Tag Lead

How Good Companies Lose Their Way

Steve Keating Leave a comment

History is rife with examples of good companies, even great ones, that were excellent right up until they were bad. At least it seems that way. The truth is, they were good right up until the point they slowly began turning away from the principles and practices that made them good. Companies rarely turn from good to bad overnight. It’s a decision here and a tough break there that add up over time. It seems common that when the slide begins it picks up speed until the momentum towards bad becomes hard to stop.

But great companies with great leadership can and do stop that negative momentum. They turn it around and use it to become what they once were or even better.

Good companies can decline for a wide variety of reasons, and the path to failure is often a complex interplay of internal and external factors. Though responsibility most often falls to top leadership it is rarely one person’s fault. Here are some common reasons why otherwise successful or “good” companies lose their way.

• Poor Leadership: Leadership is crucial for the success of any company. Ineffective or unethical leadership can lead to poor decision-making, mismanagement, and a toxic work culture that erodes a company’s foundation. Make no mistake about this fact…company culture begins and ends at the top of an organization. It cannot be delegated to teams or committees. Everything, absolutely everything a top leader says and does has an effect on the culture of an organization. People are always watching and listening. When the words and the actions of leadership are not in sync the people notice. And culture suffers mightily.

Top leaders must also pay close attention to the “sub cultures” within the different departments of their organization. The overall culture within the larger organization may be good but these “sub cultures” can sink an organization too. Culture eats strategy, tactics, and planning for breakfast. If a top leader messes up the culture they have messed up the company. Nothing matters more!

• Market Changes: External factors, such as changes in the competitive landscape, shifts in consumer preferences, or disruptive technologies, can rapidly undermine a company’s position in the market. Failing to adapt to these changes can lead to failure. A common mistake of companies that go from good to bad is an assumption that because they are good they will always be good. It’s an assumption that because they are market leaders they will always be market leaders. You know what they say about assuming and assumptions are a huge factor in companies that lose their way.

• Financial Mismanagement: Poor financial decisions, including excessive debt, overexpansion, or misallocation of resources, can drain a company’s financial health and lead to insolvency. Once again assumptions play a critical role in financial decisions.

• Lack of Strategic Vision: A clear and well-defined strategic vision is essential for long-term success. Without a direction for the future, a company may make ad-hoc decisions that are not aligned with its overall goals. Even big decisions become easy decisions when they are made within the context of an organization’s strategic vision.

• Short-Term Focus: Companies that prioritize short-term profits at the expense of long-term sustainability may make decisions that harm their future prospects. This can include cost-cutting measures that compromise an organization’s talent pool, product quality or investments in research and development. But…profits matter and balancing the need for profits today versus long-term profit down the road is one of top leadership’s biggest challenges. I do not envy them that responsibility.

• Competitive Pressure: Aggressive competition can put pressure on a company’s market share and profit margins. Failing to respond effectively to competition can lead to market share erosion and financial instability. I think this is especially challenging for companies that are market leaders. It’s tempting to say “who cares what the other guys are doing, we’re the market leaders.” While tempting, the fact is that it does matter. It all matters and failing to respond to market conditions has sunk more than one company. If you don’t believe that then think about this one company that we’ll allow to remain nameless…their chief marketing officer once said to me, and I quote, “people will always need film for their cameras.”

• Economic Downturns: Economic recessions and downturns can impact a company’s revenue, access to credit, and consumer spending. Companies without a strong financial cushion or contingency plans may struggle to survive during such times. Economic downturns can be torturous for senior leaders because it may mean letting some of their people go. If you ever find yourself in the role of someone who has been “rightsized” or “downsized” then know that as brutal as it is for you it’s likely been a brutal experience for your senior leaders as well. Put simply, it just sucks, for everybody.

There are a host of other factors that can also come into play. Keeping a business going has always been been a dicey proposition. Lately it’s been a little more dicey than usual. In many cases, it’s not a single factor but a combination of these issues that leads to a company’s decline. Successful companies must remain agile, forward-thinking, and responsive to internal and external changes to mitigate the risk of becoming a “formerly” good company.

