SECRETS OF GREAT ACHIEVERS

The economy taught you to expect the worst, but have you ever prepared for the best?

It's Business 101 to have contingency plans in place for when things go wrong. But, conversely, are you prepared for growth and success? What if it turns out your positive expectations were too conservative? What if an unexpected celebrity endorsement sends demand for your product soaring? On a more practical--and likely--note, as the economy shows signs of turning around, are you ready for what that will mean for your operation?

Here's what you need to do to be prepared for growth:

Know what growth means for you and your company.
To prepare for something, you have to know what it is and how you'll recognize it. Growth is more than just hitting a set of numbers--it's a package that includes changes to your company in terms of operations, production, staffing and facilities. In addition, think about what growth means to you personally. What will your life be like when your company grows and profits increase? How hard are you going to have to work? Are you ready and willing to do what it takes?
Maintain relationships with your funding sources.
The faster you grow, the more cash you're likely to need. Growth financing is every bit as hard--if not harder--to obtain than startup funding. Do regular cash-flow projections so that you know how much credit you're going to need well before you have to start writing checks. Develop and maintain strong relationships with your funding sources and be sure to have primary and backup sources available. In today's financial climate, it's harder than ever to predict credit availability, so stay on top of your cash and financial needs to give yourself have plenty of room to maneuver when it's time to borrow.
Get comfortable being in the spotlight.
Successful owners of growing companies are almost always in the spotlight to some degree--maybe not always to the general public but certainly within your industry and with your employees. Be prepared for a level of attention that you probably haven't received before.
Hire people based on where you want to be, not where you are.
The team that can successfully run a NGN1 million company is not the same team that can run a NGN100 million company. If your goal is growth, hire people who can perform in the size company you want to be--they'll help you get there.
Put the right people in the right places.
The right people doing the right jobs is absolutely critical to sustain growth. Whole person assessments and job benchmarking will allow you to take a systematic approach to hiring and career development, which will reduce your mis-hires and employee turnover.
Take care of your people.
Your employees are what keep you successful. Recognize and reward that. Working in a high-growth organization is stressful and challenging. Take note of your employees' work and respond appropriately, or risk losing top talent. Create an environment where people are willing to work through the growing pains. In addition, take care of your suppliers, professional advisors and anyone else who can have an effect on your operation.
Listen to the experts.
You may be an expert in your business, but you don't know it all. What's more, there often will be experts who know more about particular parts of an industry than the insiders. Identify the experts, listen to them and learn from them. Let them help smooth out your learning curves and keep you on your growth track.
Stay close to your customers.
No company can do without customers, and if you don't stay close to them, you'll lose them. Know what they need, but more important, know what they want and do everything you can to give that to them. Most important, communicate. Never let your customers wonder what's going on. Tell them--whether it's good or bad.
Focus on your core business and don't get distracted.
Stick to the business your company knows best. Be sure any diversification or product line expansion you do makes sense. If it has nothing to do with your core business don't get into it just because it seems like a good opportunity. Otherwise, you'll you confuse your customers and your employees--and you'll likely find that dividing your efforts reduces the quality and profitability of everything.

Just as you plan for when things go wrong, also plan for when things go well. When you're prepared for growth, you better can manage the changes it brings and let it take you to the goal you set when you started.

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Strategies for cultivating a free-thinking, collaborative company culture

Harmony and consensus are beautiful things. But when you're trying to grow a business, too much consensus can be deadly. If you want to be an effective leader, encourage your employees to think for themselves, not follow you blindly.

Admittedly, it's tempting to hire people who think the same way you do. You speak the same language, which makes it easier to avoid day-to-day conflicts. It's also gratifying, ego-wise, to surround yourself with people who agree with you.

But, surrounding yourself with "Mini-Mes" only stifles innovation, and new ideas are vital to continued growth.

Collaboration--the mingling of different viewpoints--beats consensus any day. And as your company's leader, it's your job to make that happen.

So, how do you encourage freethinking in the workplace? Here are some techniques that some members of my peer advisory groups use:

Encourage your employees to offer suggestions. After all, who knows the ins and outs of your business better? Whether through an old-fashioned suggestion box or a special email address, there needs to be a dedicated process for soliciting employee input.
Recognize and reward your employees' best ideas. It doesn't have to be a huge reward to be powerful. Whether it's a premium parking space for your "Great Thinker of the Month" or a paid day-off, recognition works. Prime the pump by implement as many suggestions as you can, even some of the weaker ones.
Cultivate a culture of collaboration and innovation. Hold interdepartmental brainstorming sessions. Make sure employees know how to give each other positive, constructive feedback. Provide training if necessary.
Take action against negativity. Be careful that your collaborative efforts don't foster an environment where employees badmouth each other. This tends to shut people down. If you have an organization destroyer in your midst--someone who consistently undercuts morale--take action, even if that person is one of your top performers.
Take note of your own management style. When an employee makes a suggestion, is your knee-jerk reaction to quickly shoot them down? Train yourself to respond in a more positive way and be more open to new ideas.
Let employees run meetings. Instead of running every meeting yourself, let your employees take turns being chairperson. This encourages others to talk and gets you in the habit of listening. Remember, as the boss, you are by nature intimidating. Your staff is pre-programmed to defer to you. You won't invite anarchy by occasionally leveling the playing field.
Hiring different kinds of thinkers from diverse backgrounds. Look for candidates whose strengths and styles complement rather than mirror your own. Of course, they must share your moral standards, work ethics, and fit into the company culture, but that's a different story.

The point is, you never know where--or from whom--your next great idea is coming from. Be the kind of leader that encourages innovation.

Banish the expression "Great minds think alike." I like this one by General George Patton better: "If everyone is thinking alike, then somebody isn't thinking."