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The challenge in many early-stage companies is that the executives running them often don’t have as much deep experience in critical areas needed for growth. Usually, the founding team is still learning and evolving their skills and depth of knowledge in the domain.
This is good in the beginning when things are moving quickly, as you need flexible leaders who can quickly learn in new environments. But as you scale, you begin needing expertise and depth as well.
Here are three key questions I ask leaders facing the challenge of how to evolve and plan their professional development. These will not only help the business create the best leadership team; it will help keep people engaged and motivated throughout the growth process.
The first question to ask yourself is: what do you really enjoy doing that keeps you engaged and continuously challenges you? It’s more than just liking something. You need to really be compelled and driven to get better at it over time to be able to maintain your focus over the long term.
Write down all of the tasks and work that you do. Now think about when and how you engage in that work. Find the three to five things that you notice a high degree of engagement in.
Look for periods where you lose track of time or tend to push off other tasks, or even things like eating, to spend more time doing. Find those activities where you’re totally engrossed in the work and forget about everything else.
If you can’t find any obvious activities, find the ones that you have the most curiosity about and start carving out a little more time and focus to get into them and notice what happens. Does your curiosity increase or do you get bored quickly and want to move on?
It’s not enough to just enjoy something. You need to be good at it too, in order to create value. Something you love doing that you’re not proficient at is a hobby, not a profession. Look for things where you get lots of positive feedback around and things that people ask you to do frequently.
If you can, get more feedback from colleagues and bosses about what they see as valuable skills and contributions. You don’t need to be a world expert on something, but you want to be seen as having a high degree of skill and performance. Focus on what other people think you’re really good at, not just your own assessment.
Sometimes, we know too much and are too self-critical. You may feel like you don’t really know what you’re doing, or know that there is so much more to learn, but someone not educated in the field may see you as brilliant. It’s more about what others think, not just what you think.
Finally, you need to look for the things that nobody else can do like you can. If everyone else is also going at something, there is little room for differentiation or to be seen as a unique resource. You want to find something that you enjoy, that you’re good at, AND that nobody else can do.
If you can’t find anything truly unique off-hand, start looking for ways you can add or combine skills and experiences to create a valuable and unique capability.
Maybe you’re really good at contract law, minored in environmental studies in college, and are a hobbyist rock collector. Can you combine them to focus on contracts involving public land use for mining and forestry?
Developing a niche is an excellent way to become highly sought after and highly compensated. Don’t be afraid to really carve out a unique domain; just make sure there are at least a handful of people and companies who really need that expertise.
Becoming a high-achieving executive is about creating unique and desirable value in your market. Focusing on these three questions will help you find something you’re not just passionate about, but something that you can create a real niche around. As they say, the riches are in the niches.
By: BRUCE ECKFELDT, FOUNDER AND CEO, E&A, GAZELLES/SCALING UP BUSINESS COACH, @beckfeldt
This article was originally published in the original United States edition of Inc. or on inc.com and is the copyright property of Mansueto Ventures LLC, which reserves all rights. Copyright © Mansueto Ventures LLC.
Source: Want to Be a High-Achieving Executive? Do Fewer Things – Inc.Africa
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Motorcyclists drive past an Ikea store in Hyderabad, India, on Wednesday, March 23, 2022. Photographer: Dhiraj Singh/Bloomberg..© 2022 Bloomberg Finance LP
When you’re the only woman on a leadership team, it can be hard to feel included during team-building events. Especially when the men spend time in the sauna.
Ulrika Biesèrt, who leads human resources for Ingka Group, whose core business IKEA Retail operates nearly 400 IKEA stores, recalls a time much earlier in her career when she attended an offsite where the group of nine other male leaders visited a sauna. She was the only woman on a distribution center management team.
“I needed to go out and sit outside on a chair when they were doing the team building,” she recalls, now 26 years later. “The worst part was that I was not even reacting”— Biesèrt didn’t think much of it because it was seen as normal at the time.
It wouldn’t be now. On Monday, the global retailer of flat-pack furniture and low-priced yet Scandanavia-chic housewares is announcing it has reached the rare feat of near-gender parity across its top leadership roles. Fourteen of its 31 country CEOs (45%) are now women; women also make up 56% of top retail management teams across its global footprint.
