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Executive Insight Tip of the Week, April 2, 2009 Sent Thursday, April 2, 2009 View as plaintext
Executive Insight
Tip of the Week
   
  
Hi !
 
Welcome to this week's issue of Executive Insight 
 
 
Course Corrections
 
It's hard to believe, but this week marks the end of the first quarter. This has raised the topic of year-to-date results with a number of clients.
 
One client has been navigating rough waters for at least six months, and has morphed into more of a firefighter than a leader. He talks about doing the activities that will move his firm forward, but is stuck in day-to-day intervention mode.
 
No time is a good time to be stuck, but in this economic environment, it's particularly damaging.
 
The end of a quarter is a good time to step back, evaluate progress, and determine if you need to make any changes. Take a minute to ponder the following:
  • Were your firm's results better or worse than what was budgeted? If the outcome was worse than expected, dig into the numbers. Were the weaker numbers related to economic conditions? Which areas underperformed? Did you lose a proportionately large client?
  • What did you enjoy and what did you dread? Analyze this to ensure that "dread" hasn't taken on a life of its own.
  • Was your company's productivity higher or lower? If you've had layoffs or adjusted employee compensation downward, you need to proactively arrest weak productivity.
After reflecting on this, you may want to make some changes. What you need to do is a course correction.
 
As a metaphor, imagine a pilot flying from New York to Rome. If air traffic control advises that the plane is off course by 1%, obviously the pilot won't be able to land the plane on the runway. By making a course correction for that 1%, the pilot goes back on track and is ready to land safely at Fiumicino Airport.
 
When you correct the course of your business on a regular basis, you avoid the need for major surgery at a later time.
 
Here are some things you can do now:
  1. If necessary, adjust your financial goals to reflect reality. Don't go crazy by overstating them, but don't wimp out and make them too low either.
  1. Identify where you get stuck, and steer clear of those activities.
  1. Visibly post your key financial goals so that they're an ongoing reminder of your desired outcomes.
I wish you success with any course corrections. Keep me posted on your progress.
 
Have a great week!
 

Copyright 2009 Lisa M. Aldisert

 
 
 
Issue #1, April 2, 2009
 
Our goal is to provide you with timely tips so that you can more effectively run your business. We know you have a ton of mail in your inbox, so we're committed to brevity and practicality.
 
 
Leadership and
the Bottom Line
Many leaders assume that their people know how their jobs contribute to revenue or profitability, but more often than not, you need to articulate it in a way that is meaningful to them.
 
 
Personal Power
A lot of people are sulking. When you're around them, they bring you down. Stay away from the sulkers, and gravitate towards those with positive energy.
 
 
Trend Watch
The social networking buzz has produced a lot of articles in the mainstream press recently. You might enjoy one from last weekend's Wall Street Journal, "Putting Your Best Faces Forward." Take a look, and think about the consistency of your identity online.
 
 
 
 
Editor
Julia E. Rosenbaum
 
 
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About Lisa Aldisert 
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