Effective Compensation Plans
Monday, October 20th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
“Can you provide any tips for modeling a winning compensation plan?” is today’s Myatt on Mondays question which was asked by a CFO of an Internet marketing company. While certainly a great question, I must admit that I have been reluctant to address the topic of compensation in previous posts as compensation theory is not only complex, but it often varies greatly based upon the situational realities of different workplace environments. That being said, there are definitely key elements which serve as the foundation for any well designed compensation plan which I’ll cover in today’s post…
Resourcing 101 for CEOs
Tuesday, October 14th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
All great CEOs understand in the concept of creating leverage via proper resource allocation. Top CEOs know how to create resources where none exist, and to deploy and redeploy resources to maximize opportunities and to minimize risk. So my question to you is this…are you over-resourced, under-resourced, resource aligned, or do you even know? In today’s post I’ll look at the topic of resourcing as a key success metric for CEOs…
Timing Is Everything
Tuesday, October 7th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
If you don’t think timing is everything, think again. If you’ve learned anything as a result of the events of recent weeks, it should be that timing matters…We’ve all recently witnessed that it doesn’t really matter whether you’re a politician, investment banker, CEO, or just an average citizen, when it comes to making a simple decision, managing a crisis, or attempting to exploit an opportunity, timing is everything. I’ve often heard people quip that they would rather be lucky than smart. While intelligence and good fortune are certainly both valuable traits to possess, neither of these traits holds a candle to having a great sense of timing…Luck is a hit or miss proposition, and we’ve all known many a brilliant underachiever. However it has been my observation that you will rarely come across someone who possesses a great sense of timing that is anything other than successful. In today’s post I’ll take a look at timing as key success metric…
Accountability
Wednesday, September 24th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
While yesterday’s post addressed “Rogue CEOs & Board Accountability,” I felt that a follow-on piece further delving into the topic of accountability would be prudent given what the lack of accountability has done to our nation’s economy. The truth is that few people really likes to hear the “A” word applied to their individual circumstances, choices, decisions, and performance. Regrettably, this is precisely why we are embroiled with many of the daunting challenges facing our country today. Nothing keeps personal and corporate train wrecks from occurring more than a solid framework of accountability. In today’s post I’ll examine the many important benefits of accountability…
Rethinking Good To Great
Monday, September 22nd, 2008By Mike Myatt, Chief Strategy Officer, N2growth
Just like Tom Peters got it wrong with “In Search of Excellence,” Jim Collins got is wrong with “Good To Great.” Most of the companies Tom profiled as “America’s Best Run Companies” are now defunct. Jim Collins profiled Fannie Mae as a company that made the leap from good to great. If Jim’s definition of a great company is an entity whose fraud, corruption, mismanagement, and poor leadership can run so rampant as to require a bail-out by the government, then I would submit there may be a problem with his business logic.
Corporate Reengineering
Wednesday, September 17th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
Times are tough, and they’re likely to get tougher, so my question is this; Should you, or should you not consider a move toward corporate reengineering? Whether directly or indirectly, your business will likely face negative repercussions of the struggling economy at some point, and there will be tough decisions that need to be made. The mere discussion of corporate reengineering can cause fear, anxiety, and in some cases even panic. This is so much the case that some CEOs will avoid restructuring initiatives at all costs. There are even some business theorists (see “Rethinking Good To Great“) that warn against undertaking complex restructurings because of the great risks involved. My question is this…since when have fear and avoidance become prerequisites for success as a CEO? Give me real leaders who possess courage, vision, and a bias toward action, and spare me the timidity of mediocre managers posing as leaders. In today’s post I’ll examine the benefits of, and the need for corporate reengineering…
Catalyzing Change
Thursday, September 4th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
Change…it should be more than just a political sound-bite. While we’ve heard a lot about change of late as it relates to our current politcal landscape, it is also very relevant in the business world. Change…as and executive or entrepreneur it can either be your best friend or your worst nightmare. Nobody ever said change was easy, but I’m here to tell you that change is essential. In today’s blog post I’ll discuss why CEO’s and entrepreneurs (and not just politicians) need to become masters at catalyzing change.
Why Pricing Matters
Thursday, August 28th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
While I welcome a passionate discussion on the topic of pricing, the simple truth is that most executives avoid the topic altogether. Let me be clear; Pricing Matters…Do you have a pricing strategy, or do you set your prices by some ethereal or arbitrary method? It is my opinion that issues surrounding pricing decisions are root level drivers to a successful business strategy. That being said, I’m always amazed at how many corporations and professional advisers seem to pull their pricing out of thin air. Moreover, of those that actually go through some form of disciplined process, many of them seem to believe that once they have set the initial pricing that their job is finished and that the topic of pricing requires no further attention…nothing could be further from the truth. In today’s post I share my thoughts on how to develop a sound pricing strategy…
Employment Agreements
Wednesday, August 27th, 2008By Mike Myatt, Chief Strategy Officer, N2growth
The need for a sound employment agreement is not something to be trivialized. I recently received an e-mail from a CEO who was unceremoniously “asked” to resign by his board of directors. He asked me to author a post on the value of employment agreements in hope of preventing other CEOs from unnecessarily subjecting themselves to a forced resignation scenario. So, in today’s post I’ll outline a few items meant to help you protect your career longevity…
Recession Proof Your Business
Friday, August 22nd, 2008By Mike Myatt, Chief Strategy Officer, N2growth
Want to recession proof your business? Increase your marketing expenditures. If you’re the short-sighted CEO who cuts back on marketing, branding, and advertising budgets in an attempt to reduce costs, shame on you…Top CEOs recognize that economic slow-downs are not all doom-and-gloom. In fact, the smartest executives understand that swimming upstream against the conventional wisdom of the risk adverse can actually create significant opportunities for growth. By making heavy operating investments into marketing, advertising, business development, and sales initiatives, the aggressive enterprise can create significant competitive separation during a time when many are pulling back on such expenditures. In today’s post I’ll make the business case for applying contrarian thinking by becoming very bullish in the face of a waning economy…