10 Lessons CEOs Can Learn From the Stanley Cup Champions

Posted on July 11, 2021 by chesterman

It has been exciting to watch our Tampa Bay Lightning win back-to-back Stanley Cups. What can CEOs learn from this championship team?

Research your competition. The Lightning prepared differently for each opponent based on their research. They watched video of each team to understand the other team’s strengths and weaknesses before creating their plan of attack. How well do you understand the strengths and weaknesses of your competitors? The research should be ongoing since things can change rapidly, e.g., Blockbuster vs. Netflix.
Build an effective system rather than designing your team around one star player. The Lightning could have built their team around the strengths of one of their top stars and maximized one individual’s effectiveness. Instead, they encouraged those star players to become selfless players within their team-focused system. The emphasis was on the final score rather than individual statistics. Does your system rely heavily on one of your top contributors? Or does the system maximize the effectiveness of the overall team? A team-focused system can reduce risk and increase morale.
Practice, practice, practice. The players practiced scenarios and plays repeatedly until they became excellent at execution. Are you creating opportunities for your team to practice? A great way to help your team practice is by creating potential real-life scenarios and then role-playing, providing constructive feedback in the moment.
Create a game plan that identifies potential obstacles. When injuries or penalties occurred during a game, the mentality was “next player up”. The players and coaches did not spend time worrying about losing one of their best players. Rather, they had confidence in the plan and the system. They had prepared for this scenario and everyone on the team knew exactly what to do. Do you have a plan that is well-understood by your team?
Design a culture of shared responsibility. Instead of blaming teammates or pointing out individual mistakes, the coach and top players all took responsibility for what they could each do differently next time. Do you have a culture of blame, shame, or avoidance? Or a culture of personal responsibility and accountability?
Provide mentors. The Lightning brought in some experienced players to help mentor the younger talent on the team. Those mentors led by example with a strong work ethic and helped create an expectation of a winning mindset. (Just like Tom Brady did with the Tampa Bay Buccaneers in 2020, resulting in a Super Bowl Championship!) What type of mentorship programs do you have in your company?
Recognize when the team needs rest. The Lightning did not have a hard, physical practice every day during the playoffs because the coaches knew when their bodies needed time to recover. Can you tell when your team is overwhelmed or overloaded and becoming less effective? Rest can improve mental health, reduce errors, and increase safety and overall productivity.
Learn from losses and recover quickly. When the team lost a game, they reviewed what they could have done differently, and then quickly prepared for the next game. Do you dwell on what went wrong? Or do you learn from your mistakes and quickly focus on the next opportunity to succeed?
Celebrate wins. The team and coaches celebrated each win with high fives and hugs before leaving the ice. I often see CEOs who, by not celebrating big wins, create a perception that nothing is ever good enough. How do you celebrate winning a large deal or meeting a big deadline?
Develop your bench strength. The player who scored the winning goal in the Stanley Cup final was a rookie who was only playing because another player was injured. The Lightning GM and coaches have a gift for identifying talent in young players and providing them with opportunities to develop. How do you identify and develop your high-potential employees?

Lead by Example

Posted on October 4, 2020 by chesterman

As leaders, you are watched 24/7 by those who work for you. The employer/employee relationship has similarities to the parent/child relationship in the way that kids learn from what they see you do more than what they hear you say. For example if you tell your kids that lying is wrong, and then they see you tell a friend a lie (even if it’s just a little white lie or not quite the complete truth), what lesson do you think your kids have learned from you? Perhaps “do what I say, not what I do?”

In the same way, if you have culture statements posted throughout your company and you do not follow them yourself or enforce them with others, what message does that send your employees? For example, if one of your company’s core values is respect, and you observe one of your top performers berating one of their peers or direct reports, do you step in to correct their behavior and remind them that the core value of respect applies internally as well as externally? Or do you allow them to continue to behave in a way that is not aligned with your core values just because they bring in a lot of revenue and you are concerned about upsetting them or losing them?

If one of your core values is creating an atmosphere where your employees can have a healthy life-balance, and then you email or text them at all hours of the day or night demanding a quick response, what message are you sending? Or if you are constantly checking in while you are on “vacation”, are you setting a good example of healthy life-balance for your team?

In the coming weeks, give some thought to the core values you have established for your business. How strongly do you believe in them? As Vistage speaker and author David Friedman suggests, defining those core values as fundamental behaviors can help everyone in your company gain a clear idea of how to live out those core values in their day to day lives. Take some time to revisit them with your team and recognize those employees who exemplify them. Most importantly, as the leader, make sure you set a good example.

