATH TO “WOW” www.gowowadvisors.com 28 When you bring together passion and vision, anything is possible Inspiration
PATH TO “WOW” www.gowowadvisors.com 29 The primary driver of a WOW business Comes from our personal vision and values It creates purpose Accelerates the pace of play Provides the excitement and courage to move forward Passion
PATH TO “WOW” www.gowowadvisors.com 30 Servant leaders – looks to the needs of the people first Humble; yet confident Calm; yet assertive Courageous; yet controlled Dedicated to being the best Committed to the success of the business Recognizes personal flaws and seeks help Passionate Leadership – – Getting to WOW levels
PATH TO “WOW” www.gowowadvisors.com 31 Surrounded themselves with talented people Seek outside counsel and expertise Actively listen They realize this is a journey – not a destination Continue to learn and grow Step aside at the right time Passionate Leadership – – Staying at WOW levels
It begins with your personal vision Continually Reassess Revise Repeat Move closer to “WOW” status with each cycle PATH TO “WOW” Just Follow The Path!
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