In today’s MP Message, we will be covering the second topic from Jack & Suzy Welch’s book, The Real-Life MBA: Your No-BS Guide to Winning the Game, Building a Team, and Growing Your Career, which is: You Gotta Have Growth.
The only thing that is constant is change, as the old adage states. Moving forward and staying competitive requires constant adaptability, development and growth. We continually see many changes in our firm, be it the addition of new staff at every level, new titles within departments, new software being implemented… all done in the spirit of accommodating growth and staying on top of our game. Growth is great because it is what gives people job security, pays for a child’s college tuition, buys a home and all the while builds meaningful careers. Growth is a huge part of what makes business fun.
The Real Life MBA shares these six levers which have proven to be effective catalysts for growth:
- Eyes Wide Open (or ‘fresh eyes’) – If you want growth, no matter the size of a company or where you sit in it, be it a leading niche or department, don’t be afraid of a new pair (or more!) of fresh eyes on your team. And by that, we refer to the newly hired people we bring in. As a firm, we are excited to recruit the best and brightest in the profession from other firms, or merge in smaller firms. These professionals are always willing to integrate into our culture and ways of doing things, of course. But remember to tap into the value they bring with their experience and new perspective on the current way we do things here. The fact is, we don’t know what we don’t know. So a fresh point of view can help recharge a team or help spark ideas on new growth initiatives.
- Concentrate, Don’t Dilute – When allocating budget resources, sprinkling a little here or a little there tends to be ineffective, particularly with growth initiatives. Focus on what will make the most impact and go with that. Quoting Jack Welch, “If you want growth, don’t hedge your bets. Go big to get big.” As we all know, we keep a close eye on our spending as a firm and can’t offer enough money for every last growth initiative. When looking at department or niche budget allocations, spend what you have to, spend what you can. Just no sprinkling. Concentrate on a few things for bigger impact.
- All Hands on Deck – In business, we hear the word ‘innovate’ frequently within the scope of growth. And maybe epic inventors such as Steve Jobs or Bill Gates comes to mind immediately, leaving you feeling a bit intimidated when asked to contribute to the innovation within a team. Don’t be! Innovation in business is likely to occur when it is defined to mean incremental improvements that are held to everyone’s job. It can and should be a mindset that has everyone saying everyday as they walk through the door, “I’m going to find a better way to do my job today.” Amazing ideas can be born when done collectively as a team.
- Match Talent to the Task – If you want growth, you have to staff the engines of growth with your best. This seems like a no-brainer, but it is a point that is oftentimes overlooked because of time constraints or lack of resources. Assign projects to the right people. Growth doesn’t lead itself.
- Keep Compensation Fresh – Measure and compensate your people for their performance accordingly. According to the book, “Performance and compensation systems go stale with time… So you may think your organization measures people for the right things, and pays them for the right things, but such thinking could be more wishful than accurate.” As a firm, we have looked and continue to look at how our professionals are compensated to keep them motivated and satisfied. We encourage you to be very mindful of evaluations and niche member ratings, as these are the basis of raises, bonuses and promotions.
- The Competition… Inside – You know the ones… jealous, petty resisters who moan and groan about new ideas or processes or people. And their subterfuge can take a real toll on the psyche of team members. I’ve seen it first hand: talented, bright staff who get turned off completely by this type of nonsense. If you are aware of it, I ask you to let me know immediately, or at least let your PIC know. There’s enough competition going on outside of our firm; we won’t allow for this type of influence within the firm.
I hope you enjoyed this installment of the thought leadership coming from The Real Life MBA. Remember, if you’d like to read this book yourself, feel free to visit my bookshelf on Shelfari.com and order it. You can enter the expense under Publications/Subscriptions, with the words “Bill’s Virtual Library Book” in the Description section.