janhoistad@drjanhoistad.com

Owners and Partners: Facing Challenges of Leading Through Business Growth

All businesses and all individuals grow through natural stages of development over the course of a lifetime. Or they stagnate. They cease to grow. Natural growth spurts and transitions occur approximately every 7 –10 years for individuals; every so many millions in profit for business. This article speaks directly to business owners and partners who face the challenges of leading through business growth. Having a smooth functioning culture with happy employees who have support and resources for their personal and professional development starts at the top. For owners and business partners, a long-view toward future transition or sale puts markers for growth into perspective. When business partners are aware of these long-term objectives—and their partnering relationship is solid—communicating through growth stages and transitions, providing access to resources for individual development, and other cultural values naturally goes hand-in-hand with productivity expectations and profit markers.   Each stage of business growth brings many changes. Managing the transition and being prepared for different responses to the change requires leadership clarity, confidence and communication that frames employee response. Focusing on the desired outcome is key. Facing and Managing Challenges of Leading Through Each Stage of Business Growth Transitioning through stages provokes the need for change. Some owners are sensitive to changes on the horizon, anticipate, and plan ahead. Others are heads-down focused on the day-to-day demands. Such owners are often blindsided by unexpected needs. Individuals and relationships are strained. In business, with so much on the line, change requires understanding, negotiation, new [...]

The Mark of a True Business Partnership: Working For Win/Wins

In the beating heart of every entrepreneur, business owner, and business partner, is a desire to move with ease and speed, to be one step ahead of the curve, to have a partner and team working smoothly in the flow, laser-focused on achieving mutual goals and agreed-upon outcomes, driven to succeed. And, while hoping two minds are better than one is an option, we can help you come together in a true business partnership working for win/wins. A business is fertile ground for partnering with one or more people, often with complementary skills, energy and enthusiasm, sometimes investing money, bringing connections or a book of business together. Like many relationships, business partnerships are sometimes humorously referred to as a working marriage. Both are “working relationships.” Humor highlights the complexity such close relationships bring. And like the long-term commitment of a personal relationship, the spirit that brings people together in business also requires interpersonal skill and attention to make the business and the relationship successful over the long haul. Yet while business partners enter into their legal and working relationship with positive expectations, even enthusiasm, statistics show that anywhere between 50% to 70% of business partnerships ultimately fail. How do you inoculate yourself against such a demise? This is the first of many articles that introduce an approach to navigating an important business relationship that should be a great asset to you and your business. It offers insight into the mindset, skills, and tools to work as Big Picture Partners™. This [...]

7 Tips When You Resent Being in the Lead with a Colleague, Employee, or Mate

  Ridding yourself of resentment of being in the lead means taking responsibility for your role in the ongoing dynamic,  then taking action to make positive change.  Try these 7 tips and let me know how it goes! Are you in a relationship where you secretly wish or overtly want another person to take the lead sometimes?  Do you find yourself thinking “I always have to…” or “He never does…” or “She never brings up…”? Whether at work or at home, some people have a tendency to let resentment about taking the lead build up.  But it doesn’t have to be that way.  You can take that step to rid yourself of resenting being in the lead by encouraging others to participate and by asking for what you want…..after all, your colleagues, boss, employee, or partner can’t read your mind!  Here are some tips on taking the lead on banishing resentment and sharing the load: Specify What You Want Evaluate where you want the other person to take the lead?  On the job maybe you find yourself heading up every meeting when there are others who share responsibility?  Or perhaps at home you continually wish that your partner would decide where to go on “date night” and not always leave it up to you?  Make your list so you clarify what it is you want.  Be concrete in your request. You are asking for specific behavioral change. Clarify Territory Take a look at your list and make certain that you [...]

When Men Don’t Fully Engage, It Deprives the Women In Your Life of Growth

No matter how successful you are in your leadership, or in your business or career, many men still cringe when it comes to talking to the woman (or women) in their life, about making a change that would please them. Especially if that change would meet their own needs--needs for understanding, support, intimacy, closeness, or just plain picking up a consistent mess. While culture is changing, we can blame this on socialization and a bit of nature. Do any of the following statements resonate with you when it comes to your wife, girlfriend, daughters or your mother – even though you are a grown man?  Or maybe they remind you of your female boss or workmates. You want to please the woman in your life; sometimes you feel like you don’t know how. You sometimes feel like she doesn’t acknowledge what you contribute to your relationship and the family. You want her to be happy; when she’s unhappy it makes you feel helpless or shut down. You wish she’d let you know when she’s unhappy about something else in her life versus when she’s unhappy with you; you wish she’d do more things to make herself happy. You want her to simply tell you what she wants or likes – because you can’t read her mind or when she does tell you what she wants it sounds too vague or global and you’d like more concrete requests. If I were showing these statements to a roomful of men, you’d see [...]

