StrategyDriven Management and Leadership Article | Following Leadership’s Qs | Business Leadership | Steve Coughran

Following Leadership’s Qs

StrategyDriven Management and Leadership Article | Following Leadership’s Qs | Business Leadership | Steve CoughranWhat makes a good leader? If tasked with answering this question, some might devise a 10-page list of traits. Leaders need to be visionaries. They must be genuine, hardworking, respectful, and pragmatic. They should connect with employees. They should be story-tellers.

We hold leaders to a high standard, attaching a lengthy list of prerequisites to any governing role. Before starting as CFO, I repeatedly scanned through my leadership qualities, considering how I would present myself to my new colleagues. The night before my first day, a jumble of questions raced around my sleepless mind: “How will I balance openness with authority?” “How do I provide the appropriate amount of guidance to my team?” “How will I know if I am being effective?”

After serving in a variety of leadership roles over the last two decades, I still have a lot to learn. I have, however, worked to chip away at the long list of leadership traits by understanding the key areas where leaders must succeed. In my experience, the myriad of leadership characteristics can be boiled down to the Qs.

IQ (Intellectual Quotient): The first focus area is the most straight-forward. Of course, ascending the organizational ladder requires intellectual horsepower. Most leadership positions demand foresight, complex problem solving, and creativity, that of which requires sharp mental faculty.

Most leaders fulfill this first criterion. Unsurprisingly, cognitive ability is directly linked to job performance. Those with high IQs have dazzled their superiors with high-quality work and valuable insights, using brainpower as jet fuel to soar into top leadership spots. IQ is the first Q of leadership, as it gets your foot in the door.

EQ (Emotional Quotient): While earning my Master of Accounting, one of my colleagues shined as the star of our cohort. She was incredibly gifted with numbers. Following graduation, we both eagerly accepted offers to work in public accounting for Ernst and Young. After a short six months, however, she had moved on to another opportunity. Apparently, after bouncing around due to team conflicts, she had been asked to leave. Neither expertise nor credentials could outweigh the importance of EQ in a team environment.

IQ in isolation does not indicate strong leadership potential. In recent years, the power of EQ, the ability to read others’ emotions (including your own), has been exalted as a key trait in successful leaders. A study of UC Berkeley PhDs discovered that EQ was 40 times more powerful in predicting who achieved success in their fields than IQ (Developing Management Skills). Emotional competencies combined with strong cognitive abilities lays the foundation for an effective leader.

FQ (Financial Quotient): One of the most frequently overlooked requirements of a strong leader is financial intelligence. In a national Harvard study of U.S. managers, the average score on a simple financial literacy test was 38% (Harvard Business Review).

When elevated into leadership positions, it’s often assumed that people understand finance. However, I have encountered even senior leaders who have muddled along with very little knowledge of how to enact and measure value creation activities.

A company is a financial machine created to produce profit and cash flow, therefore leaders with decision-authority (and especially those with P&L responsibility) must understand how they make an impact on the bottom line. For today’s leaders, financial literacy is not an option. Strategy without finance is dead.

SQ (Strategy Quotient): Finally, even the brightest, most emotionally and financially-gifted leaders flounder without strategic direction. SQ is the bow that ties all the other leadership skills together. It puts the other Qs to work. Strategic leaders carve out structure without being rigid. They extend the abilities of the team and lead them into new, unpredictable territories by taking calculated risks. They’re aware of internal and external happenings. Overall, they see the big picture, and guide their team by sharing an inspired vision.

Follow the Qs of leadership to unlock the potential of your talent, maximize the impact of your organization, and escalate your bottom line.


About the Author

Steve Coughran is author of Outsizing: Strategies to Grow your Business, Profits, and Potential, CFO of an international billion-dollar company, and a management consultant. Steve has over two decades of experience driving business excellence. Known for his extensive research and writing on strategic growth and corporate financial management, he challenges conventional wisdom, earning the reputation of an “energetic trailblazer.” He is an expert on strategy and an acclaimed keynote speaker with over twenty years of experience driving corporate excellence.

For more information, please visit www.SteveCoughran.com.

