December 28, 2005
Top 10 New Year’s Resolutions for CEOs
As the year draws to a close, I thought that I would offer up my top 10 possible New Year’s Resolutions for Emerging Growth Company CEOs:
Choose the most appropriate (maximum of 3) from the list below:
- Customer Focus– Telephone or meet with at least 3 customers that you don’t already know each week, for 12 weeks. There is nothing like customer conversations to truly understand the perceptions of your organization (and perception is truly reality). Then, do something useful with the information!
- Product Focus– Choose the 1-3 most important areas of improvement to your product that you have known about for a long time (hint: ease of use is one of them), and spend the first 90 days of the year helping your product groups both building the improvements AND build the processes, organization, and staff to make ongoing improvements. Set and meet measurable progress goals by the end of Q1.
- Marketing Focus– Choose a (simple) message, and make sure that by the end of Q1, everyone inside your organization recites the message when prompted (this is not as easy as you think and should be measured by random prompts at the end of the quarter).
- Sales Focus– Put in place 1-2 new approaches that significantly improve the efficiency and/or effectiveness of your sales funnel, with noticeable improvement by the end of Q1. (for example, pure channel sales can improve their online channel partner support or improve training of the partners. E-commerce distribution could put in web analytics or use what you already have to improve page abandonment or put in a program to reduce shopping cart abandonment. Telesales distribution companies could put in place or improve e-commerce. Field sales distribution could put in place telesales or telemarketing.)
- Service Focus– Sit with your customer service staff answering incoming customer service requests for a half day each week for 4 weeks. Use the knowledge you gain to make 1-2 significant changes (e.g., product feature, product usability adjustments, building help into your product, customer self help tools, customer service process step, etc.)
- Employee Focus– Take one employee to a one-on-one breakfast or lunch each week for 12 weeks (or until you run out of employeess to take out). Use the knowledge that you gain to make 1-2 significant changes by the end of the quarter.
- Strategy Focus– Create 1-3 initiatives from this list, make considerable progress on implementing by the end of Q1 to help increase your competitive advantage.
- Financial Results Focus– Take your current plan for Q1 and figure out how to outperform it by 10-15% on the bottom line in the first quarter, by raising the bar on hiring, focussing on better cost management, or getting involved in closing more sales.
- Execution Focus– Make sure that each of your direct reports has 3-5 major goals for Q1 with objective measures for success. Make sure that your direct reports do the same thing with their employees. Ask for a regular (at least weekly) review of progress against the activities to nail the goals as well as the results relative to objective measures.
- Have Fun– While nailing your goals are important, waking up every day passionate about your work is at least as important. Implement 1-3 initiatives that will improve the amount of fun that you and your employees are having (do it right and your productivity will improve as well).
Happy New Year!