Worcester Business Journal

wbjournal.com | February 20, 2023 | Worcester Business Journal 19 By Richard Porter Richard Porter is the president of Worcester tech firm Cinch I.T. Reach him at rporter@cinchit. com. "If you're the smartest person in the room, you are in the wrong room." This quote has been attributed to various leaders, illustrating the importance of sur- rounding yourself with people smarter than you. If you strive to surround yourself with people more knowledgeable and experi- enced than you, you will learn from them. In my earlier years of business, I hadn't grasped the importance of the company one keeps. I learned if I wanted to be invit- ed into the right rooms with the right peo- ple, I would need to level up. So, I began my business and professional development journey with audiobooks. The authors of these books became some of the first people in my room. Here are my top five business books and lessons learned from them, so I won't be the dumbest person in the room forever! 5) A product for everybody is a prod- uct for nobody. "Purple Cow" by Seth Godin. Every customer is different, and you will find more success creating exactly what a smaller group needs than with a wa- tered-down version to please the masses. 4) No room for activities. "How Google Works" by Eric Schmidt and Jonathan Rosenberg. We design our offices to maxi- mize interactions, because the energy and enthusiasm you get when you cram people together is combustible and infectious. Ignore "Step Brothers" (sorry, Brennan and Dale), you don't need room for activities. 3) There are no bad teams, only bad leaders. "Extreme Ownership" by Jocko Willink. Own your mistakes. Squash your ego and take responsibility for not only your failures but the failures of your team. A good leader identifies weaknesses with- out shifting blame and takes ownership of guiding their team toward success. 2) Understand the value of the dollar. "Sam Walton: Made In America" by John Huey. When Walmart Founder Sam Walton was named the richest man in America by Forbes magazine, reporters were shocked to find he drove an old pickup truck and got his hair cut at the local barbershop. No matter your level of success, never forget the value of the dollar. 1) Absolutely everything can be learned. "Shoe Dog" by Phil Knight. When Nike Founder Phil Knight opened his first factory, he had no idea how to run it. He told readers "I was willing to learn." Knowl- edge is compounding, and learning is endless. So, I will learn and someday won't be the dumbest person in the room. K N O W H O W Managing investments during today's economic uncertainty T he irony in leadership is traits that make a strong leader can eventually – if taken to the extreme – produce failure. Successful leaders must constantly practice self- reflection to ensure positives don't turn into negatives. e capacity to adapt to change is a big factor in leadership success. Here are traits of leaders whose good qualities went wrong, at the expense of their organizations. They try to do it all. Good leaders always delegate, not too much (but not too little). "A problem arises when the leader delegates too little, leaving people to flounder without direction, or too much, and expects them to take on too much responsibility without support or interaction from the leader," writes Samuel Bacharach at Inc.com. They ignore the truth. e ability to accept cold, hard facts and ugly truths is what helps shape a leader, says Nick Hargreaves at LinkedIn. "Failure oen happens when managers and bosses tweak and make the data fit into their preconceived ideas," he writes, which is tempting, and may be happening without them even being aware it's happening. Great leaders decide their next move based on data they have, no matter how unpleasant that data may be. Their confidence gets out of hand. It can turn into arrogance, oen fueled by the pressure to prove themselves aer they're promoted or hired. Arrogance can breed unilateral decisions, which are never good, says Entrepreneur.com's Kerry Siggins. "ey forget that they are there to serve others. ese leaders believe they know it all and stop listening. ey ignore what people say, or worse, criticize them when they share differing points of view," says Siggins. "ey think they are better than the people who are creating value — their employees," when a winning strategy is to listen, ask questions, and give credit to the team. 5 THINGS I know about... ... Being the dumbest person in the room 101: LEADERSHIP FAILURES BY SUSAN SHALHOUB Special to WBJ Matthew Shiely is senior vice president and senior resident director for wealth management in the Worcester office of Merrill Lynch. BY MATTHEW SHIELY Special to the WBJ W ith today's current economic climate full of unknowns, many people have questions on managing their investments. Here is how to plan ahead for the new year in the current market. Last year was a tough year for the markets, with rising interest rates and stock market volatility. What does this all mean? Yes, 2022 was a challenging year for both stocks and bonds, an unusual combination. However, history shows challenging economic times are good moments to reevaluate your portfolio, as they generally produce some of the greatest investment opportunities and are usually followed by periods of innovation and growth. What should people be doing today to protect their retirement savings and other financial goals? Our chief investment office is providing the guidance for investors' portfolios to be as diversified as possible. While it's easy to be concerned given the news cycle, it's important to stay focused on your long-term priorities and goals. What are the top concerns you are seeing in Worcester? People are understandably concerned about their investments and financial situation. at's where an advisor can be helpful. Advisors can help alleviate financial stress by providing useful historical perspective and timely advice and guidance. During times like these when the market is volatile, we spent a lot of time helping clients review their asset allocations and plans. Are you seeing an increase in demand for financial advice in Worcester? Yes, we are seeing a significant increase in demand for financial advice. Research from Merrill Lynch found in the light of the pandemic, nearly half (46%) of unadvised affluent Americans are taking the search for a financial advisor much more seriously. As we head into 2023, what should people be focused on financially in the year ahead? For those working with a financial advisor, now is a good time to check in on progress toward your goals and assess next steps. For those without an advisor, it's the perfect time to take your search more seriously. Ask your advisor about: • Where are potential investment opportunities? • What can I do to offset the effects of higher inflation on my retirement savings? • What can I do to better prepare for unexpected events? If someone doesn't have an advisor, how can they go about finding one? One of the most common ways to find a financial advisor is a referral made from a family member or friend. If you don't have an advisor in your network, there are online tools available to help you in your search. For example, Merrill Advisor Match is a digital platform matching prospective clients with an advisor based on a questionnaire that evaluates things like personality, communication preferences, and planning goals. W W W

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