StrategyDriven Innovation Article | How Sustainable Innovation is Changing the Face of Business | Sustainable Innovation

How Sustainable Innovation is Changing the Face of Business

StrategyDriven Innovation Article | How Sustainable Innovation is Changing the Face of Business | Sustainable InnovationThe climate crisis has been going on for decades, but the issue has only become a contentious one in the last few years due to huge public backlash against companies and governments alike. There is no room for debate on the issue, either. A contentious study has estimated that we have wiped out 60% of wildlife since 1970. Over 200,000 acres of rainforest are burned every day, plastics have become so pervasive they now exist in every fish tested, and in turn in our own digestive systems.

The earth overshoot day, which documents how many resources the earth can resupply in a given year, is getting shorter. In 2018, it was August 1st. In 1970, it was January 1st, meaning that in less than 50 years we went from using resources that could be replenished, to requiring 1.7 Earths to sustain our consumption.

Businesses in all industries must take note and must take action, and with these top innovations leading the way the future is indeed looking brighter.

The Rise of Sustainable Innovation

Sustainable innovation has arisen for two main reasons:

Public Awareness

In some cases referred to as the “Attenborough Effect,” the public is now massively aware of how their consumption is affecting the planet. After the airing of Blue Planet, a huge outcry over single-use plastics was resounded throughout the world. To date, it is estimated that there has been a 53% reduction of single-use plastics, and many countries around the world have banned or limited the use of plastic for disposable purposes.

Environmental Need

The environment can simply not handle it. Without change companies will die out and so too will entire communities.

Top Sustainable Innovations to Be Aware Of

That is why all businesses must be aware of the sustainable innovations occurring around the world. That way you can both partner with the right companies that are leading the way to a greener future, and get an idea of what you can personally do for the planet with your own company. Balancing the environment and profits can be a challenge, but when you take in the fact that over-consumption might put you entirely out of business, you have no choice.

Innovative Materials Changing Fashion

Fashion is a massive industry with many subsects, such as accessories, shoes, and handbags. The practice has been so damaging to the environment that entire lakes have disappeared, thousands have died, millions are underpaid or work in forced labor conditions, rivers run bright with chemical dyes, and much more.

Fashion is disastrous for the environment, right down to the cotton production that fuels the industry. That is why many innovative textiles are coming onto the scene that aims to use more ecologically friendly plants or waste.

1. Hemp

Hemp is a very durable material that looks and feels similar to linen, but is much easier to produce and less demanding on the environment.

2. Nettle

Stinging nettles are often considered to be pests, but nettle is enjoying a reemergence as a popular textile. People have been using it to create a durable fabric for over 2000 years, and unlike hemp can legally be grown around the world.

3. Ground Coffee

Used coffee grounds are often considered to be a waste product, but with recent innovations in Taiwan, coffee grounds are now turning into fibers. They are created with a polymer, and then spun into a yarn.

4. Pineapple Fabric

The vegan, waste-friendly alternative to leather is made from pineapple. Other innovations have also produced great results with mushrooms. Pineapple, however, has been tested and is very durable.

Circular Economy Innovation

The circular economy is essentially a system that reuses waste rather than sending anything to be recycled or to fill up a landfill. Plastic bottles, for example, can be recycled, but as their quality degrades they would not qualify as a circular item. On the other hand using coffee grounds to make fabric, which then has another life cycle of its own that can decompose safely or be remade into new fabric, is.

Innovations in Agriculture

The issue of agriculture is a big one. How do we realistically intend to feed 9 billion people and growing? We will need to adopt new practices that push farming away from the countryside (and far away from deforestation) and instead:

5. Underground Production

Underground production will use LED lights and unused urban areas like subway tunnels to produce food. Though this is not enough to feed a city, it is certainly a good start. What needs to be pushed further is the adoption of personal gardens in cities, from vertical gardens to balcony gardens.

6. Power of AI

Using sensors, AI, and machine learning agriculture should theoretically be able to optimize production and reduce water consumption and pesticide use.

7. Use of LED

LED is paving the way for increased crop growth rate, allowing more to be produced in a single crop yielding. These LED lights from Nordic Lights are designed to provide the best possible vision and clarity to ensure maximum efficiency and minimal distractions. LED lights will also be instrumental in urban farming and can help reduce the amount of land that will need to be cleared for agriculture in the future. You can read more here.

