Month: November 2024
Growth Is A Choice In Life And In Business – Waking Giants
Time moves on. Language changes. Culture evolves. Technology disrupts. And new industries emerge as others become obsolete – growth is a choice.
It’s both an exciting and volatile time to be in business – who would have thought such a trusted and established business like Dick Smith could face such challenges or that the Taxi industry would encounter such rapid and innovative competition?
Uber has been brilliant at changing the language to benefit their business and cause: they don’t talk about being a taxi firm but a technology company, their drivers aren’t employees but partners who run their own schedules and pay their own income and GST taxes. A change of language is one of the most powerful tools in a companies’ depository and goes far beyond ‘marketing-speak’.
In the past by Waking Giants labelled ourselves around the creative outcomes that guided growth for our clients. But this was always peripheral to the central question around purpose and growth: where do you want to be in 5 years’ time and how can we help you get there? Having walked hand-in-hand with many clients on their path to a better future we know where the real value lies: enabling businesses to identify opportunities to become more efficient, more focused, and more profitable. This is where we now sit, using a pragmatic approach and the application of design thinking to develop a cohesive strategy and implement each step. Ultimately, our vision is to design your growth.
It was Chris Sacca, one of the most successful Venture Capitalists in Silicon Valley, who correctly identified how: “ideas are cheap, execution is everything”. This pragmatism is how we see the world, putting all ideas on the table, opening up real discussion, and getting the job done. We understand that business owners and key management often need a different angle, a different point of view, to broaden the arc of growth possibility. Design thinking has no predefined outcomes, just as designing a brand for your company could entail several creative and highly effective options.
We still possess this in-house creative expertise, but our real strength is our ability to connect the dots in any platform across any industry. Serious players know the power of network effects – which is why PayPal founder and Facebook investor Peter Thiel sees it as one of the ways to achieve market monopoly (the innovative type of monopoly like Google). The old dictum: ‘it’s not what you know, it’s who you know’ can be crucial for rolling out a successful long term strategy that has many moving parts. Implicit in our model is one of trust and integrity.
Our values outline that together we must grow, embrace change, believe in no boundaries, and think long-term – last mover advantage. Longevity in business is becoming harder in the disruptive economy, so if you’re reading this and know there’s more to your business and purpose and you feel it in your gut, do something – the rest of the world won’t wait.
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When You Have A Strategy In Place The Work Begins
5 Steps To Define Your Company Values
Company values, those lovely posters you put up in the foyer and adorn the cover of your annual report.
Now that we have outlined the standard approach let’s look at the real value in creating, living and owning company values to make your business more sustainable.
As individuals (most of us) have a values system that we function by consciously and subconsciously. But when it comes to business, they seem to get lost in translation.
They become a project for the HR department, or the cornerstone of an offsite retreat where the senior leaders ask questions on how having values is now part of ‘to do’ list for the millennial workforce.
Why do companies get their values process so wrong?
It’s easy; it comes from the wrong place. They are seen as glossy packaging for a set of rules, but they are actually about your business’s feeling and conscience.
That a bit fluffy for you? Do you want a set of values like integrity, honesty, or customer-focused and then move on?
This strategy fails when you realise that your business is a person. It operates with feeling, emotion and actions based on experience. If your company acts like a dick, the market will respond accordingly. If your customer service team responds to a customer query with a lack of empathy, that customer no longer wants to be your ‘friend.’
With that said, what does a ‘good’ human or business look like? Without any pomp and hype here are my five steps to defining your company values:
1. Know your mission
If you have no idea why you are in business, I would start there. It won’t be because of money, by the way, you can kid yourself, but there will be an underlying purpose. You will be solving a problem, trying to prove yourself to your parents, helping humanity. All businesses exist for a reason beyond money; you need to understand yours.
2. Gather your key stakeholders
That may be your business partners or board. Start with having a frank and open conversation about why you are all in the room, all turning up each day. There will be patterns that come out in the group. Remember, you are not all the same; neither should you be, but there will be some binding principles that bring you together.
Get them down on a whiteboard and challenge them with vigour until you are left with 3-5 that as a group you can buy into them fully.
