Don’t Lose Your Year-End Bonus! Maximize It By Becoming An Intrapreneur

MoneyHere is some little-known information, and an innovation tool, that will help you get rewarded for your actions.

An intrapreneur is an internal entrepreneur. As an intrapreneur, you must begin to think and act like an owner or senior executive, even though you were originally hired to perform within a more narrow job description, which you’re probably already doing well enough. The purpose of this article is to help you immediately do one thing outside of your current assignment that will add surprising value to the company, thus qualifying you for a maximum year end bonus, or pay raise, or maybe even a promotion (if you can make this a habit). Sound good? Let’s go.

Intrapreneurs are innovators. They bring positive change in areas critical to the success of the organization. As an intrapreneur, you create value by innovating in one of four ways. You can:

  • Increase Revenues
  • Decrease costs
  • Streamline processes
  • Solve problems

Innovation opportunities abound in every organization, and you can engage in one of them right now through a simple, four-step process.

Step 1. Identify an innovation option that would add value. Look around. Ask your peers, subordinates, and superiors. Go online and explore these topics. It should take you about ten minutes to identify something that could be improved. We have taken thousands of people through this process in training sessions, and we have never seen a group come up short on innovation ideas.

Step 2. Create a professional-looking innovation proposal. You can do this using a free online tool that will make you look like a financial genius. This tool will automatically calculate key financial measures such as Implementation Cost, Break Even Point, Return on Investment, Internal Rate of Return, Net Present Value, and Sales Equivalency. If the numbers don’t look good, don’t submit the proposal. If there is value in your idea, you will have provided all of the financial information necessary for management to accept it.

Step 3. Get your proposal approved. I suggest that, rather than taking your idea to your direct supervisor, you should aim higher in the ORG chart. Minimally, you should take it to you boss’s boss, but the higher the better. That’s because there tends to be greater appreciation for business improvements with upper management. Also, when senior leaders recognize you for your intrapreneurial contributions, it’s easier for your boss to support your increased compensation. An alternate strategy would be to work together with your boss on your idea so you can share the credit and build a more collaborative relationship that will serve you both well in the future.

Step 4. Help implement your innovation. Improvement ideas are worthless without execution; therefore, you should act with a sense of urgency to turn your innovation proposal into real change that starts to add value. In cases where the implementation is assigned to someone else, or the time required to make the change is longer than you would like, you should still benefit from your efforts come bonus time.

Bottom line: Leaders need intrapreneurs that can improve the bottom line. You can do this right now to help ensure your year-end bonus, and you should also consider becoming a life-long intrapreneur in order to boost your career in the long run. -Forbes Magazine

3 Life-Changing Habits of High Performers

High performers

When it comes to being successful, high achievers have a number of habits in common. But that doesn’t mean you can’t be right up there with them.

Here are three qualities all successful people share and how you can make them your own:

1. Say ‘no’ to distraction. Every. Single. Time. Successful people make better use of their time because they are disciplined goal-setters. I’m referring to those high performers who experience no down-time. Sure, there are vacations and time spent with the family, but that comes after success has been achieved.

Successful people have that same list of tasks to accomplish as anyone else, but the difference is they make time to get them all done with no excuses. They may not enjoy it, but that is irrelevant. What matters is that it gets done. They are disciplined in planning their work and sticking to their plan.

Even when you’ve achieved that level of success, the work doesn’t stop. I am always on the lookout for a great, profitable investment. I might be out with my family, but my brain is always aware of business opportunities around me. I don’t just shut it off when I’m not at work.

2. Read something new everyday. Successful people read constantly, find mentors who can teach them and value new information that can help push them forward. Whatever field you are in, you have to learn before you earn. Learn your product, customers and competition. And then: keep learning.

3. Flaunt your failures like a champ. Fail as many times as you can. Everyone fails. It’s part of life. Too many people take failure as a sign it’s time for them to give up. Those people don’t get very far. What sets successful people apart is the ability to get up and give it another go with a better plan for how to be successful the next time around.

If you want to embrace the habits of successful people, you’ve got to make the change within yourself first.

BY 

Seven Ways to Make Your Strategic Planning Relevant

strategy, planning, leadership, budgeting

One of the most important shifts in many companies today is the move toward a capabilities-driven strategy. Companies that define a “way to play,” lined up with a handful of key differentiating capabilities that deliver on that value proposition, have a definite competitive advantage. Your own company may have redesigned your strategy accordingly. Now it’s time to execute.

Undoubtedly, you already have a planning and performance management system—otherwise known as a strategic plan and corporate budget. This is a group of deeply ingrained methods for allocating costs and tracking. Even as the top executive team embraces a capabilities-driven strategy, the planning and performance management system tends to remain unchanged. That’s because traditional budgeting planning practices were designed with other priorities in mind. They tend to foster silo-based thinking and to spread investments across all activities. That makes them irrelevant to your strategy—at best. At worst, they will undermine the development of key capabilities. Yet they tend to be so entrenched, combining so many of the formal and informal drivers of behavior in a company, that you may find it difficult to change them.

A truly relevant planning and performance management system will help you instill the discipline and accountability to make hard choices. It will make it easier, not harder, to assign the lion’s share of investment to your differentiating capabilities. And it will keep things on track with clearly articulated objectives and performance metrics. Here are seven guiding principles that will help you put such a system into place:

1. Emphasize key capabilities in your strategic plan. Look beyond short-term marketplace opportunities and challenges. Articulate what you need to do, different from what any other company can do, to deliver on the company’s unique value proposition. Tie strategic objectives to those capabilities. For example, one bank recognized a major opportunity to build its business by selling across product lines. Developing a robust client analytics capability was a requirement. By naming this capability in their strategic plan, the bank’s leaders forced themselves to lay out the steps needed to achieve their long-term goal.

