archive: September, 2009

5 Secrets to Doubling Your Team’s Productivity

Tuesday, September 29th, 2009

Productivity

Do you find yourself wondering why your team is only partially engaged, and why you have to follow-up on every little thing to ensure the work get done on time?  Shouldn’t they be doing back flips for you given that they still have a job in this economy?

There is really only one primary secret to getting your team 100% on board, engaged and producing double the output of an average team.  But let’s start with the 5 ways to get there.  At the end, I’ll give you the biggest secret to getting your team to produce at 150%.

  1. Practice Clarity – Making sure that everyone has a clear understanding of the vision and goals is paramount to increasing productivity.  When team members understand the vision and can clearly see their role and the value they bring, the stars will start to align.  People want to do a good job, but they are often un clear about what that entails.
  2. Trust Them – You have to be willing to trust your team first.  Even if you think they don’t deserve it.  Protect your downside by using agreements instead of expectations.  Most people will walk through walls to keep agreements when they have given their word, but have a hard time getting jazzed about meeting someone else’s expectations.  Remember, agreements are a two-way street, they are not dictated!
  3. Ask Their Advise – Presumably you have done a decent job hiring talented people.  Start asking for their advice on something you are grappling with.  If this is hard for you, then start practicing with something small.  This is one of the least used secrets that has the power to create one of the biggest impacts.
  4. Encourage Conflict – Sounds crazy, doesn’t it?  Constructive, passionate conflict is one of the surest signs of a healthy team.  The quickest way to a cohesive team is making sure everyone is comfortable being heard and explaining their point of view.  Even when the leader has to make a final decision, if the team feels they have been heard, they will get behind the decision as if it was their own.
  5. Team Accountability – encourage teammates to hold each other accountable for decisions and agreements.  Accountability is not a bad word; it is the sign of a highly productive team.  This will strengthen the connection between team members and will promote unconditional support.  Most people are easily motivated to perform at a high capacity; it simply takes a healthy and motivating culture.

As I mentioned at the beginning, all of this boils down to one main secret.  If you can remember this one secret when things aren’t going well, and make a change, you will begin to see progress.  Ask yourself if you are standing in front of a fireplace with a load of wood in your hands asking for the fire to show you some flame first, and then you’ll give it the wood.  Sounds silly when you think about it that way, but you would be amazed how often that scenario fits the situation.  If you can come at your problem from the other end and do your part first, often the solution will more easily come.  It may feel strange at first, because it is opposite from what we were all taught in school, but I promise it will work beautifully.

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Disregard

Sunday, September 27th, 2009

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Is Less Risk Really the Best Business Strategy?

Tuesday, September 22nd, 2009

risk

Was it really the amount of risk taken in the past few years that triggered the financial crisis, or might it be the type of risks taken that are the real culprits?  Perhaps, a simple case of too many eggs in one basket for too long?  Yes, banks kept piling on debt securities from residential and commercial mortgages based on a model that had value increasing in perpetuity.  Yes, hypermarkets such as CDX/CDS were created without anyone taking the initiative to add them all up and see if the insurance sold was actually more than the companies were worth.  Yes, Investment Banks were allowed to leverage up to levels that had never before been implemented. But to me, that says that we took too much of those particular kinds of risks for too long and did not scrutinize the underlying assumptions nearly enough.

At the same time, we were under-funding, intellectually and financially, innovation in new technologies and revolutionary products.   We cracked the code to the human genome a decade ago, and yet the average person sees little evidence of it in their daily lives.  We seem to be lacking in our abilities to bring new discoveries and breakthroughs into marketable territory.  Was it just a myth that we were in an era of great innovation, because we said out loud enough times that we actually believed it?  Were the best and brightest young minds being shuffled to Wall Street because they are better salesmen?  What can we teach and what can we do to promote and support entrepreneurs?  Perhaps some of those investment dollars (many coming from overseas) could have been better invested funding innovation instead of financial securities.  Funding innovation may seem like a much riskier bet, but I can promise the underlying assumptions would be a lot more realistic than the bets that were made in slam-dunk securities the last few years.

