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Forging Ahead: Reflecting on 2023, Embracing 2024

Let’s start by reviewing our past year’s wins and challenges.

PROFESSIONAL AND PERSONAL ACHIEVEMENTS

  • What three things have you done well professionally and personally this year?

CHALLENGES AND LEARNINGS

  • Reflecting on the year, what areas or approaches did not work for you in 2023?

PROGRESS ON GOALS

  • If you set specific goals for the year, how would you describe your progress toward achieving them?

TIME MANAGEMENT AND PRIORITIES

  • In 2023, what activities or habits consumed most of your time and didn’t contribute significantly to your overall productivity?

PERSONAL ENJOYMENT

  • What activities or aspects of your work bring you the most joy and fulfillment?

SKILL DEVELOPMENT GOALS FOR 2024

  • Regarding professional growth, what are two specific skill areas you would like to focus on developing in the coming year?

Refining Your Path to Success: A Four-Step Blueprint for Defining Your Key Areas of Focus in 2024

Step 1: Equip Yourself

  • Start by arming yourself with a pad of sticky notes.
  • Find a quiet place to be free of disruptions and ensure you have a clean, organized surface area to work on.

Step 2: Set Time for Thoughtful Reflection

  • Set aside a dedicated 20-minute timeframe for contemplation, allowing your mind to explore professional and personal aspirations for 2024.
  • Capture each idea on a separate sticky note, placing them visibly in front of you.
  • Generate a comprehensive list of ideas in the 20-minute timeframe.

Step 3: Transform Thoughts into Areas of Focus

  • The next step is to organize your ideas into thematic categories or focused buckets.
  • Once identified, prioritize these buckets based on their significance. Consider the potential impact on both your professional and personal spheres, adhering to the 80/20 rule – focus on the top 20% of activities yielding the most significant returns.

Step 4: Curate Your Top Priorities and Formulate SMARTER Goals

  • Shortlist your priorities to your top 7-10, transforming them into well-defined professional and personal goals.
  • Ensure your goals are S.M.A.R.T.E.R – specific, measurable, actionable, risky, time-keyed, exciting, and relevant.
  • For each defined goal, identify the first three actions you will take and block off time in your schedule to action your tasks.
  • This strategic approach sets the stage for a purposeful and successful 2024.

JRC December 2023 Newsletter - Jenny Reilly Consulting - Executive Coach

JRC December 2023 Newsletter - Jenny Reilly Consulting - Executive Coach

Reach out today to learn more about how Jenny Reilly Consulting can support you in strengthening your negotiation skills. You can book a complimentary 30-minute  consultation.  Or, please email  askme@jennyreilly.com to coordinate a convenient consultation time.

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Sustained Momentum In Your Leadership Role

Passing the mid-year mark can often leave leaders feeling fatigued and needing revitalization.  By investing in your personal growth and well-being, you can continue to excel as a leader and inspire those around you. Here are some effective strategies to re-energize yourself and maintain a high level of momentum in your leadership role:

Strategies To Sustain Momentum In Your Leadership Role

1. Reflect on Successes: Take a moment to celebrate achievements and milestones reached since January. Recognizing your accomplishments will boost morale and provide motivation for the months ahead.

2. Review your Goals: Reassess your objectives for the rest of the year. Break them down into smaller, achievable milestones, and track progress regularly. Having clear goals will keep you focused and driven.

3. Take time Off: If you have not already, plan a vacation or staycation to recharge and disconnect from work. Time away from the office can help you return with renewed energy and a fresh perspective.

4. Develop New Skills: Identify areas where you’d like to grow professionally and seek opportunities to develop those skills. Learning and personal growth can reignite your passion for your role.

5. Foster a Positive Work Culture: Coordinate a fun activity with your colleagues. Cultivate a positive and supportive work environment for yourself and your team. Encourage open communication, collaboration, and a healthy work-life balance.

6. Practice Self-Care: Make self-care a priority. Engage in activities that bring you joy and relaxation, such as exercise, meditation, hobbies, or spending quality time with loved ones.