That’s up significantly from a decade ago, the company reported, when only 28% of country CEOs were women and its top retail management teams were just 35% women. (The group’s management, where five of 13 leaders are female, has a bit further to go.)
The figures reached that tipping point in recent years, as leaders like Susanne Pulverer was tapped to run the company’s India unit last year and, in January 2023, Doris Lan became CEO of Ingka’s Denmark operations. (IKEA is run as a franchise system, with Ingka Group being by far its largest, representing roughly 90% of IKEA sales, more than 170,000 employees and 379 stores.)
The International Labor Organization has said a balanced employment ratio is one where no more than 40% to 60% of employees are of the same sex. IKEA’s process of pushing toward gender equity started as early as 2002, when the company’s then-CEO set it as a priority, but started in earnest 10 years ago, Biesèrt says, when the company’s first IKEA Women Open Network meeting was held in Sweden with top leaders from across the company.
“We were really shaken by the fact that we were so not equal,” recalled Biesèrt in an interview with Forbes. A facilitator at the 2013 meeting helped jumpstart the process with “a little bit of shame that we—who are priding ourselves on our values—how come we are not better than this?” After the event, the company set a target to reach 50/50 gender balance within 10 years.
Biesèrt credits a range of factors, from involvement by the CEO to revamping all the company’s human resources processes to implementing bias training, pay reviews and new hiring rules. “It’s very systematic,” she says. “It’s not in bits and pieces … there was kind of a mind shift.”
Still, certain practices had impact. “One of the key factors, I think, was when we started measuring,” Biesèrt says. When leaders could see that gender balance “was one of the absolute top priorities” in their stated goals, they tied it to their performance metrics.
Another, she said, was getting beyond having only a token woman on a leadership team, or even two, but reaching critical mass that allowed others to see the diversity of female leaders. “When you have three or more you actually have more impact,” as it helps with “realizing that we are not fully the same.”
For top leadership positions, the company also requires that the final candidates for each job are always one male and one female leader, Biesèrt says. “You can’t only come with two men” to a final slate of candidates, she noted.
Pay is another factor: In 2021, the company began banning salary history questions across its operations, offering pay based on a job’s value rather than a woman’s ability to negotiate and helping avoid the entrenchment of past pay gaps. The company says it has also worked to reduce gaps in pay that cannot be explained by differences in experience or scope of work, cutting the “unexplained” gender pay gap in similar jobs from 8.04% in its 2020 fiscal year to 4.84% in 2022.
Finally, it may seem unsurprising that Sweden-based IKEA, which is known for generous parental leave for both men and women, has reached parity faster than many companies. And indeed, it does offer more in terms of parental leave in many countries—which could prompt more women and men to return to their jobs after becoming parents—than what is required by law.
In India, for instance, where there is no mandated paternity leave for men working for private firms, IKEA offers full salary and benefits for both women and men for 26 weeks. In the U.S., which has no federal requirement for paid parental leave, it offers up to 16 weeks for mothers and fathers, in addition to paid disability leave.
Biesèrt acknowledges the company’s Swedish roots are influential—but not the whole story. “We’re brought up as Swedes, but I think the starting point sits in our culture,” she says. “Being ‘for the many, by the many’—the many is both men and women.”
I am a Senior Editor at Forbes, leading our coverage of the workplace, careers and leadership issues.
Source: How IKEA Retail Reached Gender Balance Globally For Leadership Roles
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Starting a business is a challenging journey, especially for first-time founders who are often juggling multiple roles. Losing sight of the main objective – profitability – is an easy pitfall to fall into. In the first one to three years of business, it is common to show a loss or break even on tax filings as companies focus on growing their brand.
While this may result in low to zero tax payments, it is crucial for business owners to avoid the catch-22 mindset of purposely breaking even or overspending to avoid taxes. Without the guidance of a financial advisor or a background in business, this may seem like a favorable option, but it can ultimately hinder the long-term success of the company and its eligibility for secure funding options.
Profitability is a crucial factor in accessing traditional forms of business lending, such as Small Business Administration (SBA) loans, lines of credit, or even personal loans used for business purposes. A business must demonstrate profitability on their taxes or show they can personally guarantee the loan. Banks and lenders won’t go off profit and loss statements because they fluctuate.
