In a traditional performance evaluation, someone is assigned to compile and review with each executive a summary of her/his strengths, contributions, growth, and opportunities for improvement. The traditional process has many weaknesses which are summarized in this article recently published by Flevy.com, such as:
Compiling a quality performance assessment is difficult; consequently it often gets put off to be done at the last minute but it also takes time to do a good job and time runs out.
Assessment content tends to be arbitrary based on ability, skills, and perspective of the reviewer and may not represent the best thinking or interests of the team.
Reviewers tend to avoid raising and dealing with tough matters that should be addressed aggressively because it is uncomfortable and they are not trained or motivated to do otherwise.
Selling a company is a heady experience. The wise CEO knows, though, that many things can go wrong and that it pays to study what makes some transactions go well and others fall apart. Here are ten tips consolidated from personal experience on both sides of many deals that, while they may not guarantee success, if followed increase the odds of a good result:
Know what you seek in terms of price and role. Do not be wishy-washy and do not get greedy; once you have what you want, take it!
It is a project to sell a company… staff, organize, and govern it well. It takes a team of internal (CEO, CFO, CTO, etc.) and external (corporate lawyer(s), employment lawyer(s), banker(s), analyst(s), investor(s), etc.) players. Assign a leader of the inside team and a leader of the outside team to coordinate with each other. Consciously, purposefully, and thoughtfully deploy yourself and others from both inside and outside the organization to cover all the bases.
Every organization has, or needs, a leader. And it is true that the power of one committed, clever person can make all the difference in the world. But no one individual, even the greatest leader, does anything of much significance alone. The simple truth is that it takes a team to lead an organization. The action motivated by this truth is for the leader to decide what kind of leader to be and then to attract, collect, and align his/her top team and collect followers.
The best leaders figure out that it is not all about them. It is about their organizations and the decision to either manage or lead is a false dichotomy. The one in charge needs to manage in order to lead and, indeed, can and should Manage to Lead his/her organization to achieve the stated vision. The top person’s job starts with managing his/her own self to lead.Continue reading →
As a leader who has served successful companies in the role of CEO, Peter knows how to develop and lead teams of high-powered, driven professionals. His emphasis is to create and implement plans that are true to the organization’s market, offerings, competence, and purpose. Today, as CEO of IntelliVen, Peter and his team help middle market companies achieve their full potential to perform and grow.
On Critical Mass for Business, Peter will talk about the seven truths every leader must acknowledge and wrap into his or her life. These truths emerged in a career that spans business, not-for-profits, government, and academia – and Peter will talk about how they can make the difference between success and failure.
About Critical Mass Radio Show
Critical Mass for Business Radio Show airs three times a week on radio station OCTalkRadio.net Richard hosts the popular internet-based business talk radio focused on topics of interest to CEOs running middle market firms across North America. Critical Mass for Business Radio Show is available on iTunes, Stitcher.com and www.ceopeergroups.podbean.com. Learn more at www.CriticalMassforBusiness.com.
Assign a single capable person to serve as Project Manager (PM) responsible for the entire project through to completion if one is not already assigned or if the one assigned has proven ineffective. The PM should be someone who has previously been successful in similar circumstances in terms of project scope, scale, and complexity. If someone with requisite experience is not available to serve as PM then arrange for the experienced person to serve as a close adviser to the PM until a new plan is in place and performance relative to the new plan is on track.
Have the PM work with the client, the project team, management, and advisers to pull together a revised plan.Review the plan thoroughly with the PM, the project team, and with outside stakeholders, including the client, to be sure the path to completion, all the way through to client acceptance, is well formulated, understood, agreed to, and sensible.
A qualified sales prospect may turn out to be in the next seat at a conference session or happen by the booth in the vendor display area … but the odds are so long that if the only plan is to meet people randomly then it is probably not worth going.
The value of attending is multiplied many times when an industry conference serves as a platform to work from before, during and after by a team committed to making the most of the experience.
Specifically, contact targeted executives regarding the conference. Every interaction is a chance to make a strong personal connection around a topic of mutual interest (the conference); use it to gather intelligence and to impact thinking related to cultivating interest in organization offerings. Continue reading →
While putting full attention on accomplishing one thing increases the odds that the thing will be done well, it is all too easy for the career minded professional to end up doing nothing other than their work!
They would be wise to realize that top performers at all levels make time for other things such as family, recreation, exercise, spiritual development, and even volunteer work.
Participating in volunteer work can add a healthy perspective to life and position for growth which makes it all the more rewarding to find a way to pitch-in. Continue reading →
When a sale comes in ahead of expectation or when revenue and profit exceed plan, a leader may refer to extra revenue or extra profit which runs the risk of sending the wrong signal to employees. Continue reading →