The Executive Edge (Generating Results)

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Published by CPA Canada in CareerVision

Although it’s true that executive level roles have a greater strategic focus and are further away from the front line action, senior level people still have to be able to get things done.  Whether it’s helping a management team to solve problems, identifying an expansion path, or overseeing core business activities, executives are accountable for (and often judged by) results.  This is not an easy place to be, particularly in times of change or declining performance.

So, if people at the senior level of an organization are less involved in front line work, how do they get things done?  The answer might be as simple as comparing a successful executive to one who is less accomplished in this regard; think: sound planning and direction; ensuring that a company has the right systems in place that allow staff and management team members to do more; generating a motivating environment; and, of course, having all of the right skills on hand.  This could be described as a “gentle push”, that allows a company to move forward with decisive support, as opposed to stagnating or being plagued by indecision.  Smart executives know that getting things done is, in part, about decision making, but also about having the necessary experience and judgement to make good decisions.  It is this ability that fuels the critical act of implementation and the results that follow.

In this series, we have already considered the importance of a number of Executive Edge skills, including collaboration, professional development, and generating respect.  Here’s more about why successful executives understand the importance of implementation and getting things done.

Where it Goes Wrong

Executives who lose focus on the importance of generating tangible results might find themselves on the outside of relevance.   Whether leading a for-profit business or managing the limited resources of a not-for-profit organization, results and productivity matter.  Those who spend too much time on unfocused or theoretical efforts run the risk of leading an organization to a point where it will ultimately do less; this is the risk of becoming too far removed from the front line work.

Before too long, organizations can start to have a lack of urgency; a dangerous place to be in a competitive, and resource constrained world.  What doesn’t get done today gets put off until tomorrow, as the weeks and months go by with little achievement in the way of tangible results.  From a customer standpoint, who wants to deal with these companies?

Get the Executive Edge

Ensure that upward mobility on the career path includes sufficient focus on turning the wheels of productivity.  Here’s how to keep focused on generating results:

  • Use meeting time wisely. Meetings should be used to communicate important information, seek input, confirm action items, and move forward.  In order to ensure that the focus is kept on getting things done (and not just talking about it!), meet only when needed, maintain focus by using agendas and action items, and curtail non-productive chit chat.
  • Pay attention to standards and systems. Although some might consider processes and standardized approaches to be mundane, remember that they not only benefit the company, but also those who perform well enough to meet or exceed targets. Use standards and systems as an opportunity to accelerate performance.
  • Measure and monitor results.  Once standards are in place, they have to be managed, which means measuring actual results to target and taking corrective action where required.  Those who have the discipline and talent to do so are well regarded by the senior ranks.
  • Compensate based on results. Structures that include a meaningful variable component tied to performance tend to focus people’s efforts on what’s important.  Good compensation structures include short term and long term incentives, as well as measures for individual, departmental, and organizational performance.  Roles that are structured in this manner can be a good opportunity for those on the way up to demonstrate their worth in tangible terms.
  • Watch competitors and the marketplace. Paying attention to what’s going on in the outside world can be an important reminder that organizations need to take action in order to remain relevant to those that they serve. Remembering that any organization should be thinking about customers, competitors, and markets at least 50% of the time can help to instill a results oriented mindset.

The reality is that the more senior a position becomes, the more directly accountable it is for the performance of the entire organization, which, in turn, reflects how well the actual job is conducted.  This is a significant shift from that of less senior roles, so the sooner that the “results” skillset is developed, the better.

The Executive Edge (Risk Management)

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Published by CPA Canada in CareerVision

As your career progresses, a funny thing can happen: you actually start to realize just how complicated the business world and your role can be.  Long gone are the early career refrains of “how hard could it be?” or “why not?”; experience has taught you just how hard things and all of the trouble that arises when the task at hand and the actions that were taken to address it should have been contemplated much more thoroughly.  Does it seem like the reverse should be true?  Call it “experience”.

Experience recognizes the full magnitude and complexity of situations and the actions that should be taken, as well as the various options that should be considered when making a decision.  Those who have successfully reached the executive level know that business situations are rarely black and white, and in fact, lots of grey areas exist; this is often the culprit of complexity.  As a result, experienced executives typically have a strong ability to identify complex situations and bring the right balance of analysis and action to bear.  This is what experience can do, in terms of developing the necessary level of judgment to recognize business risk (that can be mitigated), as compared to catastrophic risk (that can be devastating to a company).

In this series, we have already considered the importance of a number of Executive Edge skills, including professional development, consistent reliability, and high role engagement.  Here’s more about the importance of sound risk management skills to the executive ranks.

Where it Goes Wrong

Inexperience is often coupled with high enthusiasm and impatience; to get the job done, be recognized, and perhaps make a “splash” to generate a promotion opportunity.  Although there can be positive aspects to bringing action and enthusiasm to a role, there is a fine line between a “just do it” attitude and barging ahead in a careless manner.  Too often, less experienced staff members approach tasks without fully appreciating the challenges of the situation or the outcome of their actions.  Fast forward, and you might just find yourself in a situation that you wish you could have avoided or approached differently.  By this point, it’s often too late to turn back the proverbial clock, resulting in possible damage to the company, your reputation, and perhaps others.

Get the Executive Edge

Recognize that business situations are often much more complex and risk laden than most might realize.  Experience provides the tools to recognize this, but also the skills to indentify options for resolution.  Here’s how:

  • Seek to fully understand situations before acting. Taking quick action without fully appreciating the situation is a likely path to trouble. The devil is, in fact, in the details, so take the time and effort to be in the know.
  • Identify the key things you need to know. When analyzing business situations, there are typically a number of important areas to understand: What is the situation? Who is involved/impacted? What are the limitations/guidelines that are applicable? What are the financial considerations? What is the timeline for resolution? Develop a list of the standard things you need to understand and use it as a guide for resolution.
  • Consider the outcomes fully. It’s important to understand the situation, but also the outcomes of the actions that could be taken.  This is an area that often doesn’t get as much attention as it should, resulting in the right solution, but the wrong approach.  Remember that executives often spend more time “thinking” and less time “doing”, so don’t rush to judgment.
  • Be patient. Senior level decision making often requires more thought and patience than new executives might expect.  In simple terms, executive level problems are more complex, can impact more people, and have greater consequences: all good reasons to gather information, think it through, and take a patient approach.
  • Get advice. Bring advisors and other experienced individuals into the process when needed.  Although an executive might understand their business and customers well, they may lack specialized knowledge in areas such as legal, tax, and regulatory, so advisors in these areas can fill important information gaps.  In addition, a sound second opinion from an experienced executive can be extremely helpful.

Executives who are able to weather the storms of the business world for the long term need to have sound risk management skills.  Failing to do so could result in unsuccessful ventures or a short-lived executive career; costs that are much too high not to prevent.