Lead to Succeed in this new decade
by Marc Weiss
At this year's February Coterie and MAGIC Trade Shows, I spoke about leadership.
The slide above is one excerpt from my total presentation. I am certainly not an expert or teacher, but I do have firsthand awareness of the complexities and challenges necessary to lead. Maybe Harry Truman said it best in his famous quote, “The buck stops here.”
What are the defining qualities I see in great leaders?
Prioritizing
Leadership assumes the escalation of problems and issues, prioritizing what is urgent vs. what is necessary, and making those crossroads decisions that will set the course of your company for the next few years. It’s those 1,2,3 or 4 decisions that have cascading effects. Leaders lead to accomplish short term goals while, at the same time, preparing and working on where you will be in the next three to five years.
Setting Consistent Expectations
Implementing processes into your company certainly gives you a better opportunity to succeed, along with great coaching. In November of 2018, we implemented EOS Traction into Management One and it has had a profound impact. The concept of the right person, in the right seat, and getting the team to work together in the same direction, provides us with the process to grow. It crystallizes our vision and gives us the tools and processes to execute at a much higher level.
Focusing
Perhaps most importantly, and for me the most difficult challenge, is to stay focused.
It is easy to fall prey to all the elements that impact your business that are out of your control. The energy and thought you put into those activities places you in greater peril.
I constantly get bombarded with questions that reflect the excuses retailers seek as to why they do not do more business. For example, last week a retailer was lamenting that a dress they sell is $200 less at a competitor. Discounting and competition have been a part of retailing since day one. I know it is aggravating, and I know this retailer also provides really great customer service. They go out of their way to support their client base and even alter clothes their clients bring in. The blame game does not build a business; it keeps you on the sidelines. Those retailers with more hustle and energy will steal your business. Control what you can control.
Embracing Data to Make Decisions
We are in a world where data is available instantly. For those retailers who embrace that data, they will seize the moment and lead their companies into the future, as they use information, and not circumstance, to understand what/why customers purchase from competitors. The tough answer is that we cannot make decisions on circumstantial evidence or one-offs. Major decisions should be based on specific data and be made for the good of the overall business.
Getting to the Next Level
Regarding that retailer I mentioned, the truth is that most of their customers appreciate what they do. The question they need to ask is how do they get to the next level?
They need a vision that includes, but is not limited to:
Exploring different merchandise strategies.
Initiating better training of the sales team to handle these issues.
Focusing on acquiring more customers so the numbers are in your favor.
And creating a brand where the client wants to shop with you because of who you are, and not because of price.
I am often reminded of Dwight Eisenhower’s quote about leadership. He said ”It is not the dog in the fight, it is the fight in the dog.”
Great leaders have grit, persistence and plenty of fight.
Combine that with all the other qualities I mentioned and see how you measure up.
ONWARDS & UPWARDS,
Marc Weiss
CEO and President
Management One™ and Retail ORBIT®