The WhIP Journal
September 2005 Power Your Practice – THE WhIP JOURNAL [What Helps In Practice]
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In This Issue:
- LEAD, MANAGE AND GROW S.M.A.R.T.E.R .– Are you suffering from growing pains?
- THAT IS SUCH A GOOD THOUGHT…
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LEAD, MANAGE AND GROW S.M.A.R.T.E.R – Are you suffering from growing pains?
“I’m too busy”.
“We can’t take on any more clients.”
“We are operating at full capacity.”
“I don’t have the staff to deal with the business I already have.”
“We have partners retiring soon. Who will fill their shoes?”
“I’m too stressed to manage what I have on my plate now.”
“There’s not enough of me to go around.”
Sound familiar? While there are many professional service firms trying to grow and generate new business, there are many more who are overwhelmed trying to deal with the business they currently have. In many businesses, growth can become a problem. Sure, it’s a problem we have all hoped to experience as we grow our businesses, but the truth is that many firms don’t really want more business.
While that may sound good on the surface (“Wow, that ‘s great, you guys must be doing all the right things”, “Hey, I sure wish my firm was at that level of growth and revenue”, “They could probably teach us a few things about how to run a successful business”) it’s not always a complete picture.
Certainly there are many firms who are enjoying great success because they have carefully invested themselves and their staff and their resources into becoming a successful firm.
However, some firms are too busy or busy enough from overwhelm instead of careful planning.
For instance, these are some of the issues that may undermine growth, cause undue stress, and confound your staff:
-You deal with clients you do not like
-You deal with clients who are not profitable to the firm
-You do too much of the low level work yourself and don’t delegate where possible
-You don’t have a team who can support you and help market your business
-You can’t let go of control
-You don’t have great leadership skills
-You don’t have great management skills
-You don’t hire the team members that you need
-You don’t provide or seek enough professional training
-You don’t invite outside consulting into your business to help assess your strengths and weakness, opportunities and threats.
If you are looking for more growth or wonder if you’re not managing your growth as well as you could, it mostly comes down to core leadership and management issues. Review the issues listed above and determine if if your firm is suffering from growing pains that can be managed a different way. There are many ways of building your business the way you want, protecting the investment you’ve already made, and continuing to grow in ways that are in sync with the business and lifestyle philosophy you’ve made for your life. Certainly there are some common denominators in a professional service firm, but I don’t believe in a cookie-cutter approach. I’d be happy to speak with you about a customized approach for your firm.
LEAD
“Leadership is lifting a person's vision to higher sights,
the raising of a person's performance to a higher standard,
the building of a personality beyond its normal limitations.”
-Peter F. Drucker
MANAGE
The productivity of work is not the responsibility of the worker but of the manager.
-Peter F. Drucker
GROW S.M.A.R.T.E.R.
S.M.A.R.T.E.R. Goals
Specific - Set specific, detailed goals. Include team members.
Measurable - What outcomes will be gained by reaching the goals.
Acceptable - Discuss the benefits and outcomes so your team will find it acceptable.
Realistic - Make it attainable and realistic.
Timeline – What are the steps required and how long will it take.
Extending – The goal will ideally allow the person responsible to challenge themselves.
Rewarding - It should be personally and professionally rewarding.
THAT IS SUCH A GOOD THOUGHT…
Thoughts worth reading, thinking, repeating and embracing.
“The manager administers; the leader innovates.
The manager has a short-range view; the leader has a long-range perspective.
The manager asks how and when; the leader asks what and why.
The manager has his eye on the bottom line; the leader has his eye on the horizon.
The manager accepts the status quo; the leader challenges it.”
-Warren G. Bennis
I hope you’ve found value in this month’s copy of THE WhIP JOURNAL.
My best regards to you,
Debra Dowdell
For more information, or to share your firm’s story please contact:
This is an Opt-in No-Fee monthly ezine/newsletter from Debra Dowdell. You are receiving this because you have subscribed to it. You may unsubscribe or change your information at any time at Details@PowerYourPractice.com. Your information will never be given away, sold, or rented. Ever. Thank you.
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Power Your Practice does not warrant or guarantee the accuracy of any statement or other information and materials provided in this newsletter. All articles and other information and materials in this newsletter are provided for general information purposes only.