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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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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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HOW CAN ‘DEEP WORK’ GET YOU BACK TO DOING AN EXTRAORDINARY JOB?

Do you want to do your job or do an extraordinary job?

There are times when we run on all cylinders, everything comes together, and we feel like we are at the top of our game. In contrast, there are times when we may feel we have lost our work mojo, are bored, stagnant, and just go through the motions of our job. I know how I prefer to feel, how about you?

A tool to help you regain focus on what you are doing and how you are doing it is to ensure you immediately implement ‘deep work’ time into your schedule. This mode helps you have an uninterrupted focus on a significant task.

Your ‘deep work’ time should be allocated to projects or tasks that require your undivided attention to move forward and will have the greatest impact. This sounds so straightforward and obvious that you may ask why I even need to write about this, so I challenge you to look at your schedule over the past month and honestly evaluate how much time you allocated to ‘deep work.’

When you allocate time in your day where you can work in isolation, without distraction, the quality and quantity of work you can complete can be extraordinary. It takes time, focus and persistence, but it will be worth it.

Reorganize your month ahead to ensure you have time in your schedule daily for ‘deep work.’

Your days maybe spent, rushing from one meeting to another or putting out continual fires – this is fractured work. Fractured work occurs when you are primarily responding to others’ needs and requirements. It is unrealistic to think that you can cut out fractured work in your day-to-day commitments; however very realistic to combine it with periods of uninterrupted focus.

To do extraordinary work, we need periods of concentration and focus.

Determine how much ‘deep work’ time you need daily, schedule it, and make it a non-negotiable priority for the month ahead.

QUESTIONS FOR YOU TO ANSWER:

  1. How can I schedule my time in September so five days per week, I have at least one hour daily allocated to ‘deep work’?
  2. Are there any periods in the year that I need more time to focus on ‘deep work’? If so, when? Now go ahead and block off that time in your schedule.
  3. What will you have to do in your space to ensure it will promote ‘deep work,’ or where else can you go to facilitate ‘deep work’?

EFFECTIVE ONE-ON-ONE MEETINGS WITH DIRECT REPORTS

Having effective one-on-one meetings is a critical leadership skill. I recommend having weekly one-on-one meetings with each of your direct reports. The objective of this meeting is to ensure there is open and transparent communication on priorities, identification of opportunities, issues or challenges and time to address any questions or concerns that may be affecting the progress of your direct report.

To have effective meetings, ensure you have a plan, are organized to optimize your meeting time, have clear outcomes in mind, and record who is responsible for what by when, making it is easier for you to follow up.

The following are an example of questions that you could ask in a one-on-one:

  • What were your biggest wins over the last week/since we last met?
  • What worked well, what didn’t and why?
  • Are there any areas in that I can support you?
  • What are your top three priorities for the upcoming week?
  • Is there anything else that you would like to cover today?

I encourage you to monitor how much you talk in these meetings. My suggestion is that you should not be speaking for more than 20% of the meeting. Focus on listening, not jumping in and solving problems but asking clarifying questions.

MEETING TIPS

For many, meetings are painful, and I am sure you have felt, heard, or empathize with the following:

‘I have too many meetings.’

‘The meetings are too frequent and too long.’

‘Meetings are a waste of my time.’

‘I hate it when people show up late or don’t contribute – why bother!’

 

Here are some helpful tips for you:

  1. Look at the meetings in your schedule over the upcoming week and determine if your attendance is necessary. If it is not, message the organizer with your rationale and withdraw yourself from attendance.
  2. When scheduling a meeting, ensure that the right people are in attendance and the duration is the correct length (the shorter, the better).
  3. If you are organizing or chairing a meeting in advance, prepare and circulate an agenda along with any documents that need to be reviewed.
  4. Follow up on your meeting notes, complete what you said you would and hold others accountable for assigned tasks.

