5
To lead: Plan for the long-term Annual resolutions are short-term planning at best. Your business strategies need to be more decisive and focused. O P I N I O N
N ow that another new year is in full throttle, are you checking off your list of resolutions, or are you envisioning your firm’s future? Annual resolutions are short-term planning at best. For the long-term, your business strategies must be more decisive and focused. Here are a few suggestions to help stir up your thinking.
Stephen Lucy
1)Push the envelope. This business phrase speaks to the importance of doing more than the status quo. Steve Jobs was the epitome of thinking outside the mainstream. He had the unique ability to discern what his customers craved, and he brought passion to the process of inventing new ways to utilize tech- nology. His drive for excellence and merging beauty into the engineering process forever changed the technology landscape. “It’s easy to become complacent and set in our ways. However, as repetitive behavior breeds repetitive results, you need to ask yourself if you are satisfied with the status quo.” It’s easy to become complacent. However, as repeti- tive behavior breeds repetitive results, you need to ask yourself if you are satisfied with the status quo. Also, think about when you were most invigorated by your work. It was probably when you were ex- panding into a new market, implementing new tech- nology or advancing staff to new duties. I have yet to talk to a successful leader who was not working to change or improve their business. When was the last time you did something different and challenging? If you cannot remember, then it is definitely time for a change. 2)Take risks. Be bold. Dare to fail. Create opportu- nity. These are business strategies that often ignite change. If you are a leader who wants to grow both professionally and as a firm, taking business risks is a necessary part of the path to growth. But what risks should you take? As an engineer I was trained to be risk averse, but as a business leader I embrace calculated risk as I know that it can lead to advancement within our firm. This also means that I accept that there will be failures, but history tells me that all great innovations were preceded by failures. I am not advocating that you risk the existence of your firm. However, without some acceptance of risk and willingness to venture into the unknown you will not be able to implement change. In planning for the long-term, the decisions
you make to move forward will either hold you back or free you to grow beyond your greatest expecta- tions. 3)Act for the future. In addition to thinking about your firm’s future, you must also set aside time to think about yours, both personal and professional. A basic part of a leader’s vision is determining an exit strategy. Most of us postpone this discussion as we don’t want to think about the end of our careers, but this is a fundamental piece of any strategic planning. Aligning your interests with your firm’s capacity to support those interests is important as your deci- sions also impact those around you. You also need to know the future desires of others in your firm as they should be mutually supportive. While you want to act toward the future, it cannot be an individual act. It must be a group or corporate act if you want the transition in leadership and vi- sion to be smooth and sustainable. 4)Climb out of the weeds. How many times do you look back at the end of the day and try to determine if you accomplished anything of importance? We become bogged down by the minutiae of our work instead of focusing on our firm’s vision. We are like a snake crawling through the grass, sticking our head up now and then, until a lawnmower finally cuts it off. “If you are a leader who wants to grow both professionally and as a firm, taking business risks is a necessary part of the path to growth.” While taking care of the day-to-day is important, aren’t you supposed to be the strategic thinker for your firm? Is the task you are doing the best and highest use of your time, or should it be handled by someone else? I continually hear the excuse: “My clients expect me.” That’s not really true. Your clients expect a service and a certain quality of perfor- mance. And what better way to enhance that service than focusing on what is strategically relevant for
See STEPHEN LUCY, page 8
THE ZWEIG LETTER February 15, 2016, ISSUE 1139
Made with FlippingBook Annual report