Over the past several weeks, we’ve taken a deep dive into our Member 360 tool, one of the multiple proprietary business tools that we make available to our CEOs and business owners. This week the series continues as we look at the very important topic of Leadership. There are several key questions asked in this part of our 360 Tool. Last week, we covered the first 6 questions. Here is part 2 of the Leadership deep dive where we look at the last 6 questions. .
Taking a more in depth look at each topic and rating your business in each area is important for the health and growth of your company. Leadership for your company is just one piece of the Member 360. If you haven’t seen the full evaluation tool, you access the full MEMBER 360 here.
This week, we’ll look at the last 6 LEADERSHIP questions and why they are important.
Do you make decisions in an appropriate time frame?
Leaders typically prefer to make decisions with the most amount of information available. Sometimes you don’t have that luxury, however. It’s possible you may have incomplete information to make a decision, but one must be made anyway. It’s likely you’ve seen a leader who is paralyzed from action due to wanting more information or input. In most cases, decision paralysis is not a good thing. As a leader, you often must work with limited information and trust your “gut” and experience.
Do YOU make necessary decisions when you may not have all the information? Obviously, critical or crucial decisions for your company need to be thought out carefully, but when it’s time to pull the trigger, do you decide in a timely manner or do you procrastinate? If you feel you make timely decisions, give yourself high marks here!
Do you show personal respect and concern for team members and demonstrate compassion when needed?
In last week’s blog, we explored integrity and being an example for your team. This goes hand in hand with showing compassion and concern. Studies show that great leaders also have the trait of great empathy. Trying to understand how your team members are thinking and feeling will help you when compassion is needed. Being seen as a leader who wants to help someone on a personal level will help cultivate the loyalty, work ethic, and teamwork that you want in your team. If you feel you are not as compassionate with others as you need to be, give this some thought. You’ll really like the results!.
Are you actively involved in training or mentoring leaders within your organization?
John Maxwell said, “One of the greatest values of mentors is the ability to see ahead what others cannot see and to help them navigate a course to their destination.” EVERYONE wants to be mentored! Think of your personal experiences and the mentors that helped you become the leader you are today. Your future leaders will eagerly accept your mentoring, as well. In addition, any succession or exit plan for your company revolves around the success of you training/mentoring the future leaders of the company. If you feel that you are an effective mentor, give yourself good marks here.
Do you currently spend time on the most important aspects of the business (as the owner)… the things that drives the most value?
In other words, are you a cog in the daily grind, or are you really a strategic thinker and leader in your company? At LXCouncil, we spend a great deal of time talking about this. You know the saying – “You should be working on the business, not in the business as the leader.” Are you critically examining the aspects of your company that you are personally involved in? Can you measure the value of these activities? If you are embroiled in accounting, marketing, sales, etc., are these the best use of your time? Or, are you thinking strategically, building relationships that bring value, and coaching/mentoring your team for maximum effect? If it’s the latter, give yourself a high mark.
Are you taking vacation and time to rejuvenate, as well time for personal development as the owner?
A burned out boss is a bad boss. You need to take time off to recharge and refocus from time to time. PS – don’t think you can take a vacation and still “work a little.” When you leave for a vacation, leave the work behind. By the way, you will show team members that you TRUST them to run the business while you are away. Don’t email or check in by phone…this can actually demotivate your team. You’ve worked hard to make your business a success. Enjoy the fruits of your labor by taking some time off!
As for personal development, most leaders forget that they need personal development time as well. If you agree that “so goes the leader, so goes the company,” it begs the question … who trains and develops the leader? This is where a peer advisory group can make a substantial difference in the growth of your business. As you develop and grow as a leader, you are better trained and empowered to work strategically ON your business!
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Our MEMBER 360 is an incredibly valuable tool when you look at each question in depth, as we have done here. This is the type of exercise we go through in LXCouncil meetings with our CEOs and business owners. If you’re a CEO, business owner, or entrepreneur who really wants to build a wildly successful business, you need more than a dream — you need a dream team.
Simply put, that’s what LXCouncil is … it’s a dream team comprised of other business owners, just like you. Peer advisory councils are an entrepreneur’s secret weapon. Members gain access
to knowledge and insights that their competitors often lack. That extra edge can really make
a big difference in how a company performs in a competitive marketplace.
If you are interested in learning more about becoming part of a peer advisory council, let’s start a conversation!
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