7. Connect with Others: Network and engage with industry or leadership community peers. Sharing experiences and ideas can invigorate your enthusiasm for your role.

8. Seek Inspiration: Read books, listen to podcasts, or attend seminars by inspirational leaders. Their stories and insights can motivate you to overcome challenges and strive for greatness.

Remember that maintaining momentum is an ongoing process, and finding a balance between pushing yourself and taking care of your well-being is essential.

If you have any questions about these strategies for sustained momentum or want to learn more about the powerful benefits of executive coaching to elevate your leadership success, please reach out to askme@jennyreilly.com and book a complimentary 30-minute strategy session.  If you want monthly leadership tips, sign up for my JRC newsletter.

 

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The Importance of Transitions

“It is when we are in transition that we are most completely alive.”
— William Bridges

This quote from William Bridges emphasizes the importance of transitions in our personal and professional lives. While some transitions can be challenging to prepare for, they can also give us energy, motivation, and inspiration. How we react during a change is critical to our success as leaders. We must focus on our leadership traits and how we react in different situations, primarily how we handle stress and unpredictability.

It’s essential to listen first, act consistently, and communicate transparently.

Here are some tips to keep in mind during a transition:

  • FOCUS on the next best step you can make and act on it.
  • THINK about the consequences of what you say and how you say it – before opening your mouth.
  • LISTEN to your team, ask questions, and be curious.
  • USE facts to back up your perceptions.
  • INVEST in what will put you in a better position to improve productivity.
  • CREATE a one-page document that includes your vision, values, strategy pillars, and targets – this will help you remain focused on what is critical to the triple bottom line and not get sidetracked.
  • FOCUS on what you are good at and what you can get results on that no one else can – delegate everything else, and don’t get stuck in the minutia.

Remember to be conscious of your time management, the talent you are surrounded by, and your operating rhythm to ensure you spend time on what matters most. Conduct a weekly review and preview of your priorities to stay on track and focus time quarterly on organizational operational and strategic issues.

Transitions can be challenging but can also be opportunities for growth and success. Embrace the change, focus on what you can control, and lead with clarity and purpose.

“Change is inevitable. Growth is optional.”
— John C. Maxwell

If you have any questions or want to learn more on the powerful benefits of executive coaching to elevate your success, please contact us or reach out directly to jenny@jennyreilly.com and book a complimentary 30-minute strategy session.

 

 

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YEAR END BUDGETING 2022

2022 in Review

As the year approaches a wrap, it’s time to highlight your achievements and position yourself for 2023. Review and report on topics like your organization’s accomplishments, value creation, budgets, financial ratios, your competitor analysis, and the year ahead. Take time to create a full-year timeline with strategic projections and goals. Use the 2022 Annual Report Components infographic to serve as a guide for elements to include.

Annual Report Infographic - Jenny Reilly Consulting - Executive Coaching

 

“A budget is more than just a series of numbers on a page; it is an embodiment of our values.” – Barack Obama 

Know your numbers

Over this quarter, a primary client focus has been on analyzing financial reports and data to aid the decision-making required for 2023 planning. Understanding the budgeting process is crucial in evaluating opportunities and risks.

Understanding your numbers allows for more strategic decision-making. Your numbers can provide:

  • comparability,
  • verifiability, and
  • understandability

of the next best steps to take in your company.

As a leader, you are expected to have a thorough understanding of your numbers, prepare forward-looking financial reports, set financial targets, determine the usage of resources, and evaluate the costs and benefits of each option.

Business budgets help leaders run a successful business. A budget provides the opportunity to assess the actual budget against what was forecasted and planned.

Steps to take in preparing for 2023

  1. Before developing your budget, it is normal practice to have a strategy session that will review relevant economic factors, sector issues/constraints/ opportunities, and management plans. Develop or review your 2023 budget (that should accommodate your short-term plans, normally one year in duration) and ensure each of your strategic objectives is related to your budget.
  2. Your budget should address each of your strategic initiatives, including cash and payments, sales volumes and revenues, detailed inventories, labour, and production requirements.
  3. Break your annual budget down into monthly budgets that will assist in planning and communication to the team.
  4. If you are working on a unit or department budget, ensure you understand how the budgeting process interlinks with the various budgets in the business.

