Monday, September 30, 2024

The Power of Influence in Business: How to Harness its Potential for Success.

 



Understanding the Concept of Influence in Business

Influence is a powerful force that plays a crucial role in the success of any business. It is the ability to shape opinions, inspire action, and drive change. In the competitive landscape of the business world, influence can be the key differentiator between success and failure. Understanding the concept of influence is essential for entrepreneurs and business leaders who strive for greatness.

Influence in business refers to the ability to persuade others to adopt a certain perspective or take a specific course of action. It involves building trust, credibility, and a strong reputation. When you have influence, people are more likely to listen to your ideas, support your initiatives, and become loyal customers. It enables you to create meaningful connections, form strategic partnerships, and drive business growth.

The Importance of Influence in Business Success

Influence is a critical factor in achieving business success. It helps you build a strong network of contacts, attract top talent, and gain access to valuable resources. When you have influence, doors open, opportunities arise, and obstacles become easier to overcome. It is the secret ingredient that propels you forward in the competitive business landscape.

One example of the immense importance of influence in business is the impact of Steve Jobs in the twenty-first century. Jobs, the co-founder of Apple Inc., revolutionized several industries with his visionary ideas and persuasive influence. His ability to inspire and motivate his team led to groundbreaking products like the iPhone and the iPad, which transformed the way we communicate and consume media. Jobs' influence extended beyond Apple, influencing the entire technology industry and shaping consumer behavior.

Case Study: How Steve Jobs Influenced Business in the Twenty-First Century

Steve Jobs' influence on business in the twenty-first century cannot be overstated. His visionary leadership and relentless pursuit of innovation transformed Apple into one of the most valuable companies in the world. Jobs had an uncanny ability to anticipate consumer needs and create products that exceeded their expectations.

Under Jobs' influence, Apple introduced iconic products like the iPhone, which revolutionized the smartphone industry. His emphasis on design and user experience set a new standard for the industry, inspiring competitors to prioritize these aspects as well. Jobs' influence extended beyond technology, impacting the entertainment, music, and publishing industries through products like iTunes and the App Store.


The success of Apple under Jobs' influence demonstrates the power of influence in business. By harnessing his visionary ideas and charismatic leadership, Jobs was able to create a brand that resonated with consumers and disrupted entire industries.

The Impact of Andrew Carnegie's Influence on the U.S. Business and Economy

Another influential figure in the business world is Andrew Carnegie. His influence on U.S. business and the economy cannot be overstated. Carnegie was a steel magnate and philanthropist who played a significant role in shaping the American business landscape in the late nineteenth and early twentieth centuries.

Carnegie's influence was primarily driven by his innovative business practices and the creation of a vertically integrated steel empire. His company, Carnegie Steel Company, controlled every aspect of the steel production process, from mining to manufacturing. This level of influence allowed Carnegie to dominate the industry and amass incredible wealth.

Carnegie's influence extended beyond business. He was a firm believer in philanthropy and used his wealth to build libraries, schools, and cultural institutions. His philanthropic efforts had a lasting impact on education and the arts in the United States.

Exploring Different Ways to Harness the Power of Influence in Business

In today's rapidly evolving business landscape, it is essential to explore different ways to harness the power of influence. Building influence requires a strategic approach and a deep understanding of your target audience and industry. By leveraging the right tools and strategies, you can cultivate influence and drive business success.

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Saturday, September 28, 2024

What is Digital Innovation?

 




Digital innovation is the integration of digital technology into all aspects of a business, fundamentally changing how you operate and deliver value to customers.

Digital innovation is not just a buzzword; it’s a pivotal concept that is driving the modern business landscape. According to a report by McKinsey, companies that are digital leaders are 1.5 times more likely to experience revenue growth than their less digitally-savvy counterparts. Furthermore, Gartner states that 56% of CEOs have reported that digital improvements have led to revenue growth.

Digital innovation involves the use of digital technology to solve traditional problems. These solutions can result in new business models, improved customer experiences, and operational efficiencies. In today’s fast-paced world, digital innovation is not just beneficial; it’s essential for survival. Companies that fail to innovate risk becoming obsolete, as they’re overtaken by more agile competitors. This article aims to demystify the concept of digital innovation, exploring its meaning, importance, and how businesses can embrace and drive it.

Key Statistics:
  • Digital leaders experience 1.5x more revenue growth (McKinsey).
  • 56% of CEOs report digital improvements leading to revenue growth (Gartner).
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Friday, September 27, 2024

Embodying the Essence of Inspirational Leadership in Today’s World

 


Inspiration leadership
has become a pivotal force in today’s ever-changing world, capable of driving positive change and fostering growth within team and communities. It is a powerful ability that transcends hierarchy, allowing individuals at any level to practice and excel in this form of leadership. In this article, we will explore the fundamental traits and practices that define an inspirational leader and their impact on motivating others towards success.

1. Communicate a Compelling Vision:

At the heart of inspirational leadership lies the skill to communicate a vision that ignites passion and drives action. When team members can visualize the leader’s vision, understand the purpose behind it, and believe in its potential, they become motivated to invest their efforts wholeheartedly. Simon Sinek’s book “Start with Why” emphasizes that effectively communicating the “Why” behind a vision appeals to our limbic brain, fostering feeling of trust, loyalty, and pleasure that positively influence decision-making.

