First Word

I am one of those overly concerned CEOs who somewhere along the way of leadership and success in the middle of it lost her way ... a bit. Over the last couple of years, an eroding of net profit began. Under the idea that it was okay, I began getting too relaxed about collections and ensuring that 3L Publishing wasn't paying unintended costs. Then I noticed something that was eating away at my leadership skills. We'll call it "client guilt". I felt like even though not a single client made a single complaint that our work wasn't somehow measuring up (especially on the public relations side where results are very "airy-fairy"). I felt awesome about the books for sure. Our books are award-winners. But self-doubt and that "guilty" feeling despite all of the efforts going into it, were eating at me -- but MORE important EATING our bottom line and profits as I devalued my time. I devalued myself. Are you identifying with what I'm saying? I bet ...

I had a conversation yesterday with a client about marketing. We were talking about why one method of marketing always seems to work, but it also worked for only a short period of time. Over the years the businesses I've seen thrive are those whose leadership is flexible and nimble on their proverbial "feet". Management is responsive and understands that "change" and more importantly the "ability to change" with the marketplace will take the company forward. Companies that get stuck in a rut and unresponsive as the marketplace shifts will often find their market share erodes over time. Cutting-edge leaders in an area are often confronted with competition, and then that competition eats into that market share. Leading-edge companies know that the minute their competitors step into the arena, it's time to reinvent the arena. And that takes the aforementioned flexibility. They key is to avoid being the old dog who begrudgingly learns the new trick...

Employee turnover is said to cost a business $100,000 in loss from the transition, which is one of the reasons I've always gone out of my way to treat my team with respect and loyalty. When you find an excellent team member you do not want to lose that person. Always be respectful and lead with loyalty and kindness and understanding so your team will WANT to work for you. As noted, loss on average per employee is $100,000, which for a small business is costly. Let me give you an excellent example: when I worked in corporate I worked very loyally for my employer for 14 years. Pay raises though were always a bone of contention. Existing inequities between the executives in the company for reasons I won't share existed. As a loyal and hard worker, every time it came time for a raise it was a hard-fought battle with lots of justifications to go round. At the end of the day, I often went 2-3 years without even a cost of living adjustment. Finally in the last year I asked for a ver...