A common misconception many first-time founders have is believing venture capitalists will invest in their company simply because they have a good idea or have been in business for a while and have sales. Shows like Shark Tank, though entertaining, add to this false narrative.
“Unfortunately, too many small companies focus solely on sales, without even understanding if they are profitable. No matter how great your idea is or how high your sales are, if you aren’t profitable, it doesn’t matter,” says Lori Williams of Business Simply Put LLC.
Here are five actionable steps to help you achieve profitability and increase your chances of securing funding for your business.
1. Lower Expenses
As a business owner, letting go of someone can be challenging, but if you can’t afford certain roles, it is essential to take over for the time being. Consider which positions, freelancers, or subscriptions you can cut back on to reduce expenses.
When it comes to vendors, negotiate rates by shopping around for lower prices. If your current vendor cannot match the same pricing, it may be time to change. While switching suppliers can be difficult at first, it can ultimately lead to increased profitability in the long term.
2. Increase Sales
Although it may seem like an obvious step, increasing sales is often overlooked when a business owner is wearing multiple hats in the early stages of their business. However, there are feasible ways to boost sales. If you have a product-based business, consider reaching out to more wholesale accounts or listing your products on wholesale websites.
Leveraging your network through LinkedIn and contact list can also help you connect with potential customers or peers who can introduce you to the right people.
A proactive approach to boosting sales can be highly effective, and email marketing and SMS are among the least expensive marketing tools. Creating strategic campaigns offering discounts and valuable information can incentivize consumers to purchase from your business.
Lastly, consider raising your prices. Founders often avoid raising prices or charging for shipping, for fear of losing customers. While this fear is understandable, not having healthy margins could be a significant factor preventing a business from being profitable.
3. Seek Reputable Financial Guidance
Building a successful business requires sound financial management, but not every business owner can afford a full-time CFO. Fortunately, there are resources available to help you navigate the financial side of your business.
The Small Business Development Center (SBDC) offers free guidance from advisors paid by tax dollars. Other organizations like SCORE and the Small Business Administration (SBA) offer similar services.
Websites like Upwork and Fiverr allow you to list job postings and view potential candidates for accountants and part-time financial advisors or remote CFOs. Before hiring anyone, make sure to vet their experience by checking with past and current clients. Finding the right person or team who fits within your budget can help set you up for financial success in your business.
4. Plan Ahead
Looking ahead and setting achievable goals is critical to ensuring that your business meets its financial objectives. This involves creating a plan for your revenue, funding, and tax planning. “Ideally, you want to know how much you will need in debt next year so this year you show enough net profit to prove you can repay the loan,” says Sebastian De Vivo, List Ventures.
Proper tax planning is essential for any business, and working closely with a CPA or tax preparer can ensure your business is taking advantage of all available deductions and demonstrating a healthy margin of profitability. “Clear communication of your business goals and long-term plans is key to receiving tailored guidance from your CPA and setting your finances on the right path from the start,” advises Julia Shumskaya, CPA.
5. Explore Funding Options
Research and explore all funding options available to you, including grants, friends and family, loans, and investors. Different funding options have different requirements and terms, and it is crucial to consider what is best for the long-term success of your business.
If your company is not yet profitable, it is still a great time to start building relationships with banks and credit unions which can be helpful when you eventually apply for a loan. Ask questions about what the eligibility requirements are for a loan and check in when you have had successes to keep them updated on your progress.
Once you have reached profitability and have worked on the necessary requirements for lending, you will be able to go through the process with more ease.
By implementing these practical steps, businesses can increase their profitability, improve their chances of accessing funding, and achieve long-term success. This tax season and beyond, take the necessary steps to become profitable and secure the funding needed to take your business to the next level.
I am the founder, CEO, and Creative Director of Madame Lemy, a natural and sustainable luxury beauty brand. Synthesizing both of my passions
Source: Profitability: The Key To Unlocking Funding Opportunities For Your Business
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With The Acquisition of ChatGPT By Microsoft. It quickly become the undisputed king of internet & within its first month it got over 10 million people. Well, its the ultimate nemesis of “Google” with futuristic mind-blowing features like. Ask it anything that you want, and it produces human-like 100% accurate information instantly.
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