PRIZESPLAYERS https://prizesplayers.com/ Hotel & Casino Tue, 23 Jan 2024 00:02:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 How Entrepreneurs Can Fortify Their Startups Against Fraud https://prizesplayers.com/how-entrepreneurs-can-fortify-their-startups-against-fraud/ https://prizesplayers.com/how-entrepreneurs-can-fortify-their-startups-against-fraud/#respond Tue, 23 Jan 2024 00:02:59 +0000 https://prizesplayers.com/?p=70814 Fraud in the workplace is a problem of gigantic proportions. Everything from a little light skimming of the cash register to fraud at a corporate level represents extreme risks that organizations need to guard against.

While each industry has unique risks that it must mitigate against, there are plenty of common threats that a robust and structured anti-fraud policy can help prevent.

Understanding these risks and how to protect your business against them is a critical step in mitigating fraudulent employee risks.

Workplace Fraud: Understanding the Risks

Let’s be clear, understanding the size of the problem will not make pleasant reading. However, it is essential to read because knowing the size and scope of the problem is a vital first step to mitigating the risk.

The challenges that employee fraud raises are often in line with e-commerce fraud trends. But there are plenty of areas where they differ and detection methods and how businesses defend against it differ accordingly.

But how big is the problem? Well, huge if the latest Association of Certified Fraud Examiners report into occupational fraud is to be believed. To illustrate the size of the problem we only need to list a few of the key takeaways from the report:

Duration and loss: An average fraud case will go undetected for 12 months and cause a median loss of $117,000.
Revenue loss: The report estimates that 5% of all revenue is lost to occupational fraud.
Fraud types: Asset misappropriation (theft in common parlance) accounts for 86% of all employee fraud. Other high-rankers include corruption and financial statement fraud.
Department: Four departments (accounting, upper management/executive, sales, and operations) accounted for half of all employee fraud.

The report does make a grim reading. But there are plenty of positives to take from it. The most notable is the improvement in these statistics among organizations with strong anti-fraud procedures in place.

Strategies to Mitigate Fraudulent Employee Risks

It is obviously necessary to stop fraud that can disrupt the customer experience. However, the problem of employee fraud should not be overlooked at its expense. The potential scale of workplace fraud means robust measures are needed to protect an organization from “insider” fraud.

Some of the most successful measures for workplace fraud prevention are detailed below.

1. Implementing a Strong Ethical Culture

This is more important than it may appear at first glance. But a strong ethical culture that encourages employees to voice their concerns is an incredibly potent anti-fraud measure.

The importance of this is emphasized by a single statistic – 42% of workplace frauds are detected by tip-offs. This is three times as many cases as the next most common method.

Workplace culture should promote honesty, integrity, and transparency. It should also make employees feel that their concerns are listened to and taken seriously.

2. Smart Security Technology

While cybersecurity is absolutely critical, physical building security systems and measures are an essential component in protecting against fraud in the workplace. Theft, or “asset misappropriation”, is the number one threat that workplace fraud poses. Physical security measures such as the examples listed below can substantially lower the risk of theft:

Smart security cameras: A modern no business video surveillance system that utilizes the latest business camera technologies can act as a deterrent as well as catch perpetrators red-handed. The latest generation includes features such as high-resolution imaging, night vision, cloud-based remote systems, and the integration of AI.
Smart access control systems: The latest generation of smart access control and fob entry systems can easily be integrated with companion technologies like business surveillance systems and alarm systems.

Physical security is an essential part of an integrated security policy, it can radically reduce workplace theft and other forms of employee fraud.

3. Regular Audits and Surprise Checks

Again, these can act both as a deterrent and an effective method of detecting fraud. Surprise audits and checks deter fraud by serving as a reminder that regular monitoring for irregularities is undertaken.

It also ensures transparency and accountability making it more difficult for fraud to go unnoticed. This is important as the average duration of fraud is a year – and a lot of damage can be done in 12 months.

A proactive policy of regular audits supported by surprise checks can significantly reduce the opportunity, and the willingness, to perpetrate fraud in the workplace.

