While there’s plenty of discussion about what leading MDs do to make their companies so profitable, innovative, and successful, what about the things they’re not doing? MDs are susceptible to a number of pitfalls, from becoming paralysed during a time of crisis to running themselves into the ground. But streetwise MDs know better. Below are six things they don’t do:
1. MAKE PERFECT DECISIONS
A key to success is taking action and not deferring decisions it until the perfect answer or total consensus is achieved. MDs operate in an environment that often requires them to make decisions without all the information and facts they might want. “Paralysis by analysis”,the mentality that you can never have enough facts, is a serious shortcoming for many MDs. Trying to make a decision without risk or criticism will only hold your company back.
2. WEAR MANY HATS
Successful MDs delegate. They take the time to groom capable employees into leadership roles for each and every company function. Not only does this mitigate the odds of MD burnout, it allows more efficient implementation and better results. Smart MDs do not build their companies around an individual; they know they have to “delegate or die.”
3. USE POWERPOINT
Unfortunately this application has become embedded in corporate culture, and too many executives use extensive slide presentations as a crutch. Anything that can be read ahead of time, before a meeting, should be. Allowing a presenter to read endless and detailed slides in meetings is not only a waste of precious time but an insult to everyone in the room. If you must use PowerPoint, limit presentations to five slides, each with no more than five bullet points.
4. ANSWER QUESTIONS
As an MD, if you allow employees to ask you questions every time they don’t know the answer you’ll end up spending a chunk of your day doing your employees’ work for them. If an MD had to constantly provide all the answers, why would they need subordinates? People love to get quick answers but it’s not the MD’s job to give them out like sweets. Instead, ask questions that help subordinates think strategically and produce the answers themselves. Periodically an MD should keep track for a day of their question/answer ratio: How many times you responded with questions divided by how many times you gave out answers. Great MDs have a Q/A ratio of about 20:1.
5. ATTEND ALL MEETINGS
You’d be shocked by how many meetings MDs attend that turn out to be a waste of their time. While the majority of meetings do not need to be attended by the MD, knowing which ones do is vital.
6. SIMPLY COMMUNICATE
Successful CEOs over-communicate. Industry experts estimate that the average person must hear information between 7 and 11 times before it becomes ingrained in memory, yet MDs regularly underestimate the power of repetition. Companies that do employee surveys often find that no matter how much time they spend on communication, employees always want more. Do not be afraid to over-communicate the same message multiple times.