2. Exude Passion and Enthusiasm:

Passion and enthusiasm are contagious qualities that can inspire others to achieve their goals. As an inspirational leader, your authentic dedication to your work and chosen profession can serve as a powerful source of inspiration for your team members, By exhibiting passion in your actions and words, you create an environment that encourages others to tap into their own passions and pursue excellence.

3. Encourage Creativity:

Fostering a culture of creativity within your team is key to unlocking innovation and driving progress. By allowing and encouraging team members to think outside the box, explore uncharted territories, and bring forward new ideas, you cultivate an atmosphere of innovation and engagement. Remember, great ideas can come from anyone, regardless of their level of experience or expertise.

4. Lead by Example

As an inspirational leader, leading by example is a non-negotiable trait. Your actions should consistently align with your words, reinforcing the behavior and values you wish to see in your team members. By being willing to roll up your sleeves and work alongside your team, you establish a sense of trust and unity that encourages others to follow suit.

5. Demonstrate Empathy and Understanding:

Empathy is a critical skill for any leader seeking to inspire their team. By understanding and acknowledging the challenges that team members face, you create an environment where they feel valued and heard. Engaging in open, compassionate conversations can foster trust and encourage collaboration, leading to a more cohesive and motivated team.

6. Nurture growth:

An inspirational leader invests in the growth of their team, both professionally and personally. By empowering team member to overcome obstacles and rehearse positive outcomes, you instill a sense of confidence and self-belief within them. This support and encouragement contribute to their development as individuals and professionals, making them more committed and loyal team members.

7. Recognize and Acknowledge Contributions:

Recognizing the hard work and contributions of your team members is vital in building a supportive and motivated work environment. When employees feel appreciated and valued for their efforts, they are more likely to remain committed and strive for excellence. Find creative ways to acknowledge and celebrate achievements, whether through public recognition, rewards, or regular affirmation during team meetings.

Conclusion:

Inspirational leadership is an invaluable asset in the modern world, capable of guiding teams to achieve greatness and fostering a sense of purpose and belonging among individuals. By embodying these essential qualities – effective communication, passion, creativity, leading by example, empathy, growth-oriented mindset, and recognition – you can inspire and motivate others to unleash their full potential and strive for excellence. As you consistently apply these principles, you will become a beacon of inspiration, guiding your team towards success, and positively impacting the lives of those you lead.

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Thursday, September 26, 2024

6 Steps to Develop Your Strategic Thinking Skills

 




There is a general perception that strategic thinking skills are hard to obtain and that only senior executives or policymakers need to have a strategic mindset. The truth is that anyone can acquire strategic thinking skills.

I used to be an operations person, and I liked moving things forward and focusing on tactics. I was able to develop the capability of thinking strategically through writing global go-to-market plans. This approach was necessary to enable different marketing functions to work together and numerous country marketing managers to plan and execute their local campaigns.

I learned by asking questions and by fielding others’ questions. I learned to listen and discuss different scenarios with many teams, from sales and product teams to country marketing managers. Also,

I learned to openly discuss worst-case scenarios, such as budget cuts or headcount reductions.

Here are some simple steps that you can follow to develop your strategic thinking skills.

Strategic Thinking
Steps to Cultivate Your Strategic Thinking
  • Articulate your goals clearly
  • Research and identify options to reach those goals
  • Analyze the possibilities and risks objectively
  • Decide on a course of action based on your research and analysis
  • Create an implementation plan
  • Adapt and adjust along the way
Definition of Strategic Thinking

When you do a Google search, millions of definitions are out there. Many definitions are abstract, and it isn’t easy to understand how to apply them to our lives and work.

Here are some definition examples I got from the Internet:


1. Strategic thinking means asking, “are we doing the right things?” and evaluating specific requirements…

2. Strategic thinking is to:
  • Analyze opportunities and problems
  • Take a broad perspective
  • Anticipate the potential impact of your actions on others
3. Strategic thinking is the skill of analyzing and conceiving important ideas, decisions, strategies, and plans

For example: how do you define what is the “right” thing? The right thing for one business group in a company may not be a priority for others. What does it mean to take a broad perspective? The 3rd example is to analyze and conceive important ideas. What does it mean to conceive important ideas?

None of the definitions is concrete enough to help us understand strategic thinking. If we can’t clearly articulate it, it’s hard to explain what to do to acquire that skill.

For this article, I define strategic thinking as:

“A thinking process applied by an individual in the context of achieving a goal.”

Note: I am not taking credit for this definition. It comes straight out of Wikipedia. 🙂

Benefits of Being a Strategic Thinker

The definition is concrete and clear. You can apply the ability to think strategically as long as you try to accomplish something or solve a specific problem. If this is the approach we take, we can regularly practice strategic thinking because we face decision-making and problem-solving.

By thoroughly thinking through your options and evaluating them with sound analysis, you can clearly articulate why you make certain decisions to management or your family. As a result, you can influence naysayers’ points of view or persuade management to approve your decisions.

