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TIPS FOR TRANSITIONING INTO A NEW ROLE

January 31, 2022

Transitions into lead roles are critical, and for those transitioning, this time can be challenging and stressful as you prove yourself to your colleagues and team. Try some of the following tactics over your first 90 days in your new role to alleviate some of this stress.

Do your research and prepare yourself – get to know those in your team and whom you report to and understand their expectations and thoughts on what success will look like for you in the role. Your initial interactions form first impressions, so think carefully about the foundations to lay to create positive connections within your team, with peers and stakeholders.
Observe, learn, and ask questions – find out who has and where to find information is half the challenge. To accelerate your transition, be focused and systematic in deciding what you will learn and how to do this efficiently.
Build relationships – observe and be mindful of who is setting the tone, who is processed based, the go-to for answers, the motivator… this will help you strategize more effectively and build on the team dynamics. The easiest way to do this is to have brief ‘getting to know you’ calls to learn as much as possible.
Manage expectations – through regular communication, organized team status meeting and 1:2:1’s. Working virtually requires more intentionality in coordinating and facilitating productive discussions. Highlight areas of focus: execution tactics on goals, what has been accomplished, what is currently being worked on, what is on, and not to schedule, what pivots or areas have been put on hold due to other pressing priorities, what opportunities and challenges you should be aware of in your role.
Demonstrate your leadership capacity and show problem-solving and strategic thinking skills. Whether you are inheriting a team or building a new team, it is vital to evaluate, align and motivate your team members. Sometimes, some tough decisions need to be made; don’t procrastinate. Your ability to have the right people in the correct team positions is imperative for your team’s success.
Don’t take on too much too quickly. You initially need time to understand the landscape, and you do not want to over-extend yourself to prove a point before competently taking care of your regular duties.
Focus on your goals and how you can strategically attain them. Look for low-hanging fruit and quick, easy wins to build your credibility, motivate action and engagement.

What worked in your old team does not necessarily mean it will work in your current team. Rethink how you lead, what you delegate and how you can create a level of influence that will assist you in building and sustaining alliances. Be aware of your leadership presence, how you are being perceived against how you want to be perceived and the type of leadership brand you want to have in your role. Business orientation, stakeholder connection and expectations alignment will significantly assist you in accelerating your transition and overcoming roadblocks over the first 90 days.

If you would like more information on leadership tactics and tips when transitioning into a role, I can be contacted at +1-604-616-1967 or jenny@jennyreilly.com. If you want monthly leadership tips, sign up to my JRC newsletter for top leadership advice throughout the year.

HAPPY 2022! | WHEN IS YOUR WHITE SPACE?

January 14, 2022

We all need time to think and have uninterrupted time to plan and be innovative in looking at a problem or challenge. For years I prided myself on the ‘busyness’ of my job. There was no white space in my schedule. I went from one meeting or project to another with no unscheduled time in between. Now I pride myself on the opposite, and I ensure there is white space in my schedule, unscheduled time to enable a strategic pause that increases my productivity and focus three-fold.

I encourage you to look at your schedule for the month of January and into February and make some significant changes to how you are spending your time. If there is a meeting that you do not need to be at, decline. If you do not have an agenda associated with a meeting, reschedule until you do. Introduce white space in your calendar between meetings, block off focused time to work on projects, allow whitespace in your calendar. This pause in your time will allow you to follow up on items and circle back on any special action items that require your attention.

For every ‘yes’ you make throughout the day on a work item, ensure you have a ‘no’ or delegation of action to another. These simple actions will assist you in beneficial workflow changes, improved communication, and reduced weekly stress.

Enabling white space in your week provides you with time to think, plan, strategize, implement, execute and reflect – all items that we never otherwise permit time for in our schedules. When you look at your week differently, you will see that you will consciously move low-value tasks from your schedule and spend more time focusing on what is important that will give you increased bottom-line results.

When planning your week, focus on high-value tasks and assess what you can delete from your schedule. If you are a perfectionist, assess the time you require to complete a task and determine what is good enough. Turn your notifications off and allocate time to respond to email queries rather than perpetuate ‘reactive’ mode when notifications are received 24/7.

