Considering new technology? Be sure it fits into your strategic plan

Considering new technology? Be sure it fits into your strategic plan

I am not sure what the next great technological advance will be. Nor am I sure of how long into the future that this advance will occur. But I am certain when it does happen, new companies will rise, rushing to be the first ones to get to market. And they will fall. Because ultimately, these companies are built with the wrong people. And that includes the founders. Because these founders are not trying to build something great. They are just trying to build their personal fortunes. When you have the right people working for your company, you can count on them to carefully consider new technology instead of jumping on bandwagons. You can be sure that any technology adopted will fit within the company’s long-term strategy. The great companies, let by the right people, will adapt. And they will continue to be great.

How does your start-up grow?

How does your start-up grow?

The things that make a start-up so awesome in the beginning are the very things that cause so much trouble once the company achieves some level of success. A small, dedicated team of individuals becomes a large, unwieldy troupe of employees. Hierarchies are established, managers and executives are brought in from the outside, processes are standardized. And that core group of dedicated individuals looks around at what the company has become and realize that work is not fun anymore. So they leave, taking with them their innovative, entrepreneurial spirit that helped the company become what it is. Bureaucracy kills innovation. Instead of creating a bureaucratic system to manage a few wrong people, focus on getting and keeping the right people for your organization. The right people are competent and disciplined. They do not need, or want, a bureaucratic system to work in.

Get the right people on your bus

Get the right people on your bus

If you have employees that need an incentive plan to work, then you probably have the wrong employees. The best organizations understand this basic concept. In Good to Great, Collins conceptualizes this concept as getting the right people on the bus in the right seats and getting the wrong people off the bus. The importance of this process is greater than the direction of the bus. The right people will help decide the direction that your organization needs to go. And they will do this naturally. The right people will take your bus to awesome places. But the wrong people will not, regardless of the incentive system. The compensation of your organization should serve to attract and retain the right people for your organization. Once the right people are hired, incentive is unnecessary. The right people will do their best, simply because they are not capable of doing anything less.

Is your employee turnover too low?

employee turnover

Back when I was working on my Master of Accounting degree at NC State University, I worked as the manager of a local sporting goods store. I was the manager of the home store, which also contained the corporate office. While there, management hired a consultant specializing in customer service. It was his job to help improve sales at the chain’s seven locations. Ed spent a lot of his time at the corporate office, which meant we got to spend a lot of time together. Not long after Ed was hired, the store manager of one store turned in his resignation. He had been with the company for a very long time, and his resignation was not expected by corporate management. I distinctly remember talking with Ed about this. He said the owner “was very upset. But I told him this is what we want. We want our employees to ...

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About David

About David

David is an accountant and adviser for small business owners. He also coaches clients on leadership and success. David is an avid reader. He blogs regularly on the books that he is currently reading.

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