As a business professional, the ultimate benefit of thinking strategically is to demonstrate the ability to articulate a vision. Then, leverage the vision to lead.

Here are the additional benefits of being able to think strategically:
  • Help you identify various options to achieve the same goals
  • Simplify complex problems by breaking them down into digestible chunks
  • Understand the worst-case scenarios to prepare for adverse outcomes
  • Quantify risks to prioritize options
  • Reduce the margin of errors or chaos
  • Embrace and confront unknowns when they happen.
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Wednesday, September 25, 2024

Accountability

 



The principal party delegates roles to other parties but remains liable if an action is not executed well or in the event of a loss. It is commonly practiced in the financial sector and the business world in its entirety.

For example, the two elements of accountability can be seen in a case where an accountor delegates the power to the accountee. Still, it is the accountor who takes responsibility and goes the extra mile to put measures in place to prevent future reoccurrence of a mistake. The concept is further dependent on the ethical behavior of the party held to account for the activity and influence of regulations.

The benefit of accountability is that it assures that an auditor presented an accurate and fair view of a company’s financial health. The auditor is, therefore, legally and criminally liable for fraud or breach of contract resulting from the audited financial statements. Accountability commands care, knowledge, and skills during accounting practice since a slight omission or an act is tantamount to professional negligence.


The accountor gives the mandate and delegates the power, while the accountee receives power.

Understanding Accountability

Accountability helps to improve the quality of financial reporting. In essence, the integrity of the capital markets depends on credible checks and balances. The accountability objective is the basis for constructive dialogue between investors and management. It shows how the management utilizes the resources with which it is entrusted.

Shareholders are also interested in the concept of accountability in a company’s operations. Public companies have a fiduciary responsibility to their shareholders by ensuring accurate and timely reporting of earnings for the year and proper execution of trade.

They also ensure proper communication of information by having established channels of communication where important information is communicated to shareholders, potential investors, and the public. A reasonable level of care and accuracy is needed to curb possible errors – failure to which the company may incur a penalty. If they suffice, the responsible party is held accountable.

Roles of Accountability

The view of accountability continues to broaden in modern times. Shifts in the socio-political environment are driving the changes in accountability relationships. As a result, accountability relations in the financial sector are becoming diversified.

They come as a result of notable developments – such as the role of media, the emergence of participatory democracy, and the growing need to keep investors and the public up-to-date and directly involved in a company’s activities. In the case of structured accountability, business agencies now realize legitimacy and a high level of governance and financial positioning are needed to continue to exist.

Some of the key roles of accountability include:

1. Improve a company’s governance

Accountability, alongside other key underpinnings, such as integrity and transparency, has proven to be the driving force behind a good governance arrangement. Reporting the returns on a portfolio of investments in an accountable and transparent manner reduces the chances of corporate mischief, implying that the administration of a company is based on good governance.

2. Provide oversight

The two elements of accountability ensure that responsibility is delegated and not merely forsaken. It suggests that there is a hierarchy in which the principal retains the consequences of the responsibility. However, the powers that are necessary to achieve objectives usually limit the allocation of roles to other parties.

3. Maintain and enhance legitimacy

A clear legal ground for various accountability mechanisms can generate the legitimacy of a company. If the actions of a company bear legitimacy in the eyes of investors, it can effectively use the granted independence.

Conversely, a company’s independence will be short-lived if its activities lack legitimacy. Companies are accountable for their financial activities to safeguard legitimacy and maintain autonomy.

4. Improve performance

Although accountability is mostly concerned with financial monitoring, it is also concerned with using internal controls to enhance performance. A sound management system defines the rules and actions against which reviews are subjected.

It, as a result, minimizes the scope for ad hoc and, instead, enhances financial performance. For example, the condition under which a company may be subjected to litigation is captured by a structured judicial review. Thus, a well-designed accountability mechanism can help strengthen a company’s independence.

Examples of Accountability

Accountants are accountable for the quality of financial reporting in any company. However, there are situations when the financial statements may be manipulated for selfish gains. It is the reason why financial statements are subject to independent external accountants.

Independent auditors possess enough knowledge and experience to detect loopholes in financial statements. Publicly listed companies are required to get their financial statements audited every year. They are also required to involve audit committees as part of the board of directors to oversee and enhance transparency.

Related Readings

Thank you for reading CFI’s guide to Accountability. To keep advancing your career, the additional CFI resources below will be useful:

  • Business Ethics
  • Fraud Triangle
  • Internal vs External Financial Reporting
  • Evidence in an Audit
  • See all management & strategy resources

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Tuesday, September 24, 2024

Integrity & Trust (Integrity & Trust Leadership Competency)

 




Defined: Integrity means doing the right thing in the right way; it means adhering to values strongly held. Trust is a belief that someone is honest and credible; trust is earned by being honest, having a positive intent, having strong competencies, and a track record of results.