4. Employee Education and Awareness Programs

Finally, employee education and training can play a crucial role. With 42% of all workplace fraud uncovered by tip-offs, an educated workforce that understands the risks and the warning flags of fraudulent behavior can be an added line of defense.

It also helps to promote a workplace culture that is open, transparent, and more resistant to employee fraud.

An Inside Job: Mitigating Employee Fraud

Businesses that neglect workplace fraud detection are leaving themselves open to massive, potentially catastrophic, losses. However, being forearmed is forewarned, and much can be done to mitigate the risks.

A combination of smart technology in the form of business surveillance systems, an ethical culture that promotes openness, and robust auditing procedures can greatly reduce a business’s exposure to workplace fraud.

With 5% of all annual revenue lost to employee fraud, investing in robust internal fraud controls is a smart investment.

The post How Entrepreneurs Can Fortify Their Startups Against Fraud appeared first on Addicted 2 Success.

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Are CFOs Being Asked to Do Too Much? https://prizesplayers.com/are-cfos-being-asked-to-do-too-much/ https://prizesplayers.com/are-cfos-being-asked-to-do-too-much/#respond Thu, 04 Jan 2024 19:49:29 +0000 https://prizesplayers.com/?p=70812

Are CFOs Being Asked to Do Too Much?

As an executive recruiter, I spend much of my time with client companies hiring top financial and accounting talent and talking with CFOs and CFOs-in-Waiting about their careers.

When I started recruiting in the financial and accounting space many years ago, life was much more straightforward for CFOs and their teams. It essentially consisted of reporting numbers, handling financial transactions and looking for any significant financial trends within the business.

Today, CFOs are also being asked to handle things like cybersecurity, risk management, ESG reporting, AI oversight, regulatory compliance, and the list goes on.

While I understand that CFOs are well compensated, as a general rule, I am beginning to wonder: Are CFOs being asked to do too much?

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4 Networking Tips for Successful But Introverted Entrepreneurs https://prizesplayers.com/4-networking-tips-for-successful-but-introverted-entrepreneurs/ https://prizesplayers.com/4-networking-tips-for-successful-but-introverted-entrepreneurs/#respond Sun, 31 Dec 2023 22:37:14 +0000 https://prizesplayers.com/?p=70809

When picturing a successful entrepreneur at a big event, many envision a talkative, energetic life of the party, a common perception in American culture where gregariousness is often celebrated. However, this overlooks the quieter type of leader, despite 36% of entrepreneurs self-identifying as introverts.

If you fall into that category, you may find it harder to network. In that case, you’ll need to implement specific strategies to ensure you don’t slack off with your networking.

Expanding your network of business acquaintances is crucial. A broad network simplifies finding mentors, partners, advisors, employees, and vendors. Plus, you’re your brand, particularly in the startup phase. That means the more people who know you will know about your fledgling company. 

For introverts, socializing can be uncomfortable, as they often thrive in quieter settings rather than at frenzied happy hours or bustling conferences. Consequently, you might be more reluctant to sign up for traditional, in-person conventions. 

Additionally, you may find large networking dinners or crowded industry meetups daunting, preferring the calm of a small book club or a focused workshop. The prospect of initiating conversations at large-scale social gatherings like company parties or public seminars might seem overwhelming, leading you to favor solitary activities like reading industry journals or attending webinars from the comfort of your home. 

While these are understandable behaviors, they aren’t conducive to growing your network. Yet, you don’t have to pretend to be an extrovert to become a networking pro. Just incorporate these best practices into your schedule.

“I’ve learned that a strong network is the ultimate shortcut to everything you want to achieve!” – Melitta Campbell

1. Leverage online platforms

Platforms like LinkedIn are excellent for expanding connections without face-to-face communication. On LinkedIn, you can publish content, comment on others’ articles, search for past colleagues and peers, follow groups, and more. Best of all, you never have to leave the comfort of your desk. 

