Management Do’s and Don’ts
During uncertain economic times, management discipline becomes increasingly important. Following are a number of leadership Do’s and Don’ts quoted from Deborah Steinthal and Ellen Hunt of Scion Advisors that I think others may benefit from.
- Drive with your eyes up: Use scenario planning to narrow the gap between your plan and the realities of execution in today’s environment.
- Look for opportunity: You may be able to attract A-players who might not be available in a booming economy.
- Demand top performance: Instill more financial discipline, set specific measurable goals and hold your team more accountable.
- ID critical decisions that can result in biggest win or biggest pain. Leverage your trusted sounding board to drive a more thorough, robust problem-solving process.
- Ramp up branding: Focus spending on where you get the most returns.
- Increase visibility in your top markets. Offer top customers a relevant experience.
- Prune your portfolio: Jettison unprofitable wines and lines of business.
- “… be arbitrary in your decision making.” - Tom Klein, Rodney Strong
- “… postpone critical investments essential to long term goals.” – Bruce Cakebread, Cakebread Cellars
- “… take your key customers and supporters for granted.” - Larry Maguire, Far Niente
- “… cut back on anything that lessens your customer experience.” – Jean Arnold, Hanzell Vineyards
I was encouraged by how many of these exercises we are currently undergoing at Inertia: emphasizing planning, goal-setting and measurements; creating leapfrog opportunities; focused decision-making; attending to how we are seen in the market; and concentrating on delivering what our clients need.
As you evaluate whether you have these “do’s” and “don’ts” in action, there are a number of ways we (or the advisors at Scion) can help – annual planning, setting key metrics, serving as a sounding board for your direct sales and marketing efforts, and strategizing for how to effectively target your best customers.
And as we plan the next releases of our products, there is a significant way that you can help us. Please continue to let us know how we can enhance the REthink Engine and REthinkCompliance.com to help you with your management goals.