2. Spell out capability-building initiatives in the plan. Design roadmaps for developing and steadily upgrading specific capabilities over time. Then, in each annual plan thereafter, spell out how you can further advance these capability-building initiatives. The leaders of a mining conglomerate, for instance, realized that they could increase production output by rolling out new standards across their portfolio of subsidiaries. That required a series of initiatives: one each for measurement, reporting, IT, best-practice methodologies, and training. Developing the initiative roadmap provided an actionable plan for the management team to build the capability over time.

3. Manage discretionary and non-discretionary spending separately. A successful strategy concentrates investment dollars where they are needed most: the company’s distinctive capabilities. Traditional budgeting can undermine this goal by allowing individual units to spend discretionary dollars as they see fit—often favoring pet projects, even if they have no strategic relevance. To prevent this, use zero-based budgeting to determine the amount of non-discretionary expenditures needed to “keep the lights on” throughout the company. The rest of your spending should go through a management process, connected directly to the strategic plan.

4. Use cross-functional governance to balance company priorities against the priorities of individual business areas. Governance forums should use a set of clearly defined decision rights on a regular basis to steer the business. A transportation company relied on a common information technology infrastructure across all of its business units. Every year, each business unit submitted IT investment requests to an investment committee panel composed of business unit and support function leaders. Its cross-functional organizational design enabled the panel to best decide how to allocate scarce resources for initiatives that would generate the best return for the enterprise. Some of the enterprise opportunities would not have been captured if business unit leaders were the only decision makers on IT.

5. Create guidelines for evaluating investment demands. Your company is subject to a range of investment demands with varying degrees of relevance to strategic priorities. Detailed investment guidelines will help assess these requests, especially when you’re balancing “apples and oranges” demands (such as regulatory compliance expenditures versus capital spending proposals). Each year, for example, the managers of a moderate-sized but much-used airport have to choose just a few of many investment requests—balancing safety, strategy, operations, and regulatory arguments. Establishing a clear set of communicated guidelines allows the airport leaders to focus on higher-return projects. Knowing the reasons for the choices encourages everyone, including those whose proposals didn’t get funded, to engage and execute with more focus on the winning initiatives.

6. Give leaders cross-functional authority to build capabilities and hold them accountable. Capability-building efforts fail when nobody has the authority to carry them out. Help individual leaders build capability systems across functional lines by making sure others can see that they have the requisite decision rights and position. For example, remember the bank building out its analytics capability. This required coordinating resources to develop a solution across product lines and IT. An empowered leader was authorized to manage resources, initiate investments, and manage delivery across the organization matrix to build the capability.

7. Measure and reward progress. Building a strategic capability can often take months or years. Explain clearly how each initiative bolsters a critical capability. Establish objectives and milestones for each initiative. Use these benchmarks to measure and reward progress toward the ultimate goal: a market-leading capability.

A more relevant planning and performance management system yields significant long-term benefits, because it continuously evaluates your company’s performance against strategic goals. The performance benchmarks tell you where and how external changes are affecting your progress. This provides a real-time snapshot of your capabilities at work in the marketplace. Strengths and weaknesses become clear, informing your investment decisions for the next strategic planning cycle. After a few years, this virtuous feedback loop can become second nature, paving the way for real collective mastery of the capabilities that distinguish your company.  – Matthew Siegel  s+b

The Future is Now – Humanize Your Product or Service or it Simply Won’t Sell

Future, Brand, Marketing, Culture, Selling, StrategyBrands often look to the future for clues on how to adapt to changing technology and culture. But much of what futurists say is coming can be acted upon today (e.g. human-centric branding).

To learn about what the future may bring to digital marketing, Dana Rousmaniere spoke with Gerd Leonhard, “one of the leading media-futurists in the world.”  Here are a few salient points from the from the discussion on the HBR blog of what this futurist envisions.

“You’re going to stop buying things from companies that don’t fit your values, just because you can’t see giving them the money.”

“All of the companies of the future will have one big job: to make sure that the customer feels cherished and safeguarded.”

“Data alone will never be enough. You still need to reach consumers on an emotional level. The bottom line for marketers will be that if a product or service isn’t humanized, it won’t sell – because buying something isn’t an intellectual process of saying “this could be useful”; it’s saying “I really want this.”

Why wait for the future to come?

I believe the future Mr. Leonard is painting is already here – or, at least his insights are ready to be put to use right now. Here’s how:

Make your brand, product, and services better fit with the needs, values, interests, and aspirations of people – so they can see the point of giving you the money.

Go beyond the concept of brand utility to brand feelings – make kick-ass products that solve problems AND do it in a way that make people feel cherished (valued, appreciated) and safeguarded (secure, protected).

Reach out on an emotional level – humanize your brand, products, and services in ways that break down barriers, encourage participation, and clear the path to decisions that benefit your bottom line.

Empathy, purpose, emotion – the keystones of success

Start with extreme empathy – put your business interests aside and come to understand what people are seeking on a very basic human level.

Embrace a purpose – one that takes your ambition beyond profits and shareholder returns and into the fertile grounds of meaning.

Create an emotional aura around your brand, product, or service – a unique set of emotions which make people feel gratified, which they readily internalize, and which influence the way they think, feel, and act on behalf of your brand – now and in the future.   – Jerry Holtaway, Emotivator Brand