Your New Year Professional Development Goal

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Ensure there is white space in your calendar!

If you want to learn more about, leadership coaching, and how your can prioritize your high-value tasks to maximize your success throughout 2022 for you, your team, and your business, reach out to askme@jennyreilly.com or schedule a convenient time for a complimentary strategy session via Jenny Reilly Consulting Calendly.

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The Power of Asking a Great Question

October 30, 2021

If you are helping a client, colleague or team member with a problem, asking the right and relevant question will help guide the conversation. Don’t assume what has occurred. Ask specific questions to obtain the background information that will set the scene to enable you to be of assistance. Often you will find, when asking a series of questions to attain information, the individual that you are assisting will often resolve the issue themselves as they verbalize the background and the steps they have taken so far to resolve the issue.

It is not often the knowledge that is missing to prevent an individual from taking action; it is the motivation to follow through and execute on what is required to resolve the situation—working out how to encourage motivation to act and getting buy-in to execute increases the attainment of results. Possessing the self-confidence to take the next best step in a situation also often requires the ability to help an individual feel empowered to do so.

When a situation or challenge is shared, that is problematic, asking questions and eliciting ideas from the individual on how they feel the situation could be addressed. It can be as simple as ‘Do you have any ideas on how this issue could be resolved?’ or ‘Is there anything that you could do to help with xx?’ this will develop their capacity to see themselves solving the problem and building their resilience and responsibility muscles that in turn will increase their self-confidence

Ask specific questions about the situation to obtain background information and question on what action they have taken to date to resolve the issue/challenge.
Test the motivation of the individual to execute the action steps to resolve the issue/challenge.
Ask individuals for their input, suggestions or ideas on how to solve a problem.

Executive coaching can bring you, your team, and your business support and elevated success, please reach out to askme@jennyreilly.com or schedule a convenient time for a complimentary strategy session via Jenny Reilly Consulting Calendly.

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Quarter 4 Goals | Your Playbook for Success

October 15, 2021

For many, at the beginning of the year, you may define business, professional and personal goals and have the best intentions; however, life happened, and you may not be on track to accomplish all you had originally set out to do at the beginning of the year. It is now time to refocus and end the year well.

What will you professionally focus on in Q4?

I discuss Q4 business priorities with many of my Executive Coaching clients. For those of you that do not have a clear plan for Q4, and to assist you in thinking about how you can approach this activity, I have outlined some areas below that I am working on with clients that may help you formulate your areas of focus for Q4.

What are your key business areas of focus in Q4?

When conducting a deep dive on my business quarterly, I focus on the following areas:

Client Base + Customer Acquisition
Financial + Revenue Generation
Operational + Execution
IT + Digital
Human Resources + Attracting & Retaining
Sales + Marketing
Administrative + Process
Process Mapping + Improvements

What are your professional and personal goals for Q4?

I set my annual professional and personal goals; however, I also conduct quarterly reviews, and where goals need to change, I pivot and update this list as the year progresses. If you have not done this in 2021 yet, it is time to look back at your original goals. Cross off what you have achieved to date, review what is still outstanding and analyze if those goals still stand as important or need to be completed in Q4.

As we are in the year’s home stretch with only three months remaining in the calendar year, it is a great time to redefine focus areas for the remainder of the year. Are the goals you initially indicated that you would be working on this quarter still relevant? Due to your current circumstances, do they need to be updated, abandoned, or a new pivot introduced?

The following are eight areas that I think about during my quarterly review. You may include more or less and should base the categories on your situation. When I focus on areas of priority moving forward, I initially rank myself on each item below. We are only as strong as our weakest link, so that is why it is important to look at your whole life canvas and evaluate where you rate yourself, pivot and correct direction if necessary and be confident in the direction you decide to take.

