Questions? Call us now at 609-688-0428

What’s the “Real” Business Challenge?

by Trilogy Partners on Dec 04, 2018 1:59:04 PM

What holds a business back? Unfortunately, it’s not uncommon to see even successful companies struggle to grow. When working with Trilogy clients, challenges typically surface in the following categories:

  1. Fundamental business issues
  2. Culture of the organization
  3. Attitude towards change

Let’s explore each of these critical areas in more detail:

1. Fundamental business issues can be defined in two categories:

Growth: Strategy, Sales/Marketing and Organizational
Sustainability:
People, Financial and Processes

Examine the company and ask the following questions:

  • Is there a clear, concise written strategic plan that is aligned by all members of the team?
  • Are marketing and sales efforts being tracked, measured and getting consistent results?
  • Is there a current and future organizational chart outlining expectations, gaps and opportunities for advancement?
  • Is recruiting, training, onboarding, and compensation putting the right people in the right seats?
  • Does leadership understand what is “behind” the numbers and utilize a financial dashboard to guide decisions and increase the bottom line?
  • Are processes current and effective, making the business more competitive and more profitable.

2. The culture of the organization as measured by the following characteristics:

Foundation: Trust, Conflict, and Communications
Results:
Accountability, Courage, and Passion

Consider the following questions:

  • Is there real trust; that is, the ability to tell one another the hard truth and not be afraid to offend because of the positive intentions?
  • Is healthy conflict encouraged to get the best ideas from different point of views?
  • Is there 2-way communication that is understood at all levels of the organization with clear expectations?
  • Are all employees consistently accountable to specific measurable results?
  • Does everyone in the organization have the courage to make tough decisions and admit to mistakes?
  • Are people engaged and passionate about the company’s vision?

3. Attitude towards change

Change can be intimidating and can mean many things. When we talk about change, we focus on a willingness to embrace change, how much change can the organization handle, and what rate of change is acceptable?

What is the company’s attitude toward change? Consider the following:

  • How much change can the organization handle with its current employees, processes, technology and resources?
  • How fast can the company change emotionally, financially and organizationally?

For change to take hold, leadership must address these questions otherwise, any fundamental or cultural initiatives will fail.

So, what’s the “real” business challenge? It’s rarely ever just one thing but rather, some combination of the questions above. At Trilogy, we don’t believe that these challenges should hold a company back. Rather, addressing common issues can give a business the boost it needs. Find out how we can help; call Trilogy Partners at 609-688-0428 for a complimentary consultation.

 

 

Build Your Business by Building Relationships

by Trilogy Partners on Jul 31, 2018 1:42:46 PM

One consistency among Trilogy clients and owners of ANY size business is that they often struggle with how to grow their business.

All too often, we hear, “I make so many cold calls,” “I network at so many events,” “I’m always on social media, posting about all our valuable services to clients,” “I send so many follow-up emails,” Yet they’re not reaching their business growth goals.

Does any of this sound familiar?  If so, here are five tips to help you achieve your business development goals:

EMBRACE YOUR NICHE: Too many business owners try to be all things to all people. They’re afraid that if they sound too “niche,” or narrowly-focused, they’ll miss out on some business opportunity. And that’s a shame, because prospects hire experts. So, if you want to grow, identify the industries, practice areas, and offerings you know better than your competition. Make sure you’ve got the results, proof, case studies, and ecstatic clients to back up your claim. And if you’re not comfortable with the idea of a niche, just think of it as your “Expertise Area.”

NETWORK WITH YOUR PROSPECTS: While there’s a benefit from networking with one’s peers, and I’d never discourage you from doing so, make sure that the majority of the time you’re networking with your prospects. Don’t be afraid of being the only “you” in the room. In fact, that’s exactly what you want.

DON’T JUST NETWORK, GET ACTIVE: Some define networking as joining groups, attending events, and so on. I don’t believe that’s enough to drive business, because you’re limiting yourself to the few you meet during the reception, or with whom you sit during the meal. Instead, 1) Seek out speaking engagements to any group that’s worth your joining (and see the point above to help determine that); and 2) Get active with that group! Volunteer to serve on a committee that allows you to demonstrate your knowledge, and even consider ultimately running for the group’s board. It’s far better to be well known in one or two groups, then be an inactive member of many groups.