Depending on your brand and business, you may find other online platforms valuable for getting your corporate and personal name “out there.” Let’s say you sell a product aimed at the consumer market. Creating YouTube videos or hosting a Pinterest page could be valuable. You have to put effort into the process, but you’re in control every step of the way.

2. Engage in one-to-one conversations at events

For many introverts, big events can be overwhelming. Attending smaller events and focusing on one-to-one conversations can be an effective workaround. 

For instance, you might sign up for a private mixer of regional CEOs, business owners, and entrepreneurs. Before you arrive, see if you can get a sense of who else will be at the event. Are there some people you want to make sure you meet? Once there, seek out those people and focus on talking with them individually. 

A good way to do that is to look for more “inactive” parts of the networking space, such as a corner or a small table. This allows you to get to know the other individual without the distractions of others entering the discussion.

3. Prepare talking points before meetings

If attending a busy event is unavoidable, and you tend to get tongue-tied, prepare talking points to ease into conversations. Though you can’t walk around with a list of talking points, you can certainly spend time writing things down beforehand. You can then memorize your bullet points to make launching into the topics you’d like to cover less difficult.

How should you arrange your talking points? There’s no better or best way. Just find something that works for you. Some introverted entrepreneurs like to think about questions they could ask someone they’re meeting for the first time. 

Others prefer to jot down subjects about themselves or their business that they want to include in their discussions. The key is to take an experimentation route.

4. Bring an extroverted colleague

Consider bringing a more extroverted team member to networking events, such as a salesperson, marketing manager, or HR director. Bringing that person with you to social environments takes all the weight off you to network. The other person can do much socializing while you take more of a backseat role.

Be sure that you let your extroverted colleague know this plan ahead of time. You can’t assume that everything will be obvious. Work together to develop a plan. 

For example, you could lay out some reasonable goals, such as how many new people you’d like to meet together at the event. As long as your objectives are achievable, you should be able to reach them in a way that feels comfortable for both of you.

Being an introvert doesn’t preclude you from networking effectively. By embracing online platforms, focusing on one-to-one interactions, preparing conversation points, and partnering with extroverted colleagues, introverts can effectively expand their networks. 

These methods allow introverts to comfortably promote themselves and their businesses, proving that effective networking is achievable for all personality types. 

With these strategies, you can network like a superstar. Put the tips above into action, and you’ll gain all the benefits from knowing a wide range of others inside and outside your industry.

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Embracing Accountability: The True Mark of Leadership https://prizesplayers.com/embracing-accountability-the-true-mark-of-leadership/ https://prizesplayers.com/embracing-accountability-the-true-mark-of-leadership/#respond Tue, 26 Dec 2023 12:31:45 +0000 https://prizesplayers.com/?p=70805 Embracing Accountability: The True Mark of Leadership

The number of people who are incredibly eager to be in charge and who genuinely want to be leaders but are unwilling to take responsibility is astounding.

But it doesn’t work like that; if you make the decisions, then you’re accountable for the results.

As the leader, you choose the directions, and you can’t blame others when your choices don’t lead to success.

Peter Drucker says, ‘Leaders make sure we do the right things; Managers make sure we do things right.’

But this doesn’t mean that it’s leaders who are accountable for setting direction; it’s managers who are accountable for ensuring that we achieve it.

Remember, the manager works for the leader, and as we can’t delegate accountability, the leader remains accountable for ensuring the results are delivered.

We can make the manager responsible, but we still retain accountability.

I worked for one boss who decided that we would undertake a massive transformation programme. It was one of the largest change programmes that I had ever worked on, and it was very difficult because we had to make huge changes to our daily operational processes while at the same time continuing to deliver our services to our customers.

At the height of the transformation, our service levels dipped, which was not only pretty normal; it was also expected, but it didn’t stop the customer from complaining as we were interrupting their ability to do business.

After one bad day, my boss called me into his office. I was Head of Service Delivery, so this was my area of responsibility, and I did feel accountable, but I was surprised by my boss’s comments.