How Business Partners Can Successfully Navigate Growth and Change Together

While some business partners start out as friends, or friendly, it isn’t a requirement to be friends to have a thriving business. In fact some business partners start out as close confidants and then don’t know how to shift when differences come to the surface. Some never establish the mature foundation important in a long-lasting business relationship. Navigating Challenges Together Ingredients of a solid foundation include a steadfast respect for one another as human beings and workmates, impeccable accountability that maintains trust, laser-focus on working the business objectives, and an unwavering perspective that two or more heads are better than one. And acknowledging that challenges arise, a deep commitment to working through them together. Adopting consistent partnering mindset, tools, and skills help you work efficiently and navigate the challenges, saving you time and money. Healthy, mature, successful partnerships establish a solid foundation from the beginning and maintain it throughout. They understand that long-lasting partnerships grow through stages and require consistent commitment to navigate each stage and grow together. Mature partners have a growth mindset, always open to learning—not only staying on top of the latest best business practices, but growing personally and growing in all their relationships. They live their values, and role model them in their business and personal relationships.                                -Dr. Jan Hoistad In many fundamental ways, business partnerships are like marriage partnerships. Those that are long-lasting are well-vetted around compatibility, skill sets, and financials. They are consciously developed with deep discussions around the business, and acknowledge personal [...]

Business Owner Self-Care Leads to More Thriving Business

       When talking about leaders, we often focus our discussions around the needs of employees. Not too far behind that, you’ll hear a lot of talk about the needs of customers. But another facet in the ability to lead rarely makes its way into our public conversations, and that’s your needs. This lack may be detrimental to business, the economy and so much more.        Whether a CEO, entrepreneur, or business owner, you’ve got needs. If those needs aren't being met, it’ll directly impact not just your personal life but your business as well.        Here’s the thing, fulfillment directly correlates with engagement, and engaged employees are 50 percent more productive and 33 percent more profitable. That includes you. You’re also more likely to remain at your job and generate higher customer loyalty — not a bad way to lead, if you ask me. So, what’s getting in the way? Obstacles to Satisfaction        In my coaching experience, there are some tendencies that stand out. The very positive sense of responsibility, seemingly hardwired for men, has a definite downside when misused. They more often sacrifice their personal and family life for their business.  They may mistakenly replace love, presence and attention with providing financially. This choice results in long hours and inattention on the homefront. In addition, they take responsibility for everyone around them at both work and home, typically at the expense of themselves, their physical health, and their mental well-being — not to mention their relationships with those [...]

Impartial Management: Doing Away with Favorites

DJHP / Leaders Nothing is more disheartening for employees than being on a team where its leader just seems to play favorites — unless, of course, you’re one of the chosen few. You get your pick of projects, find yourself constantly tapped for input, and may even enjoy a little preferential treatment when it comes time for promotions. Even then you might not feel you can trust the spotlight, especially if your leader shows any fickleness. But that’s really a story for another day. The thing about favoritism is that it’s become almost an epidemic. Sounds alarmist, I know. But according to a survey by McDonough School of Business at Georgetown University,92 percent of senior business executives have seen some level of favoritism in the workplace. While this number may appear high, it does stand to reason. If you click, you just click, and this can inadvertently lead to favoritism when you’re in an advisory role. Even something as innocent as a standing lunch date can turn into bias toward subordinates. We’re human, after all, and it’s difficult not to let our emotions hold sway over our decisions. To determine whether or not your attitude and actions are led by favoritism, I recommend taking stock of the following: Feedback. Everyone has his or her own managerial style. There’s nothing wrong with that, and this style inevitably affects how you deliver feedback. But this feedback should always be constructive in nature. It should set consistent expectations for every member of your [...]

5 Cultural Shifts to Improve Business Outcomes

DJHP / Leaders There’s not a business around that doesn’t have a culture. Some companies actively develop their cultures while in the startup phase, whereas others leave culture to chance, never settling on their vision for the company beyond what products or services they intend to sell. If you weren’t an active participant in the cultural development of a company, it may be in need of a cultural shift. And as a leader, here’s what you need to do to make it possible: 1. Commit to the shift. Shifting a company’s culture takes time and patience. Don’t start unless you intend to see it through to fruition. Doing anything otherwise can cost you staff, and those who do stay will likely feel discouraged, which can erode your employee engagement, lower productivity levels, and stifle innovation. Before tackling a cultural shift, evaluate your current company culture with key decision makers in your business. Look at its strengths and weaknesses, as well as your priorities, such as growth or profitability. Then, settle on your vision for an organization that lives its values and gather the resources to make it possible. 2. Embrace new values. Cultural shifts start from the top, so you must start talking the talk and walking the walk if you ever hope to make a positive change in your business. Adopt these new values as your own. It’s an opportunity to not just improve a culture but set the stage for your own professional growth. To help with this [...]

Simplifying Communication: Have a Conversation!

In business or networking meetings, at the office, and with your mate, family, or friends, we all know that communication is a powerful tool. We also know what it feels like to be tongue-tied, or unable to find appropriate words for a situation, or to be nervous about talking because we don't know how another person will react or what the outcome or consequence might be. Yet everyone can become an expert in communication if they take the time. To remove the anxiety or stage performance, think about it like having a good conversation. To feel more successful in all your relationships, and to have more vitality—maybe even fun together—learn to become effective in all your conversations. Whether you are having a conversation with your partner, your kids, a close friend, or someone at the office try these tips and keep refining them as you strive towards better communication: Show Interest. Actively listen to the other person. This is 75% of all great communication. Put your ego, your thoughts off to the side and focus on listening to the other person as though you have never heard them before, rather than making assumptions about what they might say. 2. Take Turns. No one is listening when two people are talking at the same time. Know that you can also have a time to be listened to if both of you want to have a good relationship. Also know that if you are not given an opportunity to talk it probably [...]

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