Memorial Day 2020 – Gratitude

Posted on May 25, 2020 by chesterman

As we celebrate Memorial Day, let us honor those military men and women who gave their lives fighting for our country. Those who paid the ultimate sacrifice may have taken very different paths along the way, and yet all are heroes.

Some knew from a very young age that they wanted to serve their country by serving in the military. I remember some childhood friends who played war games with their green army men or GI Joe toys, defending their positions and strategizing attacks on the enemy. In high school or college, they joined ROTC to learn more about military service and to further develop their leadership skills. They eagerly enlisted in their preferred branch of the military as soon as possible, knowing that this was their career of choice.

Others were initially reluctant, being selected in the draft and having to adapt to the idea of military service. They may have been fearful, knowing that their lives and the lives of those around them depended upon being well-prepared for the unknown dangers ahead of them. Even though it may not have been what they had planned for their career, once they were inducted into service they were united by a common cause – to defeat the enemy and protect our way of life.

Still others were triggered by a specific event such as the attack on Pearl Harbor in 1941 or the terrorist attacks on 9/11. Their outrage at an attack on U.S. soil motivated them to make sure such an attack would not happen again.

Others chose to serve for other reasons: as a way to afford a college education, to become more disciplined or learn life skills, or even to escape a challenging home environment.

No matter their reason or path to service, they all pulled together in support of a common cause and paid the ultimate sacrifice on our behalf. And for that, we should all be very grateful.

As the leader of your company, do you know why your employees have chosen to work for you? Do you have a clearly defined common cause that will motivate them to pull together for the greater good? Most importantly, do you tell them regularly that you are grateful for their service?

If not, then Memorial Day seems like a perfect time to start!

Leading Through Uncertainty Part 2 – What We Can Learn from the Best Sports Coaches

Posted on March 22, 2020 by chesterman

Trying to figure out the best play to call

The current situation with COVID-19 pandemic has been unlike anything we have experienced previously. With sports seasons suspended, I began to think about some comparisons between the best sports coaches and the best leaders in the current environment of uncertainty.

Here are 8 things you can learn from the best sports coaches:

Be willing to call an audible. The best coaches call audibles when their game plan is no longer working. Even though you may have prepared what you thought was a strong strategic plan, when circumstances change, recognize that it’s time to call an audible and change the plan. When external factors are changing this rapidly, you will likely need to implement changes quickly. Be willing to change the course and adapt.
Know your players and the depth of your bench. Good coaches know the strengths of every player, even those who spend much of their time on the bench. Great players are hard to replace when they must come out of the game. The best coaches know the hidden strengths of all the players and can find the magic combination of players to overcome the loss of that one great player. A real-life example of this is if your production supervisor must stay home since schools are closed, who else can help identify and implement changes in efficiency and processes? If you know the hidden strengths of your team, you may recognize that your shipping clerk has created efficient processes in their department that indicate an innate strength that could be applied to other areas of the business.
Recognize that losing one game does not mean the season is over. The best coaches help their teams get over the loss as soon as possible in order to focus on the next game and the long-term vision for the season. They inspire confidence in their players and motivate them to think positively. As painful as it may be in the short term, recognize that the current challenges we are facing may just be a blip in the long season of your business. Do your best to get through it, understanding that there may be some short-term, painful losses along the way. If you can keep your team focused on your long-term vision, you are likely to succeed in the long term.
Believe in yourself. The best coaches believe in themselves and have the confidence that they can overcome adversity. That type of confidence is contagious – the players can feel it. Even when the players start to doubt their own abilities, the best coaches overcome that doubt by inspiring confidence and showing that they believe in their team. And we learn the most about ourselves and our teams when we face adversity.
Remain calm. In my opinion, the best coaches remain calm in tough times. Even when games become emotional, if the coach keeps his or her own emotions in check, he or she is often able to get the team to refocus on what they need to do. Think about it – if you are in a critical situation, who do you want to follow? A leader who is frantic and crazed, upset and out of control? Or one who is calm and using the highest functioning portion of their brain because they are not in “fight or flight” mode? If you tend to become emotional under stress, then self-care is important. Getting enough exercise and sleep, eating healthy, and using mindfulness practices can help, even in small doses.
Seek input from your best players. The best coaches trust their team leaders to provide input on what could be done differently. As leaders, we don’t have to have all the answers. Our job is to hire the best and allow them to help us lead more effectively. They will likely see things differently in the middle of the game than we see from the sidelines, and that perspective can be invaluable when making decisions.
Focus on opportunities. The best coaches watch for mismatches between the teams, then take advantage of the opportunities that appear in the moment. For example, if you have been struggling to hire workers for the second shift, perhaps now is the time to seek out those who worked at the bars that are now closed. If you have unused trucks, could they be leased to companies who are struggling to keep grocery stores stocked? Is now an opportunity to partner with a competitor, or to make that acquisition that would enable you to provide a more comprehensive service to your customers?
Think about next season. When things are not going as well as planned for the current season, the best coaches start to think ahead to the next season. Internally, where are the gaps in talent on the team? Which players are just not a good fit with the current game plan or culture? Do some players just need a bit more development in order to reach their full potential? Externally, will any rules of the game change next season? How might your industry be different when the pandemic has ended? Will your products and services still be relevant? How can you be less reliant on one supply chain? How can you handle more work virtually?