Trust is the new currency of our interdependent, collaborative world. – Stephen M.R. Covey

Employees want to work for leaders they trust. “Relationships of trust” are developed on a base of experience in which at least one individual comes to be trusted. The strongest relationships are built on mutual trust, which are built through experience of mutual reliability. Without strong trust, more interpersonal issues inevitably emerge, which become impediments to optimal team performance, and which naturally lead to increased staff and customer attrition. Operating with integrity fosters mutual goodwill and support, which lends to an improved sense of team spirit, mutual loyalty, cooperativeness, shared responsibility and team resilience. All of these team qualities lead to more mutually satisfying and enduring relationships between team members and between a company and its customers.

Leaders Skilled in Integrity & Trust

  • Keep their promises
  • Have a reputation for being honest and forthright
  • Do not present opinions as facts
  • Are consistent in words and actions
  • Trust and respect others
  • Do respond to pressure to act in conflict with their ethics
  • Understand that trust must be earned
  • Keep information shared in confidence private
  • Accept responsibility for their mistakes
  • Lead by example, not by dictates alone
  • Maintain transparency
  • Deliver amount and quality promised, or over deliver
  • Always try to do the right thing

What Prevents Ability in Integrity & Trust

  • Lack of actual commitment to keep promises
  • Making excuses or blame others for their mistakes
  • Inconsistency in following through
  • Dishonesty, especially for gain
  • Blunt, compassionless frankness
  • Takes responsibility for mistakes
  • Lack of transparency
  • Under-delivering on quantity or quality
  • Inconsistency between words and actions
  • Gossiping and divulging information shared in confidence
  • Making unrealistic promises
  • Demonstrated lack of faithfulness to stated values
  • Selfishness
  • Inclination to judge others negatively

Self-Coaching Questions

  • Do you consistently meet or exceed your commitments related deadlines? Quality targets?
  • Do your actions and words match?
  • Do your actions support or violate your organization’s values?
  • Are you competent in the technical knowledge of your profession?
  • Do you believe your colleagues trust you? At what level? Would they trust you with a big project? Would they trust you to watch their kids?

Tips for Integrity & Trust

  • Be reliable. Keep your word.
  • If you can't keep a promise, notify people that there's an issue preventing you from doing so.
  • Maintain a written schedule, and make necessary adaptations in your system, to ensure against failure to manage your obligations.
  • Subscribe to the world's greatest trust-building business tenet: “Under promise, and over deliver.”
  • Understand your own values and your company's values, ensure they're aligned, and live by them.
  • Be consistent in your words and actions.
  • If you don't know the answer, don't make one up. Just say you'll check to find out the information and get back to the inquirer.
  • Admit your mistake, and offer a genuine apology, and correct any problem created by it.
  • Be transparent about your professional and private life as much as is reasonable; avoid seeming mysterious and elusive.
  • When in doubt, don't repeat things you're told in private conversations.
  • Think in terms of the good of the team and customers, vs. prioritizing what is most expedient or advantageous for you personally.
  • Do not stand by and allow others to commit unethical acts that compromise your integrity or that of your organization. Advise of consequences, and follow through.

  • Developmental Action Plan for Integrity & Trust

  • LEARN: Read the article, “Integrity & Trust” in the LEADx library.
  • LEARN: Read the book (or LEADx Summary), The Speed of Trust, by Stephen M.R. Covey.
  • LEARN: Listen to the podcast, The Speed of Trust, with Stephen M.R. Covey in the LEADx library.
  • REFLECT: How well are you doing on the 4 elements of trust? Use the Leadership Self-Reflection: Building Trust worksheet in the LEADx Library.
  • REFLECT: How can you extend more trust to others? Use the Leadership Self-Reflection: Extending Trust To Others worksheet in the LEADx Library.
  • SCHEDULE: time to learn and keep your professional skills relevant. Enroll in a seminar, register for a conference, or subscribe to online learning as necessary.
  • APPLY: Breaking micro-commitments erodes trust. Be extra aware of arriving on time, returning emails/calls when promised, meet deadlines and budgets.
  • APPLY: Repair relationships where you've broken trust in the past. Take ownership for what happened, apologize, and vow to do better in the future.
  • APPLY: Ensure your language matches your caring for the team. Say “we” not “I”, “our” not “my”, and go out of your way to give credit to others.
  • APPLY: Be mindful of talking straight: be candid and direct (no spin!), be transparent sharing risks along with opportunities, threats along with opportunities.
  • APPLY: Be respectful of colleagues at all times; give them your full attention when talking or in meetings. During stressful times modulate your emotional reactions.
  • MEASURE: Trigger an engagement pulse survey to measure trust levels, or list and count your trust-building actions in the prior week.

Additional Points for Thought

Understand the difference between honest, and being brutally honest. Brutal “honesty” has the opposite effect of building trust. Why? Because it smacks of ulterior motives in desire to equalize the self by degrading others. That's hardly a picture of integrity. Employees who feel excessively scrutinized, disrespected and insecure in their positions cannot be expected to develop a sense of belonging to an organization's mission or to perform their best to serve it. A brand of honesty that nurtures an aspirational working environment keeps with the values of a company that understands that true integrity and trust are qualities of leadership that appreciates the team's members, not mistreats them.