What I’m trying to say is that, as a nation, we seemed to have taken the easy way out (at least that is what we thought) and bet against what we knew was an inevitable cycle in hopes of piling on a bit more cash.  Where is the innovative and courageous American spirit that this country was founded upon?  Where is the spirit of the people who came together 2 short decades ago and created the impossible . . .  a nation built solely on the promise of freedom?  We have become complacent as we pretend to be a happy lug of androids that go to work, do what we are told, and go home.  Now that we know it won’t work in the future, we have a chance to make some game-changing moves.

We need to harness those adventuresome spirits that lead droves of people across the entire country in wagons with no real idea of what lay ahead.  Those are real risks, laced with dreams, passion, and courage.  Many of us have become our own silos.  We lack connections, challenges, and most of all the passion required to create real success.

The point is, if we are going to take risks, which we know is a part of life and business, we should take risks that are worth taking.  Let’s not take the same old risks over, and over, and over again until we look a bit daft for not recalling that economies run in cycles.  If we take risks in areas we are passionate about, and stop living up to the herd mentality, then we can make great strides in the growth necessary to push this next cycle.  It’s clear that the same-old thing is going to work this time.  Whatever we do must be different, inspiring, and creative.  Most every industry is being forced to reinvent itself in one way or another, which is an open invitation to do better.

Broaden your lens, stand on your head for a new perspective. . . do something, anything, to ensure that you are taking a new kind of risk that has some passion and guts behind it.

Posted in Courage, business, economy, strategy, success | 1 Comment »

The Business Whisperer

Tuesday, September 15th, 2009

horse_2

I am a huge animal lover with horses and dogs at the top of my list.  I grew up riding horses and my family currently includes a 9-year-old Golden Retriever and a 10-month-old, 85-pound Alaskan Malamute.  As you can imagine, The Horse Whisperer is one of my favorite movies.  Horses AND Robert Redford . . . does it get any better?  I also love to watch The Dog Whisperer.  I am still amazed by how many guests think Caesar Milan will say that it’s the dog and not the owner who need educating.  It cracks me up because you know they are fans and have watched multiple episodes.  The answer is always a need for more leadership from the humans.  No yelling, no discipline, no hitting . . . just pure and gentle leadership.  And miraculously, with the proper leadership and confidence, Diablo turns into Sweetie almost instantly.

I think we should start a new show . . . The Business Whisperer.  Where business owners and leaders learn how to motivate employees to reach their full potential.  Instead of “no eye contact, no touch, no talking” we can have “no demands, no expectations, no judgments”.  And instead of “exercise, discipline, and then affection” we can have “respect, believe, and then be amazed”.

Most people think that being a good leader is difficult and that it requires a special kind of personality to do it well.  The truth is that anyone can be a leader.  You can be a leader in your organization without taking on a big job with lots of responsibility, though you can do that too if you want.  You can lead the discussion in the boardroom or you can lead the recycling effort on your floor.  It’s still leadership.  It is human nature to belong to groups and we all have an innate desire to lead groups, but only a few of us get outside of our fear long enough to take action.

The changing economy is altering the way customers, employees, and the public view business.  It takes a new kind of leader to create a winning culture in today’s environment.  I strongly believe that the days of the ego-driven, command and control leaders with their tactics of fear, intimidation, and judgment are numbered.  To be replaced with Business Whisperers who spend their time inspiring excellence, trusting completely, and sharing their vision for the entire team.

The change is in the mindset.  A broadened approach to what is possible, what we have the courage to create, and who we have the courage to become in the process.  Realizing the potential of oneself as a leader and encouraging the potential in others.  Call it personal growth, enlightenment, psychological evolution, what ever you like.  It doesn’t matter what you call it, just start by realizing there are so many more possibilities in business than we have been able to see.

