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March 22 Texas Rangers "Cool" ManagerI discovered an interesting article on CBS Sportlines about Ron Washington, the new manager for the Texas Rangers. Ron has been dubbed as the Ranger's new "cool" manager. His current and former players all love the guy for how he manages. I pulled some leadership techniques Ron utilizes from the article. They are as follows:
I found it really amazing that when one of his former players won a golden glove, the player gave the award to Ron. That says a lot about the impact Ron has had on players in the past. The real proof will be how the Ranger's perform this year. Last year they finished 3rd in their division, with a record of 80-82. So far this spring, the Rangers are 12-7. While I'm not a huge fan of baseball, I'll definitely be tracking the Ranger's this summer. The full article can be found here: http://cbs.sportsline.com/mlb/story/10078714/rss March 21 Project Schedules, Customer Service, and ValueMany of today's service industries are attempting to differentiate themselves from their competitors through outstanding customer service. Keeping a project on schedule is just one component of customer service, but arguably one of the most important components. I feel there are three techniques a project manager can utilize to keep a project on schedule.
More information on each one of these techniques can be found on my helium article http://www.helium.com/tm/225201/delivering-project-essential-todays. There was one point I didn't fully expand upon which I feel is equally important for project managers to be successful. Sometimes we are faced with delays which we can not fully anticipate during the initial project scoping and estimating phase. These delays could be increased regulations passed after a project was started, natural disasters, or changes requested by the customer. Often times, it's very easy to overlook these delays and in an attempt to meet the project goals, we adjust resources upwards to meet the schedule. However, many of the contracts allow for changes in completion time and fee when these items occur. When we make these adjustments, we are providing value to our customer, and we should be compensated accordingly for the additional value provided. I believe the concept of additional compensation for added value applies not only to organizations attempting to differentiate themselves, but also organizations which are competing on the basis of cost leadership. Particularly when you consider cost leadership organizations which run very lean and have no room for a loss in profitability on a project. March 19 Listening Skills for LeadersHere is a link to my latest Helium article entitled "How Good Leaders Listen".
I would like to add that having good listening skills isn't enough to be a considered a good leader. A good leader has to develop the mindset of open and honest communications within their team to even have the opportunity to practice their listening skills. A leader must encourage open honest communication and feedback from those they lead. They have to be willing to take criticism, and accept it well. Good leaders must demonstrate they value the criticism and change how they lead if necessary. In short, they must lead by example to develop a culture of open communication.
While developing my research, I ran across a great article from the Center for Creative Leadership. The article listed these items which indicate a leader's listening skills may need some work:
I know I have been guilty of several of these areas in the past, and probably will in the future. I believe I could make a huge step towards progress by just getting up from my desk and moving to another chair in my office the next time I'm faced with this situation. Perhaps this would help trigger my memory of this article and remind me not to move on or try to problem solve too quickly. The full article from the CCL can be found here: http://www.ccl.org/leadership/enewsletter/2007/FEBlistening.aspx. It also includes a story about the importance of listening, as well as the benefits of active listening. March 18 Leadership QuotePull the string, and it will follow wherever you wish. Push it, and it will go nowhere at all. -Dwight D. Eisenhower
I ran across this quote from Dwight D. Eisenhower today. Here are my thoughts:
March 17 The Implications of Wal-Mart's Guiding PrinciplesI recently wrote an article on Helium in an attempt to answer the question, "Does Wal-Mart need to return to their founding principles for success?".
In writing my response to the topic, I came up with another idea which I would like to expand upon.
First, has Wal-Mart shifted from the founding principles? Jim Collins and Jerry Porras, in their book Built to Last, identified Wal-Mart's founding principles as follows:
I don't believe Wal-Mart has strayed in the context of their founding principles. Some would argue they have strayed from their core purpose, which is "To give ordinary folk the same chance to buy the same things as rich people" when Wal-Mart eliminated the lay-away program. I'm not sure I completely agree with this reasoning. When lay-away was first created, obtaining credit was a much harder task. In today's world, credit offers are a dime a dozen. Of course, that is an entirely different subject with its own issues.
I believe the real question should be "Are Wal-Mart's founding principles leading to its downfall?". In my opinion, Wal-Mart's principle of pursuing ever increasing goals coupled with its low cost focus has lead to some negative consequences. While no one can fault any company for competing on the basis of lowest cost, the action in itself will force competitors out of business if they aren't able to respond. Now add that to Wal-Mart's unyielding desire for growth, and you have a recipe for Wal-Mart's negative perception.
This negative perception calls into question the value Wal-Mart provides its customers and communities. Providing value is a core concept for Wal-Mart. All of Wal-Mart's business practices and policies are based on providing value. Therefore, Wal-Mart cannot be successful unless it provides value to their customers.
March 15 Pete Rose, Leadership, and ValuesPete Rose finally came clean. He admitted he bet on the Reds each night he was a manager.
http://www.sportsline.com/mlb/story/10060609
Now Pete wants to re-instated, and a chance to manage a team again. Not to mention to be considered for the Hall of Fame. My thoughts, he does deserve to be in the Hall of Fame. Just because he had/has a gambling problem doesn't take away from his on the field performance.
