There are a number of Wall Street firms and those similar who have embraced a way of doing business where each year a certain percentage of the ‘lowest’ performers in the organization are let go at the end of the year.
It’s really not about saving money, as to find new people to hire and then to train them is an expensive operation.
It’s more about a not at all subtle motivation for everyone else.
It’s a way to stir the pot and bring in new people without adding to headcount. A great amount of time is spent trying to measure performance in order to accurately obtain the numbers.
I’ve yet to see the report that measures the effectiveness of this type of leadership and management theory over the entire organization.
However the firms continue to do it.
When you’re a small company or even work for yourself this type of strategy isn’t typically an option.
So what do you do – nothing?
Just wing it?
As the year comes to a close it’s really a good time to plan ahead for any size business.
Here’s three ways to plan for the next year.
Each one will require a bit more time and thinking on your part. This is presented intentionally this way as some folks are not really too committed to planning and change.
Where the business is now, in terms of growth, revenue. cost of goods, and the direction of the industry you’re in – are you satisfied across the board? If you are not satisfied in any area start there.
What exactly needs to be done to improve or change it?
Who needs to be involved? And by when will it be done?
Start with Method One. However, continue on, once answered with this question – Is the big goal you have for this business on track? Timeline?
What must be changed in order to get on track or speed up the progress?
How will these changes be put in place? By when? Who must be involved?
Go through and respond to Method One and Method Two. Do you have at least one key advisor or a Board of Advisors or Directors to offer their opinions?
If yes, run your cases for One and Two by them. Discuss these and see where you land. If you do not have at least one trusted Advisor to conduct this exercise with it’s time to get one! Request a 15 minute no-cost call
Whatever you decide to do – do something!
Wenkroy International LLC is a boutique consulting company with a main purpose of helping entrepreneurs and business people create the strategy, the plan and the steps necessary to achieve that person’s vision for their business and often their life, while navigating the obstacles which may be blocking them from reaching their goals. The process may involve one on one coaching, advising, laser focus days, personal growth workshops and more. The process is utilized for individuals, teams, divisions and across entire companies. People are now able to focus on what matters most to them, because, they have clarity on where they are heading.
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