Catching Up - a series: today with Renee Cormier and Graham Edwards

I am posting this is an “Out of the Comment Box” buzz as I am catching up on the works of some of the producers here on beBee. 

Today, I am catching up with a great blog series, called Questions to Help You Mind Your Business… by  Renée 🐝 Cormier and Graham🐝 Edwards.

After reading the first two, How can I create a fuller picture of the nature of my business? and Where should I spend my money?, I realized what a great resource this series is; well written, with great insights and practical strategies. So I went about to catch up with the next numbers 3 – 7.

Question # 3: Do I need a plan for my business?
Renée:
There are plenty of small business people who never plan, never use advertising or social media and are still somehow successful. That is true. I call these people accidental business people. They are lucky enough to be profitable in spite of themselves. They have a good product and a market that seems to work for them, but they are still leaving a lot of money on the table. In fact, if you ask them a few questions about their business, you will be surprised to discover how unaware they are of the inner workings of their own business.
When it comes to business plans, I can tell you that there are good plans and bad plans, and the amount of paper used to print them up has no bearing on their value.
Work the Plan: Secrets to Successful Business Execution is a post I wrote about how to execute your plan. Since that is a huge part of the business battle, I suggest you take the time to read it.
In my opinion, every business plan has to be based on research. Taking the time to assess your market and competition will prove invaluable.
Graham:
There is no need for a plan unless you know where you want to go.
[N]ine plan components from Guy Kawasaki of Apple fame:
i. The Problem
ii. The Solution
iii. The Business Model
iv. Underlying magic
v. Marketing and Sales
vi. Competition
vii. Management Team
viii. Financial Projections and Key Metrics
ix. Current Status
[N]o matter how much time and thinking went into your plan, the moment it is implemented (and enters the real world) stuff will happen that wasn’t planned for, anticipated, or simply wasn’t thought of. This is a reminder to anyone formulating a plan (or asked execute it) that it is important to be adaptable, resilient, and have a sense of humour (because the universe sure does).
[A] top down plan (with all the executable trappings) just falls apart as the real world rushes in — mostly because the people on the front line are expected to follow the original plan when the situation suggests it is no longer the best course of action.

Question #4: Should I hire a salesperson?
Renée:
Selling needs a product and a product needs to be sold.
So how do you gauge when it is time to hire someone to help you out?
* You have more leads than your current sales team (or you, personally) can manage.
* There is a large segment of the market you are not able to reach due to the lack of manpower.
* You are currently generating enough revenue to pay a reasonable base salary to a qualified sales person.
[M]ake sure you don’t put the cart before the horse and just hire people without giving them the resources they need to be successful.
Your business is nothing without an effective marketing strategy and strong sales people to maximize your results.
Don’t hire anyone unless and until you are in a position to effectively support their efforts and help them ride out the natural length of your sales cycle.
Graham:
To get to the heart of this question it should be made clear that everyone is a salesperson — we are always selling ourselves in that job interview, selling that great idea to investors, selling friends on the art gallery instead of the concert, selling the idea of a new house to your spouse, or even sometimes selling a product or service for a commission cheque. Title or no title, we are all sales people; it is simply a matter of how much formal training you have received.
You simply should hire a salesperson any time you hire someone…
[I]t should be made clear that if your role has a financial expectation (that impacts part or all of your compensation) you are in “sales”. And quite frankly, if you are able to satisfy a customer’s need (or solve a problem) they really don’t care what your title is.
[T]he biggest consideration to the question is, “Are you prepared to take on the leadership and management to ensure the person (the team and sales channel) is successful?”
I think the better question to ask is, “Are you ready to hire a sales person?”

Question #5: How I can maximize the value of my employees?
Renée:
I think the value of your employees is most easily maximized and measured through productivity and the things that feed into it. The key is to do your level best to create an engaged culture because productivity, or the lack thereof, is actually a leadership issue and not an employee issue.
Are your employees sufficiently challenged, appreciated, developed and respected?
[S]even things you can do to maximize the value of your employees and boost your bottom line…Provide Training…Invite feedback for process improvement…Respect time off…Trust the law of reciprocity...Keep everyone in the loop…Encourage team work…Cultivate an environment of mutual respect…
Ultimately it is your leadership skills that will allow you to maximize the value of your employees.
Graham:
I am really excited about this question (and the next two for that matter) because it’s about people. Nothing, absolutely nothing gets done without them, and this makes employees crucially important for anything and everything.
Value [ˈvalyo͞o] is defined as the importance, worth, or usefulness of something — what we are simply talking about is how to maximize this with regards to your employees or anyone helping move the business forward.
The goal…is to create a framework that offers employees the latitude and scope to do what they need to do; it is a formula for success, creativity, problem solving and personal growth.
Once you have created an environment where employees can demonstrate their value, let them do it…
[One way to maximize] the value of an employee is to be a role model for all to emulate — in other words, to maximize an employee’s value all you have to do is maximize your leadership.

Question 6: Why can’t employees just do what I tell them?
Renée:
Generally speaking, there are two main reasons why your employees don’t take direction from you. They either don’t understand exactly what you want, or they don’t have any respect for you (or both). You need to realize, however, that both of these reasons are directly connected to your leadership skills.
[W]hat you can do to get your employees to fall in line and do what you want them to do…Present clear cut objectives…Explain why your objectives are important…Be tolerant of mistakes…Follow up…Provide feedback…Don’t play favourites…Keep your promises…Be a strong leader…Be respectful…Become known for your exemplary character…Get employees to contribute ideas to help solve problems…
The results you are getting are directly related to the quality of your leadership.
Graham:
If at any time you find yourself thinking (or even worse saying out loud), “Why can’t employees just do what I tell them?” you are an autocratic leader at one level or another, and your employees may be just trying to tell you — and not necessarily in a conscious way.
With this type of leadership style (and with time) you find an employee will stop asking questions, stop engaging, stop bringing ideas to the table, stop offering a difference of opinion to make things better, stop striving for excellence, stop going above and beyond, and either stay because they really have no choice or look for a new career opportunity — and not surprisingly, don’t really do what is asked of them.
[T]he final decision and responsibility has to fall to a defined leader (or owner) to ensure things get done…, but this does not suggests that a leader doesn’t have to listen effectively, communicate ideas and circumstances transparently, accept better ideas, engage, openly request feedback, and always promote the word “we”.
For an employee who is falling short of expectations it is important to 1) offer timely communication regarding the issue and 2) review corrective action with the employee…If an issue is not corrected quickly, it is crucially important (also in a timely manner) to develop formal and measureable development plans to either move the employee “up or out” of the organization.
“Why can’t employees just do what I tell them?” is a leadership question that asks if you are working to be the best leader you can be — as well as asks how you are going about developing your employees to be the best they can be...

Question 7: How do I build a team?
Renée:
I consider that there are seven essential rules for creating an effective team…hire good people and exclude all others…make sure your team is composed of people with diverse skills and backgrounds…ensure each team member has respect for each member’s level of expertise…establish trust between members…establish a set of values to guide decisions and all other work…establish and work toward a shared vision…establish strong leadership…
Ultimately, your ability or inability to attract and retain good people is a reflection of your own leadership.
Graham:
The answer to this question will consist of three parts…
Part One — The Millennial
Part Two — Hiring (and Development)
Part Three — Building a team
The following are some key considerations when building a team…Clear objectives and expectations…Operating mechanisms…Transparent communication…Diversity…Reward and recognition…Leadership…
[T]he most important piece of insight I can offer is to take building a team very, very seriously — because doing it right is not that easy.