He told me that I needed to get the problems resolved as quickly as possible because the current level of performance was not good enough, which I not only agreed with but also had a plan on how to address them.

He then said to me that I was accountable for the systems, not him. It was my job to fix them, not his, and if I didn’t resolve them, it would be detrimental to my career.

Why was I surprised? Well,  because I worked for him, I was implementing his strategy, not mine. Sure,  I was responsible and even felt accountable, but ultimately, he was in charge.  As far as the business was concerned, and also his direct boss, he was accountable.

I don’t dispute that it was my job to fix the problems, and I certainly felt accountable, but to my boss’s boss, it was my boss who was really accountable.

He was happy to take all of the credit for success but wanted to absolve himself of any accountability for any of the problems.  That’s not leadership!

You can take this approach, but it will not help build trust and respect within the team, with your customers, or with your bosses.

If you want to be in charge, you have to be accountable. As Harry S Truman said, ‘The buck stops here‘.

Be accountable; when leaders take this approach, it builds trust and confidence.

We need to be able to trust that our leaders will see things through to completion and that when we hit problems, they will work with us, shoulder to shoulder, to address them and overcome them.

We need to remember that allocating blame doesn’t fix problems!

So if you want to be a leader, you need to accept that accountability.

If you want to learn more about creating highly engaged teams or being a better leader click the link to view our course.

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13 Big Changes Caused by Digital Communication https://prizesplayers.com/13-big-changes-caused-by-digital-communication/ https://prizesplayers.com/13-big-changes-caused-by-digital-communication/#respond Tue, 26 Dec 2023 10:52:11 +0000 https://prizesplayers.com/?p=70802

Digital communication has transformed the way we convey messages using the spoken or written word. These changes may or may not be for the better, depending on your perspective. Knowing what they are, however, and understanding the changes can make you a better communicator.

So what is different today? 

1. Social media has given people a platform to share their thoughts and opinions on a global scale, leading to more public and open conversations.

2. And it has also made it easier for people to disseminate bad or incorrect information.

3. It is harder than ever to assess the validity of information.

4. Influence has been commercialized. The messenger often trumps the message in terms of impact. Profit is often driven by tenuous third party endorsement.

5. The use of acronyms and emojis has become more common in written communication. While convenient, it has resulted in decreased nuances in meaning and emotion.

6. Spelling and grammar have become less formal, with more informal language and contractions used in everyday communication. This informality isn’t without risk. As the cliche goes, casualness can create casualties. The effectiveness of beauty of good writing is affected.

7. The use of voice recognition technology has made spoken communication easier, with virtual assistants such as Siri and Alexa becoming more popular. The imperfect translation from voice to print can cause humorous if not disastrous consequences.

8. The use of video conferencing has become more common, making remote communication more accessible. It has also resulted in what has been called “zoom fatigue” and an over reliance on video conferencing diminishes relationships.

9. The use of slang and colloquial language has become more common, particularly in informal spoken communication.

10. The use of nonverbal cues, such as facial expressions and body language, is becoming more important in video communication.

11. The need for brevity in communication has increased, with people preferring shorter, more concise messages.

12. The use of artificial intelligence and machine learning has made it possible to automate certain aspects of written and spoken communication, such as chatbots and automated customer service responses.

13. ChatGPT is dramatically changing how we access and assemble information into various types of communication.

What changes, large or small, have you noticed?

 

Mark Sanborn is an inspiring leadership keynote speaker and Leadership Expert in Residence at High Point University, the Premier Life Skills University. He teaches leaders and teams how to be extraordinary. For more information about his work, visit www.marksanborn.com. 

 

Author: Mark Sanborn

Mark is recognized globally as an expert on leadership, customer service and organizational performance.

A member of the National Speakers Association Speaker Hall of Fame, he is the author of 8 books including the international bestseller, The Fred Factor: How Passion in Your Work and Life Can Turn the Ordinary
Into the Extraordinary.

Mark teaches his clients to BE EXTRAORDINARY™.