3. Share with the broader business
Don’t just send an email telling the staff that these are now the values. Share with them your list and why they exist, back it up with a vibrant idea to paint a picture so they can feel the value and see, in their way, how they can adopt and live them.
For example, our key value is ‘Make It Happen’, but see how you need to paint a picture:
Alternative value: Action – Simple, but not all actions are good ones; there is a lot of room for the wrong kind of interpretation.
Value: Make It Happen: Talk is cheap, get shit done. – It starts to talk to the way we work. For example, if someone offers an idea, they need to back it up with ‘action’. This also provides the scope for operationalising your business’s value—transparent communication systems, delegated authority, project management systems etc.
4. Take the feedback seriously
Once you have all parties feedback, dig deeper on their responses. Maybe they agree with the sentiment but are not inspired. Because if they are not inspired, they are not going to feel them and take action. There will be bias, but you need to step outside of the process and be open-minded.
The feedback may present values that are far better than your suggestions; this can be an excellent thing as this aligns the team(s) with something that is already in place in the way they operate. In simple terms, it will be easier to operationalise them with minimal friction, because they are the company values, not the boss’s values.
One caveat here is that in smaller businesses, the values are often very personal to the founders. If you are sharp at recruitment, you will have attracted people who buy into the same principles. The flaw in this is if you see people as pawns in the game you call a business, you won’t have a purposeful alignment and therefore, loyalty to the cause.
5. Once you have an agreement, decide how to roll them out
Move on from the posters and printed mugs. Collectively agree on how you will live your company values every day and weave them into your operational and strategic plan so everyone in the business has a clear understanding of the values and how they can live them.
Some simple examples:
- Yes, visualise them. Giant murals, installations, make them part of the fabric.
- Have them as part of the recruitment process and written into the contracts.
- Use them as part of your decision-making matrix – ‘Will this decision support or go against our values?’
- Celebrate people living them. We celebrate the sales team on the dollars, why don’t we celebrate when our team is living our values. Document and share the story so others can learn from it.
- Have KPIs in the delivery of the values – For example, if your value is: Put the customer needs first – You can track this through tools such as Net Promoter Score – If your goal is 90, that’s the figure that lets your team know what good looks like.
The list goes on, but they need to be real and measurable and above all, enjoyable. Our second value is Grow Together, our team days are focused on new experiences, meaning that we share a unique experience, and there are no experts in the ranks. This is where vulnerability and growth happen.
Defining your company values will depend on your shape and size and how easy it is to get the whole company involved. But it is a process that will bring considerable benefits to your people and your business. But if you are going to do it, do it well and do it with purpose.
If it isn’t something you feel you can do alone, get in a coach or facilitator to help. With that process make sure the values end up being yours, you are the ones that need to commit to them, you are the ones that have to live by them after all, not the coach.
Whatever time you invest in your companies values, you will reap the rewards 10x. Happier teams, happier customers and better profits.
Profits are the by-product of great company culture, not at the cost of company culture.
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What Is Servant Leadership? – Waking Giants
Servant leadership is a leadership style in which the goal of the leader is to serve those around them. It is different from the traditional leadership style where the leader’s main focus is profits and growth.
With differing needs in the workplace, a “one leader to rule all’ does not meet the need of the future workforce who are looking to be “part” of something not just a cog in a wheel.
Traditional leadership depends on the use of perceived power and hierarchy, whereas servant leadership puts your focus firmly on what’s best for the people that work alongside you.
No longer should we be using terms like human resources or human capital. But see those that we serve as part of the journey towards purposeful outcomes and success. If we create people-driven businesses through servant leadership by very definition, we create companies that serve and generate better outcomes.
The accountants no longer define success through numbers, but our people through continuous growth and development, nurturing, and open communication will actually drive successful businesses.
As a leader it requires a shift in mindset and to serve first, you benefit as well as your employees in that your employees experience endless personal growth, while the business naturally grows and evolves through increased engagement and a sense of purpose.
Servant leadership is driven by a key set of skills and mindset adopted by those who lead. It isn’t a case of just being a bit nicer and saying yes to every demand, but an awareness that you are dealing with people and their most basic needs allows you to understand where they stand and where their passions lie.
