5 Gems of Business Insight You Can Learn From Top Leaders
It’s important to learn from your mistakes. But it’s even smarter to learn from other people’s.
Over the past year, my team and I have interviewed dozens of top entrepreneurs, CEOs, and coaches about the key lessons they learned on their way to business success.
Here are five gems of insight our guests have shared on the CEO Coaching International podcast. Click here to subscribe to the podcast via iTunes.
Key Insight: You must be extremely clear on “who is going to do what by when.”
Strategic planning is a relic from a bygone era. Today, the most successful companies create an “Execution Plan” that identifies then delivers on the company’s key objectives and initiatives for the year. Make sure everyone involved is crystal clear on what they have to do, by when, to drive the desired outcomes. Successful companies use strong internal communications to create a culture of discipline and accountability that keeps everyone focused on hitting important targets.
Key Insight: Stop micromanaging weak sales people—just let them go.
“It is very easy to spot a poor salesperson in their first month on the job because if they’re not picking up the phone, they’re not sales team material,” said Inna. “Stop wasting time as a sales manager devising all sorts of plans and performance indicators and other objectives for these people. If they’re not doing basic things like picking up the phone, no amount of management attention is going to help them.”
Top companies have the best people working for them. If you can’t coach up your C-listers to As and Bs, why are they still working for you?
Key Insight: The key metric many fast-scaling companies optimize is revenue per employee.
Don was instrumental in leading Grasshopper as it optimized its 100% digital marketing growth strategy and its eventual sale to a Fortune 500 company. He believes that scaling is about growing your business without having to increase the cost of delivering that service at an equal growth rate. If you can grow revenue much faster than the cost of growing that revenue, you’ll add fuel to your business fire by increasing your profits.
The key to achieving effective growth is maximizing your revenue per employee. Under Don’s stewardship, Grasshopper reached over $800,000 in revenue per employee. What’s yours?
Key Insight: When you think of Volvo, what comes to mind? Safety! What comes to mind when people think of your company?
Your brand is priceless, so you need to build it like you really care about it. Start with a bold positioning statement that celebrates what your company is great at, and is overlaid with your brand personality traits.
“Bringing forth your personality traits helps your brand connect emotionally to your target audience,” said Ryan. Your positioning statement should also help you to connect with your target audience, and set yourself apart from the competition. “If you aren’t standing apart, you’re just a commodity who competes on price,” warns Ryan.
Key Insight: Each year, ask yourself the four Make BIG Happen Questions that come from my book, Make Big Happen.
- What do you want?
- What do you have to do to get what you want?
- What could get in the way of getting what you want?
- How do you hold yourself accountable for making it happen?
Answering these questions will help you focus your company on achieving goals that will lead to BIG growth.
For more insights, see all the podcasts from CEO Coaching International.