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Move Fast and Fix Things https://prizesplayers.com/move-fast-and-fix-things/ https://prizesplayers.com/move-fast-and-fix-things/#respond Tue, 26 Dec 2023 09:54:39 +0000 https://prizesplayers.com/?p=70800

OpenAI’s board took a tough call of firing the founding CEO Sam Altman without having trust from their organization/people or winning confidence of their investors like Microsoft.

Within 24 hours, Microsoft’s CEO, Satya Nadella, offered Altman an independent leadership role for their new AI initiative, pledging full support. Altman’s move to Microsoft initially seemed to conclude the saga until 700 OpenAI employees threatened to join Microsoft. Under immense pressure from both internal and external stakeholders, OpenAI reversed its decision, reinstating Altman as CEO and restructuring the board. In either scenario, Microsoft emerged victorious as a company and investor.

Microsoft’s size did not hinder Satya Nadella’s swift decision-making in the company’s best interest, backed by trust from its people and stakeholders.

Satya Nadella moved fast and fixed things, and in doing so, earned trust and respect. 

Mark Zuckerberg’s motto “move fast and break things” was popularized by Meta’s success and went on to inspire entrepreneurs and leaders across the globe. In their latest book, authors Anne Morriss and Frances Frei challenge the idea of breaking things while moving fast. They recommend that leaders should “Move Fast and Fix Things” which is also the title of their newest book.

Moving fast and breaking things may work when businesses are in early experimentation phase . However, prioritizing only speed as an organization grows can lead to overlooked mistakes resulting in lack of trust. The authors say,

We observed a clear pattern among leaders who were most effective at fixing things fast, the ones who fought their way to Accelerating Excellence. At a foundational level, these leaders had a distinct relationship with speed and trust. They treated pace and momentum as mission critical, and they also focused relentlessly on gaining and keeping the trust of their stakehold-ers. They experienced all the same things that hold the rest of us back, the same fears and doubts, but they believed that the antidote to those fears and doubts was fast, trust-building action. 

I thoroughly enjoyed reading this hands-on playbook on accelerating change and transform organizations while also building a culture of trust, inclusion and collaborative problem solving. Move Fast and Fix Things is an essential read for any leader looking for inspiration to raise the bar of excellence with their teams.

I particularly loved the 2×2 matrix of speed and trust which outlines the concept very well. Here is a quick snapshot of a few ideas from the book in form of a #sketchnote summary.

Related Reading at QAspire Blog

Updated: Visual Leadership Pack of 70+ HD Sketchnotes

If you liked the sketchnote summary above, check out the Visual Leadership Pack of HD Sketchnotes – a compilation of high-resolution sketchnotes with 70+ powerful (and timeless) ideas to elevate your leadership and learning game.

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Being Kind As a Leader https://prizesplayers.com/being-kind-as-a-leader/ https://prizesplayers.com/being-kind-as-a-leader/#respond Tue, 26 Dec 2023 09:50:47 +0000 https://prizesplayers.com/?p=70797

When you use the word “leader,” many people conjure up a vision of someone aloof, stern, and focused on numbers. That sort of behavior does not work in the real world. What does work? Kindness. Being kind as a leader is essential for building solid relationships with others and creating a positive work environment. Kindness in leadership can manifest itself in various ways, such as being empathetic, providing support, recognizing accomplishments, and fostering collaboration. 

Here Are Four Reasons Why Being Kind Is Crucial for Leaders:

1. Kindness has a direct impact on the morale and motivation of employees. 

It creates a positive culture where people feel valued, supported, and respected. When employees feel genuinely appreciated, they are more likely to be productive and motivated. Kind leaders make time to praise their people and celebrate wins, both big and small. 

2. Kind leaders foster a culture of cooperation and teamwork. 

They understand that everyone has unique skills and strengths and that working together leads to better outcomes. Kind leaders encourage open communication and collaboration, creating a more harmonious work environment. Leaders who exemplify kindness make it safe for people to speak with candor. They build a culture of psychological safety. 

