If you lead a business and haven’t yet committed to your resolutions for 2013, here are five ways to start the year off right:
Take Time for “Disciplined Dreaming”
Choose the Right Focus
Find Your Breakout Strategy
Avoid Strategy Mistakes
Move Past the Second Chasm
1. Take Time for Disciplined Dreaming: If you ignored our sole suggestion for 2012, you can redeem yourself in 2013. It’s tempting to work “heads down” all the time, but “heads up” thinking moves your company toward growth much faster.
2. Choose the Right Focus: Key factors in opting to narrow or broaden your focus include available market opportunities, strength of brand, and the company’s ability (e.g. capitalization) to execute, including integrating, partnering, and acquiring. Read more to understand where you stand and where you’d like to move.
3. Find Your Breakout Strategy: If you’re unfamiliar with the term, breakout strategies free your business from current growth-limiting constraints. Even the most visionary CEO may need help in translating a vision for growth into clear, actionable strategies that move the company out of the the plateau it’s mired in.
4. Avoid Strategy Mistakes: In a 2012 Harvard Business Review post, Joan Magretta identified five common strategy mistakes that we believe derive from two common antecedents – lack of clarity and lack of focus. Become familiar with these mistakes so you can avoid them.
5. Move Past the Second Chasm: The most delicate yet most important action for a consultant is pointing out the elephant in the room, especially if it involves challenging the CEO to learn how and when to let go. “Crossing the second chasm does not call for securing a second beachhead. Instead, the challenge is personal: the CEO must modify the way the business operates without losing the uniqueness that created its initial successes.”
Start your year off with disciplined thinking and greatly improve your odds of success.
If you’re a CEO, you may have days when you’d be ecstatic to learn that instant teamwork would happen by simply asking each employee to take a pill. That day may be imminent, but recent research points to ways you can get more cooperation without prescription meds.
Paul Zak organized and leads the first doctoral program in neuroeconomics at Claremont Graduate University. In 2004, his lab discovered the role that the brain chemical oxytocin plays in enabling us to determine who to trust – the higher the level of the hormone, the greater the degree of trust. He’s worked for years to understand the connection between brain chemistry and decision-making, and how that ultimately affects our economic system.
The research around the hormone oxytocin provides a neurochemical understanding of important management principles that have evolved over the years. For example, keeping employees engaged in the outcome of the project they’re working on yields more success. Dr. Zak suggests that team leaders identify goals, establish how those goals will be reached, and put stress on each individual by explaining his/her role in achieving the group’s success. “Clear outcome measures build trust.”
Even more interesting is the work his lab has done in determining the effect that social media has on oxytocin levels in the brain. The findings show that oxytocin goes up during the use of social media, and furthermore, the precise level correlates with the subject’s perceived closeness to the person he/she is engaged with.
A video interview conducted by Harvard Business Review gives more detail. To oversimplify his conclusions, be nice to those around you. It’ll make you and your employees feel better and you’ll both produce more.
In this video interview, researcher Paul Zak describes recent findings about how oxytocin encourages cooperation in the workplace and how its level is affected by the use of social media.