Reusing Waste to Build Our Cities

Though not a perfect solution, many are attempting to give plastic a new home in an industrial building. Low-cost homes are being made out of plastic bottles and other building materials, roads are being made out of single-use plastics, and even fabrics are being created out of recycled plastic (different than polyester). Using plastic like this is not a complete solution, but it does give more direction on how to reuse these indestructible materials.

Recapturing Water

Water consumption needs to be reduced dramatically, which is why water recycling is paramount for sustainable innovation. Capturing water already used in production and reusing it again and again is the best way to limit the amount of fresh water taken from the environment.

Use of Sustainable Energy

Wind farms are now more cost effective to build than a coal plant for the first time in history, but to truly rely on sustainable energy more innovative methods will need to be produced. Companies and individuals alike will then need to actively choose to use sustainable energy producers to further incentivize dirty power companies to go green.

StrategyDriven Tactical Execution Article |Fleet Management|How to Successfully Manage Your Business's Fleet

How to Successfully Manage Your Business’s Fleet

StrategyDriven Tactical Execution Article |Fleet Management|How to Successfully Manage Your Business's FleetIf your business has a fleet of vehicles, it’s vital to manage them properly. These are valuable resources and your staff probably rely on them on a day to day basis. Your fleet of vehicles has to be cared for properly and monitored to ensure they’re being used in the right way. If you’re currently struggling to manage your fleet effectively and efficiently, read on and learn about how you can manage it successfully.

Set Rules and Policies for Staff to Follow

The staff member who are going to be using the vehicles on a day to day basis need to know how to use them and how not to. But that’ll only be the case if there’s a specific set of rules and policies in place for them to follow. Be clear about what these are so everyone knows what’s expected of that. The policies should outline what the vehicles are for and which restrictions apply to drivers.

Search for the Best Fleet Insurance

It’s vital that you have fleet insurance in place before you start using these vehicles. Taking uninsured cars on the road is a major problem and it’s something that could land your business in a lot of hot water. As the owner of the business and its vehicles, it’s up to you to ensure the insurance is in place. No one else is obligated to do this for you.

Find Mechanics You Trust

It’s vital to have a team of mechanics working for your business who you believe you can trust. These are the people who your business will turn to when something goes wrong with a vehicle in your fleet. You want to know that they’ll be there to professional assist you in a fast and efficient way. It’s worth doing some research and deciding which ones you want to put your trust in though.

Use New Analysis Tools

There are tools that allow you to gain insight into how your vehicles are being used. You can find ways to increase productivity by using these tools, such as fleet telematics. You’ll learn a lot and find new ways in which you can improve things going forward based on the findings of the analytics tools. The more insight you can get into how your businesses is using its vehicles, the better it is for you.

Ensure the Purpose of the Fleet Remains Clear

Finally, you should make it clear what your vehicles are far and what you want them to achieve. This applies on a functional level, of course, but it’s also more than that. You need to also think about the extra benefits your fleet can bring, such as raising brand awareness in the local area.

Managing a fleet of vehicles is an important task, and if your business relies on its fleet, it’s vital to ensure it’s managed properly. If it’s not, your business could be severely limited and damaged in its day to day operations. Keep in mind the advice listed above and demand the highest standards.

StrategyDriven Risk Management Article |Defense Lawyer| How Much Does It Cost to Hire A Private Criminal Defense Lawyer?

How Much Does It Cost to Hire A Private Criminal Defense Lawyer?

StrategyDriven Risk Management Article |Defense Lawyer| How Much Does It Cost to Hire A Private Criminal Defense Lawyer?If you are charged with a crime, then you would definitely need to contact a defense lawyer. Defendants, who don’t qualify for any public defender, need to find as well as hire their own private lawyer. To hire the services of a competent lawyer requires you to pay fee to them.
A private criminal lawyer performs a thoughtful search of a private lawyer and the charges for their services. In this article, we will give our readers an idea of how much do they need to pay to the attorney towards his services.