As far as managing again, let's not forget he was the one that agreed to the ban back in 1989. He has constantly denied that he bet on the Reds, or just avoided the question all together until now. While much can be said for coming clean and being honest, why did it take him 18 years to do it? No, he doesn't deserve to manage again. Personally, I don't have a problem with anyone who enjoys a good wager. However, in his situation as a manger, this was a conflict of interest and speaks directly to ethics. Does it even matter if he bet on them to win? Not in my opinion.
This situation presents an interesting leadership dilemma; would he be an effective manager if reinstated? How much value do workers place on integrity and ethics? Would the fact that he admitted to it outweigh the negatives of denying it for all these years? Would be able to motivate his team to higher levels of performance?
I believe the answers to these questions boils down to the core values of an organization. If integrity isn't an underlying value of an organization, then I do believe Rose would have a better chance at being effective. On the other hand, Rose would not be effective in an organization which does value integrity. In fact, performance of the organization would suffer due to the misalignment of direction and values. Perfect Competition UpdateIt's now year 3 of the latest round. If you are wondering why the days go by so fast, its because the each game day is equal to 15 minutes. As of now, my company has dropped to 10th place overall. I dropped due to a substantial amount of cash I spend investing into a new business unit and the supply chains necessary.
The expansion should increase my overall revenues. But I also predict my costs will increase as well. I plan on building inventory in primary goods while its advantageous to do so. One of the interesting twists to the game is the concept of supply shocks. There is a 50% chance each year a primary good (oil, wheat, livestock, etc.) will be under a supply shock. When a supply shock occurs, production of those goods is severely limited. Thus its a good strategy to build stock in those goods when possible. It will slow the growth of my company down somewhat, but I'll be in a better position in the coming years.
Currently, I have no competitors trying to challenge my position in the generic egg, milk, and juice markets. Perhaps my low cost strategy has created an entry barrier. I really don't expect this to hold up though. It's just a matter of time before someone steps up.
If you are interested in giving the game a try for yourself, the link is www.perfectcompetition.net. The basic version of the game is free of charge. What is so great about the game is all the different options available, from producing and selling goods to investments in other companies. You can even work for another company as a manager or CEO!
March 14 Leadership BooksBelow is a link to my helium article listing my top 3 management and leadership books:
I look forward to adding more to the list. If anyone has suggestions, I would love to hear them. I'm currently reading an emotional intellegence book, which I'm not quite getting into yet. I'm also planning on reading the second Buckingham book "Now, Discover Your Strengths".
Perfect Competition UpdateAt the moment, it is day 277 of year 2. My company is currently in 8th place overall. I lost a spot or two due to some investing activities which have yet to pay returns. The sales are beginning to pick up finally. Still they aren't great, but I'm making enough per day to be able to support more units of my supply chain. I currently own 40% of my company, which is making it easier to spend some of my accumulated profits for expansion. I need to be sure to have some cash on hand to cover the required dividend payments for the next few quarters.
My decision now is how much capital do I need to finance a significant expansion in my company. Also, how long do I wait before I pull the trigger. If I wait too long, then I'll be playing catch up with the other competitors. On the flip side, if I move too early, I could find myself in a cash flow crisis. March 13 Perfect Competition GameAs of right now, its day 184 of year 2 out of 16 years in a game round. My company is currently in 7th place in terms of overall wealth. The beginning of the round has proven to be difficult as the economy hasn't picked up much steam yet. It's difficult to sell enough products in the shops to support the supply chain necessary to create a particular good.
I have decided to utilize a cost leadership strategy. My goal is to be the lowest price competitor in the markets and sectors I choose. Right now I'm in the egg, juice, and milk markets without any generic competition. That will certainly change as the overall economy picks up steam. Once the competition does move in, I am in the position to lower my costs in response to their actions. To be successful, I will need to have enough inventory built up so that I can lower prices below the production costs and still make a profit due to the higher volume of sales.
As I said, I'm struggling now to stay profitable while building the necessary supply lines. I have had to rely on other competitors to provide inputs for my products. Now as the economy starts to pick up, those competitors aren't nearly as willing to sell at low costs. I'm going to have to invest more into my supply lines. But of course that takes cash, which leads to my second source of flustration.
I own less than 40% of the shares in my company, which makes me vunerable to take over if another competitor had enough cash to consolidate the remaining ownership. The process of buying shares in my company is slow at best due not having much in the way of cash resources at the start of the game. To generate capital funds for investment, I could issue shares. However, that would dilute my ownership even more if I'm not able to buy the majority of the issue. I could issue a corporate bond, but that also has some drawbacks. My company value will fall due to the bond obligation, reducing the value per share and ultimately the market price. This would make it easier for a competitor to consolidate the remaining ownership and take control of my company through a hostile takeover.
For now, I'll just rely on generating enough cash from my existing operations to finance my expansion plans. It will be a slow process, but less risky in the long run. Managers: How to motivate your employees at workI also submitted my thoughts on how to motivate your employees at work. In a nut shell, I feel its important to get to know your team members personally, challenge them with new ideas, show your appreciation of their contributions, and to help them grow as individuals. The full article can be found here:
Basics of project managementI recently posted an article about the basics of project management on Helium. I feel the basics of project management come down to planning, communicating, measuring performance, adjusting, and finally reflecting on completed projects. If you want to read more, here is the link
Let me know what you think! |
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