Can you answer the following?

  • What is your mission, vision, short- and long-term strategic objectives?
  • Have you recently conducted a position analysis of your organization?
  • Who are your current competitors?
  • Do you have a comprehensive forecasting and budgeting process? Can you explain when and how this process is performed?
  • How often do you review your annual budget, identify variances between your forecasted and actual performance and update as strategic initiatives pivot and change?

Understanding your budget will enable you to:

  • identify short term problems
  • promote forward-thinking
  • help in the coordination of units within a business
  • communicate budget guidelines
  • motivate your employees to promote better performance
  • monitor performance relevant to the budget
  • implement a system of control, levels of responsibility, and authorization

If you’re a business owner, entrepreneur, or c-suite executive and have any questions about this month’s topics, or feel this resonates with you and you need executive support to project your budget successfully into 2023, please contact us, or reach out directly to jenny@jennyreilly.com and book a complimentary 30-minute strategy session.

 

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FIVE CORE LEADERSHIP TACTICS

There are five leadership tactics that I follow that help me in my consulting practice. I encourage you to think about how they could help you in your position.

1.) Planning Backwards:

Focusing on the future and planning backwards is an effective leadership tactic. It encourages unconstrained thinking and disruptive ideas and will help you to propel your organization forward. Once you have a focused vision, align your people to engage on goals, and develop a comprehensive action plan to move forward.

  • Where do you want to be professionally and personally one year from today?
  • What do you need to do to get there? (Of your action items, prioritize them in sequenced order and develop an action plan on what is required in each step.)

2.) Purpose-driven and value-focused:

My consultancy purpose and values determine my guiding principles. If you have not listed your guiding principles, it is time to do so. Your guiding principles outline how you operate, the organization’s role and the individual within. 

  • What is your company vision, purpose statement/mission, and what values define how you do business? 

3.) Intentionally listen actively:

Leadership is a conversation. Improving your listening ability will be a cornerstone of your leadership success. Listening will assist you in problem-solving, determining and implementing innovative ideas, defining process improvements, and developing new ideas for faster and better outcomes. Engage your team, clients/customers and external stakeholders in a discussion on progress once modifications have been agreed upon, design and circle back to question if you have it right. 

4.) Innovate continually.

You cannot afford to become too comfortable and complacent. Customer and client preferences in the product or service area you are offering are continually changing. Technology advances will improve speed and results, can transform our processes, and adaption of best practices. Quarterly question processes, this will help you retain focus on improvement and will become part of your culture. Encourage bottom-up and top-down idea initiatives for improvement. Make decisions faster and base them on data with a focus on quality. Quarterly, prioritize the top three areas you can innovate to bring the greatest return to your organization. 

5.) Performance – think short and long-term.

To thrive in the long term, we need to have not only long-term goals but also short-term goals to gain momentum. Future-proof your performance by answering the questions below: 

  • What trends are influencing your business and sector?
  • What are your customers and clients seeking or asking that is not currently being provided? 
  • What is your data telling you? The facts have the answers. 
  • Ask your employees for feedback on what is working and what isn’t and any suggestions they have for improvement.
  • What are your duties and responsibilities – are they aligned with your purpose? 
  • Assess how you are doing things, is it the best and most effective way, or have you fallen into a routine and repeated past actions hoping for better results? 

If you have any questions about leadership tactics or want to learn more on the powerful benefits of executive coaching to elevate your professional success, please reach out to +1 604-616-1967 or askme@jennyreilly.com and book a complimentary 30-minute strategy session. If you want monthly leadership and professional development tips, sign up for my JRC newsletter or check out my social media on Instagram for information on my new upcoming 6-month executive leadership course.

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