Factors that impact the fee of the private lawyer

As there are a few factors that determine the amount of fee that will be charged by a private lawyer, there are no standard legal fees exist. Rochester criminal defense lawyer charges to the clients on the basis of below factors.

Complexity of the case

Most of the attorneys charge higher than crimes as compared to misdemeanors. This is because crimes and offenses carry higher risk and penalties. It often needs more appearances in court, requires more preparation, etc.

The experience of the attorney

Normally it has been seen that attorneys that have lesser experience ask for lower fees as compared to specialized ones. It is very important to know that the lawyers who charge very low hourly rate can prove to be misleading. By hiring an experienced attorney who charges a higher hourly rate resolve a case satisfactorily and quickly than a fresher who has a lower hourly rate.

Geography

The fee charged by the attorneys also differs on the geographical location.

Type of representation

The fee charged by the attorney depends on the type of representation. Defendants would have to pay more for a full representation than for a consultation, or a single appearance in court.

The time when the alleged crime was committed

It has been seen that fresher cases are settled quickly and requires less time to deal with the case. So, for those cases the lawyer will charge you less as compared to the one that has become old.

Modes of making payment of legal fee to the lawyer

Hourly Billing

Some lawyers ask defendants to pay them for total number of hours that they have devoted to their cases. Defendants may need to pay for a few other expenses incurred during the course of representation. These expenses include subpoena fees, copying fees, etc.
Defendants find this mode useful when the case gets solved quickly. If the gets unexpectedly complicated, then it can prove to be expensive. Luckily, most of the experienced defense lawyers anticipate the number of hours that is going for them to spend on a particular legal case.

Case Billing

There are lawyers who charge their clients for a fixed amount of fee. This fee remains the same whether a lawyer has devoted one hour or a hundred hours. This mode of payment will prove to be advantageous when the attorney stands the dangers of unexpected complications.

Conclusion

For all those who have not taken any assistance of any private criminal lawyer before, would definitely be benefited by the information.

StrategyDriven Managing Your Business Article |Business Startup| 3 Ways To Run A Successful Business

3 Ways To Run A Successful Business

StrategyDriven Managing Your Business Article |Business Startup| 3 Ways To Run A Successful Business Starting a business can be the ideal path for some people. It offers freedom, a sense of achievement, potentially more money than if they had been working for someone else, and it can improve the work-life balance substantially. However, although many businesses startup, not all of them are going to be successful; many of them fail or don’t do as well as first hoped. Read on to find out just some of the ways that you can run a successful business and make the most of your self-employment.

Do Your Research

One of the most important elements of running a successful business is to know that you will be successful from the start. This doesn’t mean having a ‘gut feeling’ about doing well; it means doing plenty of research to show that your idea is something that is needed and can grow. The more time and effort you can put into your research, the better it will be as you will have answers to all the questions that might be asked of you, and that you might ask of yourself.

Not only do you need to know that your products and services are different (or different enough) to what is already available to make a difference, but you also need to know who is most likely to buy from you. If you know this, you can adjust your marketing strategy accordingly, and give yourself the best chance of being seen.

Have A Good Website

A website is all-important when you run a business. You might choose to set up an e-commerce site to enhance your sales, or even to be the business itself. Alternatively, your website might be more about offering information to your potential customers and showing that you have all the relevant knowledge and expertise that they want and need you to have.

Whatever you use your site for, it needs to be well-designed and easy to navigate, with enough information on it to satisfy people’s requirements, but not so much that it becomes cluttered. This can be a difficult balancing act, especially when you factor in SEO. Using SEO Fuel’s consulting experts to help you rank well with search engines will ensure that your website is helping you grow your business rather than damaging its reputation.

Provide Amazing Customer Service

Your customer service will need to be the best it can possibly be if you want to have a successful business. No matter how interesting or useful your products and services might be, and no matter how much of an expert you are regarding them, without good customer service your buyers will look to other companies – those that do have good customer service – to help them instead of you.

There is a lot of choice for people these days; they can buy products from all over the world, and no longer have to use a business just because of how close it happens to be to them. This means there is a lot more competition, and if the customer is not treated in the way they feel they should be, you will lose out.