Career – where do I want to be in my position by December 31st, 2021
Financial – quarterly financial goals
Intellectual – technical or interpersonal professional development focus for the quarter
Parental – areas of focus with each child
Physical – body health and exercise goals
Psychological – attitudinal and emotional focus
Relationship – areas to focus on with significant other
Social – extended family, social and collegial relationship focus

Recognize what is and what is out of your focus of control. ~ Jenny Reilly

Keep the momentum going:

Once you start on your goal, connect with your motivators (your ‘why’ for working on the goal) and set a habit frequency to work on your goal daily.
When possible, it is best to work on a goal on a specific day/s weekly, to enable consistency in pushing the goal forward.
A final note on motivation, when you are working towards something, start with the easiest task first just to get started.
Attaining a quick win will help your momentum.

Focus on what will provide you with the biggest impact professionally and personally in Q4. Once you have reclarified your goals for Q4, break them down into manageable steps, map out your milestone dates, and notate them in your calendar. We need to understand that obstacles may arise in the quarter to slow down progress on our goals; however, if you proactively plan what and how you will complete each step, you will have a greater likelihood of not being derailed and attaining your goals on, or before schedule.

Take decisive action on your goals. I think of quarters as sprint runs. I have the energy and focus to work on complex projects over three months. A quarter is long enough to make a real impact and short enough not to get bored with the actions required for completion.

Objectives are not just achieved magically, and work has to be intentional, focused, and planned to make things happen.

Define your Q4 focus

CLARIFY: When you detail your focus for Q4, it will help you clarify what action you need to take and provide you with the right mindset to move forward.
DESCRIBE each area of focus into a specific goal statement when you detail what needs to be done, how you will do it, and when it provides you with a framework to work within.
ACTION: Taking the first step on a goal is always a motivator to help you take the next. For each action item required, ensure you assign due dates for the activity, so you can map out what can be done by December 31st, 2021.
PRIORITIZE: Having defined goals for the quarter will enable you to prioritize your work to ensure you stay on track and will assist you from falling into a procrastination rabbit hole.
VISION: You can’t go anywhere unless you know where you are going – having your goals to focus on, daily reviewing your list and scheduling the next best step for each will help you formulate a path moving forward.

Your Q4 goals should be thoughtfully formulated. They should motivate action, have clearly defined tactics and an implementation timeline.

What do you believe you can accomplish in Q4?
What are your top five priorities over the next 90 days?
What metrics will you track?
How do you see the next three months rolling out in your schedule?
What is your intention, what steps are required, and when will you do it?

Q4 with your team

With each of your teammates at your next team meeting:

Evaluate what worked well (in Q3 or over the last three quarters), what did not, and learnings/take-aways from both
Determine what action will be continued
Provide kudos to those who accomplished goals in the last quarter

If you encountered any wins, setbacks or failures, acknowledge them, learn from them, analyze what went wrong, what went right, and how you could have done things differently to improve the outcome. Reflection on January – September will enable you to facilitate greater progress in Q4.

Achieve your Quarter 4 goals by answering some of these questions and focusing on your key professional and personal areas. If you need support with your strategy and priorities to hit your end of year targets, my executive coaching and business consulting support can help you, your team, and your business excel, please reach out to askme@jennyreilly.com or schedule a convenient time for a complimentary strategy session via Jenny Reilly Consulting Calendly.

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Small Business Owners – Know Your Numbers in Four Easy Steps

June 29, 2020

Small Business Finances

Finances are at the top of mind as many small business owners are now at the stage where they can regroup and have the energy to reassess their financial situation after dealing with the aftereffects that COVID-19 has had and continues to have on businesses. Understanding your numbers is not exactly an exciting task to add to your ‘to do’ list, however, keeping an eye on these figures will help attain a realistic view of your business and determine what the future may hold.

The numbers are one area that tend to receive the least attention in small businesses. Having an understanding, learning more, and setting up simple processes to give you an overview of the numbers quickly will help you keep an eye on what is driving your business. It will help you tweak activities, pivot where necessary and focus on that aspect of your business that needs the most of your attention.

Getting your small business financial house in order this upcoming quarter is an excellent objective. Being informed will help you feel more confident about your financials, promptly pay vendors and suppliers and focus on getting your working capital back to targeted levels.

