Posts tagged with: values

Traditional Exit Strategies Are Broken

Excellent article on Entrepreneur.com by Simon Cohen, founder of Global Tolerance.  He gave his business away.

He elaborates on his three reasons for his OLE (Open Leadership Exercise):

1. Traditional Exit Strategies are Broken
 For any entrepreneur, putting your life’s work in the hands of a strategy that succeeds only one in four times is flawed. “

2. Values have Value
“It’s amazing to me how many companies express certain values, but when it comes to exit, those values are left at the door. In a world of discerning customers, this is a disaster for brand and customer loyalty — and the long-term value of the company. “

3. Happiness
“…too many people confuse money as the ends rather than the means. For the most part, we want to be happy. To make a difference. To live a life of meaning.”

The whole (brief) article is worth reading.

Values, Vision, Environment for Breakthrough Success

When was the last time you asked yourself – what will it take to make your business a success? It takes Values, Vision, and an Environment for Breakthrough Success. It takes that same definition of success to achieve your optimum exit.

Values

What are your core values? What are the core values of your business? Are they aligned? Are they consistent with what you want to achieve when you get out of the business and move on to your reinvention?

Before you can define your vision and the goals that will allow you to fulfill that vision, you and your team must be clear on what you and the business stand for in terms of your core values. Start with what you aspire your business to have for core values and work back to what values you embody and live by in practice.

Let your core values be the foundation for your goals, mission, vision, and the strategic plan for breakthrough success.

Vision

It’s easy to say you have a vision for your business. It’s your lifeblood. You know it inside out. Writing it down is the next step. Sharing it widely with your team is imperative too. Even more importantly, your vision for the business must provide a unifying picture so that everyone on the team – regardless of job function – can see exactly where you’re taking the business and the importance of their role in getting there. Therefore, the clearer the concept and the clearer (i.e., short and simple) the message is, the more likely you, and your team, can achieve the outcome you are striving for. Your vision needs to answer three questions. And it must answer those three questions for everyone on the team.

1. What do we do?
2. How do we do it?
3. For whom do we do it?

As Jim Collins proved in his book, From Good to Great, this is not a 30 minute, one meeting exercise. This requires 100% participation. It can’t be a top-down decision. It must be iterative and inclusive.

Environment

Andrew Carnegie said:

“You must capture and keep the heart of the original
and supremely able man before his brain can do its best.”

When you understand what is at the core of your team members, you can serve them and allow them to reach their full potential. Value their uniqueness. Your team members are your internal customers. You must treat them at least as well as your external customers. This is the highest level of customer service.

Shape the right work environment and you’ll have loyal team members to lead. That means, you have to create a work environment that respects each person, appreciates them and rewards their effort, and encourages an openness to change. Make it a safe environment, one which encourages trying new ideas. When you unleash personal creativity, each team member has a stake in the outcome.

It’s an environment that promotes growth at all levels. When that environment is part of the corporate culture and value structure that produces accelerated growth, increasing profits and team loyalty, that environment can be monetized. That environment becomes an asset you can monetize and leverage in the valuation of your business.

Combine all three elements, Values, Vision, Environment and you have a leadership formula for inspiring greatness and leading to breakthrough success.

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