Management 4-1-1

Warren Buffett is considered one of the greatest thinkers of all time.  He has made billions of dollars through savvy and well thought out strategies, to capitalize on what others do not consider.

He beleives the reason for his success in beating the competition is through the concept of “building moats.”

In an interview with Forbes Magazine, Jay-z & Warren Buffett sat down for an hour interview and covered a variety of topics (see entire interview).  This two minute clip that stood out, was Warren’s advice to Jay-Z about building personal moats.

Warren’s Key Points

1. The best moats are your own talent
2. Invest time to build and develop the right set of talents
3. Develop habits of success
4. Look at role models to determine the right talents and habits

Building Moats for Managers

What I found interesting, is Warren discusses this concept from the perspective of self-development and building personal moats.  However, after watching this clip, there is something to be gained by looking at these same concepts through the lens of a manager.

As a manager, what can you gain from this?

1. People are the greatest assets to building competitive moats
2. Help your people build and develop the right talents to gain competitive advantages
3. Organizations must also build habits of success (e.g., fiscal responsibility, employee development, innovation, execution, etc.)
4. Look to “role model” companies/organizations to determine the right habits

QUESTION:  How are you building moats to separate yourself from the competition?

[This post is part of the Performance Management: A Manager's Guide to Managing Talent series. Check out the rest here!]

Part of a “no surprises” performance management process begins with clear expectations between you and your employees.  There’s no better starting point than having well defined job descriptions.  They are not particularly hard to put together, but they do require some forethought.

Job descriptions generally answer the question of, “What am I hiring this person to do?”

Key Elements of a Clear Job Description

Clear job descriptions should include the following elements:

• Job title
• Organization name
• Position the job reports to (e.g. Support Director, Sales Manager, etc.)
• Outline of general areas of responsibility and associated subtasks (which should align to organizational goals)
• List of competencies and skills required to do the job Read more…

I was recently inspired by a post outlining the concept of MITs (aka -  Most Important Tasks).  Most Important Tasks are the most critical activities you identify and complete before the end of the day. 

By treating MITs as tasks which must be absolutely and unequivocally completed before you wrap-up your day, you will ensure you’re making constant and forward progress on the most important things.

Here are a few additional thoughts around adding MITs to your daily routine: Read more…

We are at the end of our three part series on the fundamentals of organizational planning.  So far we’ve:

1. Defined our mission (aka – answered the question … “Who Are We?”)
2. Created a vision.  (aka – answered the question … “Where Are We Going?”)

And today… we will answer the final question…. How do we get there?

To answer this question, we have to begin to move from the strategic to the tactical.  This is where the rubber meets the road.  We stop thinking about what we want to “be”, and we move to what we need to “do.”

Now that you know where you want to go, the answer to how you get there is simple, right?  You get a map

Well, that is exactly what I propose you do – create a Strategic Road Map (see sample template provided)! Read more…

When I see the word “Vision” – I think BIG!  I thing GREAT!  I think Martin Luther King Jr. on the steps of the Lincoln Memorial – LET FREEDOM RING!!!

OK… NOW I’M REVVED-UP AND EXCITED TO WRITE THIS POST!!!!

OK..OK.. I’LL STOP yelling now… Maybe I’m thinking too big or too great.  And if I do - I may just shy away from this important exercise.

Are you feeling the same way too? No?  Good!! Let me put this in a more palatable context, so you’ll join me on step #2 of our Organizational Fundamentals series. Read more…

With the beginning of the year at hand, it’s a great time to revisit the fundamentals of organizational planning.

There are three questions a manager should always know the answer to, and they should constantly revisit:

1. Who are we/Why are we here? (aka – our Mission)
2. Where are we going? (aka – our Vision)
3. How do we get there? (aka – our Roadmap)

Over the next few posts, we will cover each question in more detail. 

In this post, we will address the Mission Statement.  As a leader (and manager), there is no more basic organizational step, than to define one’s mission.

A Mission Statement:

• outlines what your team, department or division does
• communicates organizational purpose
• establishes your organization’s overarching goal
• puts a boundary around your team’s activities
• provides a guide for day-to-day direction Read more…

As we near the end of the year (and more importantly, as we get closer to kicking-off a new one), it is important to reflect on what we’ve done over this past year.  Here are some questions for you to ponder on this holiday season.

Organizational Questions

1. What goals did my organization accomplish this past year? And how did we get there?
2. What goals did we not accomplish? And what were the obstacles preventing us from getting there?
3. Are there any goals not achieved which should be carried over into next year? What will we do differently?
4. How did I do against my budget? Where did I fall short, and where did I overachieve?  Why?
5. Was my organization aligned to best meet the vision and goals we had set-up? Do I still have the right organizational model?

People Questions

1. Who were the top performers? And why were they so successful? Did we recognize their efforts throughout the year?
2. How would I characterize team morale from beginning of year to now?  Is there anything we should have done differently?
3. Did people in my organization develop and grow this past year?  What skills or opportunities did they get?
4. Why do people like to work for this company, organization, and me?  Why do they think about leaving?
5. Do I have the right people (i.e. skills, drive, passion) to grow to the next level?  If not, how do I resolve that?

Self-Development Questions

1. What did I accomplish this year? And how did I do that?
2. What did I not accomplish this past year and why?  Do I want to make these goals for next year?
3. Was I clear in my priorities and objectives this past year and how often did I change direction?
4. What could I have done better as a manager?
5. Did I develop and grow myself personally?  In what ways?

Taking the time to think about the past will not only better open your eyes to your successes & shortcomings, but it will also serve as a good guide as you think about the upcoming year.