Session 2. Rhythm Triangle of Success
Inside the triangle is the business, itself. It’s basically all internal items and pillars of focus. You can think of it like a person - what are your values, traits, strengths/weaknesses, etc. Outside the triangle is ‘the market’. Like a person, it’s not you, it’s other people and how they react to you - do they like what they see? do you care? all that jazz. So, here we go:
Inside the triangle:
Top point: Focus. This is all about focus and alignment. You absolutely must have a simple communication tool for your company’s overall focus and alignment. Team members need to know that what they are doing is going to be fruitful and, if done exceptionally well, rewarded. It sounds simple, but it is hard.
Bottom left point: Data. We are data freaks at Palmetto. We love analytics. From a management perspective, you want as much data at your finger-tips as possible and presented in a way that helps you understand whether you need to make adjustments. Numbers are simple and tell you a story. Do you like what that story is telling you? If not, what do you need to do differently?
Bottom right point: Competitive Advantage. In the early days, identifying and focusing on your competitive advantage is everything. If you don’t know what your Competitive advantage is, then you need to stop everything and figure it out. Otherwise, you will focus on too many things and, as a result, spread you and your team thin.
Are you aligned with your teams (supervisors and direct reports) on areas of focus? what happens to your team when the focus areas are no longer clear? or new focus items come into play?
Do you have visibility into important data points with your teams? do you have a clear understanding of your daily success metrics? most firms call those a key performance metrics (KPIs)?
Do you know the Company’s competitive advantages? Are you continually improving on your competitive advantages? Are you aligned with your teams to continually improve on those day-in and day-out?
How do you interpret the tension between focus, data points and competitive advantages? when one of them changes, do you understand the knock-on effects to you and your team? are you well rehearsed in change management?
Real Life Example:
George is a CEO of a Company that is a fast-pace sector and subject to many market movements - new competitors enter frequently, the market dynamics for supply and demand alter frequent. George, after 8 years of business, decide to shift his business model in an extreme way - his focus has changes to build a competitive ‘moat’ around his strongest market advantage, which is software. This means the Company needs to understand the change in focus, but also the data points for success. George relies heavily on his management team (you!) to help align the Company’s staff while he is working on strategic items to prepare the Company for the transition.
Questions to discuss:
Have you been involved in a management shift whereby focus changes?
How about whereby data points that were once relevant are no longer applicable? how do you alter your day-to-day activities and teams?
Do those data points continually change?
What emotional intelligence elements are important here? team members who are uneasy with change - how do you handle it? What about team mates who depart or are no longer bought-in because of the adjustments? How can you link it back to the mission of the Company and the Company’s advantages?
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