Navigating Your Firm (Part 2)

... Here's a continuation of the previous post...

• If you have separate divisions or workgroups and one is doing well and the other is not... let underperforming group know how it helps performing group. Declare win for one as a win for all.
  
• Keep in mind there is uncertainty daily in the media. To ensure your people know that things are well: Be transparent. Provide regular updates. When in doubt, over communicate.
  
• If there are issues, don’t pretend that they don’t exist—talk about them, talk about your plan, and act
  
• If you have months that are doing well, set aside $’s in reserve for a rainy day fund. A risk in reporting financials monthly are the ups-and-downs (there's a reason that publicly held company's report their $'s quarterly).
  
• Have a member of the management team who is high on empathy and will be a go-to for concerned employees
  
• People may be having stress outside of your workplace. Ask how things are. Actively listen. Provide help where you can.

Navigating Your Firm (Part 1)

I've finished an article on managing through the current "mixed" economy (GDP set to grow but so is unemployment... there's unprecedented government spending to stimulate economic growth but commercial credit is tight). Here's the first in a series of posts from the bullet points of my first draft (out of respect to the publisher, I'm not including the final piece here):

...

• We have board member who's shared, "The best way to get people concerned about their jobs is to stop talking about the future." I agree 1,000%. Communicate your long-term plan and keep your values alive.

• Focus on what you can change. In good times or bad, you can't change the world -- focus on yourself, your team, your firm.

• Be positive. There's an Italian saying that "a fish rots from the head down." It’s the job of leadership to see the opportunities and guide execution. When problems happen, look in a mirror not out a window.

• Celebrate wins. Give credit away. Recognize a job well done.

• Know your numbers. What were your sales today? What’s your cash position today? How many contacts did the salespeople make? What stuck items or problems happened today? Who owes you money that's late in paying? If you don’t have a daily meeting/huddle to discuss these types of things, set one up now.

• Even though economic growth (an increase in GDP of 2-3%) is predicted for 2010, unemployment is expected to climb (to ~10%) and not start ticking down until sometime the first half of next year. People are concerned about their jobs. Because of this, if you have people who are between work assignments, give them internal work. For this work, generate sense of constructive urgency. Set achievable near term goals that require hard work and focus. Action cures fear. It's hard to be working towards a goal and worried about your job at the same time. For these folks between gigs, share how what they're doing will impact the firm. Recognize them. Celebrate wins.

...

Look for more in future future posts...

Supplement your team with carefully chosen vendors

From law to software, using outside expertise to round out the team is common. In software, 97 percent of organizations use consulting services for some aspect of their software initiatives at some time according to VarBusiness/Reality Research. Obviously, choosing the right vendor partner is key. Here are my top tips for doing it right:

• Take time to pick a good provider. The difference between a top and bottom performer is a factor. Don't rush to find a vendor because you have a urgent, current problem. Treat the selection like recruitment process for an executive in your firm.
• Ask around. In a meeting with a vendor, it's pretty easy for both sides to put on their "game face." A set of reference checks can provide insights to how the vendor has performed over the years.
• Look at the firm’s long-term track record. Here’s a sad reality of service firms—the barrier to entry is low—stop by Kinko’s, print a business card, and you can be a consultant.
• Make sure you’re comparing apples to apples. Unlike cars or detergent, services are harder to quantify. Ask questions about what’s in the bid, what’s outside of the scope, and how inevitable changes will be handled.

Tom's Takeaway: While using outside vendors to complete projects is extremely common selecting the appropriate vendor takes work and attention to detail. Invest in the process and you'll be rewarded with a valuable addition to your team.

Free Talk on ASP.NET Ajax Server Controls

Davin, one of our fantastic instructors, is doing a talk on ASP.NET Ajax Server Controls on November 25th. You can attend this event in-person n Minneapolis/St. Paul in the AM or if you're not in Minneapolis/St. Paul, you can attend the webinar in the PM.

Intertech R&D: Share your thoughts, save $

James White, who oversees R&D at Intertech, is conducting a survey to help define our 2010 R&D plan. If you complete the survey, you'll be eligible to save $250 on any Intertech course.

If this is an area where you thoughts and insights, take a moment and complete the Intertech R&D Survey.

Get the team right

Books on the topic of human capital -- recruiting, motivating and retaining employees -- fills many shelves at the local Barnes and Noble. And they should. Studies show that top performers out produce low performers by a factor. In software, it is a factor of eight-to-ten.

With the stakes so high, it's important to create an environment that draws talented people. It's also smart to take your time when hiring new people. (One highly successful firm I know conducts between 25 and 40 interviews to fill one position.) Once the right people are on board, make sure to pick the leaders wisely.

Tom's Takeaway: To ensure a great team, work to bring in great work opportunities. Take your time when hiring and make sure talented people with proven leadership skills are in charge. If you pick your leaders wisely, employee retention will be automatic.

Execution makes all the difference

Few professionals readily admit to being "process oriented," which some believe connotes images of uptight individuals who are so busy cataloguing trees that they completely miss the proverbial forest. I'd like to challenge that perception.

People who can follow a carefully designed process are most likely to achieve success. This is a fact CEOs understand. When asked to name the main reason for the success of their companies, 75 percent of the CEOs leading Inc magazine's top 500 companies said "superior execution in a mundane business."

That's pretty mind boggling, but it makes sense in light of a estimate from the Gartner Group that approximately 75 percent of software projects fail due to lack of technical consideration or poor business planning.

Tom's Takeaway: Execution of a well-planned approach equals profits.