Now is the best time to invest
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The following three tips will help maintain and improve relationships.
- Act with integrity. Do what you say you will do with honesty.
- Inform your actions with dignity. Even if you must cut back or make changes, do so in a way that helps your firm retain its good reputation and helps people maintain their dignity. Give choice if possible.
- Maintain communication. The more open the communication, the better. People appreciate knowing the situation and participating, if possible, in creating the solutions.
Sometimes investing in your team requires cutting a player. Do you have one or more players who:
- Delivers poor quality work.
- Exceeds budget.
- Does not communicate effectively with others.
- Is not accountable for delivering what is expected on time
- Is not working in line with the values of the organization
You will only grow during a recession with the right people on the right seats on your bus.
- Review your team to determine if you have A, B or C players. “A” players are much more likely to be accountable and exceed expectations.
- Assign responsibilities to the best people for each job.
- Post an accountability table of who is to do what by when.
- Review progress regularly with the team.
- Communicate status honestly to the entire team. If someone is not delivering, use the team setting to provide healthy peer pressure.
- Meet one-on-one with any player who is not delivering. Maybe a midcourse correction or coaching is necessary. Document and file necessary actions so the player has no confusion on the performance gap and knows what he/she must do by when to close it. Schedule regular one-on-one follow-ups.
- If a team player consistently fails to deliver, take action. Sometimes reassignment or “amputation” is the kindest cure. As Buffet says, “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
Remember you don’t have to beat the recession alone. You can turn to a coach experienced in developing marketing plans and team-building programs.
Theresa M. Szczurek, Ph.D., co-founder and CEO of Radish Systems, is a serial technology entrepreneur. The story of her last start-up, which sold for more than $40 million in less than six years, is included, along with her strategies for success, in the Amazon-bestseller Pursuit of Passionate Purpose: Success Strategies for a Rewarding Personal and Business Life. www.RadishSystems.com, www.radishsprouts.typepad.com and @TheresaSzczurek on twitter.
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