(Time to read this Blog is about 2 minutes)
Before we get to the main topic, here are a few things to get you thinking:
- My Quote of the week:
“In business, you can spend yourself into bankruptcy…but you cannot save yourself into prosperity. For that you have to sell stuff…profitably.”
…Donald Cooper.
- Quick Family Biz Tip: According to family business wealth expert Russ Alan Prince, every family business has a fundamental choice to make:
a) to put the needs of the business first…or, = 6 X more family net worth…
b) to put the needs of the family first.
According to Mr. Prince, those family businesses that put the needs of the business first, generate 6 times more family net worth, over time.
224 new species were discovered in the greater Mekong region of Vietnam, Cambodia, Laos and Thailand in 2020, the WWF reports. The new species include an iridescent snake, drought-resistant bamboo, a long-legged monkey and a highly unusual cave fish.
Now, to this week’s important topic:
What’s your Management Style…authoritarian, democratic, or somewhere in between?
Across the world we’re in a debate and battle between the effectiveness, morality and sustainability of authoritarianism versus democracy. In business, there’s a similar debate about the merits and effectiveness of an authoritarian ‘my way or the highway’ approach to management and a more democratic approach. ‘Authoritarianism’ simply won’t cut it in business today, especially with Gen Z and Millennial (age 20 to 40) employees. Your best people will leave and the mediocre and poor performers will take ‘I don’t give a dam pills’, keep showing up and hope that you don’t notice.
My belief is that every business should encourage a culture of ‘respectful debate’. Ask, then listen and learn. As I’ve said 100 times before, “Our Team members at all levels know stuff…and they hate it when we don’t ask.” When we don’t ask, they think we don’t care and, if we don’t care, why should they?
But, when everyone has said their two cents worth of ‘respectful debate’, a decision still has to be made. Explain why you’ve made the decision you’ve made (“Because I said so!” is not a reason) and then everyone needs to get on the same page and enthusiastically support that decision. No sabotage…no grumbling…no stonewalling! A few of my Biz Coaching clients had a problem with ‘sabotage and stonewalling’, and we’ve put an end to that.
I had another client a few years back who said, “I’m not comfortable making a decision until everyone is in agreement with it.”…so no decisions were made and the business ground to a halt. This ‘consensus management’ approach is just nuts! Your staff have a right to disagree. They just don’t have the right to obstruct. And, if the company keeps making decisions that they fundamentally disagree with, they should have the wisdom and self-respect to leave. They’re not a good fit and they should move on!
That’s it for this week…
Stay safe…live brilliantly!
Donald Cooper
Donald Cooper speaks and coaches internationally on management, marketing, and profitability. He can be reached by email at donald@donaldcooper.com in Toronto, Canada.