Suggested Additional Resources
  • Marchica, J (2004, February) The Accountable Organization: Reclaiming Integrity, Restoring Trust, Nicholas Brealey Publishing, ISBN-10: 0891061851, ISBN-13: 978-0891061854.
  • Simons, T (2002, September) The High Cost of Lost Trust, Harvard Business Review, Retrieved on 4-23-19 from: https://hbr.org/2002/09/the-high-cost-of-lost-trust.
  • Paine, L, (1994, April) Managing for Organizational Integrity, Harvard Business Review, Retrieved on 4-23-19 from: https://hbr.org/1994/03/managing-for-organizational-integrity.
  • Hanson, T and Zacher Hanson, B (2007, January) Who Will Do What By When? How to Improve Performance Accountability and Trust with Integrity, Power Publications, ISBN-13: 978-0972419444, ISBN-10: 0972419446.
  • Shaw, R (1997, March) Trust in the Balance: Building Successful Organizations on Results, Integrity, and Concern, Jossey-Bass, ISBN-13: 978-0787902865, ISBN-10: 9780787902865.
  • Mannis, T (2015, October) I Can H.I.T. Honesty-Integrity-Trust, Page Publishing, Inc., ISBN-10: 1682133362, ISBN-13: 978-1682133361.
Suggested Internet Search Terms

Building trust, how to build trust, leadership integrity, transparency, authenticity, accountability, competency, organizational trust

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Monday, September 23, 2024

Vision Before Strategy: A Nonprofit’s Guide to Defining Success



Defining the desired outcome and what constitutes success in measurable terms helps stakeholders align their actions and priorities, ensuring that every effort is geared toward achieving this shared vision.



Defining the desired outcome and what constitutes success in measurable terms helps stakeholders align their actions and priorities, ensuring that every effort is geared toward achieving this shared vision.

What does success look like for your nonprofit?

When imagining the future of a nonprofit organization, we often delve straight into strategic planning. We start thinking of all the possibilities of what our organization might look like in the future: all the programs we could add, all the ways we could expand and grow. However, before we go all the way down that rabbit hole, we must ask one crucial question: What does success look like?

Perhaps because my nonprofit works with food, I like to think of this question in terms of planning a dinner party. That is, you can ask someone else to plan a wonderful dinner party for you, but what a “wonderful party” looks like for one person may be a nightmare scenario for another. Having a clear vision of what success looks like to you provides both a clear goal and destination for the entire organization. Defining the desired outcome in measurable terms helps stakeholders align their actions and priorities, ensuring that every effort is geared toward achieving this shared vision.

Without a clear vision of success, organizations risk drifting aimlessly, with stakeholders pulling in different directions and wasting resources on unaligned initiatives. Furthermore, this envisioned success fuels inspiration and motivation. When teams have a clear understanding of what they are working toward together, they can become more engaged and committed. This vision sparks enthusiasm, fostering a collective purpose and driving innovation. It enables individuals to see the larger picture and understand their role in contributing to these clearly defined goals.

The Foundations of Success

To consider what success looks like for your organization, you first need to have solid answers to three foundational questions:
  • What do you provide (product, service, and/or value)?
  • Who do you do it for?
  • How is it paid for?
Let’s break these questions down.

What do you provide?

To break this question down, we might need to ask yet another question: What essential ingredients are needed to curate this product, service, and/or value?

Nonprofit organizations operate with the goal of serving the public interest or a specific community need, rather than generating profits for shareholders. For example, a nonprofit promoting adult literacy might also offer services such as tutoring sessions, educational workshops, and access to reading resources. To curate these services, they would need essential ingredients: skilled educators, curricula tailored to adult learners, accessible physical or digital classroom venues, learning materials, support staff for administration and outreach, and feedback mechanisms to continuously improve their offerings. After all, the true value this organization provides—their operational goals—is not just in teaching adults to read but in empowering individuals with knowledge, boosting their confidence, and opening doors to better opportunities in their personal and professional lives.

Who do you do it for?

In this, we have to be specific, as this most likely encompasses several target audiences or business models. You can’t be something for everyone, so you must determine who exactly your organization is meant to serve.

Even a nonprofit organization dedicated to supporting survivors of domestic abuse, for example, in fact serves a diverse cohort of individuals. That is, part of the nonprofit’s role is to (hopefully) anticipate that the people they serve are not monolithic: they might include women escaping immediate threats, men who often face societal stigmas in admitting abuse, LGBTQ+ members who might experience unique challenges in abusive relationships, and children bearing silent witness to domestic violence. Each persona requires a nuanced approach: they might offer emergency shelters and legal assistance for women, support groups and tailored counseling for men, safe spaces that respect the varied identities of LGBTQ+ survivors, and therapy sessions for children to address trauma. By understanding the distinct needs of each group (as well as variations within the groups themselves), the nonprofit can more effectively tailor its services and outreach, ensuring every survivor feels seen, heard, and supported—the ultimate form of success.

How is it paid for?

This might seem like a straight-forward question, but anyone involved in the planning side of things knows that all too often, funding reigns king. And even though funding is important, it is often cobbled together from a variety of different sources.

