Regarding Mike’s checklist below, one reader commented, “So much info in so few words. Tostloy could learn a lot.”
Growth vs. Turnarounds
- Understand the concept of sustainable growth
- Keep a sharp look out for market trends and changes
- Take appropriate risks
- Constantly rationalize and be brutally honest
- Chase the business
- Have contingency plans
Five Ways CEO’s Can Better Serve Their Organizations
- Practice servant leadership
- Listen well and exercise more EQ
- Be open and secure about your own developmental needs
- Be comfortable with being uncomfortable
- Accept criticism as part of the job spec
The Code on Life
I have cracked the code on life. When people hear me say that, they perk up their ears and want to know the formula. Well here are a few principles. After all, wisdom isn’t what you know, it’s how you live.
- It’s simple but not easy
- Conquer your own mind
- Ignore the Joneses
- Don’t be fooled by the myth of tomorrow
- Less is more
- Be above it all
A Powerful Habit
Friends and Associates are often amazed at the things I have captured in writing. However, it is what I do with it that makes it so special. For example, of course I put my annual goals in writing but I also have in writing my lifetime goals, my definition of success, a list of high value added activities, valuable lessons learned and what makes me happy and unhappy, to name but a few. Then I institutionalize it all through repetition, refinement and reinforcement. Lastly, I take regular inventory (daily, weekly, monthly, annually) to make sure I am staying true to these goals and guiding principles. Collectively, these very powerful habits have resulted in clarify, focus, easier decision making and high ROI over many years.
Creativity in Business
- Ask lots of questions, probe and brainstorm
- Dig deeper; challenge the status quo; explore the lunatic fringe
- Recruit others and fight the naysayers
- Beg, borrow and benchmark other industries
- Innovate by doing
Remember, it doesn’t have to be sophisticated to be industry changing.
A New Professional Challenge
- Get a clear understanding of goals, expectations and timeframes
- Establish and build necessary relationships
- Maximize your objectivity and cover lots of ground over the first 90 to 180 days
- Build your plan (and think transition)
- Gain early momentum by addressing critical issues and the bang for the buck opportunities
Lessons on Work, Life and Community:
I wrote a book that I called “A Magic Wand, 8 Principles for a Life of Success.” In it I try to share some valuable lessons that I have learned over the years. The 8 principles are:
- You’re in Charge
- Life is a Series of Choices
- Think & Act Long-Term
- Apply Yourself
- Embrace the Powers
- Save, Spend & Invest Wisely
- Define Success Broadly
- The More You Give, The More You Get
From Turnaround to Growth
I’m often asked how I turnaround a company. Everybody wants to know the three things. Well it’s not three things, it’s 3,000 things. However, as the turnaround starts to take hold, there are certain shifts that need to occur in your thinking and actions. Some to be mindful of include:
- From inside-out to outside-in
- From crisis management to forward planning
- From cost cuts to strategic investments
- From dismantle to build
- From job elimination to job displacement
Acquisitions
Selling a Company
- Network with likely buyers well in advance
- Get your ducks in a row and don’t launch prematurely
- Corral the Broncos
- Create excitement around the story
- Keep it quick and protect the business during the sale process