Understanding the Basics

As we enter our third quarter this week on July 1st, it is time to get back to the basics and carefully examine numbers. As a small business owner, I appreciate that your days are full of endless activities required to keep your business running. At the end of the day, the last thing you feel like doing is looking at your financials; however, I cannot stress enough how important this activity is to your business’s success. Even though you probably have an accountant and bookkeeper to assist with your taxes and payroll, it is your responsibility to understand the basics to help you keep your business in the black. Blocking off a couple of hours per week, preferably at a time when you are at your best will help you keep track of the critical financial figures you need to know, what is being spent and what potentially can be trimmed or cut. Before looking at the recommended tasks at hand, an overview of simple terms may be of assistance.

Cash Flow: Your operating cash flow provides an overview of your business. Subtract your operating expenses from the money your small business generates. Your accountant can help you work out the depreciation of your net income for working capital, receivables and inventory. If your operating cash flow is more than your cash outflow, you are operating in the black. If this is not the case, it is time to take a deep dive into reviewing your income and expenses. Every month, you need to have the cash flow to meet your monthly payments.

Net Income: This is your net earnings and profit. From your income, subtract your expenses and taxes (do not include depreciation); this will provide you with a quick indicator if you are earning or losing money.

Profit and Loss: Your P&L statement provides a snapshot of your sales and revenue minus expenses. I would suggest you look at your P&L weekly, monthly, quarterly and annually. Keeping on top of this can be a great motivator in setting focused direction, making plans for the future and setting short- and long-term goals.

Sales: The most critical activity in a small business is sales. Through COVID, companies tend to have fallen into two categories being thriving or surviving. Ensuring you keep a close focus on numbers can help you work out where you have to pivot in the company to increase your sales numbers. Your sales numbers help you determine if you are on an upward or downward trajectory. Your reaction time on the trajectory is essential in keeping the business running.

Price Point: Knowing your price point is critical in small businesses. This is where you know how much it will cost to purchase a good, and then at what point to sell it to make a profit. What is often neglected when working out a price point is the cost of overhead expenses (e.g. utilities payroll and tax).

Gross Margin: This is also referred to as gross profit; it reflects how much money remains after the actual cost of merchandise is deducted from the selling price. If this figure is too low, it will not be sufficient to cover your operating expenses (e.g. salaries, rent, utilities, marketing…). It may also indicate that you are not charging enough for your services or products.

Total Inventory: Inventory is something that has to be looked at a minimum every week. This will help you determine your sales process problems and fix them before you encounter adverse effects such as excess inventory, storage costs, potential waste, and reduced profits.

Your Recommended Tasks:

Knowing your numbers will give you an advantage, you will have a better understanding of your story behind the numbers, and it can lead to being one of the most crucial components of your planning for long term success:

Step 1: Start by assessing how much money you have in your business account, and then list the amounts of your business credit card, line of credit, loans, and outstanding bills. The objective is to know how much money you have at the commencement of the third quarter and your debt load.

Step 2: List all of your monthly expenses in two columns. One for reoccurring monthly expenditures and the other for one-off costs. This will also allow you to review reoccurring monthly costs and see if there is anything that can be cut or reduced. For every line item, ask yourself if the spend at this time is necessary. Notate the withdrawal date of the expense and from what account monthly. For your monthly reoccurring expenditures, if any are related to subscriptions or memberships, ensure you document cancellation or renewal dates to keep on top of the decision to make if continuation is required.

Step 3: Highlight staff member related expenses. Again, assess if each of the costs is necessary.

Step 4: Project revenue over the next six months, subtract the money you have right now and divide your revised monthly expenses for six months. The amount will be your runway, and it is essential to know what you have if you need it. This will also motivate you over the next six months to adjust your expenses even more and help you focus on what you need coming in.

What do your numbers tell you about your business?

Measure everything in your business to monitor progress including revenue, expenses, and customer acquisition costs.

Need Help?

All small businesses should have advisors to help them develop, plan and execute their business strategies. If you need coaching assistance or support during this process, please reach out to me. Book a free 15-minute strategy session here.

I am also happy to pass on an excellent recommendation for accounting and bookkeeping services in Vancouver, my go-to for small businesses is JWL Accounting.

Enjoy getting to know your numbers.

Make it a great week,

Jenny