Take GreenRoots Foundation, a nonprofit that provides sustainable farming education and resources to various demographics in urban settings. Their funding structure is multifaceted, deriving income from grants, donor contributions, and partnerships with local businesses. To ensure inclusive access, they employ a sliding scale fee model for their workshops: high-income urban professionals pay a premium, mid-income families pay a standard fee, and low-income households (including at-risk youth) attend for minimal or no cost. This cross-subsidization allows them to serve diverse populations, from the eco-conscious corporate worker seeking to grow balcony herbs to the single parent in low-income housing aiming to supplement food sources—even the teenager from a troubled background looking for skills and community. Through this model, GreenRoots Foundation not only disseminates knowledge but also fosters a community where every member, irrespective of their financial standing, contributes to and benefits from the shared mission.

These answers should help you avoid potential pitfalls.

Lacking clarity on the answers to these questions can lead to potential pitfalls. If you’re not sure about your answers, give yourself a timeframe and budget to develop the answers.

Commit to exploration and discovery. Allocate a budget, for instance, $1,500, and a timeline of three months, to conduct market research through interviews, surveys, and direct observations. Proceeding with this essential groundwork will likely lead to greater success.

Next, plan for the broader implications (aka impact).

Equipped with foundational knowledge and details about what you offer, your target audience, and your revenue model, you can now plan for the broader implications: impact. Let’s fire up the kitchen!

Task 1: Measure the Increase in Impact.

Of course, one of the first things we should consider in terms of our impact is how to increase it. But if we’re planning strategically and looking for success, we realize that what this means is that we need measurable ways to increase our impact. After all, if we can’t measure it, how do we know if it’s successful?

Consider what you are looking for in quantifiable ways. Are you looking for more signups or service requests, for instance? By optimizing outreach strategies, an organization can measure success by seeing increased signups for their programs. Alternatively, enhancing service quality and broadening service avenues can lead to a notable uptick in service requests, reflecting a wider community engagement and deeper trust in the organization’s offerings.

Task 2: Innovate.

Innovation is defined as “something new that brings value.” Collaborative initiatives, like partnering with influencers or local businesses for themed events or challenges, can attract new audiences and generate buzz.

Think outside the box. Imagine a hair salon hosting a recipe exchange, for example! By integrating technology and community-driven events, nonprofits can create a ripple effect of awareness and action beyond their traditional spheres of influence. Extending your nonprofit’s influence is, after all, a crucial way of increasing its impact.

Task 3: Collaborate.

Admittedly, this relates to the previous task in its ability to increase impact. But more specifically, collaboration means establishing partner relationships with other nonprofits—even broader entities like Higher Ed institutions—to amplify your reach and solidify your organization’s impact within the community. While the innovative partnerships with businesses and influencers might extend your reach in the corporate world, collaborations between nonprofits allow organizations to pool their resources, share expertise, and address challenges that might be insurmountable individually.

For example, a nonprofit focusing on youth empowerment can significantly benefit from a partnership with a local university by gaining access to research resources, student volunteers, or even specialized knowledge from academia that can refine their intervention strategies. Similarly, co-hosted events or programs can garner more attention, including a combined follower base, creating a louder voice for advocacy or awareness.

To increase your impact, consider partnering with Higher Ed institutions or engaging in Co-opetition.[1] Success is all about optimizing resources, whether it’s time, talent, treasure, or most crucially, ATTENTION.

Now, conduct inventory to make sure your foundation matches your plans for impact.

You want to make sure your ingredients match your recipe. No use trying to make eggplant parmesan without tomatoes, after all.

Start with a fundamental inventory of your current resources. A functioning marketing team? Check. Dedicated finance expert? Check. A vacant HR position? Noted. Tools (like consumption chain analysis, for example) can prove invaluable for evaluating your website’s efficacy at reaching its targeted audience.

You should also conduct a review of the organization’s overall structure. This review can be broken down into several parts:
  • Roles: Here, clarity is essential. Everyone should be aware of their job description, chain of command, and the expectations set for them.
  • Goals: Clearly define measurable outcomes for the organization and individual roles. This is also integral to job descriptions.
  • Rules: Strive for necessity, not abundance. Dismiss rules that exist merely out of habit.
  • People: Recognize and cherish external entities that fan your organization’s flames, whether individuals or companies.

This inventory should help you make sure that you have all of the necessary ingredients to be successful in increasing your organizational impact.

Look out! Spills ahead!

In the kitchen, spills happen, especially when there are a lot of different cooks with a number of different areas of expertise. But that doesn’t mean you should go around putting full glasses of milk on the side of busy countertops, so to speak.

Instead, as executive leadership, it’s your job to look out for things that might cause potential spillage. Here are a few things to watch for that can get in the way of your organization’s success:

Limited Resources: Success can be hindered by a myriad of challenges. At the forefront are limited resources. Whether it’s a lack of time, the right talent, adequate financing, or the ever-precious commodity of attention, these constraints can impede success.

Zombie Projects: The existence of Zombie Projects—initiatives that continually consume resources without yielding tangible benefits—can further strain an already tight budget and distract from impactful endeavors.

Scope Creep: The phenomenon of Scope Creep presents a significant roadblock. This pertains to ever-shifting goals or elusive deadlines that consistently get pushed back, leading to inefficiencies, demoralization, and often project abandonment.

