Accountability with Shared Rewards is a Powerful Motivator

What is the most effective way to manage people? This deceptively simple question has baffled, intrigued and inspired business executives since the concept of employment originated. Dusty bookshelves are lined with endless copies of the latest management theories, some serious attempts at finding the answer; others little more than repackaged old ideas with salable new marketing spins. Claiming to possess the definitive answer would be more than presumptuous; however, there is a straightforward, common sense approach that I have found to be effective. Start with clear expectations, make people accountable for their performance and when excellence is achieved, share the rewards. If this sounds simple, don’t be deceived. Implementation has it complexities, from setting performance standards and developing meaningful metrics to crafting appropriate reward formulas and avoiding the complacency of expected outcomes. But when all the pieces are in place, they create an environment of common purpose and focused efforts. People do well when they clearly understand they must achieve to succeed. They excel when they have the opportunity to grow, advance and prosper.

Pursuing Audacious Goals Rarely Disappoints

Achieving amazing things should never be out of reach. Exceeding expectations should not be unexpected. Daring to say, “why not?” should always be rewarded with support and optimism. Does this sound idealistic? I hope not, because great things are achieved by people who are willing to take the risk of pursuing goals that appear to be out of reach. But is there really a risk? It depends on the organizational culture. Delivering on business metrics is most certainly important, but when the fear of falling short overwhelms the initiative to go beyond, aspirations are dampened . . . and so is achievement. Those who encourage, and more importantly, do not penalize the bold pursuit of the exceptional, bring out the best in people, motivating them to reach as far as possible. By definition, extraordinary accomplishments are uncommon, but aspiring to realize them brings an energy and excitement that can set the standard for an organization. That is why I say, pursuing audacious goals rarely disappoints.

Managing to Succeed in a Challenging Environment

With 2010 well underway and the economy improving slowly, we find ourselves recovering from one of the most challenging business environments in memory. The natural tendency has been to delay, retrench and hunker down, postponing new initiatives until the brighter days that lie ahead. However now is the time that savvy executives and managers take decisive action, not just to continue watching costs, but to manage smarter. There are many cost-effective steps that you have probably already taken to improve business performance, enhance cash flow and add to the bottom line. Did you target the highest potential business and promote the most profitable services? Did you reduce your aged receivables and invoicing lag? Did you renegotiate outdated vendor agreements to obtain better prices and terms? You've weathered the storm and now it's time to implement high-impact management initiatives that promise a tangible result.

Welcome

Thank you for visiting my blog. In the entries to come, I will explore a variety of topics, most frequently related to business management and always offering food for thought to help us run our businesses better. Never before during two-plus decades in my professional life, mostly associated with communications, have there been such challenges . . . or such opportunities. Emerging technologies have displaced aging, outdated processes, revealing exciting new ways of capturing data, moving information, serving customers and enriching relationships. An industry that was once ink on paper is now being enhanced with the interactive sharing of ideas in an array of mediums. The power and possibilities are breathtaking. It is truly an exciting time to be part of a changing profession that began over half a millennium ago with Gutenberg's first printing press.