FEEDBACK, THE BREAKFAST OF CHAMPIONS - WILLIAM EASTMAN

Introduction
One theme consistent in Season 3 is the station's becoming your CGO - Chief Growth Officer for Hire, the underlying role of the Network. All of my shows: Growth Community, Building in Front of You, Your MLM Empire, Economics for Owners, the Self Managing Organization, and Creating a Consulting Business - everything centers on how to use the IBGR Network for business success. 

​Our relationship with the listening audience of entrepreneurs and owners: 

• Provide INSIGHTS that are useful
• Provide TOOLS that work
• Provide RESOURCES that saves time and money
• Make a FINANCIAL impact on the business 

That is what is meant by Looking at IBGR as your CGO - your virtual Chief Growth Officer.

Last week we tackled Line of Sight. It was to move from a strategic to a tactical conversation - how we get there. This week continues that conversation - what are the mechanics to gain clarity on this periods objectives, use feedback to drive performance, get everybody involved in the tracking progress, and make it a good deal for all involved. 

LISTEN > ENGAGE > APPLY

Objectives - The WHY
If you can't tell, I am excited about the possibility of creating a Self Managing Organization. Imagine having a very successful business that requires minimal but critical participation from you? I can!

Today's show covers the topic of forced conversations - the essence of any feedback and accountability system. Most organizations focus on the structural issues like designing a form or how to collect information from a performance management system and not on the real issue - how frequent and honest are our communications on performance?

Key Issues - Owner Perspective:

1. How do I obtain the essence of managing performance - frequent and honest conversations about performance that leads to improvement?

What You Need to Know - The WHAT​

• What is Performance Management?
  • Definition: the formal process of setting expectations, tracking performance, and providing feedback. At its most basic, it forces leaders and employees to talk about performance, which during normal operations happens infrequently. Most effective performance management process has 3 parts: setting of expectations, measuring performance, and providing feedback on the following elements - corporate values, yearly business goals, and day-today performance in an assigned role.
• How do I capture the essence of it and build a simple system?
  • Although on occasion this is feedback delivered by an immediate supervisor, to make it work feedback on performance (progress and/or results) needs to be delivered by the system plus posted visually by the people owning the data. Consider the 80/20 rule as a great place to start.

What You Need to Do​​ - The HOW

1. Business Objectives
   1. Based on the company's growth stage - PERFORMANCE PLAN, PROFIT PLAN or RENEWAL PLAN?
   2. Update Position Descriptions with Business Objectives for the period
2. Incorporate on Intranet
   1. Internal network - ERP/ERM
   2. Daily/Weekly updates
3. Alignment Meeting
   1. At the beginning of period (quarter) - agreement and/or clarity on performance expectations.
   2. Agreement and/or clarity on visual display of performance data.
4. Calibration Meetings
   1. At predetermined periods (minimum 1 per month), discuss performance and suggestions for improvement - both management and employee.
5. Results Meeting.
   1. At end of period discussion on results and conclusions on performance; used for recognition, rewards, and compensation
   2. Becomes next period Alignment Meeting and the cycle repeats.

We are your single, one stop source for business success, period, end of story.

1. ​Listen to the Self Managing Organization Series 
2. JOIN the Community of Commerce - A Network of Entrepreneurs for Entrepreneurs
3. Show Up Next week

Make sure you leave some thoughts in the comment section below. I am interested in continuing the conversation.

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