ALWAYS BRING VALUE: Whether in a speech before your prospects, at a roundtable, or in writing your blog, shift from what you want to say about yourself and your company, to what will bring the prospect value and help them succeed in their business. When you do so consistently, the prospect will be more interested in knowing about you and your business.

MAKE IT PERSONAL: Although you’re hoping to help their business, your prospects are people, and people do business with people they trust and like. Remember to reach out on birthdays and anniversaries (both work and personal), know their alma mater(s), favorite sports teams, interests, etc. Unless you sense that they don’t want to “go there”, inquire about spouses, children, etc. The gift of a special bottle of wine, tickets to a concert by their favorite performer, or the new book by their favorite author will be so appreciated, because it shows you’re listening.

And remember the power of a hand-written note. As Maya Angelou said, “They may not remember what you said, but they’ll never forget how you made them feel.”

If you’re not satisfied with how your business is growing, Trilogy Partners can help. Contact us at results@gettrilogypartners.com or 609-688-0428.

Navigating your Family Business from Conflict to Accomplishment

by Trilogy Partners on Jul 09, 2018 9:50:47 AM

When working with family members in business with one another, something reveals itself over and over – the ties that bind also serve as stress points for potential unraveling.  With expertise in group and family dynamics, conflict management, and behavioral science, I am often asked to provide consultation and coaching to Trilogy clients with family-owned businesses who recognize that “things could be better” from both business and personal perspectives.  Does your family experience any of these issues causing conflict and misunderstanding?

  • Decisions about the future direction of the business.
  • Differences in leadership styles, practices, and core business values.
  • Permitting undesirable and potentially destructive workplace behaviors to (erroneously) maintain harmony.
  • Differences in performance and time commitment.
  • Compensation of those actively vs. passively involved in the business.
  • Fairness, equity and expectations around time off/time away from the business with maintenance of core business activities.
  • Agreement about reinvestment of profits and the payment of dividends.
  • Clarification on how family shareholders exit the business and agreement on the basis valuation of shares in the business.
  • Identifying the next generation of leadership.
  • And, quite possibly the hardest to do but most important to address: the inability to have radically candid conversations to address ‘past hurts’ and ensure communication free from anger, spite, and/or indifference.

If not addressed in a timely fashion, any of the above concerns can accelerate loss of reputation, structure, and wealth.  However, with a thoughtful and comprehensive evaluation including collective business goals and individual hopes and dreams, there are options to increase success, satisfaction, and engagement for your family.  Below, are four approaches proven to minimize conflicts and misunderstandings:

  1. Establishing formal and informal rules for family member engagement. Creation of a family council or shareholders’ group allows establishment of a set of rules based on shared values to address key ownership issues. When seeking guidance around particularly thorny issues, this formal structure is invaluable. These values are often referred to as the family constitution.  Equally important are the informal rules that speak to the ways family members want to behave with one another. These behaviors are often referred to as the family working agreement.
  2. ‘Baking-in’ the concept of fairness and the practice of conflict resolution into all family business activities. A highly emotional response by a member feeling that others are benefitting at the expense of the family business can easily create an inhospitable environment for success. Commitment to fairness assumes that family members both appreciate how perception of inequality – of time, effort, resources, etc. – can undermine progress, and, requires a method to resolve these differences. Through the adoption of conflict resolution techniques, your family will be able to deal with business matters in a fair and equitable manner.
  3. Investing in leadership and board coaching for those actively engaged in the business. Running a family business can feel like an interminable walk about a tightrope. Competition, increased product and labor costs, shifting regulatory environment, changes in technology, problem du jour, you name it…all serve as challenges, as well as, opportunities for savvy family business leaders.  Coaching, whether it is at the level of the individual, executive team, or family board, provides high level thought partnership, creative problem-solving solutions, and can re-energize your view on yourself and others in the work.
  4. Evaluating the next generation using a thoughtful and disciplined approach. As tempting as it may be to believe that your son, daughter, niece, nephew, son-in-law, daughter-in-law, is the “perfect fit” to propel forward the interests of the family business, research and experience suggests there is much more nuance in making a good decision. While experience working in the business, ideally that which is both broad and deep, is desirable, there exist several other factors that relate to successful succession. Assessment by a competent evaluator can provide deep information about interest in taking on expanded responsibilities, possession of necessary skills sets, aptitude for requirements of the role, and, prediction about long-term success.

