Posted July 8, 2019 by johnspence
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At the beginning of the year, a client asked me to put together this video on the main things I learned in 2018. I had worked on a myriad of projects from delivering dozens of keynotes and workshops to several strategic planning retreats and a lot of executive coaching. As I looked back on all of these, I saw five major trends that I challenged all of you to focus on for 2019.
While hard to believe, here we are halfway through 2019. I thought now would be a great time to check in to see how everyone is tackling my challenges and share some of the things I am seeing right now in the marketplace. I encourage you to take eight minutes and 26 seconds to watch the video, then below it, I have posted some ideas and anecdotes that I believe will help you for the rest of this year.
Five Key Ideas for 2019
The first idea I talk about in the video is that “Culture = Cash,” and that has really come into sharp focus in the last six months. I am coaching two executives, one in the financial industry and the other in the medical industry, and we’ve been working on improving the culture in their organizations. Both of them have identified their organizational culture as one of their only sustainable competitive advantages (along with top talent, customer relationships, strong brand, and proprietary data) and are now focusing on culture as a major strategy for the long-term success of their organizations.
Number two on my list is the idea of servant leadership, which is becoming more and more important as the year progresses. I just did a TEDx talk on The Leader of the Future where I talked about this concept and underscored the importance of having a high emotional quotient (EQ) and creating a genuine connection with the people in your organization. Unfortunately, I don’t see enough leaders who are deeply dedicated to truly serving their employees.
Wow, it’s amazing how much people talk about the importance of great customer service and how few businesses actually deliver it consistently (number three). I see this as a massive opportunity to stand out in a crowded marketplace. In the video, I mentioned the Ritz Carlton as a great example of superior customer service and one of the founders of the company, Horst Schulze, recently wrote a book called Excellence Wins: A No-Nonsense Guide to Becoming the Best in a World of Compromise that is absolutely fantastic. So many great stories, ideas, and tools for taking customer service to a completely new level, I highly recommend you read the book.
The fourth thing I mention is accountability. This is one of the biggest issues I’ve seen at companies across my entire career (the other big ones are poor communication and dysfunctional senior leadership teams). The only thing I will reiterate here is that it is essential you establish very clear expectations of what you are going to hold someone accountable to, without doing that you have set the person up for failure.
Finally, I touched on disciplined execution, which I view as a subset of accountability – if people are not held accountable, there is no way to execute effectively on your strategy. The point I’d like to make on this one is to make sure you remain focused, you should only have 3 to 5 major strategic objectives and only a handful of leading indicator KPIs that you use to manage your business. Remember, just because you can measure something doesn’t mean you should and just because something is hard to measure doesn’t mean you get to skip it. Pick the major numbers that drive the success of your organization and focus on them intently.
Two Bonus Ideas
In the video, I outlined the five above areas for you to focus on in 2019, and at the halfway mark they are still 100% on point. However, I wanted to add two more that I have seen emerge as areas for the remainder of the year.
Three of the executives I am coaching have asked me to help them become better strategic thinkers and it has been an absolute blast to work with them on this topic. I believe there are two reasons they are struggling.
- They do not truly understand what strategy is and how to apply high-level strategic thinking to their businesses.
- They are not looking closely enough at the major trends that would impact their industries over the next few years.
Strategic planning and thinking have different approaches, something that not many executives understand. By having these executives make their own “philosophy of strategy,” they create a philosophy that they can see strategy in a completely new light and gives them the unique perspective they needed.
ADAPTABILITY QUOTIENT (AQ)
In the TEDx talk I reference above, I talk about how important it is to have a high AQ, which is your adaptability quotient, your ability to be agile and move quickly in a fast-changing business environment. Last week, I delivered a workshop for a large pharmaceutical company when one of the attendees asked me, ” How do you develop your AQ?” Rather than just explaining it, I decided to give her an example and asked everyone in the room to write down the major trends they thought would be impacting their industry over the next five years.
From there, we worked together as a group to agree on the top three. After we had reached consensus, I then turned the audience and said, “Who in here can come to the front of the room and give us at least 15 minutes of data and ideas about specifically what’s going to happen in these three areas and how your company and each of you should be prepared to meet those challenges successfully?” Not a single person could do it. I then told them that someone with a high AQ would be able to get up and speak for an hour.
So my question to you, what are the top three trends that have will impact your business and your career over the next five years and could you easily talk for 30 minutes or more explaining exactly what your plan is to take on those challenges? If not, you have some work to do.
Make 2019 Your Best Year Yet
Here we are heading into the second half of 2019 and again I challenge you to focus on the things I mentioned in the video and these additional ideas to help you make 2019 one of the best years ever for you and your business.
I hope you found this helpful and will share it with your network. Thanks so much – John
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