How to Retain Key Employees

Steve Keating 2 Comments

Turnover is a fact of life for any business or organization. Some level of turnover is even good. With new team members comes fresh perspectives and new ideas. But turnover is also expensive. Depending on your business it can take up to and even over 12 months to bring new team members up to full speed. If you can’t keep them on the team for at least a few years your business will always struggle.

That’s even more true if the people you’re losing are considered “key” employees. These are people in leadership positions who you rely on to help you chart the future course of the company. Key employees may also be those who possess unique skills or expertise that is not easily replaced. When you lose a key employee the “sting” is worse. Losing several key employees in a short period of time can signal serious issues within the organization.

It can be tempting to say that it is mere coincidence that more than one key leader left in the same time frame. It may even be true. But as a leader you better know exactly why you’ve lost a key employee and what you can do to prevent it from happening again.

Retaining your key employees is crucial for maintaining stability and ensuring that your company continues to thrive. If you’ve lost a key leader or employee lately here some areas to focus on as possible reasons.

• Ensure that your employees are fairly compensated for their skills and contributions. Conduct regular salary reviews to stay competitive in the market.

• Provide comprehensive benefits packages, including health insurance, retirement plans, and other perks like flexible work arrangements, wellness programs, and professional development opportunities.

• Recognize and reward your key employees (well actually all employees) for their hard work and accomplishments. This can include bonuses, promotions, or public recognition within the organization.

• Show appreciation through regular feedback and simple gestures like thank-you notes or verbal recognition.

So here is the thing about these first two points. Most key leaders don’t leave for more money. Some do and some always will but most simply don’t. But many of them do leave if they don’t feel recognized and appreciated. You MUST be intentional in providing that recognition and appreciation. If you think your people “just know” how much they mean to you then frankly you deserve to lose them.

• Offer opportunities for growth and advancement within the company. Ensure that employees have a clear path for career progression.

• Provide access to training, mentoring, and skill development programs to help employees enhance their skills and advance their careers.

• Support a healthy work-life balance by encouraging reasonable working hours and providing flexible scheduling options.

• Promote a culture of respecting personal time and vacation days.

• Cultivate a positive work environment with a strong company culture that aligns with your employees’ values and goals.

• Foster a sense of belonging and camaraderie within the organization.

• Maintain open and honest communication with your employees. Encourage them to share their concerns, ideas, and feedback.

• Address issues promptly and transparently, so employees feel valued and heard.

You’ll likely be surprised how many issues can be resolved through truly open communication. Never assume people know what’s going on just because you do. When in doubt communicate. Then communicate some more.

• Involve employees in decision-making processes when possible. Seek their input on matters that affect their work and the organization.

• Give employees a sense of ownership in their roles and the company’s success.

• Establish mentorship programs to connect key employees with experienced leaders in the organization.

• Invest in leadership development programs to prepare potential future leaders within your organization.

• Conduct regular employee engagement surveys to understand their needs and concerns.

• Act on the feedback received to make improvements and create a better work environment.

• Offer non-monetary incentives like additional vacation days, opportunities to work on exciting projects, or the ability to work remotely.

• Create a fun and engaging workplace through team-building activities and social events.

• Consider offering retention bonuses or stock options to key employees as incentives to stay with the company for a defined period.

• Stay competitive in terms of perks and benefits. Things like on-site daycare, gym memberships, or commuter benefits, can attract and retain top talent.

• Conduct exit interviews with employees who choose to leave. Use this feedback to identify areas for improvement and address any concerns.

Different employees have different motivations. It’s essential to tailor your retention strategies to individual needs and preferences. Continuously monitor your retention efforts, adapt as necessary, and make employee satisfaction a priority to keep your key employees engaged and loyal to your organization.

Above all know this; if you’re losing multiple key employees you’ll continue to lose key employees until something changes. You may change something and miss the mark but that’s better than standing pat and allowing your losses to mount. Keep changing until you get it right.

How to Truly Earn a Leadership Position

Steve Keating Leave a comment

Have you ever wondered how some people “found” their way into a leadership position? Some people “earn” the position simply by being around for a long time. Some are pals with someone higher up in the company. Some are suck ups who will say or do anything to gain a little power. 

But some truly earn the right to lead. Truly earning a leadership position requires a combination of skills, qualities, and actions that demonstrate your ability to effectively lead and inspire others. If your goal is to lead others in such a way as to make a positive difference in their lives then here are a few development areas to consider. 