If you would like to learn more about how you can minimize conflict to increase growth and success in your family business, please contact Trilogy Alliance Partner Marc Celentana at (609) 688-0428 or mcelentana@gettrilogypartners.com.

 

What You Said is Not what I Heard

by Trilogy Partners on Feb 28, 2018 7:01:33 PM

Has this ever happened to you? You are speaking with someone and their response is not at all what you expected based on what you said.  At least, what you thought you said! At Trilogy Partners, we frequently hear this frustration from business owners which prompts the question, do you communicate effectively?

Communication is complicated all by itself.
Imagine how complicated communication gets when we mix different cultural understandings, gender-speak, frustration, unhappiness, underlying tensions, and the pressure of expectations and deadlines. It’s amazing we get anything right with all the challenges of effective communication and these are just some of the barriers we face!

Communication ‘gaps’ create unexpected challenges – an example:
Recently, I facilitated a training class attended by leaders of a multinational company. Suddenly, there was a big “AHA moment”.  While watching videos of themselves in conversation with each other, one leader after another said, “Why do I sound like that?  That’s not the message that I was trying to convey.”

At that moment, it became self-evident that each person experienced a ‘gap’ between their intended message and their actual behavior when communicating that message.  Why does this happen?

Components of effective communication.
How we say what we say makes a big difference in others understanding or even listening to our message.  The value of our words is only one of many components of communication.  When speaking – words are not nearly as important as your tone of voice and body language.  It has been estimated that words account for only 7% of communication while tone is about 38% and body language is 55%.  (Albert Mehrabian, 1967). How we say what we say has more meaning than the words themselves.

What these leaders saw in the video was the impact of their tone of voice and their body language.  It was their tone that communicated most loudly.  It communicated how they were feeling in a way so strongly, the words did not matter. And when they added in their body language, such as rolling eyes, dropping or shaking one’s head and even the use of a cell phone, the message was even stronger.  One leader said, “I can’t believe I came across so harshly, so rude, so disrespectful. I really do like you guys, honestly!”

Remember, we judge others by their behavior; however, we judge ourselves by our intentions.  These leaders had a gap between their intentions and their behavior.

Lessons Learned:

  1. Tone is the most powerful tool when speaking. Being aware of your tone is critical to make sure your intended message is received the way you want.
  2. Feelings and attitudes beneath the surface show in tone and body language. Be aware that you may sound criticizing, attacking or even nasty when you are simply frustrated.
  3. Rely on others and check in with each other to ensure the right messages are getting across in the intended way. Asking others for feedback about your communication style is the beginning of changing the way you communicate.

Leadership is not about doing what is easy, it is about facing challenges and committing to change.  This change needs to start with ourselves.  Ask yourself how can you become a better communicator? And consider ways to gain an outsider’s perspective on your communication style.

If you are interested in improving your communication effectiveness, email me at results@gettrilogypartners.com or call 609-688-0428.

The Latest

What’s the “Real” Business Challenge?
What holds a business back? Unfortunately, it’s not uncommon to see even successful companies struggle to grow. When working with Trilogy clients, challenges typically surface in the following categories: Fundamental business issues... read more
Maximize your Business Value
I enjoy working with Trilogy clients, helping them to better understand their financials to set strategy and drive growth. But what happens when owners want to exit the business? How can they ensure that they get the highest value for the business... read more
School Smarts + Street Smarts = Success
When working with Trilogy clients, I often tell them the story of Mitch and Jack, two high school friends with contrasting personalities.  Mitch was a loner, a straight-A student who always completed the extra credit homework and was essentially... read more