As a leader, it’s dangerous to expect your team to care as much as you do about your business, but that doesn’t mean they can’t care enough to make a huge difference. Your job as a leader is to bring the best out of people and put them in a position to succeed in both their work and personal lives.
There are a few things that you need to have in your leadership toolbox to develop your servant leadership style:
- Look at your motivators – are you passionate about developing talent?
- Are you self-aware and do you expect the standards of yourself as the same as those that work alongside you?
- Be humble. You are not supposed to know everything.
- Do what you say you are going to do.
- Focus on results but share why you are trying to achieve them.
- Always be looking ahead for bumps in the road to protect your team.
- Listen to hear not to respond.
- Ask for help and praise those who know better.
- Coach all day every day but set expectations.
- Be vulnerable but not weak. Show you are a person too but also lead with conviction to provide confidence.
Being a servant leader does not mean you are a slave to your team’s needs; in fact, it’s the total opposite. It is being aware of them and guiding them, which creates growth and positive outcomes for all parties.
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The Most Valuable Tool In A Leadership Toolbox: Don't Miss This!
There’s an infinite list of different tools leaders must possess in their toolbox, but in essence, the most valuable tool you have is yourself, your traits, and your leadership style as you lead by example.
Why are you the most important tool?
To understand this, let’s strip everything back to the core meaning of “leadership”. Leadership, as described in a Forbes article, is “a process of social influence, which maximizes the efforts of others, towards the achievement of a goal.” This allows us to understand why some leaders who, even though they aren’t in a position of authority, can attract followers – this stems from social influence. It also emphasizes that as leaders, you don’t just ask your team to perform or get the job done. Instead, you inspire them to be at their best and maximize their efforts to attain the goal.
Social influence is best achieved when others see it in action from you and not by telling them how it is done.
Often when I observe kids, I’ll often identify their communication and actions with each other modelled of their parents. A professional wrestler, Paul Levesque, more popularly known as Triple H, once shared, “Kids don’t do what you say. They do what they see. How you live your life is their example.”
Although the catchphrase ‘lead by example’ is very cliché, it is a very real and proven concept and so we have identified concrete steps you can take as a leader, as part of your leadership toolbox.
Most Important Tool in a Leadership Toolbox
1. Demonstrate why is it important to always do your best
Whether it’s an annual event, a new project, or an informal survey to jump-start your company initiatives, you must show others that you are doing your best in whatever you put your efforts into.
It doesn’t matter whether it’s a mammoth role that puts you in the spotlight or a supporting role from backstage. What is essential is honing your craft through regular practice and stretching your abilities.
As they say, ‘nothing is too difficult as long as you put your mind to it.’ When your team members see your relentless drive and performing to the best of your abilities, they’ll be inspired (or embarrassed) not to follow in your footsteps.
Show them how giving your all not only contributes to your team goals but also how it enables the growth of an individual. They will notice the changes if you start to set an example.
2. Exhibit consistency in your daily affairs
Being of good character is equally as important as having great skills. You should try and consistently surround yourself with people who are not only valuable to you and your team for their expertise, but also for the values they hold and the moral compass.
It is not about who you are based on your position. Rather, it’s who you are and what you do when no one is watching. A UCLA head basketball coach for 27 seasons, John Wooden, believed that above all the glamour, expertise, or popularity, you must be a man or woman of good character.
He was considerate to pick up anything he found on the floor as he made his way to the locker room. Whether it’s discarded rubbish or a towel, he never hesitated to bend down and pick it up. His players saw him do this and began copying his actions. This made the cleaners happy to a point where they even sent ‘thank-you’ notes to the head coach.
Just as hard skills can be learned, so can respect and consideration for others. Sometimes, it’s not all about winning in just the financial front, it’s also building better people by the way of kind gestures, empathy towards others, and an authentic desire to help others grow, even if they are not part of your team.
3. Show your eagerness to listen and improve
Through active listening to how others perceive you as a leader, you will recognize the aspects you need to improve to lead your team. Don’t look for or encourage only positive feedback – you will learn more about yourself and your leadership style from constructive criticism. Although criticism hurts, try to listen to what your team says to help you grow as a leader.
