The Need for Focus

[Editor's Note: Over the years we have found that the strategic planning processes for companies in the middle market vary widely and some are counterproductive. There are some common issues that are listed in this article. Do you recognize any of them? -dpm]

Too many strategies and initiatives

Often we see plans that have numerous strategies and initiatives. In one $60M revenue company, there were 17 major initiatives and strategies - so many that all of them couldn't be listed on an 11x14 sheet. When we asked the senior managers to list the top 3 priorities, we got a different answer from each of the managers. An organization can't tackle that many priorities at once. Not surprisingly, this organization had a history of not completing projects. 

Shiny Rocks - moving quickly from one idea to another                              

Sometimes the CEO has one great idea after another and overwhelms the team by abandoning one strategy or initiative to move to another. In these companies, strategies are never fully executed. There becomes a tendency for employees to just duck their heads down and wait for the current "new project" to blow over. There is little commitment to the "strategy du jour." These companies have flurries of activity, yet few accomplishments.  

No "what we are not going to do now" list

As important to narrow the focus of a company's strategic priorities, it is important to develop of list of things that the organization won't do. This is the most difficult task for companies. No one wants to move worthy projects or initiatives to this list. However, if an organization is to accomplish the top priorities, the others must be tabled - at least for the current cycle.  

No agreement on the priorities 

In some organizations, the plans are developed but there is no agreement among key functions and managers about the priorities. These organizations fail to mobilize to necessary resources to execute well.

Developing strategies that the organization cannot execute well

Many organizations develop strategies that either the market won't accept, or that the company does not have - nor can get - the resources or talent required to execute. I tell a story (somewhat tongue in cheek) about a mythical meeting at Kmart where some manager recommends a strategy to emulate the Nordstrom model. No matter how much money is spent, there is no way the market will accept Kmart adopting a Nordstrom model.

The Power of three 

We believe that for lower middle market companies, there should be no more than three major strategies undertaken in a planning cycle. When companies execute two of these strategies +well, they will be very successful.

What are your thoughts? Is your organization as focused as it should be?

We can help. The Mead Consulting Group has been helping companies develop and execute focused Strategic Growth & Execution plans for many years. Check out our website for descriptions of some client success stories.

If you would like to discuss how we might help your company begin the process of adding value and moving your company to the next level of performance, please contact us for a free consultation.

Lessons My Mother Taught Me

As we approach Mother’s Day, I am preoccupied with thoughts about my mother. While Mom passed away over 20 years ago, not a day goes by that I do not actively think about the lessons I learned from her. While my mother was not a business person, she was the best manager I ever met. While raising six children she was able to maintain a myriad of interests – from potting and ceramics, to becoming a world-renowned hybridizer of daylilies. 

Here are some of the lessons in no particular order – and if you knew my mother, you’d know it certainly is not a comprehensive list.

•     Always leave it better than you found it - make a difference
•     Treat others the way you want to be treated
•     Never ever give up
•     The Lord helps those who help themselves
•     If you keep your mouth open long enough, something unfortunate will come out   
•    Do your best and, if you keep trying, you’ll be the best
•     Do the important things first … and the less important will take care of themselves
•     Do what you know is right
•     Birds of a feather flock together
•    You are judged by the company you keep
•     There are no boring jobs, only boring people
•     Always do more than is expected
•     Never let a “wrong” go unaddressed
•     Learn something new every day
•     If you teach a person to fish, he’ll never be hungry

Feel free to comment on your experience.

Happy Mother's Day to all the Moms!

Best regards,

Dave Mead      

Benefits of a Strategic Business Coach (Why you may need one more now than ever)

 [Editor's Note: In these uncertain times, business and personal decision-making is very difficult for CEOs and senior leaders. We can never predict the future, yet we must make the best possible decisions, maintain a positive culture, and be adaptable and agile to changing conditions. This is especially true in the current uncertain environment of inflation, labor shortages, and supply chain issues. I hope you find the following article useful about the importance of strategic coaching.      - dpm]

We have been doing strategic business coaching for many years.

For many years, helping company leaders execute and grow as leaders has been a core part of our DNA. Our entire consulting practice is built around helping companies reach the next level - helping them to get results. Leadership, communication, strategic thinking, setting priorities, motivation, team development, alignment, accountability, and personal development are all part of the process. These are developed through close interaction with our clients’ leaders. We refer to it as CEO coaching or strategic coaching, but in truth, many times it involves the entire senior team.

 

My personal education with a strategic business coach. 

A recent conversation with a client brought back to mind my personal situation - when I was thrust into the CEO role by the death of the Founder. My best strategic coach was one of the Board members who took me under his wing. I was 27 and he was 73. He had lived quite a life, from growing and selling businesses to failed partnerships, lawsuits, large acquisitions, employee issues. He had forgotten more than most people ever experience. He was an irascible cuss and didn't suffer any fools. I was able to leverage his failures and successes and his incredible perspective. He helped me achieve my personal and business goals and made sure I was prepared for almost any situation that came my way. He also reinforced the importance of learning from mistakes. He was the person who helped me understand the importance of developing and focusing on strategic plans that can actually be executed.

 Benefits of a Strategic Business Coach

                           · You gain a needed confidante

· Strategic Business coaches force you outside your comfort zone

· You get personal attention from someone who knows your business.

· You hear the hard truth - that people inside your company sometimes won't share.

· You get objective, unbiased opinions.

· You learn how to turn your ideas into reality... Or hear why you are chasing too many shiny objects and need to focus

· You are held accountable for getting important things done - focus on strategic issues not what shade of mauve the office furniture will be.

· You get exposed to a huge external network

· You gain confidence in your decisions and actions.

 

Why Pick Mead Consulting for a Strategic Business Coach for your lower middle market business:

·         Experience – We’ve been in your shoes - Not only have we each grown multiple businesses, but we have been coaching business leaders like you across many companies for more than two decades.

·        Lower Middle Market Focus – we understand the issues unique to growing and scaling businesses of this size.

·        Strategy – we have proven strategies that work; we help you focus on the strategies that matter

·       Accountability – we hold you accountable to accomplish the desired results we outline together

 

If you want more information about how we help CEOs and business leaders continue to grow and accomplish their goals, please contact me

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The Mead Consulting Group helps dozens of companies and organizations -like yours - every year with both strategic planning & execution, and strategic business coaching. These processes have helped our clients consistently outperform their competition.

 If you would like to discuss your situation, please contact me to set up a complimentary meeting. David Mead at (303)660-8135 or meaddp@meadconsultinggroup.com

 Remember - our consultants have been experienced business owners, CEOs and senior executives who have been in your shoes. Our consultants have all been through uncertain economic times before – many including periods of inflation - and can help you best position your company to thrive through these next years.