3. Kind leaders develop strong relationships with their employees, which leads to increased team member engagement and loyalty.

 Employees who feel connected to their leaders are more committed to the organization and its goals. The most significant factor in retaining top talent is that they work for a leader they trust, respect, and admire. 

4. Kind leaders set a positive example for others to follow. 

Their kindness and positive attitude towards others trickle down and influence people across the business to adopt the same behaviors. This creates a virtuous cycle of kindness that benefits the entire organization. They also understand the importance of “symbol management.” Doing little things that exemplify the values of the organization. Picking up a piece of paper in the parking lot. Answering the phone in under three rings. Responding quickly to important emails. They show people how they should treat each other and the customer through their actions. 

I am happy to see that words like kindness, love, and vulnerability are being used to describe the characteristics of great leaders. These are the things that people want from their leaders. Some so-called “leaders” think these attributes show weakness. It’s just the opposite. It is a sign of courage. The courage to be authentic.

Unlock the secrets to strategy. Learn to craft a winning strategic plan, set actionable goals, and execute with precision. To learn more about our course, Strategy Made Awesomely Simple, click the image below. I look forward to guiding you to create a strategy that will take your business to another level of success.

Please fill out the form below if you want to get in contact with me. I’d love to hear from you.

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Lead with Wonder https://prizesplayers.com/lead-with-wonder/ https://prizesplayers.com/lead-with-wonder/#respond Tue, 26 Dec 2023 09:46:18 +0000 https://prizesplayers.com/?p=70794

In the hectic pace of daily life, it’s easy to lose our sense of wonder. But there is a remarkable power in cultivating wonder—the ability to experience awe, curiosity, and a childlike sense of marvel. By embracing it, we can infuse our lives with joy, inspiration, and appreciation for the world around us. And ultimately, wonder makes a leader more effective.

Four Benefits of Wonder

Ignites Curiosity: Wonder sparks our innate curiosity, opening our minds to new possibilities and encouraging us to explore the unknown. It fuels our desire to ask questions, seek knowledge, and discover the wonders that lie beyond our comfort zones. Curiosity is the catalyst for growth, innovation, and personal transformation.

Cultivates Gratitude: When we approach life with a sense of wonder, we develop a deep appreciation for the simplest joys and experiences. We recognize the beauty in the everyday moments—a blooming flower, a smile from a stranger, the warmth of sunlight on our skin. Wonder helps us cultivate gratitude, fostering a positive mindset and enhancing our overall well-being.

Inspires Creativity: Wonder fuels our imagination and unleashes our creative potential. By observing the world through fresh eyes, we find inspiration in the extraordinary and the ordinary alike. It encourages us to think beyond limitations, embrace curiosity, and explore innovative solutions. Wonder is a wellspring of creativity, inviting us to express ourselves freely and boldly.

Nurtures Mindfulness: Wonder anchors us in the present moment, allowing us to fully immerse ourselves in the beauty and intricacies of life. It invites us to slow down, observe with intention, and savor the richness of each experience. By practicing mindfulness through wonder, we cultivate a deeper connection with ourselves, others, and the world around us.

How to Practice Wonder

Enjoy the Simple, Small Wonders: Take a few moments each day to pause and appreciate the simple pleasures. Notice the colors of the sky during sunset, listen to the sound of rain, or just notice what’s around you with more attention. By intentionally acknowledging these small wonders, you invite more joy and gratitude into your life.

Curate Your Surroundings: Surround yourself with objects, images, and reminders that evoke a sense of wonder. Fill your living space with books, art, or photographs that inspire awe and spark your imagination. Rehearse the experiences and wonders of the past. Take advantage of the chance to explore parks, gardens, or natural landscapes.

Nurture Childlike Curiosity: Approach each day with a curious mindset, seeking opportunities to learn and grow. Ask questions, be open to different perspectives, and explore new hobbies or interests. Engage in activities that challenge your mind and encourage exploration, such as reading diverse books, attending lectures or workshops, or participating in community events.

