Discover the Five Primary Disciplines of Better Execute’s Proven Management Coaching Strategy
We at Better Execute are all about working side-by-side with business leaders and their management teams to develop the skills and disciplines necessary through effective business management coaching. While every company and team is unique, we consistently find several of these 5 disciplines relatively weak in many organisations. But they are easy to improve over a matter of months with the right management coaching:
Most companies do not have a committed and clear business plan or management coaching system in place. If one exists, it is often not reviewed frequently or shared regularly with the entire company. Planning is not a formality for big, successful businesses, yet it is repeatedly identified as a proven and critical success discipline for Small to Medium Businesses (SMBs). The following are typical attributes we improve in this area:
- Alignment between stakeholders (owners/directors/managers)
Often there are verbal ‘understandings’ that do not remain clear between parties – especially over time. We highlight any unclear agreements or issues and get them resolved in a way that best supports the success of the company.
- Clarity on company direction and objectives
Company leaders need to have their heads in the clouds, feet on the ground and eyes straight ahead all at once. Our management coaching accomplishes this with compelling 5–10-year business goals that are followed by highly manageable quarterly objectives or ‘rocks’ that align with the longer-term plan.
- Simple Strategic Plan Socialised with Others
Every company needs a thoughtful and straightforward up to date 1 or 2-page plan that conveys the final objective, providing direction and purpose for all involved. This isn’t a big fluffy corporate document; it allows your team to understand where the company is going and what core values and strategies will be used to get there. We help companies develop this concise document and push for its continued distribution and reinforcement throughout the company.
This is the area in which traction is either gained or lost as a team. Company leaders find great benefit in having Better Execute facilitate weekly management meetings for a period of time, until the processes and disciplines are internalised by the management team. There are three skills that often need to be improved that we instil and develop within each weekly management coaching meeting:
- Week-Over-Week Task Completion Management
It is easy for management teams to lose trust and accountability with one another if there isn’t consistent follow up to ensure that all points discussed are then addressed and acheived.
- Quarterly Rock Completion Monitoring
A key component to moving companies forward is to identify key projects, or ‘rocks’ as business management authors call them. These rocks are then to be completed within the current quarter. Because rocks are longer and more complicated than tasks it is important to keep their progress visible throughout the quarter to be sure they are completed by the set deadline. We help companies identify, define and manage their key rocks to maximise their chance of completion and success by the end of the quarter.
- Issue Identification & Resolution Management
One of the most important aspects of weekly management meetings is to identify, discuss and resolve current important issues. We find most management teams don’t feel comfortable raising all known issues, often trying to solve issues before the fundamental problem is identified. Solution strategies are left undocumented, and therefore unmonitored until the issue is fully resolved.
We find that most companies don’t have a scorecard that accurately reflects how the key parts of their business are performing. With expert management coaching, Better Execute assists companies in refining their scorecard to have the fewest and most telling numbers possible. This typically means a mix of KPIs and KPRs with clearly defined owners responsible for each of the numbers. It takes time to adopt an effective scorecard but we will ensure the success of the process with management teams.
- Correct KPIs by business department – most departments have performance numbers that indicate how the company will be doing financially down the road. These are often referred to as Key Performance Indicators (KPIs). We help companies tease the best KPI’s to include in the company scorecard.
- Right number of financial performance numbers – it is easy to get bogged down in financial reporting. The biggest issue is that most financial numbers are focused on past results rather than future indicators. They are important but should be used sparingly in order to keep the scorecard focused on where the company is headed rather than where it has been.
- Scorecard Reporting by Specific Owners – our management coaching enables team members to take ownership of their team’s performance by them reporting their scorecard numbers each week. This may seem self-evident, but it is not often done well within SMB management teams. We help solve whatever issues stand in the way of this strategy being implemented successfully.
SMBs often don’t put sufficient effort into identifying and articulating the key deliverables for each position or role within the organisation. It is easy to describe a vague job description for a role; it requires more work and clarity of thought to identify the key deliverables for each of the positions in the company. Our Management coaching helps companies make quick work of identifying this strategic information.
- Accurate Company Structure – step one in this process is to get the right responsibilities and deliverables by position. Deliverables can vary greatly amongst positions so finding the right definitions is important, not always easy and unique to all companies.
- Ensure the right person is in the right seat (people analyzer discipline) – various management strategies have tools for determining whether you have the right people in the right seats. This can include a decision tree on whether the person understands what is required with the position, whether they truly want to perform the activities required to be successful in the position and whether they have the capacity to do the work in the position. We help management develop the experience necessary to use a people evaluation tool when one isn’t currently being used in the company.
- Every position has a number – the end game for a strong accountability chart is that each employee has a KPI number that provides them feedback on whether they are, or are not, delivering what is expected of them. A salesperson may have a number of $1m which represents a weighted pipeline value of $1,000,000, where an executive assistant may have a number 3 for the maximum number of phone rings allowed. We work with staff to understand and identify with an effective number for their unique position.
Last, but far from least, is that Better Execute’s management coaching enables companies to gain better control over their money and financial processes. The fact is that most SMBs are set up for failure in regards to the financial management of their business. They have an internal or external bookkeeper and an external accountant. This common strategy increases costs and ensures the team has insufficient control or knowledge to run a financially viable business. We help companies identify a strategy that decreases their costs and increases the quality of support available to better manage the financial activities of the company.
- Cashflow forecast maintained and actively managed – we work with accounting personnel to create accurate and up to date cashflow forecasts.
- Debtor days and creditor terms effectively managed – we engage with the involved people and processes to improve accounts payable and receivable processes.
- Obtain access to a proven CFO who has the company’s back – we identify strategies for ensuring an outside CFO can provide a company the strategic financial insights and strategies required to stay on track. Someone who knows the financial details better than the CEO because that is what they.