  • Self-Development:
    • Continuous Learning: Invest in your personal and professional development. Seek new skills, knowledge, and certifications relevant to your field. This shows your commitment to growth and improvement.
    • Self-Awareness: Understand your strengths, weaknesses, values, and leadership style. Being self-aware allows you to leverage your strengths and work on areas that need improvement.
  • Demonstrate Leadership Qualities:
    • Communication: Develop strong communication skills, both verbal and written. A good leader can convey ideas clearly, listen actively, and foster open dialogue.
    • Decision-Making: Show your ability to make informed and timely decisions. Be sure to consider both short-term and long-term impacts.
    • Problem-Solving: Demonstrate your aptitude for analyzing complex situations, identifying root causes, and proposing effective solutions.
    • Emotional Intelligence: Display empathy, understanding, and the ability to manage emotions. Both your own and those of others.
    • Resilience: Leaders often face challenges and setbacks. Demonstrating resilience and a positive attitude in the face of adversity is crucial.
  • Show Initiative and Responsibility:
    • Proactive Attitude: Take the initiative to go above and beyond your current role. Identify opportunities for improvement and take action.
    • Accountability: Hold yourself accountable for your actions and decisions. Admit mistakes and learn from them rather than placing blame on others.
  • Build Relationships:
    • Networking: Cultivate a strong professional network both within and outside your organization. Networking can expose you to new opportunities and provide valuable insights.
    • Mentorship and Collaboration: Seek guidance from experienced leaders and collaborate effectively with colleagues. Being a team player and supporting others can make you a respected figure within your organization.
  • Lead by Example:
    • Work Ethic: Exhibit a strong work ethic and dedication to your role. Be punctual, reliable, and willing to put in extra effort when needed.
    • Integrity: Uphold high ethical standards in your interactions and decisions. Consistently act with honesty and transparency.
  • Take on Leadership Roles:
    • Volunteer for Projects: Seek out opportunities to lead projects or teams. Even if they are outside your immediate responsibilities. This demonstrates your willingness to take on additional responsibilities.
    • Demonstrate Results: Deliver measurable results in your current role and any leadership roles you take on. Tangible achievements showcase your ability to drive success.
  • Seek Feedback and Improve:
    • Feedback: Actively solicit feedback from colleagues, supervisors, and mentors. Use this feedback to identify areas for improvement and adjust your approach.
    • Adaptability: Be open to change and willing to adapt your leadership style based on feedback and evolving circumstances.
  • Express Interest and Ambition:
    • Express Your Intentions: Let your supervisors or higher-ups know about your interest in taking on leadership roles. This demonstrates your ambition and commitment to the organization’s success.
  • Continuous Improvement:
    • Reflect and Learn: Regularly reflect on your leadership journey, identifying areas where you’ve grown and areas that still need development. Be committed to continuous improvement.

Truly earning a leadership position is a gradual process. It requires consistent effort, dedication, and a willingness to learn from your experiences. It’s about demonstrating your ability to lead effectively, inspire others, and contribute positively to your organization’s goals. It’s a process that never ends because even after you’ve been promoted to a leadership position you must continually earn the right to stay there.

Want more of LeadToday? I’ve changed things up on my Twitter feed for subscribers. I recently began publishing two or three videos each week focusing on an element of Authentic Leadership. I’ll post these videos each Tuesday and Thursday morning. Sometimes a bonus video pops up at other times during the week. They will be about 10 minutes long so we can get into the topic in a more meaningful way. The investment for subscribers in still only $4.99 a month. That’s for at least 80 MINUTES of quality video content on leadership a month.

If you’re interested in taking a look, head on over to my Twitter profile page. If you’re not a follower yet just hit the follow button. It will change to a subscribe button and once you hit that you’re on your way. You can cancel at any time you’ve decided you have nothing left to learn about leading the people who you count on for your success.

Here’s the link to my Twitter… https://twitter.com/leadtoday

How to Improve Your Executive Presence

Steve Keating 2 Comments

I have, unfortunately, actually seen people promoted into leadership positions because they “looked like a leader.” When I have asked what about those people’s look qualified them for a leadership position I was told, “that’s hard to define but look at them, they are obviously a leader.” 