What other attributes have you observed in the best sports coaches that could be applied during this time of uncertainty?

Leading Through Uncertainty

Posted on March 13, 2020 by chesterman

One of the biggest challenges leaders face is leading through uncertainty. The current COVID-19 situation is certainly one of those times.

Uncertainty creates stress, so it is more important than ever for CEOs and business owners to step up and lead their teams with confidence. Here are my 12 tips for effectively leading through uncertainty:

Communicate – Especially in times of uncertainty, the grapevine can run rampant. It is important for everyone to hear from you directly about the situation and what you are doing. Communicate frequently and in small sound bites.
Lead by Example – Understand that everyone is watching you – even when you think they are not. Everything you do and say is under scrutiny. Are you frantic or calm? Are you withdrawing or making yourself available to your people? Are you following company policy (e.g. staying home when you are sick), or are you breaking your own rules? Your behavior sends a very strong message.
Create Contingency Plans – What if your largest supplier shuts down temporarily? What if your customers stop buying your products and services for a month? What financial resources are available? What happens if schools and childcare centers close and your employees need to stay home with their kids? What will you do if someone at your company tests positive? Create contingency plans for various scenarios in case you need to implement them quickly.
Be Decisive – It’s ok not to have all the answers. Ask your team for input and brainstorm with them on areas where you unsure of the best approach. Seek outside input from your peers, such as your fellow Vistage members. Once you’ve gathered input from others and evaluated the potential risks and rewards, then go ahead and make those decisions, no matter how challenging. Procrastination only leads to more stress and uncertainty for everyone.
Inspire Confidence and Teamwork – Let your team know that you believe in them. It’s ok to admit to them that you do not know the potential impact of the situation on your business. Just let them know that you are glad you are entering this period of uncertainty with such a strong team on your side. Inspire confidence that together you can get through anything that comes your way.
Delegate Small Decisions – A sense of control alleviates stress caused by uncertainty, so find opportunities to allow your employees to exercise control within their departments. For example, can employees within a department figure out how they are going to cover the work if someone is out, rather than being told that everyone needs to work 10-hour days? For the short term, can they control moving the weekly meeting to virtual rather than meeting in person in the conference room? Delegating some of the smaller decisions allows you and your management team to focus on more strategic decisions.
Offer Support – Understand that some of your employees may be feeling overwhelmed and fearful. So even if you do not feel stressed, be aware that others may be experiencing extreme stress. They may be worried about the health of an older relative, or their personal financial situation. Remind your employees about resources that are available to them, such as your EAP (Employee Assistance Program) or other mental health or financial resources.
Practice Self-Care – Are you taking care of yourself? Getting enough sleep? Exercising and eating right? Are you giving yourself mental health breaks? Taking care of yourself can help protect your immune system and enable you to be at your best.
Include Humor – Laughter is a terrific stress-reducer. Are there ways to inject appropriate humor into the workplace? For example, we are being reminded to wash our hands with soap and water for 20 seconds at a time. A recent article in the Tampa Bay Times listed 20 songs that you could wash your hands to, such as “Stayin Alive” by the Bee Gees, “Kung Fu Fighting” by Carl Douglas, and “Karma Chameleon” by the Culture Club. Could you pipe those songs into the bathrooms to add a bit of humor while encouraging them to practice good hygiene? Or could you start the weekly meeting with a funny clip from a movie?
Encourage Breaks – Exercise and sunshine can reduce stress. Consider encouraging your employees to take short breaks to walk outside.
Fix Existing Problems – Does the current situation allow you to make changes that you’ve been procrastinating? Is it time to update employee policies or terminate that underperforming employee? This time of uncertainty may be the perfect time to act and fix existing problems.
Identify Potential Opportunities – Are there opportunities in this time of uncertainty to provide a new product or service to existing customers or sell to a new market? What long-term effects might the pandemic have on your industry? How can you adapt your business model to a new normal? Staying focused on opportunities and possibilities can give you an advantage over your competition. It is also much more fun than looking only at the negative impact of the current situation.

