Understand the New Rules to Stay Competitive

growth

The Rules Have Changed

In a world of constant change and disruption, it’s important to stay agile and courageous. Whether you’re leading a small team or a large company, you will need to be bold and to act without fear.

That’s easier said than done.

Amanda Setili is president of strategy consulting firm Setili & Associates, a firm boasting clients ranging from Coca-Cola to Walmart. Her new book, Fearless Growth: The New Rules to Stay Competitive, Foster Innovation, and Dominate Your Marketsis packed with examples and tools to stay ahead of the crowd.

I recently spoke with Amanda about her work and her new book.

 

What is driving the need for fearless growth?

We all know growth is essential to a business’s health, but no matter what industry you’re in, you probably feel stress brought on by new technologies, changing customer behaviors and preferences, and new competitors that threaten your business’s ability to grow. Here are a few examples:

  • The food industry is investing to keep up with sometimes capricious trends in public perception regarding low-fat, low-carbohydrate, non-GMO, gluten-free, organic, alternative sweeteners and grains, and other choices.
  • The consumer products industry must continuously seek to find new and better ways to interact with their customers digitally. They must respond to changing consumer buying behaviors and even to consumers’ concerns about political, social, and environmental issues.
  • The entertainment industry is being upended, with companies that formerly were just conduits for content—like Netflix, Amazon, Google (via its YouTube subsidiary), and AT&T (via the Time Warner merger)—now creating their own original series.
  • The auto industry is changing gears to adapt to the way ride-sharing services, such as Lyft and Uber, are reducing people’s desire to own a car.
  • The banking industry is scrambling to adjust to new modes of consumer-to-consumer payment (such as Venmo) and new forms of lending and credit assessment.
  • The transportation and logistics industry is responding to trends in globalization, automation, and the rise of e-commerce giants like Amazon and Alibaba.
  • Industrial products companies are struggling with decisions about how best to deploy sensors and artificial intelligence to improve their products’ performance and reduce cost.
  • The energy industry is coping with low oil prices, new government regulations, and emotional consumer sentiment on both sides of the fracking, renewable energy, and coal debates.

If your business hasn’t felt the effect of massive market changes yet, it’s likely that you will soon. And if you wait until disruption occurs, it will be too late to respond effectively.

You must grow your business, but most growth initiatives entail risk of one kind or another. I often hear company leaders saying things like, “Our core business is at risk of disruption. We need to branch out into new businesses to grow, but we don’t have all the capabilities we need—they’re not in our DNA,” or, “We’re in unfamiliar terrain and aren’t sure that customer demand will materialize. There are lots of unknowns.”

To pursue growth, leaders and employees must learn to do things they have never done before, and they must grapple with new threats. All of this adds up to the fact that trying to grow a business in today’s turbulent markets is pretty scary—it’s perfectly reasonable and rational for company leaders to be worried. I developed the new rules of fearless growth to help leaders create organizations that have the courage, speed, and agility to succeed, no matter what the future brings.

 

“To pursue growth, leaders must grapple with new threats.” -Amanda Setili

 

Establish Forward Momentum

What can companies do to grow fearlessly, even when their business environment is changing fast?

When leaders encounter risks in their business environment, the natural human response is to hunker down, tighten the controls, and defend the existing business. What is needed, however, is not tightening controls, but the opposite. You need a fearless approach to learning and adapting to market change, and that means giving up a degree of control—to employees, business partners, and customers—in order to gain control. It’s like learning to ride a bike. At first, the bike seems tipsy and unstable, but once you start going, the movement itself creates stability.

3 Ways to Get in the Champ’s Corner

boxing ring
This is a guest post by brand strategist Robin Fisher Roffer. Robin is the Founder & CEO of Big Fish Marketing, Inc. She has launched and evolved dozens of media brands all over the world from A&E, Animal Planet, to Lifetime, MTV, and TNT. Her book, Your No Fear Career and audiobook Make a Name for Yourself is now available.

 

Get in the Champ’s Corner

Being trusted and valued by a business champion means helping them fight competitors, round-after-round.  

While watching the McGregor vs. Mayweather fight, I found myself focused on the guys in each champion’s corner. On both sides, they mirrored the fighter’s personal style and brand. Mayweather’s big, imposing team wore all black and bling. They looked like they could be working the door at an exclusive Vegas club. McGregor’s fashionable posse resembled members of a boy band in black vests, pants, white shirts and ties.

The men in each corner were there to do more than psych up their champs, throw down strategy, give water and Vaseline faces—they were there to make Mayweather and McGregor feel and look like winners.

Professionals who finally make it to the C-Suite and business owners who have built their companies beyond their wildest dreams often find themselves no longer able to authentically count on the people around them. They look around and say, “Who can I really trust?  Who can I count on to tell me the truth?  Who’s really in my corner?”

 

Who’s In Your Corner?

It’s true that it’s lonely at the top. Who can you trust when you’ve made it? Who’s in your corner?

Years ago, when I was an executive at Turner Broadcasting, I would have lunch with the heads of each network on a monthly basis. Although they were presidents and I was just a director, they took the meetings because they felt I was in their corner– cheering on their vision, giving them winning strategies and making them feel like champs.

At one lunch, I asked CNN’s president, ‘‘What do you think your audience isn’t ‘getting’ about your network that they should know?’’ He answered, “That we break news first.” From there, I came up with a strategy to send 30-second “CNN Hot Spots” to affiliates when the network was first to cover a big story.