So that’s obviously, at least to me, completely ridiculous. There is no leadership “look.” Leaders come in all shapes and sizes. They come in all colors and ages. They come from incredibly diverse backgrounds and levels of education. You can no more tell if someone will be a good leader by looking at them than you can judge a book by it’s cover. 

But….there are solid reasons for making at least some effort to “look the part” of a leader. There are people you notice almost immediately when you walk into a room and there are people who seem to almost disappear in a room. Those you notice right away are said to possess a certain “presence.” Or in the case of leadership, an executive presence. 

Improving your executive presence can be crucial when you need to project confidence, credibility, and leadership moxie. If you’re interested in projecting a more professional presence, be it in a leadership role or not, here are some things to keep in mind. 

  • Understand your strengths, weaknesses, values, and communication style. This self-awareness will allow you to align your behaviors and actions with your authentic self. I have always been honest with myself about my strengths and weaknesses. I’ve not always chosen to work on my weaknesses, instead I’ve tried to play to my strengths. But I’ve never tried to hide those weaknesses, especially from myself. If you’re going to lead, you had better be honest with yourself about what you can and can’t do. That’s vital because if you can’t be honest with yourself you won’t be honest with anyone. 
  • Effective communication is essential for executive presence. Improve both your verbal and non-verbal communication skills. Things like articulating ideas clearly, active listening, and maintaining eye contact matter.  I sold the Dale Carnegie Public Speaking course for years. I can tell you nothing, absolutely nothing, projects a more powerful executive presence than being an effective communicator in front of a group. And anyone can improve their public speaking skills.
  • Dress appropriately for your industry and the occasion, ensuring that your appearance reflects competence and professionalism. Dress codes have certainly changed and loosened over time but they have not completely gone away. When in doubt, “overdress” for the occasion. I’d much rather have someone sneering at me saying “who are you trying to impress” than have people looking at me wondering if I slept in my clothes. 
  • Confidence is a key element of executive presence. Build your confidence by acknowledging your accomplishments, seeking continuous learning, and challenging yourself. Practice positive self-talk and maintain a confident posture.
  • Strong interpersonal skills are crucial for building relationships and influencing others. Develop your ability to connect with people, actively listen, empathize, and adapt your communication style to different individuals and situations. But, and this is a big but, always be yourself. Adapt your communication style but don’t try to “fake” your way to executive presence. You will be found out!
  • Executives are expected to make well-informed decisions. Hone your critical thinking, problem-solving, and analytical skills.  Use those skills to demonstrate your ability to make sound judgments and strategic decisions.
  • Build relationships with colleagues, industry peers, mentors, and leaders. A robust network provides support, guidance, and opportunities for growth, while also expanding your visibility and influence.
  • Seek feedback from trusted mentors, colleagues, or coaches who can provide constructive criticism and suggestions for improvement. Actively work on refining your skills and areas of development.

Executive presence is a journey that requires ongoing effort and self-reflection. By focusing on these areas and continuously striving for growth, you can enhance your executive presence and make a lasting impact in your professional career.

The Profound Significance of Humility

Steve Keating 2 Comments

In a world often defined by self-promotion and self-centeredness, humility remains a timeless virtue that holds immeasurable importance. True humility is a remarkable strength that allows individuals to thrive. It fosters genuine connections. It helps people contribute meaningfully to their organizations and society. 

Years ago when I was working with the Dale Carnegie Organization I had a client who wanted Humility Training for their organization. That was not part of our curriculum at the time but we constantly added new topics so I asked around if any of my colleagues had that topic in their arsenal of courses. None did. But several said they could write a workshop on the topic because they were personally very humble people. 

It occurred to me that saying you were very humble somewhat disqualified you from teaching a class on humility. I could have written a workshop on humility myself but I didn’t think it would provide the kind of value the customer was looking for or deserved. So I declined the business. I couldn’t even offer a recommendation for a training company that could do an effective job with that topic. 

But I have never forgotten the request and I’ve never forgotten the absolutely profound significance of humility in every day relationships. Humility is vital to Authentic Leadership as well. 