Unripe Customers: Potential customers who either don’t recognize the need for your product/service or aren’t ready to make a purchase. These individuals or entities either fail to recognize the value or necessity of the services offered or are not in a position to engage at a given moment. Such mismatches can lead to wasted efforts and missed opportunities, further impeding the path to success.

A recipe for a solid strategic plan starts with a success-oriented mindset.

To bring this full circle, revisit the initial question. Define what success looks like for your organization, then create the recipe to achieve it. Remember, a strategic plan is only as good as the foundational understanding that underpins it. Embrace introspection before projection to set your organization up for success!

Footnotes

In co-opetition, organizations that might traditionally be viewed as competitors collaborate for mutual benefit. By joining hands with similar mission-driven entities, nonprofits can optimize the use of time, tap into a shared pool of talent, and even jointly fundraise, maximizing the “treasure” they can direct towards their cause. More than anything, a united front amidst our attention-driven economy (consisting of multiple organizations championing a common cause) can capture public interest more effectively, ensuring the message doesn’t just spread but also resonates deeply within the community.

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Saturday, September 21, 2024

Benefits of Collaboration Between Organizations and Teams






Benefits of collaboration between organizations

Collaboration in organizations bring with them potential benefits such as the following:

Synergy. The sum of the whole is bigger than the sum of each part. Working together collaboratively can result in greater accomplishments as compared to each organization working on its own separately.

Sharing resources. When collaborating with another company, there will always be things and resources that they can share. One company may be an expert in one field and can help the other company learn about it.

Overcoming obstacles. When an organization encounters problems that hinder it from achieving its goals, the other organization may be able to help out. Besides, partnerships, coalitions and networks are more powerful than organizations that operate on their own.

Increased community awareness. By getting involved and by being a part of bigger organizations and groups, your organization’s message is better relayed to the community.Access to constituents and funding. Partnering with other organizations can give you the benefit of more grant opportunities as well as make a bridge for more exposure.

Organization collaboration: Team efforts and collaboration

While collaboration organization can greatly benefit partner organizations, this holds true with project team collaboration.

The team members work together to achieve common goals. Team collaboration presents the teamwork principles because they know that people achieve more when they are in a collaborative mode.

Synergy. Working together makes everyone wins and synergy manifests itself in reduced costs, more flexibility in adapting to changes, and increased capabilities.

Innovation. Collaboration in organizations especially team collaboration offers various perspectives for problem solving and innovation.

Stability and information. As one of the benefits of collaboration between organizations, collaborating between team members also result in the transfer of knowledge and since this information is being practiced, there is a strong possibility of retention.

The benefits of collaboration between organizations as well as team collaborations don’t exist without a few challenges. As with team collaboration, there is a need to keep team resources functional and the organization’s structure needs to be adapted for a teamwork-conducive environment. Among the other challenges in a successful organization collaboration or team collaboration are the lack of trust, ineffective communication, and unstable momentum.

By combining knowledge, skills and experiences, organizations and team members can accomplish more than if they worked alone. It is important that collaborative organizations or collaborating teams trust each other and communicate effectively so that they can overcome the challenges brought about by the benefits of collaboration. The benefits don’t come for free. Amidst its benefits are the challenges that need to be overcome. Organization management and project managers as well need to find ways to create a successful collaboration.

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Friday, September 20, 2024

5 Ways to Increase Your Confidence as a Leader

 




One of the most important characteristics of strong leaders is their confidence in themselves. If you find a leader who is not confident in their ability as a leader, you will find a team or organization that is less than fully engaged. We are positively influenced by confident people.

Developing Confidence Day-by-Day

Confidence in yourself and your abilities is not built in a day, but day-by-day. I have seen leaders who put on a confident appearance only to have it unravel when they faced an unexpected turn in events. Review the following five ideas and see if there is something you need to be doing to increase your level of true confidence.

Look outward, not Inward. You will feel the least confident when you look at yourself and wonder if everyone thinks I am a good leader. Do I look like a leader? Do I sound like a leader? When you accept that it is not about you and begin to look outward at the people you are leading, your confidence will start to grow. When you make others the focus of your attention and how you can help them grow and succeed, you will stop focusing on yourself and what others think.

Develop your Self-Concept. (self-image, self-esteem, self-belief) John Maxwell says you can’t really connect with others until you connect with yourself. This means if you don’t like and believe in yourself, you will have difficulty liking and connecting with others. How do you see yourself? How do you talk to yourself? Do you see yourself as a leader?

Establish a daily routine for personal growth and development.
You cannot give what you do not have. If you are not developing yourself as a leader, you will find yourself in situations where you are at a loss for how to move forward. When you invest time daily in growing yourself, you expand your thinking and your point of view. Even if you face something challenging where your confidence may wane, it won’t because you are teachable. The more you grow, the more confident you become.

Invest in a coach or a mentor. You are not the only person to struggle with confidence as a leader. Working with a coach or mentor is helpful to seeing the bigger picture and discovering things you can do to improve your confidence.