Today, I still zero in on what is uniquely important to my clients. During a recent branding workshop with a digital agency, I asked the executives, ‘‘What do we want the industry to say about us?” Asking questions like this means you’re in the ring with them, taking a keen interest in their agenda, product, and future.

 

Leadership Tip: Championing the leaders’ vision builds your executive presence.

 

Championing the vision of the company leader builds your executive presence and puts you inside the ring.

Many roads lead to career growth and vitality. I’ve found that being part of the leader’s posse and a champion of his or her vision is the quickest route. It’s not about brown nosing; it’s about being seen as integral to the company and its success.

Here are three ways you can get in the champ’s corner and help your leader beat the competition and deliver a knockout, just like Mayweather:

1. Tell the Truth

7 Disciplines of A Leader

How to Help Your People, Team, and Organization Achieve

In the Seven Disciplines of a Leader, Jeff Wolf explores what leadership looks like when done right. Jeff has coached hundreds of leaders and offers his disciplines in order to benefit leaders at all levels of the organization.  I recently talked with Jeff about the leadership disciplines discussed in his book.

 

“Companies place the wrong leadership in the job 82 percent of the time.” –Forbes

 

How to Get Noticed

What advice do you give to someone who wants to stand out and get noticed as a leader in a large organization?

Learn what your company looks for in its leaders. See if there’s a competency model that identifies successful leaders’ strengths and characteristics. Study this model and be sure to practice the competencies. If no such model exists, seek out successful company leaders and talk with them to gain a better understanding of how they became successful.

You should also volunteer to lead small projects, which will provide useful leadership experiences and exposure. You’ll gain confidence and enhance the skill sets that are weak.

Always be curious. Seek new opportunities and experiences, and always be open to trying something out of your normal comfort zone.

I would encourage budding and aspiring leaders to create a plan, put it in writing, and then “work it.” Research proves that people who put their goals in writing are usually more successful.

Read as many books and attend as many training courses as possible, both within and outside of the company. Vary courses so you can experience a broad spectrum of leadership skills.

 

“A leader’s upbeat attitude is contagious and lifts morale.” -Jeff Wolf

 

There’s another important challenge to overcome: Learn the areas in which you must improve because we all have blind spots. We see some of our weaknesses, but it’s truly impossible to identify all of them.

It’s important for leaders to be positive and have a great attitude because they can either impart or sap energy. A leader’s upbeat attitude becomes contagious, lifting the morale of those around them. You can always teach skills, but you cannot always teach people how to be positive; they either have a great attitude or they don’t.

Be sure you are striving to work well with others and be aware how other people view you. When you stand up to speak in front of a group, do you exude confidence, present articulate, clear messages, and carry yourself well?

 

Coaching for Success

What is the most common reason someone calls you for coaching?

Coaching used to be thought of as a tool to help correct underperformance or, as I often call it, the “broken wing theory.” Today, coaching is used to support leaders, employees with high potential, and top producers in an effort to enhance individual capabilities.

We work in such a high-speed environment! Organizations are finally beginning to recognize the importance of helping leaders achieve critical business objectives in the shortest possible time, so they’re hiring me to speed personnel development.

I’m often brought into organizations to deal with a number of leadership issues. Providing feedback is one key area. As leaders move into greater levels of responsibility, they receive less—perhaps even no—feedback from others on their performance. The unfortunate consequence is stagnation. Critical leadership and interpersonal skills often reach certain levels, and the leader is given no opportunity to become an even better leader. Working one-on-one with an objective third-party coach offers these leaders a trusted advisor who can focus on behavioral changes that organizations are ill equipped to handle. Coaching develops extraordinary leaders. Extraordinary leaders produce extraordinary business results.

 

Have a Quick Impact as a New Leader

If you are a new manager, what are a few ways to have a quick impact?

Leadership is not rocket science. It comes down to living and leading by the golden rule: Do unto others as you want them to do unto you.1119003954

People make companies. As leaders, we often spend most of our time on strategy and improving bottom-line results, but what about our people? It’s our job, as leaders, to guide them, help them develop more skills, and increase productivity.

I think Walt Disney put it perfectly: “You can dream, create and design the most wonderful place in the world….but it takes people to make the dream a reality.”

For a quick impact, work to understand what your people want, not just what you want, and act accordingly. Ask your staff for their feedback with questions such as:

  • What can I do to make you happier here?
  • What do you find challenging about your work?
  • What’s energizing about your work?
  • How can I be a better leader for you to be successful?
  • What resources do you need that you currently don’t have?
  • What motivates you to work hard?
  • Do you feel appreciated and receive the praise and recognition you feel you deserve?

Often times a new leader’s first inclination is to become too friendly with people. After all, everyone wants to be liked. But by trying to become everyone’s friend, leaders run the risk of losing respect and influence. If your staff considers you to be one of the group, they may not respect your judgment on important issues.

Additionally, they may lose their motivation to achieve goals, fail to work hard, and assume deadlines are soft when they believe their “friend” will never reprimand them. That’s why leaders must avoid falling into the trap of becoming too friendly with their staff. The bottom line? You’re the boss—not a best friend! You cannot be objective and unbiased when staff members view you as a work pal.

 

“It takes people to make the dream a reality.” –Walt Disney

 

A Guide to Hiring Right