BIV Boardroom Strategy: how to executive corporate action plans effectively

The last step in the strategic planning process is often overlooked, and yet, it’s one of the most important: the action steps that will lead to the successful completion of your objectives.

But we need well-formed objectives before we can map out action steps.

Here are eight things we need to consider for solid action plans:

Ownership: one person must be responsible and accountable for tracing the progress toward each objective, keeping the team informed, ensuring timely action steps are occurring and adjusting the actions as reality teaches us what needs to shift.

Action steps: each objective needs to have a series of action steps that lay out a clear path throughout the year on how it can be achieved. If the objective is the “what,” then the action steps are the “hows.” It’s critical that the action steps are clear and actionable steps versus vague ideas or thoughts.

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Leadership Minute: the art of doing nothing, to boost creativity.

BIV Boardroom Strategy: how to become more strategic with your time

I remember sitting in a productivity seminar in an Entrepreneurs’ Organization Conference in Chicago a few years ago when the speaker asked a series of interesting questions.

The first was: “Who in the room is habitually late for everything?” The second was: “Who in the room prides themself with being on time?”

Then he asked: “For those of you who are always late, what do you think the impression you leave with people is?”

The answers around the room were, “I’m busy, important, successful, value my time, etc.”

Then the speaker asked: “For those of you who are always on time, what do you think about people who are late for meetings?”

The answers they gave included: “rude, inconsiderate, poor planners, not very thoughtful, selfish, disorganized, etc.” You could have heard a pin drop.

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BIV Boardroom Strategy: Stocking your arsenal to win the war for talent

A 1997 McKinsey and Company survey coined the phrase “the war for talent.” It forecast a two- decade demographically fuelled net reduction in talent in the workforce due to baby boomers retiring.

The recent recession slowed that war, as boomers planning to retire saw their RRSPs, investments and pensions take a massive hit. As these investments begin to recover to pre-September 2008 levels, it’s again becoming attractive for boomers to consider retirement or early retirement.

“There can be as much as a 10- to 15-year experience gap between retiring leaders and high potentials.”

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Influencing Corporate Culture

I’ve spoken to a number of executives lately who are concerned about their corporate culture and who want to know the key areas for leveraging change. Here are four areas that influence culture directly and are in your control as an executive team:

  1. What behaviours we allow (we teach people what okay and not okay)
  2. What we reward (monetarily or through praise, promotion, and recognition)
  3. Who we hire, what we look for when we hire, and who we help “exit” the business
  4. The visible behaviours of the executive team we demonstrate to the rest of the company

BIV Boardroom Strategy: How to make better decisions faster

[read time: 5 mins]

Very rarely do I hear from CEO’s and executives who are worried they will not be able to plot a strategy that makes sense for their company. More often than not, their greatest challenge lies in execution of the plan. One of the core issues in execution that holds back progress is ineffective decision making systems that result from a limited understanding of how decisions are made, who has the ability and responsibility to make decisions and what criterion is being used to make those decisions.

The ability to make clear, definite decisions in a timely fashion can be the difference between leading and lagging the competition. If key people in your organization are in decision paralysis what effect is that having on overall progress? Can you afford the extra time it’s taking to make decisions in your competitive industry?

So what can you do about it? Take a good look at how your decision-making culture might be slowing down the execution of your strategic plan by starting to understand which of these common blocks may be holding you back from making timely decisions:

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BIV Boardroom Strategy: Fix your meetings. Now.

[read time: 4 mins]

Let me paint the scene: you have a group of executives and senior managers, all well-paid, spending most of their weeks in meetings pretending to be paying attention to mind-numbing updates being read from the document they have sitting in front of them while doing the “Blackberry/iPhone Prayer”: holding their smartphone under the table, replying to email, texting, or furiously working to beat their high score on Angry Birds.

One of the most common complaints I hear from CEOs, Executives, and Senior Managers is that they spend most of their time in meetings, unclear what the purpose is other than the fact that the meeting is supposed to happen once a week, leaving them with little one-on-one time with their teams, desperate to clear out an overflowing inbox, and dreaming about having some whitespace in their calendar so they can actually be innovative and think creatively about the strategic direction of the business, organization, or even simply their division or team. Continue reading

BIV Boardroom Strategy: Adopt the right behaviours to help execute your strategy

[read time: 3 mins]

Your behaviour as a leader has an enormous impact on your team and your organizational culture. Understanding the effect of your leadership behaviours on the execution of your strategy is the first step in guiding your team in the right direction.

As a leader, the best way to harness momentum and motivation around your strategy is by consistently behaving in ways that you want to see others behave, and exhibit the behaviours that you want to ingrain into your culture and ultimately pass down to everyone in your organization.

Here are a few things you can do to sustain momentum and support the execution of your strategy by being intentional with your leadership behaviours:

Be decisive and take action, however small, towards your goal. When temptation to postpone, cancel or move deadlines presents itself, let people see you take one small step toward the goal – when you can’t do it all, something is better than nothing; if you can’t do all of it, do some of it. When you put a visible emphasis on forward motion in the execution of your plan, chances are others will follow your lead. Continue reading

Learning 2.0

Sign-up for a course, read the textbook, attend some lectures, study your notes, write an exam, and repeat. That’s the mantra that most of us used to build up our academic knowledge. Until now…

The tide has changed to move from learning in the classroom, focused on the institution, a fixed schedule, and a series of courses that “I have to take,” to a new way of learning that allows me to design a set of learning opportunities that fit what I’m passionate about. The web has given us the ability to live something called learning 2.0: a learner focused, always-on, just-in-time, designed by me for me type approach.

I thought I would share some fantastic resources for creating your own learning 2.0 path:

iTunes U – this is a free learning library built into iTunes that allows you to access video and audio of the world’s thought leaders from some of the most prestigious universities in the world. My current favourite is the Entrepreneurial Thought Leaders series from Stanford.

Harvard Business Review - HBR is the go-to place for business people wanting bite-sized columns and articles on the most current topics facing leaders today. Recently they put their monthly magazine on Zinio.com as well so now you can receive HBR Magazine direct to your iPad, PC, or Mac.

TED.com - if you haven’t heard about TED.com chances are you are just waking up from a coma (I hope you’re feeling better – the world has changed a bit while you were out).

Cisco Webex Recorded Webinars – Webex is a fantastic virtual meeting space that allows you and your team to collaborate online. It’s always a great tool for presenting to an audience that is remote. They’ve brought together thought leaders from around the world to create a series of business webinars using the platform.

wikipedia.org - you might be thinking “why would I go to wikipedia to learn, that’s where my kids go to research school projects?” but the reality is that wikipedia has become an amazing resource on any topic, including links to research and articles that provide even deeper context and learning on almost any topic.

Peer Groups – Napoleon Hill first came up with the idea of a Mastermind Group in his book, Think and Grow Rich, back in 1937. Today there are multiple ways to experience the benefit of a peer group:

  • build your own
  • attend a Meetup on a topic you’re passionate about
  • join organizations like YPO, EO, TEC, or a ViRTUS Exchange [shameless product plug]

If you have been thinking about doing an MBA or Masters in your field and are struggling with the time, money, and energy required for the two-three year commitment, consider the resources above as a way of creating a learning path that’s built by you, for you, and takes into account the realities of your busy life.

What resources are you using to create a personalized learning plan?

Leadership Minute: Clearing Conflicts as They Arise