When Stephen Lynch addressed a standing-room-only crowd at the Entrepreneur's Organization conference in Salt Lake City earlier this month, he revealed the #1 regret business leaders have—and what to do about it:
There are many cognitive biases that can lead us to make poor decisions in life and in business. I previously wrote about how Survivorship Bias fools us into thinking there is a "success formula". In this article, I focus on a selection of other thinking biases and provide suggestions for how to inoculate ourselves from them.
Editor's Note: Our guest blogger, Cameron Herold, is that rare individual who not only possesses knowledge and experience, but also the ability to present it clearly and effectively. Called "the best speaker I've ever heard" by Forbes magazine publisher, Rich Karlgaard, Cameron doesn't espouse theory, he weaves "in the trenches experience", gleaned through building $100 Million companies, with practical advice that gets businesses and business leaders growing immediately and rapidly. He is the founder of COO Alliance, and wrote the highly regarded (and wonderfully titled) book "Meetings Suck." This post originally appeared on his own blog and is republished here with his enthusiastic permission.
I have seen business owners, time and again, frustrated with the lack of results from their teams. And in nearly every case it is because they lack a process to drive their desired results.
The authors of, “What Really Works - The 4+2 Formula for Sustained Business Success” researched 160 large companies in equivalent industries over a 10 year period. The researchers looked at successful companies (winners), unsuccessful companies (losers), and also those whose performance changed for better or worse over the 10 year period (climbers and tumblers). They identified 8 management practices that were directly correlated with superior performance (in terms of total shareholder returns) over the 10 years.
I was recently asked to write a guest article for another software company here in San Francisco. They wanted to know how I would answer the following 2 questions:
It's difficult to keep pace with all the great business literature published these days. Here are some quotes from top thinkers to help you gain their most practical, actionable insights:1. Tracking Metrics
There are many ways of categorising metrics, (often called KPIs or Key Performance Indicators). They can be arranged by industry, functional area and role type, to name just a few. Researching KPIs in these categories can be helpful in identifying the metrics that are appropriate to take advantage of your team’s strengths and resolve the challenges that they face.
To really get the best out of your people and be the best organisation you can be, you need to give your people a compelling reason to work for you, beyond simply earning money.
Your core purpose is not about what you do or how you do it, your core purpose is why you choose to be part of this business and it defines the difference you want to make in the world. Together with your Big Hairy Audacious GoalTM and Core Values your Core Purpose forms the long term vision that you have for your organisation.