Humility provides a fertile ground for personal growth and development. By recognizing that we have much to learn, we open ourselves up to new ideas and perspectives. There are a host of problems when dealing with “know it alls” but one of the big ones is that they are closed off to new ideas. Because they already know it all they have no way of learning how much they don’t know. 

Humility means accepting that we are not infallible and that we can benefit from the knowledge and experiences of others. This mindset encourages continuous learning and fuels our curiosity, enabling us to evolve as individuals. Humility also allows us to reflect on our mistakes and failures with grace, enabling us to grow from them rather than being consumed by pride or defensiveness.

Humility is a powerful catalyst for building and nurturing healthy relationships. When we approach others with humility, we show them respect and appreciation for their unique qualities and contributions. By valuing their perspectives and actively listening to them, we create an environment of trust and empathy. 

Humility allows us to let go of the need to be right all the time, fostering effective communication and conflict resolution. It enables us to set aside our egos, promoting collaboration and cooperation rather than competition. Through humble interactions, we develop stronger connections and create a sense of unity in our relationships.

At its core, humility encourages empathy and compassion. By recognizing our own imperfections, we become more understanding and tolerant of others’ flaws. Humility helps us see beyond ourselves and appreciate the struggles and triumphs of those around us. It allows us to offer genuine support and encouragement, as we understand that everyone is on their own unique journey. Through humble acts of kindness and compassion, we can uplift others and make a positive impact on their lives.

When we approach our days with humility, we embrace a sense of curiosity, recognizing that we don’t have all the answers. We become more open to diverse viewpoints and experiences. Humility encourages us to use our talents responsibly, making a positive impact on the lives of others. 

Humility facilitates personal growth.  It strengthens relationships, promotes empathy and compassion, and cultivates a balanced perspective. By practicing humility, we create a ripple effect of positive change. It impacts not only our own lives but also the lives of those around us. 

I have written a thousand times that we can care for people without leading them. But we cannot lead people without caring for them. I believe caring for others is a direct descendant of humility. You don’t really need a class on humility. I’ve learned in the decades since I was first asked about a class on humility that humility isn’t a skill to be learned. It’s is a mindset to be cultivated. When you grow yourself into a more humble person you unleash the transformative power of humility for yourself and everyone around you.

Unleash your humility today. 

Developing Future Leaders

Steve Keating 4 Comments

One of the surest ways to “future proof” your organization is to make developing your future leaders a daily activity. Every day! Not when you “find” time, not when you “make” time and not tomorrow. Today and everyday.

If you’re looking at developing future leaders as an expense, even a necessary one, then frankly, you’re looking at it wrong. The development of future leaders is an investment, it’s the one investment that is sure to provide a high rate of return. For your organization, for you, and for your future leaders. 

If you’re serious about creating the next generation of leaders in your organization then here’s a path you may want to consider. 

  1. Identify potential leaders. Not all people are cut out to be leaders, so it’s important to identify those who have the potential to be successful in leadership roles. Some qualities to look for include:
  • Strong communication skills
  • The ability to motivate and inspire others
  • A clear vision for the future
  • The ability to think strategically and make decisions
  • The ability to work well under pressure
  • The ability to build relationships and collaborate with others
  1. Create a leadership development program. Once you’ve identified potential leaders, you need to create a program that will help them develop the skills and knowledge they need to be successful. This program should include a variety of elements, such as:
  • Formal training courses
  • On-the-job training
  • Mentorship programs
  • Networking opportunities
  • Coaching and feedback
  1. Provide opportunities for growth. One of the best ways to develop future leaders is to give them opportunities to grow and develop their skills. This could include:
  • Assigning them to challenging projects
  • Giving them more responsibility
  • Promoting them to new positions
  • Sending them to conferences or training programs
  1. Provide opportunities. There is little point to developing future leaders if you’re not providing them opportunities to truly try out their new skills. Let your future leaders lead today! This could involve leading projects, teams, or even departments. By giving your people the chance to lead now, you can help them develop the skills and experience they need to be successful in future leadership roles.
  1. Provide feedback. Feedback is essential for helping leaders develop and improve. Make sure to provide regular feedback to your future leaders, both positive and negative. This will help them identify their strengths and weaknesses, and make the necessary changes to improve their performance.

