Imagine a business that runs without you, yet benefits from your powerful leadership as CEO. You craft the vision and energize aligned action. Inevitably, you realize the rewards.
Sounds awesome, right?
And then, bam, the reality of where you are right now knocks the dream out of focus. A terrific team member quits. A customer calls and complains. The phone stops ringing – or never quits.
My hope is that, in spite of problems and confusion, you hang on to the dream and act as if a smooth-sailing company is your true reality.
Your weekly executive meeting is one cool tool for pulling yourself out of the ditch and getting back on track. No matter what, every week, meet with the executive team to review the financials and the top projects. This is what successful executives do.
Here is how to have a rocking productive weekly executive meeting.
• The attendees. You, as the CEO, should sit down with all owners, the controller, office manager and supervisors. If you are a small company, invite all owners, the bookkeeper and one other person.
• The appointment. The same day and time every week, for one hour. Like clockwork.
• The intention. To check in on the company’s financial reports, aka its scorecard. And to assign and complete projects that will move the financials to budgeted goals for profitability and cash.
• The agenda. Start with the money. Review the current monthly and year-to-date numbers for sales, cost of goods sold (labor, materials, subcontractors), gross profit, overhead and profit. Notice dollars and percentages. You’ll become familiar with your company patterns. Compare actual financial performance to the budget, and look for accounting errors and numbers that raise a red flag. Check your cash-flow position. Match up cash and accounts receivables and current liabilities.
• The goals. Make a profit every month. Don’t lose money. Maintain a solid cash position. Hit budget, and maintain profitable percentages for the key numbers.
• Update the top projects and the master project list. As you and your team come up with ideas, park them on the master project list. This is a list of any project that may help you increase sales, manage expenses, handle operations or grow the company.
Then, review your top projects. Top status means these projects will get energized. The others wait on the list until a top project is completed. Require a brief status report from each project leader.
Note: I just started using Trello to keep us organized, and I love it. You could use an online project management system or go old school with a notebook, flip chart or whiteboard.
• Update your calendars. Everyone at the executive meeting is in charge of his or her own tasks and calendar.
Don’t turn the meeting into a weekly beating. Lighten up a little. Goals are just goals. It’s a game, and the financials are the indicators that you are winning or losing. You get to play! That’s the important part for you and your team.
No one is going to come and take your dog if you don’t hit your goals.
Let off steam by running around the block or punching a bag at the gym. Help team members succeed by facilitating their creativity and encouraging them to take bold action. Assure them they don’t get fired for making a decision. This is leadership: Act as if.
Now, it’s a meeting, not a beating.
Ellen Rohr is an author and business consultant offering profit-building tips, trending business blogs and online workshops at EllenRohr.com. Her books include “Where Did the Money Go?” and “The Bare Bones Weekend Biz Plan.” She can be reached at ellen@ellenrohr.com.[[In-content Ad]]