Develop your Self-Awareness. Self-aware leaders naturally exhibit more confidence. Why? Because you stop trying to make people think you are something you are not. You become more humble, more teachable, more approachable. You exhibit vulnerability, which develops trust with others.

Look at the people you follow. Do any of them model confidence? What can you learn from them? Spend time each day reflecting on the progress you are making. Ask yourself what you could do differently tomorrow to increase your confidence in yourself and in the team you lead. It’s easy to focus only on today and how you feel today, but reflecting on the journey and how far you have come can be very helpful in building confidence that you really do have what it takes.

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Thursday, September 19, 2024

Five elements of thinking strategically

 


These picture shows the five elements essential for thinking strategically as described by Jeanne M. Liedtka. She is professor of business administration at University of Virginia’s Darden Graduate School of Business and former chief learning officer at United Technologies Corporation.

I’ve never met Dr. Liedtka, but I’m madly in love with her five elements that define thinking strategically.

One of the frustrations I’ve had with most of the definitions of strategic planning is that rarely is the concept “strategic” or “strategic thinking” well-defined. (I feel the same way about the use of the term “policies” which is why I’m drawn to the framework for policy creation as espoused by policygovernance guru John Carver)

In many definitions, strategic planning is defined as a process that employs “strategic thinking” or “strategies.” I guess the definers believe everyone inherently knows strategy when they see it. If only that were so.

I learned a great word in school many years ago: “tautology.” No it’s not a fish (that’s tautog).

A tautology is an explanation that uses the same or similar terms to explain what it means, like calling strategic planning a planning process that creates strategies.

Apparently Dr. Liedtka was also frustrated by these definitions, so she wrote an article* to explain what thinking strategically was really all about.

So what are these five essential elements of strategic thinking that she identified?
1. Intent focused

Dr. Liedtka says: “Strategic intent provides the focus that allows individuals within an organization to marshal and leverage their energy, to focus attention, to resist distraction, and to concentrate for as long as it takes to achieve a goal.”

This concept implies both having an overarching goal or direction (you might call that your vision) and making that goal a conscious focus or, in this wonderful definition for intent I found online “the act of turning your mind toward” an outcome or object.

In my approach to our sector, this intent is the change that we want to see in the world. A change that we are completely passionate about, that channels our every action for the future.
2. A systems perspective

Think ecosystem.

An exercise I do with my graduate students that you can try for your organization is to describe all of the various systems in which you exist. Their answers start with the classroom and move beyond to the higher education system, to legal, natural, family, or body systems, to global economic and financial systems — and they operate in all of them.

So does your organization. So, to get good at strategic thinking, you need to try to understand the way your world works and how that affects you. Because you can’t really know everything, you’ll have to take your best shot at gathering the right information and prioritizing the components of systems that are most likely to affect the way you work now and into the future.

It really does help though to be curious about just about everything.

While you might be an expert in interpreting the particular “business ecosystem’ in which you operate, how well do you understand what is happening culturally or politically that might also influence your future?

Read a lot. Explore new things. Talk to people outside your organization and outside your discipline as well as the people who know your system the best.
3. Thinking in Time

Liedtka suggests strategic thinkers ask this question:

“Having seen the future that we want to create, what must we keep from our past, lose from that past and create in the present to get there?”

When you think strategically, you are always connecting the past to the present to the future. You learn from the past and use that learning to make predictions. You look at the present to assess the gap between where you are now and where you want to end up.

While your focus is always on the future, you can only act in the present.

This concept always makes me think of H.G. Wells The Time Machine.
4. Intelligent Opportunism

Remember the old exercise the SWOT analysis (Strengths, Weaknesses, Opportunities, Threats.)

Well, SWOT thinking never ends for those thinking strategically. Strategic thinkers are able to spot and react to great new opportunities as they arise. They understand that the world is dynamic and they are open to change to reach their vision.

Intelligent opportunism also implies that you dig deep into your organization to hear from many perspectives. Ideas and knowledge are valuable wherever they exist — but you’ll need to look and listen to benefit from them.
5. Hypothesis driven

Finally, Dr. Liedtka says, “strategic thinking mirrors the scientific method… it is both creative and critical in nature.”

As strategic thinkers, we create hypothesis, those questions that start “What if…?” or “If… then?” — questions that enable us to imagine multiple scenarios, analyze them as best we can based on the knowledge we’ve accumulated and then test the best hypotheses (experiment). As we act, we learn from our experience to create new hypothesis for future action.

Thus, strategic thinking dissAndrew Defrancescoected and explained. To learn how to apply this in your business, get a a consultation with Andrew Defrancesco.

Thank you, Jeanne M. Liedtka, for your article and an extraordinary framework to articulate what strategic thinking is all about.


* The article is “Strategic Thinking: Can it be Taught.” You’ll find it in the Feb 1998 edition of the journal Long Range Planning (another interesting journal I’ve just discovered).

I’d also like to recommend a wonderful short paper from 1999 called Strategic Thinking: A Discussion Paper. It was prepared by Lawrence Eton for the Public Service Commission of Canada and is readily available online. It summarizes much of what is in the original article and also relates strategic thinking to strategic planning.


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