Find Wonder in Relationships: Cultivate deeper connections with others by embracing wonder in your interactions. Listen actively, be present, and appreciate the unique qualities and experiences each person brings. Engage in meaningful conversations that spark curiosity and inspire shared moments of awe.

Embrace Playfulness: Infuse your life with a spirit of playfulness. Engage in activities that make you laugh, whether it’s playing games, dancing, or engaging in hobbies that bring you joy. Embracing a lighthearted approach encourages a sense of wonder and helps you see the world through a more playful lens.

Conclusion

In a world that often emphasizes productivity and efficiency, the power of wonder offers a way to a more fulfilling and meaningful life. By nurturing our sense of awe and curiosity, we unlock the magic in the ordinary and find joy in the extraordinary. Make wonder as a lifelong companion, and let it to guide you on a remarkable journey of self-discovery, creativity, and appreciation for the wonders that await you each day.

 

Mark Sanborn is an inspiring leadership keynote speaker and Leadership Expert in Residence at High Point University, the Premier Life Skills University. He teaches leaders and teams how to be extraordinary. For more information about his work, visit www.marksanborn.com. 

Author: Mark Sanborn

Mark is recognized globally as an expert on leadership, customer service and organizational performance.

A member of the National Speakers Association Speaker Hall of Fame, he is the author of 8 books including the international bestseller, The Fred Factor: How Passion in Your Work and Life Can Turn the Ordinary
Into the Extraordinary.

Mark teaches his clients to BE EXTRAORDINARY™.

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Effective Decision-Making for Leaders: A Strategic Approach https://prizesplayers.com/effective-decision-making-for-leaders-a-strategic-approach/ https://prizesplayers.com/effective-decision-making-for-leaders-a-strategic-approach/#respond Tue, 26 Dec 2023 09:46:17 +0000 https://prizesplayers.com/?p=70791

Strategy is about making decisions. You have limited resources. You must allocate them carefully. Deciding where to invest your money, time, and human capital is daunting. There are usually several options with varying degrees of urgency. Making sound strategic decisions in a timely manner is a vital skill for leaders.

Here are a few ideas to help you improve your decision-making skills.

First, let’s look at probability and impact. Probability is about chances. Impact is about consequences.

1. Low Probability, Low Impact:

These decisions involve minimal risk. They’re unlikely to happen, and even if they do, the impact is negligible. Handle these quickly or pass them to someone else. They’re straightforward and not worth overthinking.

2. High Probability, Low Impact:

These are common but minor issues. They’re great for delegating, especially to less experienced team members. It’s a learning opportunity. If they make a mistake, it’s not a big deal. It’s a safe space for growth.

3. Low Probability, High Impact:

These are rare but potentially serious situations. They don’t come often, but when they do, they matter. Take your time here. Consult with your team or experts. Weigh the potential outcomes. These decisions need careful thought because of their potential to affect your business strategy significantly.

4. High Probability, High Impact:

These are the big ones. They’re likely to occur and could have significant consequences. Try to avoid these situations if possible. If you can’t, then approach with utmost caution. This is where strategic thinking and risk management are crucial. Consider all angles and potential outcomes before making a move. This is the perfect place for scenario planning.

Timing is also a key factor.

Rushing can lead to missing vital information, but dragging your feet can mean lost opportunities. Find a balance. Assess how urgent the decision is and set a realistic timeline for when you must decide. Take as much time as is appropriate, but not a minute longer.

Don’t forget the ripple effect.

Every decision you make can affect different parts of your organization. Think beyond the immediate outcome. Consider how your decision impacts employees, customers, and other stakeholders. Bring those people into the decision-making process if necessary. Plan to mitigate any adverse effects.

After making a significant strategic decision, reflect on it. Was it successful? Why or why not? Understanding your decision-making process helps you improve. Learn from both successes and mistakes. This reflection is crucial for growth and better future decisions.