Speak up on annoying behaviours like:

  • Individuals being on their phones during the meeting, checking emails, social or surfing
  • Arriving late and being disruptive
  • Interrupting and talking too much
  • Not coming prepared
  • No participating

Each behaviour is a sign of disinterest and disengagement, don’t ignore it. Be focused on acknowledging it and changing the behaviour.

If you have any questions about implementing deep work times in your schedule 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 jenny@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 top leadership advice throughout the year.

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WHY IS COACHING ESSENTIAL TO GREAT LEADERSHIP?

There are various leadership styles we can exhibit, and one of them is the coaching style. 

Coaching requires patience, instruction, and feedback. In a fast-paced working environment, leaders often find it easier to answer a question or solve an issue rather than coaching, as it takes less time. Ironically, the long-term coaching results override the initial time taken, and it is worth adapting your leadership style to have more of an emphasis on coaching your employees. At its core, coaching will help you work with your employee to become:

  1. More self-aware
  2. Help them move forward, learn, develop and grow so they can take on more, and
  3. Create more satisfaction in their roles as they take on added responsibility in their positions.

Coaching is a positive and powerful tool that you can use to improve performance, results, increase engagement and company culture.

I challenge you; the next time you are about to answer or solve a problem for an employee, think long-term and coach the employee through the process, I appreciate that it will take time, but the outcome will be worth your return on investment. 

 

You cannot teach a man anything. 

You can only help him discover it within himself.

-Galileo Galilei

 

Coaching benefits:

  • Coaching can positively impact performance, culture, and the bottom line.
  • Coaching can help individuals unlock their potential
  • Ongoing coaching dialogue improves clarity and understanding of expectations
  • Coaching allows leaders to delegate, give challenging assignments, and promote an environment of learning and knowledge 
  • More companies are trying annual bonuses to a leader’s development of their direct reports. The reality is that there is an understanding that coaching does positively affect bottom-line results

Listen intently and ask powerful questions

When we listen, we are not distracted by anything else around us. The individual has our full attention, and we are not as prone to jump in and provide an answer, solution, or fill in the gaps. 

Ask powerful, short questions. When formulating a question, I keep in mind two things: 

Why are they telling me this?

What’s the real problem?

I then follow with an open-ended question that starts with ‘What…‘

Try the following questions in your next one-on-one:

  1. What should we focus on (a work project, people issue, or behaviour) discussing that will help you most?
  2. What is the heart of this issue for you? Tell me more… what else…
  3. What is the challenge, and why is this important to you? 
  4. What have you done so far to address the issue?
  5. What is your ideal outcome?
  6. What is the next best step to take?

 

Most people do not listen with the intent to learn and understand. They listen with the intent to reply. They are either speaking or preparing to speak.

-Stephen Covey

 

Don’t be the bottleneck

Leaders and managers need to coach their people. Coaching helps decrease overdependence overwhelm, and this dependency creates bottlenecks and frustration for both leader and staff member. 

Stop being the bottleneck and allow your team members to develop. Coach your team members to help them learn and grow. 

Empower your staff by giving them the responsibility to do their job, coach them through knowledge gaps and then allow them to run with it. Autonomy allows the employee to learn by doing and demonstrates your trust in their ability. Trust that there will be setbacks and debrief on these areas in your regular one-on-one meetings. 

Coaching Tips

  • ask one question at a time 
  • listen with intent for the facts and maintain neutrality
  • ask ‘what’ questions
  • be curious about the details
  • focus on what matters most
  • explore off-hand comments (what is not being said). They will often assist in getting to the heart of a problem
  • ask questions that will help the individual expand the way they are thinking about the problem or issue
  • don’t use rhetorical questions that offer advise
  • Using the 80/20 concept allow the staff member to speak 80% of the time and yourself only 20% 

If you would like more information on leadership and coaching tactics, and you need someone to keep you accountable for your process and execution, I can be contacted at +1-604-616-1967 or jenny@jennyreilly.com. If you want monthly leadership tips, sign up for my JRC newsletter or check out my social media on Instagram for top leadership advice throughout the year.

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