The most successful leaders in the new world of business will be intuitive and compassionate visionaries that promote excellence, passion, and hard work to push the envelope. Leadership is more about who you are leading and less about being followed. It’s not about being kind to everyone and never firing the employee who can’t seem to get it together.  It’s about respect and helping others find their best roles in life whether it is with your firm or not.  If you and your company are about excellence, then everyone should be 100% committed to excellence.  100% committed to excellence doesn’t mean no mistakes will be made, but it does mean that much will be learned from mistakes.  If you want to cultivate creativity and innovation, then mistakes and failure have to be seen as a part of the process and not a reason for harsh judgment.

It can’t be done, you say?  So many of us don’t try because we don’t think it’s possible, but I say that’s hogwash!  I once spent an hour with a young man, warning him that the next step would be firing him if things didn’t change, and received a thank you note from him the next day.  He got that I really wanted him to know what it is like to be engaged and loving your job.  It is possible to lay out the realities of a position or someone’s performance while at the same time caring about them and their careers.  The trouble is that a lot of people are in jobs that don’t suit them well or they can’t relate their jobs to their life goals.  Most people are afraid to openly discuss these issues. It’s easier than you think.  The first step is believing it’s possible.

Bring on the Business Whisperers . . .

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The Real Story Behind Commercial Real Estate

Wednesday, September 9th, 2009

Europe_2

What story?  That’s the problem . . . commercial real estate development in the past several decades has lacked a story.  A few have gotten it right, but many have not.  Most of it is boring, boring, boring and it is all starting to look the same.  When the commercial real estate market comes back, those who dared to be different and provide something new will be the clear winners.

Too many of the deals that were done in the past 6 years only made their investment hurdles because of the nice arbitrage that existed in financing the deal at a very high loan-to-value ratio and little recourse to anything except the underlying property.  I’m afraid those days are over, which means that new real estate deals are going to have make sense and work standing on their own.  If the financing isn’t going to get you over your hurdle, what will?  Stronger, better, and deeper connections to the users and their communities is what I would bet on.

Someone recently asked me what I would do if I had access to capital and had to use it to invest in commercial real estate.  My answer . . . I would focus on redevelopment and seek out opportunities where none of the competition has a story or something extra of value to offer.  I would probably also pay attention to the areas where a city transitions from urban to suburban.  There is a lot that can be done in a re-development in that kind of an area.  You have the opportunity to attract people from both the urban side and the suburban side.  The key is attraction.  Forget about doing the same thing that worked so well on the other side of town.  Find your courage and set out to do something unique and meaningful.  Get out and talk to people, find out what they want in an office building or a retail center.  Throw some ideas out; see what kind of reaction you get.  Study how people live and aim to give them something of value.

Suburban development has been fraught with big-box, poorly constructed, cookie-cutter, concrete havens that are only really attractive to the black birds because there are now 100 more small trees equally spaced in the parking lot to hang out on.  There is probably not going to be a lot of this stuff going up new for a while, but if you are thinking about it, or considering investing in one, please take a trip to Europe.  I’m certainly not advocating that we all start to model ourselves after Europe, but at least have a look around and realize that development can have a story, be interesting and attract people simply for its “hang-out” factor.  It doesn’t have to be extravagant or expensive to be appealing.  It just has to be a cool place where you’d like to hang out.

The reality is that we’ve all gotten over the “Wow” factor of being able to walk into huge stores and see merchandise stacked 30-feet high up to the ceiling.  Most of us are now looking for quaint, relaxing, different, more natural and smaller.  We want something that is inspiring and has more meaning.  We are tired of boring concrete . . . concrete . . . concrete.  We are especially tired of those stores where they try to fake you out with a fancy front.  Once you look behind the façade, you realize it was just a fake out; they were too cheap to build something with real character.  Have the guts to be what you are trying to be.

Posted in creativity, real estate | No Comments »