With information moving so quickly regarding global pandemic COVID-19, many companies are facing the daunting task of taking care of their employees, customers and their bottom line in a fluid environment. We’ve already seen some companies using Rhythm as their tool of choice to keep everyone aligned and executing in lock step.
If you are like me, your inbox is full of COVID-19 response letters from every vendor, doctor, airline, restaurant or business of any kind you’ve interacted with. These external communications serve their purpose, but not nearly as essential as your internal response.
No matter what business you are in, if you are the CEO or an executive leader, you're thinking about how your business is responding to (and being affected by) COVID-19. Your people are worried; everyone is worried. At the very least, your job is to lead them through this anxious and uncertain time, and it's also to prepare for the worst, just in case.
Goal setting is both a skill and an art. Whether you are new to the goal-setting game, or a seasoned pro, there is always room for improvement. One of the most used aspects of our strategy execution platform is the company goal setting software.
When writing goals, use these 5 steps to drive better results.
Goal Setting Step 1: Write your goal and keep it simple
Start by writing your goal in a clear, action-oriented way. It should start with a verb and state exactly what you are going to do and by when. Let’s start with one example and work it through the 5 steps.
Example Goal: Hire and train 20 new sales reps by end of September
Written by Cindy Praeger and Eskinder Assefa
A fairly significant body of research now clearly shows that the reason why a number of mid-to-large companies face is not that their strategies were not sound, but because they were unable to create a culture of strategy execution to perform well on those otherwise sound strategies. Successful teams bridge the strategy to execution gap through Intelligent Work.
Written by Cindy Praeger and Eskinder Assefa
Departmental silos in business are organizational units that should operate as specialized components of the proverbial ‘well-oiled machine’ but, unfortunately, almost always wind up operating increasingly in isolation of the rest of the company and will often end up in turf wars.
Organizational units created to provide excellence in some functional area inevitably grow to the point that they become more or less independent of the rest of the company. That, in turn, leads to fragmentation, destroying synergy with the rest of the organization and, at the same time, wasting resources by replicating expertise and data found elsewhere in the company choking the flow of information and making most cross departmental projects failures.
Successful SMART goal (priority) setting is an essential skill for both personal and professional success. If you aren’t setting goals, you’re likely not making progress. However, research by the University of Scranton found that 92% of people who set New Year's resolutions never achieve them.
Business goals don't fare much better; 67% of great strategies fail due to poor execution. Writing an effective goal will increase your chances of successfully achieving that goal, or quarterly rock. Fortunately, goal-setting is a skill that you can learn and improve. Setting goals and priorities is essential to running a great company so it is worth the time and effort to improve this skill.
Here are 6 Easy Steps to Writing Effective Goals and Priorities:
As companies grow, the need to strategic establish implementation processes to help you scale to meet your business goals becomes inevitable. We've all reached a place in our role when the way we used to do things no longer works and we have to innovate. Necessity becomes the mother of invention - there's really no way to avoid it in a healthy growing company.
The truth remains, however: implementing new processes at work is hard. It's some of the most difficult work that teams do. Some teams struggle with change itself - it pushes people out of their comfort zone and sometimes there is resistance. Other teams struggle to develop the processes themselves - they can't agree on the best way to proceed to improve the business process. Even if you can define a new process and make some headway on changing people's mindsets, there is still the uphill battle for implementing the key processes that turn plans into action. Management teams can help their employees to implement a new business process in five simple ways to maximize their implementation efforts.
Recently, AvidXchange, a Charlotte-based fin tech company, announced Series F funding. Their innovative accounts payable platform is changing the way middle market companies do business, and this new round of funding will fuel their continued growth.
“We’re shaping the future of the B2B payments industry by fundamentally changing the way businesses pay their bills, providing a single platform for AP and payments with the largest payments network for the middle market,” said CEO Michael Praeger in a written statement.
Late last year, Raleigh-based tech company Pendo raised $100 million to fuel their growth. The successful startup provides analytics to help companies improve their websites and software for end users. According to CEO Todd Olsen, the company plans to use the money to hire more software engineers (among other things): “We tend to think that investments in product pay back long-term dividends to the company… A big part of our investment thesis is to continue hiring engineers.”
What's the #1 challenge affecting your business today? Christine Rutherford, our Head of Growth andStrategic Partnerships, and Juan Sosa, our Rhythm Onboarding and Training Expert, dug in to that topic during their "The Framework to Align Your Strategic Efforts and Your Executive Team" webinar.
The attendees voted and identified the following as their #1 business challenge:
- 46% - Team Alignment/Execution
- 41% - Making My Strategic Plan Actionable
- 30% - Growth
- 14% - Talent/Building Accountable Teams