Companies that are well-led through difficult times often come out stronger than before. It’s time for you to step up and lead!

Annual Goal Letters

Posted on January 5, 2020 by chesterman

Happy New Year! What are your traditions each January? Do you reflect on the past year? Do you set annual personal and professional goals for the coming year?

For many years, I’ve had my Vistage members write an annual goal letter to themselves as if it were the end of the coming year and they’ve achieved all of their professional and personal goals. They then share their letters with their Vistage group in January and hold one another accountable to those goals throughout the year.

By writing the letter as if the goals have already been accomplished, we are able to bring positive emotions into the equation and envision success. And by sharing those goals with others, there is increased motivation and encouragement to achieve them.

If you are interested in trying this approach, I’ve included the instructions I shared with my Vistage groups below. Please let me know what you think!

Vistage Annual Goal Letter Instructions – Updated for 2020

For our January meeting, your annual goals should be written in the form of a letter to yourself as if it is the last day of the upcoming year. The intent is to look back over the year and experience the feeling of being able to accomplish ALL your goals for the year. As many of you know, visualizing something can help you achieve it. As in the past, please add a BHAG to the top of the letter. The BHAG (“Big, Hairy, Audacious Goal” in Jim Collins’ books “Good to Great” and “Built to Last”) is defined by Collins as a huge and daunting goal, like a big mountain to climb. It is clear, compelling, and people “get it” right away. It falls within the space where 3 circles intersect – something you can be deeply passionate about, something you can be best in the world at, and something that would increase profitability/drive your economic engine. In the book “Good to Great”, Collins mentions Boeing’s BHAG of becoming the best in the world at commercial jet manufacturing even though at the time, they were not even in the commercial jet market. Please note that the BHAG is not likely something that can be accomplished in the upcoming year. It is a north star toward which you will strive. Be sure to include a target year for your BHAG.

It is important to make your goals SMART: Specific, Measurable, Achievable (but stretch!), Results-Oriented, and Time-Specific. Here are some additional guidelines to follow:

The letter should be dated as of December 31, 2020.
Make sure your name is on your letter – an easy way to accomplish this is to start with Dear _______.
The goal letter should cover the entire year and be written in past tense. Remember, the intent is to experience that sense of accomplishment!
Your goal letter should include both business and personal goals, and you should have at least 3 of each for each quarter of the year.
Many goals will have milestones that are measurable interim targets toward the larger overall goal. Whenever possible, align those milestones with the quarters during the year to make your quarterly updates easier. (We will again be reporting on our progress to the group each quarter.) Make sure to include specific dates for those milestones and goals in the letter.
Once you have established your goals and milestones, review your goal letter to ensure that you have at least 3 business and 3 personal goals or reportable milestones for each quarter of the year. (It is common for people to have more goals in the first quarter or last quarter of the year, and neglect the second and third quarters. Remember that the goal letter is for the entire year.)
Try to avoid vague terms such as “more”, “fewer”, etc., and replace them with specific, measurable targets. (People often set goals such as “spend more time with my family”. You can make it more specific and quantifiable by changing it to say “have dinner 3 nights per week with my family.”)
Look back over your goals from the previous year. Were some of the goals unrealistic? Were some too easy to achieve? The intent is to set goals that make you push yourself, but not to set impossible goals that will result in you wanting to give up and stop trying.
After reviewing your goals from the previous year, should some be carried over into this year with new deadlines?
What could be a game-changer for you or for your business in the coming year, whether it’s something you initiate (such as a potential Blue Ocean Strategy), or whether it is something that may happen due to external forces (such as competition, new technology, or legislation)? Make sure your goals address this potential game-changer.
What is the most important thing for do this year toward your BHAG? Make sure you have goals that help you keep that BHAG in focus.

Now start working on those goals and visualize your way to success!

The Best Players Have Coaches – Do You?

Posted on November 19, 2019 by chesterman

The best players in the world have coaches. In addition to trainers who help them learn how to play with less risk of injury, they have coaches who help with their mindset. Even the best players have bad days where the game or match doesn’t go as planned. If they are not careful, that one bad day can lead to another and result in a downward cycle.