Also, as a leader, your eagerness to ask questions within your team can lead you to more innovative ideas as there is potential for your awareness to be opened to things you may have previously overlooked.
Along the same lines, when your team members ask you, be ready to give them honest and authentic feedback on your assessment of their performance. Be also open as well to invite others to share their perspectives when you are unsure of something.
When you create a culture of listening, employees become more open to collaboration, feedback, and improvement.
4. Let your team know that you have their back
In our pursuit to attain a goal, we struggle in the most unexpected and various ways. However, what’s rewarding during these times is knowing that your leader has your back.
Even though you, as their leader, you yourself may not always be performing mentally or spiritually at 100%, providing consistent support to your team members boosts their morale to stay focused. Being one with your team is also achieved by doing things you haven’t done before. Even if it’s not your job or you are dealing with other responsibilities that only you can fulfill. You must be prepared to lend a hand and guide your team.
Your team members will appreciate your care, and they will mirror it by extending help to others as well.
5. Challenge yourself and your team members to get better
Your openness to others’ feedback and the honest rating you give yourself as a leader will create a better culture built on trust, honesty, and open communication. Being willing to recognize what’s best for the company may sometimes cause initial discomfort but is a far better approach than to let issues fester and become much larger problems further down the track.
Often, we discover our capabilities when we step out of our comfort zone. Try to encourage your team (and yourself) to not always take the easy way out of a problem just because it’s easy – ask yourself “is this the best approach for my team, myself, and the business?”. Try and show your team what can be achieved overcoming obstacles. When you challenge yourself, you allow room for improvement and innovation, and this transfers through to your team.
The best leaders lead by example. It is undoubtedly the most essential and powerful tool in your leadership toolbox as it can inspire your team members to always try performing at their best.
References:
Geier, David. (2019, November 19). The Best Leaders Lead by Example. Medium. Retrieved from https://medium.com/swlh/the-best-leaders-lead-by-example-88ee68186aae
Hall, John. (2017, March 5). The Most Powerful Leadership Tool You Have: Your Own Example. Forbes, Inc. Retrieved from https://www.forbes.com/sites/johnhall/2017/03/05/the-most-powerful-leadership-tool-you-have-your-own-example/?sh=5ace5c79edc5
Johnston, Kevin. (n.d.). Group Leader Tools. Chron. Retrieved November 24, 2021, from https://smallbusiness.chron.com/characteristics-task-force-workgroups-32076.html
Kruse, Kevin. (2013, April 9). What is leadership?. Forbes, Inc. Retrieved from https://www.forbes.com/sites/kevinkruse/2013/04/09/what-is-leadership/?sh=7f1fbda65b90
Maxwell, John. (2020, July 22). What’s in Your Toolbox? John C. Maxwell. Retrieved from https://www.johnmaxwell.com/blog/whats-in-your-toolbox/
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The Lone Leader Weekly #001 – Fall Back In Love With Your Business – Waking Giants
You Need To Love Your Business!
It’s not weird. It’s called purpose.
#1. Get out of your head, it’s scary in there.
As a lone leader I bet you spend a lot of time ponder and dwelling on, well, everything. If you don’t have someone to confide in grab a pen and a pad and let it all out.
It doesn’t have to have to be Shakespeare, solution based or even make sense, but what it does it reduce the self talk and give you some perspective. Especially late at night!
#2. Decide what not to do.
When you are leading alone you have the longest to do list in the world. Bin it.
For everything on the list ask – ‘If I do this today, will it make tomorrow easier?’ If it does, do it, if it doesn’t, scrape it.
Less, but better.
#3. Decide if you want to be rich.
Time rich! Stop scrolling social media and the business sections and have the courage to ask what YOU want. Not what you think you want.
Only you are living your life. Pick the best of the best out there and create your thing. Set your own rules.
The ultimate richness is choice. Do you currently have enough choices?
ARTICLE: Are you in a toxic relationship with your business?
We think of business in terms of numbers – revenues, profits, customers and market share.
But what if we thought of it as a relationship that had needs, feelings and we had to reset expectations now and then?
Full Read – 8 Mins
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