Hartford Business Journal

www.HartfordBusiness.com July 11, 2016 • Hartford Business Journal 21 BIZ BOOKS How to overcome 'predictable crises of growth' "T he Founder's Mentality — How to Overcome the Pre- dictable Crises of Growth" by Chris Zook and James Allen (Harvard Business Review Press, $30). As a company grows, bureaucracy increases the distance between its found- er's vision/ideas and front-line execution. The authors define three traits founders need to introduce into their company's culture early on to ensure an ongoing founder's mentality from top to bottom. 1. "Insurgent mis- sion" — Employees need to embrace the "why and what" of the business. The mission should be a bold headline, not a paragraph so it's eas- ily understood. Insurgency also requires "an emphasis on what differentiates the company and makes it unique." Why? Being part of something unique presents an opportunity to make a difference. It also opens the door to con- tinuous improvement, which broadens the company's horizon outlook. 2. "Front-line obsession" — When you started the business, you were the face of the company. As such, you were directly involved with customers and delivering what you promised. Now that the business has grown, the company has many front-line faces. Those faces must know how to create value for cus - tomers. They must have decision-making flexibility to ensure customer satisfaction and a voice in products and services. This ties directly to what makes a company unique. 3. "The owner's mind- set" — When people own their jobs, they connect what they do to the mission. Job ownership also involves a bias toward action (i.e. Make it happen, not let it happen) — which leads to speed in making deci - sions. That speed also plays out in an "aversion to bureaucracy." When they see red tape, they quickly cut through it. They favor knowledge-sharing and collaboration over empire-building and siloes. The bottom line: When employees have a founder's mentality, adapting to change and exploring new business opportunities fuel competitive advantage. • • • "Essentialism: The Disciplined Pur- suit of Less" by Greg McKeown (Crown Business, $23). Look at your inbox, to-do-list and calendar. They are filled with things you have to do. McKeown's research shows that "people don't believe they have a choice in what opportunity, assignment or challenge to take on." Instead of talking with the boss about shifts in priorities, or saying "no" to those hijacking their time, they let the work pile up and hope they can do it all. They can't. They're victims of "learned helpless- ness" (i.e. shifting from this to that and back again). They're so busy — but not very productive. They're also mentally fried and stressed at day's end. The next day brings another "rinse and repeat" exercise. The alternative: Make choices based on focus. "Dis- tinguish between the vital few and the trivial many." Focus on "What problem do I want to solve? What can I go big on?" Separate the vital from the trivial by making your- self unavailable at certain times. No phone, no email, no interruptions. Use the "me" time to self-strategize. Think about what's really important and the "why, what, when and who" of making it happen. Active listening helps, too. Look for the "headlines" in what's being said. Write them down, and identify and understand the different perspectives involved. Ask clarifying questions. Then create your action-plan tactics. Invite your mind to play "If I … ." Think outside your box by challenging assump- tions and exploring options. When your mind plays, creative juices kick in and excitement replaces stress. McKeown also believes in pro- tecting the most valuable asset — YOU. When you're tired, it's impossible for your brain to fire on all cylinders. Sleep doesn't just regenerate the body; it refreshes the mind. Key takeaway: There's a difference between busyness and progress. n Jim Pawlak is a nationally syndicated book reviewer. Jim Pawlak THE RAINMAKER How busy people can better prioritize their time By Ken Cook R esources are limited. Budgets are tight. There's more and more to do. There's less and less to do it with. Sound familiar? Here are six questions to ask yourself if you relate to the very busy I just described. The questions address asset management, namely yourself and your time, and the return the company realizes on you as an asset. The questions also open up the human side of the equation. Your time and con- tribution are more than a line item on a P&L. How do your activities impact the organization and its' culture? What is my best role? Define what you want your role in the company to be. Understand your strengths and the value you deliver. Focus on activities that capitalize on your strengths and deliver value. It's a simple application of the 80/20 rule, where you spend 80 percent of your time on the 20 percent of your activities that deliver the highest value, both personally and for the company. For those activities that are not your strengths and value drivers, dele- gate, automate, outsource or eliminate them. What is the impact on current work- flow? Everyone is already running flat out. Therefore, any new activity requires a choice — what am I going to stop doing, or compro- mise doing, in order to take on the new activ- ity? This is a ROI question. The activity with the greater ROI should receive top priority. What is the impact on me? This is the same as the "current workflow" ques- tion, only from the personal point of view. Rather than being an asset manager and calculating ROI, your assessing the impact of an activity on your personal 80/20 appli- cation of your time. Focus on strengths and driving value, and consider what you would have to give up or compromise in order to take on the new activity. What is the time frame to ramp-up an activity? The length of time for an activity to produce tangible financial results direct- ly impacts the decision on whether to do it. This is a question of cash flow. The longer the ramp-up time is, the longer the drain on cash flow occurs. An activity can have a great ROI potential, but if you can't afford to do it, so what. How does this activity affect the bot- tom line? If an activity passes the afford- ability threshold, then you can accommo- date the ROI and profitability calculation. You're in business to make money. Deter- mine the profit returned by an activity over a specific time frame, and assess if it meets your profit goals. If the activity does not drive that result, seriously consider whether it is worth doing. What happens if I don't do an activity? This is a question of assessing the impact of inactivity. You can elect to take no action, and that will produce a result. Is that result from non-action viable, affordable and acceptable? Your choices are relatively simple and limited. You can do it, not do it, delegate it, automate it, outsource it or eliminate it. Make your choice and prioritize activities with both the financial and the personal impact in mind. Then proceed, looking for progressive improvement instead of delayed perfection. If an activity is able to be done, start doing it. Don't plan for perfection. Achieve results through action. n Ken Cook is the co-founder of How to Who and co-author of "How to WHO: Selling Personified," a book and program on build- ing business through relationships. Learn more at www.howtowho.com. Ken Cook ▶ ▶ When employees have a founder's mentality, adapting to change and exploring new business opportunities fuel competitive advantage. ▶ ▶ It's a simple application of the 80/20 rule, where you spend 80 percent of your time on the 20 percent of your activities that deliver the highest value, both personally and for the company.

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