A good coach can help them put things into perspective. One bad game or match does not mean that they are no longer an elite player. One bad game just means they are human. A good coach can get them to learn from their mistakes and help them overcome any negative self-talk. They can help them reframe the situation and then focus on their strengths and the goals they want to achieve.

The best leaders have coaches, too. As a CEO or business owner, you regularly make decisions that impact your business and your employees’ future. Have you ever made a decision you later regretted? Of course you have! When you make a poor decision that has negative consequences, how do you react? Does negative self-talk kick in, such as “That was so stupid”, or “I’m not good enough”? Do you start to question your ability to lead? Do you procrastinate making decisions because you are afraid the decision will be wrong again? How do you get yourself back on track before you fall into a downward spiral?

If you have a good coach, they can provide an objective perspective and help you reframe the situation to overcome the negative self-talk. They will hold you accountable for what you said you would do and remind you of the goals you previously set. They will challenge your assumptions to help you see things from a different perspective. And most importantly, they will encourage you and help you become the best leader you can be.

The best players have coaches – do you?

Saluting Our Veterans This Veterans’ Day

Posted on November 11, 2019 by chesterman

All the sacrifices you gave

For the home of the brave

All the battles you fought

For the freedom you sought

From foxhole, ship or plane

With untold suffering and pain

WE WILL NEVER FORGET!

Today, please thank a vet!

Happy Veterans’ Day

Is It Time for a Tune-Up?

Posted on July 8, 2019 by chesterman

Do you periodically take your car in for a tune-up: perhaps an oil change and tire rotation? Let’s look at the similarities between your business and your car.

Could you imagine saying, “Since the original oil in my car got me this far, I am going to keep it for the next 100,000 miles or so”? Of course not! Without regular oil changes a car’s engine could be damaged, necessitating expensive repairs or perhaps even an engine replacement.

Similarly, our businesses need regular tune-ups in order to operate well. If you don’t periodically check under the hood of your business, you might miss some potential damage that could be impacting your business performance. The mid-point of the year is a great time for a tune-up!

Take a moment to step away from the business and get others’ input on how things are going. Talk with your employees and find out what tools and training may help them do their jobs more efficiently. Ask for their innovative ideas on how things could be done differently. Just like rotating the tires on your car, sometimes minor changes can yield lasting results.

Are you easily able to find and retain good employees? How can you increase your success rate for hiring? What are you doing to retain the good employees your currently have on your team? How can you increase your retention rate?

Check-in on your culture. How is employee morale? Do your departments work well together, or are there silos that prevent information from flowing freely between the teams? Are you aware what the ever-present grapevine is saying about the company? And what it is saying about you as a leader? Have you checked Glassdoor.com recently?

Ask your front-line employees what they are noticing in their interactions with customers. Has anything changed? Do they feel the relationships with customers are becoming stronger? Or are you becoming a commodity to them?

Reach out to some of your key customers and find out which of their needs are and are not being met. If there is a pain point, perhaps simple changes could be made to alleviate their pain. Or there may be an opportunity to create a separate line of business and create a new stream of revenue while making your customers happy. Be open to the possibilities!

And while you are tuning up your company, why not tune-up your life? What is working well for you? What could you do differently to reduce stress and enhance your personal happiness?

Take advantage of this mid-year point for a comprehensive tune-up. Your employees, customers and family will thank you!

Memorial Day Traditions

Posted on May 25, 2019 by chesterman

As a child, I loved Memorial Day because it generally meant the end of the school year and the beginning of summer. I recall childhood Memorial Day memories of going to my grandma’s lake cottage and putting the dock in the water, cooking on the grill, and enjoying time with family, as well as attending the Memorial Day parade in the nearby town to honor those who died while serving our country. I enjoyed seeing the poppies and waving a small flag at the parade, even though I didn’t really understand the depth of meaning behind the holiday. As I grew older, I came to understand the importance of that celebration.

As an adult, those traditions have changed only slightly since I now live in Florida. I still enjoy time with family and friends, grilling, and enjoying time in the water (which is now a pool instead of a lake). And we display our flag proudly to thank those service men and women who died in service to our country.

Creating traditions and memories can be important in business as well as in families. What type of traditions have you created for your business? What types of celebrations and team-building activities do you have that result in lasting memories for all involved? How are you honoring and recognizing the hard work of your employees? It might be time to thank them for their service!

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