Build In Value Blog

Do you have the right people on your team?

 by Rand Manasse

Jordyn Wieber

Building in value to your business means making the adjustment to the team that will put the best members in your rotation and on the right equipment. Making the adjustments is vital to being successful and as a leader it is your job set the wheels in motion. Or as Jim Collins stated it in his book “Good to Great”  “Get the right people on the bus, the wrong people off the bus, and the right people in the right seats”

 

In the recent Olympic Games the story of American gymnast Jordyn Wieber was inspiring and heartbreaking. Jordyn was the reigning world champion in the all around competition. Yet in the Olympics she failed to qualify for this event.   But the true story is the greatness of Martha Karolyi when back in February she assemble this team and made sure that she had the right people to compete, feeling reassured that Jordyn would be a leader even in the face of adversity

 

Jordyns’ defeat could have been enough to take down most people yet she realized that her team needed her for the full Olympic competition. Although faced with disappointment, Jordyn lived up to Marta Karolyi intuition and led her team to victory and the gold medal in the team overall.

 

The story is an example of how great leaders focus on the success of the team instead of themselves. Jordyn could have easily quit after the disappointment in the individual all around, but she showed her greatness by continuing to motivate her teammates to keep their eye on the prize.

 

With great companies it is important to remember that when the time comes to change course it is important to focus on who will be on your team.    Focusing on who is on your team and what they are asked to accomplish, along with recognizing each individual’s talent will allow your company to succeed no matter what you choose to do. Before you decide where you are going you need to determine if you have the right people on your team. A great team will push each other for the betterment of the company putting the company ahead of their own agendas. This has been a specific trait of all companies that go from good to great.

 

Now that you have the right people on the team it’s important to remember that great individuals are self-motivated. They push themselves to succeed for the best outcome of the company. Jordyn inspired her teammates when she had a great outing in the team competition, but her teammates were also driven to succeed. They knew that Jordyn’s performance was only part of the equation. Each went out on their own and succeeded and the result was gold medal for the US gymnastics team.

 

No great company can become great with only one person. It takes many people within an organization to make a company great. You need to have the right people on the bus. Often these people need to challenge you and make you remember that the focus should always be on the company and not on any individual working within the company.

 

The story of Team USA Gymnastics is a reminder of how a team can work to achieve something great without focus on any individual. Teammates are driven to succeed and inspired each other. It led to Olympic gold.  What is driving your business to win its gold medal?

 

As always, please leave me a comment and let me know what you think. If you need help in building value into your business, please contact me at 914.741.5200 or rmanasse@referencesystems.com.

 

To your success!

Rand 

 

 

Image Credit: Jordyn Wieber

Every Business Needs the Correct Economic Indicator

by Rand Manasse

As a business leader you understand the importance of profit.

Every great business needs to have three qualities that intersect. The first two involve understanding what you want your business to be along with what your business can be the best at in the world.

 

Making profit or finding your economic engine is the crucial third part in the intersection.

 

If your business doesn’t make money it won’t matter if you are the best at something. You need money to fuel your passion.

 

Finding the Economic Indicator

 

Every business has an economic indicator. The trick is making sure the indicator aligns with the goals of the company.

 

The indicator might be profit per employee or it might be profit per item sold or profit per hour worked. Profit is often involved in determining the health of the economic engine.

 

What you need to determine is what is the single most important focus of your company.

 

Even major companies have indicators including Walmart. The retail giant has been fighting a battle with the major credit card companies over swipe fees. Walmart realizes that its economic engine is driven by low prices. In order to maintain the lowest prices in the world Walmart needs to fight to keep all costs down including the cost of transactions. If credit card companies are able to increase their fees as they please Walmart’s economic engine is compromised. The indicator for Walmart is to watch the profit per transaction. When that goes down as it has with credit card transactions action needs to be taken to maintain the current model.

 

Your indicator needs to align with the goals of your business, but it also needs to align with what your business does better than anyone else. If any of these three are not in line the business can go down the wrong track.

 

Determining Your Business Indicator for Today and Tomorrow

 

If your business has been around for some time there is likely an economic engine at work. This is what has keep the money coming in all those years. Maybe you’re looking to change course, though, in order to position your business for more success in the future.

 

The assessment of what you are today as a company is important in understanding what you need to become in the future. Analyze every aspect of your company with specific focus on the economic engine. From there you should be able to determine the economic indicator that is currently important for keeping that engine going.

 

As you gain an understanding of what drives your business today you can then analyze the trends and indicators in your industry. You’ll start to realize if you need to change the business model. If change is necessary you’ll need to determine again how you can build a new economic engine.

 

Perhaps the existing engine will fuel change in the future until you can sustain on the new engine. This is common for many businesses. It’s happened for companies that have gone from catalogs to online in the past 10 to 15 years. It’s happened in the entertainment industry where focus on shifted from selling discs to selling downloadable files.

 

Change is always present in the business world.

 

It’s important to understand how your business economic engine works. Determine the economic indicator that drives the engine. Analyze the indicator to see if there are threats to your current business model. If there are threats you’ll need to create a plan for change.

 

Great businesses follow their indicator religiously. They use it to make decisions throughout the company. An economic indicator is vital to a company’s success.

 

Do you understand your business economic indicator?


As always, please leave me a comment and let me know what you think. If you need help in building value into your business, please contact me at 914.741.5200 or rmanasse@referencesystems.com.


To your success!

Rand 


Image Credit: Kevin Dooley

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