It’s an off-year, this year. Yes, I love that expression.
You see, there is no such thing. But, living in the metropolitan DC area, I understand that if it is not a Presidential election year, then it’s considered to be an off-year. And, if there is no national election, it’s almost moribund.
Which brings up one of the two measures we have for Presidents. The one that counts- how history measures the man. (I am not being sexist here- unless and until there is a woman President, this is the only question that pertains.) The other- the one that pundits love to measure- is the first 100 days in office.
The first 100 days really is a critical period. It is typically the time at which we consider that the President has the greatest amount of power and influence. It’s hard to tell how well that measure truly works, since it was first coined by President Roosevelt in 1933. Oh, and by the time he coined it, he had been President for a while. So, the measure can only apply to 11 Presidents- and that’s ONLY if one counts the non-elected Ford in the mix.
But, when it comes to running corporations- or for new executives- those first 90 or 100 days are indeed crucial time periods. If one is taking the position at a successful entity, then one must have mastered the cultural changes, connected with the staff and other officers, and projected leadership in a way that the firm can continue on its successful journey. And, if one is taking over a situation that can be kindly termed a turnaround, then you have to employ those 90 to 100 days to stop the slaughter, the full-blown panic and hurly-burly nature of the situation; one must demonstrate that a plan exits to stabilize and improve the situation- and demonstrate some progress towards such resolution. And, at a new organization, those 100 days are critical to develop the culture, codify the mission and vision, to set the goals so the rest of the organization members can help make this a creditable success.
In other words, the goal of the new executive- be s/he be the CEO, the COO, the CIO, or the CFO is to build one’s credibility, propel actions to mesh with those of the organizational mission, and to portray clear control capabilities. Given that we often are called in for just such positions, we’ve learned certain things we’ll share. (It doesn’t hurt that I am considering just such a new opportunity now. I’ve just completed my review of our previous notes and observations about such missions.)
Month 1: Learning
No, you are not going to spend the time learning how to preform your job- you were already hired or retained because of those skills. You’ve got to learn the culture and mores of the entity. What worked in another entity- or another position- is not something you can rely upon for current success. The processes you’ve honed, the great products you’ve developed, the people skills- all need to be adjusted to what will be successful in this new environment. It’s as if you just immigrated into a new country and are now planning to assimilate and must find your way.
This means you need to know if this entity is a process-heavy or process-light organization. Typically, engineering firms tend to be the former, marketing entities the latter. But, other kinds of firms are scattered over the spectrum. And, as far as we are concerned, regardless of whether the firm was big on metrics before, it’s our job to discern the KPI (Key Process Indicators) that can be used to monitor progress and success. Moreover, unless you were promoted from within (we never are, since we are experts for hire), the cultural nuances need to be studied and learned.
One of the tricks we find works- as long as the entity is not a nascent one- is to meet with one’s peers and superiors (often, in our case, also with the VC that have hired us to bring the organization up to speed) to discern what one critical item would afford them better decisions and/or better results if it was available or operational in a regular fashion. We then work with the organizational unit at our disposal, outlining the requests we accumulated, and determining which we can implement almost immediately with what is at hand. And, determining what resources would be needed to accomplish the rest.
Month 2: Planning
Now, that you are familiar with how things work, it’s time to get your planning done. Develop the strategy for bringing the organization to the level desired. You must still respect what has been done before. If you are replacing someone who was fired, you need to know what worked and didn’t work for your predecessor. If it’s a new position, what have your peer CXO’s done, what processes have they used- to afford some continuity (even if changes are required).
A roster of things that have worked is critical. Let the folks know you plan to capitalize on those strengths, as you address the new issues that must conquered. And, this plan should be clearly visible, so that others can easily find actions that propel the strategy to success. And, that doesn’t mean a 10 point plan (even if one is needed- bring the other points up later, when you’ve achieved success on the smaller subset)- but just three or four issues that can be successful and serve as goads for future progress. And, it should be clear to each member of your team (or the firm, if it’s a smaller enterprise) what their part will be in the revamped or new strategy.
If you are the new CEO hired by the Chairman or the Board, the new CFO reporting to the CEO and the Board, or the new CIO (they sometimes report to the CFO, other times to the CEO), this is the time to make your plan comprehensible to the powers that be. If you are the CEO, it’s probably the time to begin communicating the changes to come to your other stakeholders- the customers/clients, the vendors, etc., so they can discern what changes will be provided for their benefit.
Yes, I know many of you don’t like sharing. I think that’s because you are fearful of being gauged by your own choices. But, for a successful execution of a strategy, it is imperative that everyone knows their stake and contribution in these plans.
Month 3: Execution
No, this does not mean that you are waiting for 60 days to get things done. You’ve been developing small wins along the way, like those simple changes we’ve already implemented during the first month or so. But, now, it’s the time to get things running and operating on all eight cylinders. (I prefer the full power versions- six cylinders may be adequate, but eight are so much better.)
This period is also when some of the existing projects or actions of the entity need to be terminated. They no longer meet the strategic objectives of the firm, or are so far from yielding results that the sinkhole threatens to drag you and the whole enterprise into the morass. Canceling these efforts denotes that responsiblity is being taken. And, the reasons for those cancellations have to be clearly articulated to the stakeholders.
Remember that choosing three- and maybe four- metrics (KPI) are the keys to success. Too many metrics are often the recipe for disaster. Especially, if the firm never operated under an KPI control system.
And, that relationship building within the organization is critical. You are the outsider coming in (or the underling that was promoted)- it’s your job to develop the collaboration tools, the networking opportunities to ensure your efforts are well-received.
Finally, each success needs to be celebrated- so that the stakeholders clearly understand that the strategy chosen is yielding the results to make the organization great.
