One Month Vacation

That’s right. I just got back from a one month vacation in Sicily.

You may ask how I did this. Isn’t hard to own a company and take time off? Don’t you worry about everything going to heck while you’re away?

Not for me.

Why? One thing. An awesome team.

The talent, skill, intelligence and commitment of the staff at Next Step are so strong that I didn’t even flinch about leaving for a month. Their roles are clear, I trust them and they don’t need to be micromanaged anyway.

The results we're clear. We made our summer budget and also our September budget while I was away. They are even throwing me a welcome back lunch tomorrow! God, I love them….. And am very proud.

In “Good to Great,” Jim Collins writes about that one of the signs of a great company is that when the leader leaves, the company stays on track and doesn’t falter. He writes that often leadership styles are based on gregarious, big egos and when this larger than life character leaves, the company’s momentum (and profits) goes down the tubes. So the company looks good for awhile, but not great long-term.

A friend asked me how I felt about the fact that they company did just fine without me. He was implying that my ego may have been bruised because I didn’t feel “needed” anymore.

I actually felt quite the opposite way. I felt smart for hiring such great people that can run the show without a bump in the road for a month. It’s the sign of a good leader when he/she can surround himself/herself and keep A players.

It also woke me up to the fact that I am needed less and less in the day to day details. They team does a great job at these. So this will give me more time to spend growing the company with new ideas and direction.

Geez, maybe next time I’ll take two months off!

FocusBerry

I hate it when I am talking to someone and they keep on looking down at their Blackberry, iPhone, Treo or whatever gizmo device they are using to be 24/7 connected.

Unless he/she is an on-call doctor, which most business people are not, one does not really need to be disrespectful and look down at their device every three minutes.

I learned this the hard way. I was never one of those people (I hope!) that looked down at my phone every two minutes when I was one on one with someone. But I would check it in larger meetings when I thought nobody was looking or cared.

Wrong.

We had a sales retreat a couple of months ago and while I thought I was 100% present, some of staff members mentioned to me that they felt my focus was elsewhere. I asked where – and I got the answer I dreaded. My phone!

I felt terrible and stopped checking it in meetings immediately.

Jim Rohn, a great business philosopher says, “Wherever you are, be there.” That means if you are in a conversation with one person, 10 people, or more, just say no to your online connection and focus on the conversation at hand.

The people who are talking to you will appreciate it and you’ll be a better person because of it.

Next Step – Open book management!

Two years ago only three people saw Next Step’s annual budget; me, our CFO and our accountant.

Last year, I opened it up to the whole management team. I wanted their insights and also for them to take ownership of their line-items. It worked well. Everyone took this role seriously and worked hard to make their budgets and/or cut costs.

This made me realize that if you have the right people on the bus, they’ll want to take ownership and make a difference in the budget. So then I started thinking, why not the whole company? If everyone is involved in making budgets and saving money, wouldn’t that be better?

Plus they’d have a better appreciation of what really happens with expenses, revenue and profit.

So I am doing it. Next year, the budget will be open to everyone and most will play a role in managing specific line-items. Jan Resch, Next Step’s VP of Finance suggested to gives bonuses to those who stay within their budget. And even bigger bonuses if they come below a budgeted expense. This will give everyone an incentive to be fiscally responsible. I love that idea and we’re doing that too.

One important thing though. I do not suggest making public everyone’s individual salaries. That could lead to much stress within a company. There is a way show the budget so that people don’t know each others’ salaries.

How’s the family?

When you meet a successful businessperson, I would look to see if their success extends beyond business. Are they raising their kids? Are they happy? Do they lead an honorable life?

This was some advice given to me by Jay Goltz, a seasoned entrepreneur who founded The Goltz Group, which comprises Artists’ Frame Service, Jayson Home & Garden, and Chicago Art Source (www.jaygoltz.com). He is also the author of a book called “The Street Smart Entrepreneur.” You can check out Jay’s blog at http://blog.inc.com/boss-school/.

I recently met Jay at an Inc. Magazine Small Business Summit in Aspen, CO. I’ve read about his success before and was anxious to pick his brain for some entrepreneurial insights. I think he sensed that I am a lush for entrepreneurial advice and was very willing to chat about his successes and mistakes.

One thing he is very proud of is his successful family. Jay has three kids and a great wife and he puts their success and time spent with them into the formula for his own success. We were talking about all the “successful and famous” business titans covered in today’s media and were wondering what their families are like?

Many times a “successful” business owner will work and travel so much, his kids will grow up without him or his influence. Work is not a place to escape to and declare, “I am doing it for my family!” That statement is a bunch of bull. If you were doing something for your family, you’d be spending time with them.

I have often seen this with my own eyes. A business leader will be in all the right magazines and newspapers and look like he is superman, but then behind the scenes his kids are nowhere near being well-functioning.

Jay encouraged me to throw in “time spent with the kids/family” as part of my formula for success.

I agree completely. Success can not be lopsided. A truly successful entrepreneur will work hard to balance both family and work.

Thanks for the reinforcing advice Jay!