This path could lead to the successful development of your future leaders but there is one key element to keep in mind. Make certain your future leaders and being led and not managed. It is vital that they see leadership in action. If the person your future leader is reporting to is a poor leader or a leader due only to their position within the organization, the potential of your future leader is unlikely to be achieved. 

Leaders help create the next generation of leaders. Don’t expect today’s poor leader to develop tomorrow’s Authentic Leader. It doesn’t work that way. When you have your future leaders reporting to today’s excellent leaders you’ll have the chance for excellent leadership in your organization for years to come. 

Overcoming the Frustration Challenge

Steve Keating 1 Comment

It’s a fact that sometimes people are promoted into leadership positions when they have, shall we say, some shortcomings. At least some perceived shortcomings. 

How you react under those circumstances says a lot more about you than it says about the person in the leadership position. It is common for a person being “led” by someone they feel is unqualified to hold a leadership position to “resist” that person. 

Resisting the person means at best they become a disengaged employee. At worst they become actively disengaged. 

A disengaged employee is someone who does the bare minimum required to keep their job. They make the determination that doing more than the bare minimum isn’t going to be rewarded. So they put forth a “why bother” level of effort. 

An actively disengaged employee is actually putting forth more effort. The problem is that much of that effort is focusing on being a disruption to the the organization. And a disruption to their “leader” in particular. 

I have been very fortunate to nearly always work for leaders who actually led. Yes, some were more effective than others but I learned good stuff from all of them. They each, in their own way, made me better. 

But my first “leader” right out of college might have taught me the most. Unfortunately, I learned it years after he was no longer leading me. It didn’t take very long in my first job out of college to realize that my “leader” wasn’t the smartest guy in the room. In fact, to my absolute surprise I figured out quickly that he was illiterate. He could not read or write. 

Yet he was the boss of a team of people with Electrical Engineering degrees. I was 22 years old and I had no idea what to make of this situation. Most people I told found it hard to believe that someone at his level could be illiterate. But he was. 

I found it more than challenging to take any kind of direction from this guy. I assumed that his inability to read and write made him an idiot. Then I decided, for reasons I still don’t completely understand, to make his life a living hell. I must say I was pretty good at it. 

So good in fact that it didn’t take long to find myself sitting in a conference room with an HR Rep, my boss and his boss. They told us to “work it out” and get back to work. But the way I worked it out was to leave the company and head for greener pastures. 

Over the years I thought about that boss and what I had learned from that experience. The big thing I learned was that I was a terrible team member. I might have been the best engineer on the team but I was the worst team member. I disrupted everyone with my shenanigans which were all focused on proving how much smarter I was than the boss. 

One of the other big things I learned from that experience was that just because I failed to see the strengths of my boss it didn’t mean others couldn’t see them. He had worked his way up through the company and earned the respect of the owners. They were very loyal to him. He understood their goals and worked tirelessly to help them achieve each one. He was a good “people person,” even if I didn’t realize that until it was much too late. 

It would be years before I understood one of my roles in an organization was to make the people around me better. That included the people above me in the organization. It was never going to be my place to expose any weaknesses of the people above me. My role was to identify any gaps they may have and fill those gaps with my own experience and skills. And that was regardless of whether or not I received any credit for it. It was also my role whether or not they knew I was doing it. 

It would be several more years before I would realize that in the most successful organizations everyone has that same role. That role is to find and fill the gaps of the people around and above you. That role is also in addition to everything else in your job description, not instead of. The role is not to expose gaps for the sole purpose of complaining about them. 

If you’re currently working for a leader who frustrates you the first thing you need to realize is that being frustrated is a choice. You can choose to be frustrated or you can choose to be fascinated. I’d recommend you be fascinated and curious about how a seemingly unqualified person achieved a leadership position in the first place. By working to understand that person you may discover the strengths that earned them that position. 

It’s when you identify a person’s strengths that it becomes much more rewarding to fill their gaps. Filling the gaps of the people around you also makes you a much more valuable employee…and a great team member.

Do not allow anyone with shortcomings in your organization to frustrate you. You can’t control their actions or their weaknesses. So control what you can and that’s your attitude and the level of effort you’ll put forth to be the very best version of yourself. 

And one last thing…before you even think about criticizing someone else for their shortcomings you’d better be darn sure you don’t have any of your own.