Unlock the secrets to strategy. Learn to craft a winning strategic plan, set actionable goals, and execute with precision. To learn more about our course, Strategy Made Awesomely Simple, click the image below. I look forward to guiding you to create a strategy that will take your business to another level of success.

decision-making, decisions, decision, leadership development, strategy made awesomely simple, professional development, effective leadership

Please fill out the form below if you want to get in contact with me. I’d love to hear from you.

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Molly Fletcher Inspires Us at the Women in Leadership Institute | Day 4 of #WILinstitute https://prizesplayers.com/molly-fletcher-inspires-us-at-the-women-in-leadership-institute-day-4-of-wilinstitute/ https://prizesplayers.com/molly-fletcher-inspires-us-at-the-women-in-leadership-institute-day-4-of-wilinstitute/#respond Tue, 26 Dec 2023 09:42:38 +0000 https://prizesplayers.com/?p=70788

Can you feel that? That’s innovation, inspiration and passion—the spirt of the Women in Leadership Institutetm (WIL), which concludes today.

Throughout this week, thousands of women leaders joined us in-person and virtually for a transformative leadership development experience focused on them. We are recharging, reimagining and reigniting our leadership journeys, and the impact is tremendous.

The past four days have been jam-packed with incredible speakers, timely insights, advice from trailblazing women leaders, and more. Be sure to check out our full blog coverage, including takeaways from Jennifer McCollum and Shannon Bayer, Carla Harris and Reshma Saujani, and Anne Chow and Magie Cook.

Today, on Day 4 of WIL, we closed out the 2023 conference with an exceptional keynote talk with Molly Fletcher, pioneering female sports agent and CEO.

MOLLY FLETCHER ON “BOLD”: Discover the Power of “Branding & Presence” 

Do you assert yourself courageously and professionally? Do you speak assertively and are you willing to promote yourself and your ideas?  

The “Bold” competency is all about how you present yourself to the world—and when you unlock bold leadership, you can ascend to new leadership heights.

Bold leaders project and actively manage a professional image. They volunteer to take on high-profile projects, empowering themselves to do what they do best in a public setting. They always show a willingness to take calculated risks to accomplish results, and they “seize the moment” to make decisions to move things forward—even when they are not in a formalized leadership role.

It’s time to unlock the power of the Bold competency to move our goals forward—and achieve our dreams.  

Hailed as the “female Jerry Maguire” by CNN, Molly Fletcher made a name for herself as one of the first female sports agents. During her almost two-decade career as President of CSE, Molly negotiated over $500 million in contracts and represented over 300 of sports’ biggest names, including Hall of Fame pitcher John Smoltz, PGA TOUR golfer Matt Kuchar, broadcaster Erin Andrews and basketball championship coaches Tom Izzo and Doc Rivers.

As a World’s Top 50 Keynote Speaker, she delivers her inspiring message to audiences around the world. She is the author of five books, including The Energy Clock and Fearless at Work, and her latest TED Talk, “Secrets of a Champion Mindset,” has more than one million views.

Molly is a longtime partner of Linkage, a SHRM company, serving as a faculty member and keynote speaker at the Women in Leadership Institute and as a presenting partner of the Game Changer Negotiation Program, which is facilitated by Linkage’s expert consultants and brings her innovative approach to negotiation to women leaders at premier organizations.

During her keynote, Molly talked about how to unleash your potential by stepping into small moments of boldness.

Key Takeaways from Molly: 

In her former career as a sports agent, Molly had a front-row seat to peak performance from top athletes and coaches. While the outside world saw their big moments of boldness, Molly saw the small moments that “laddered up” to those big moments—moments of dealing with and overcoming self-doubt, failure, change, and challenge. These moments where our Inner Critic takes over with self-doubt are opportunities to “shift our story” to take us where we want to go, to get curious and make real change.
“At some level, complacency is the enemy of boldness,” said Molly. To be bold, we want to be curious about what’s possible inside of us.
Molly talked about the discomfort she had to step into when starting her sports career in Atlanta and being unsure where she would end up. “When we believe in and bet on ourselves, we can do some incredible things,” said Molly.
We tend to think about what’s at risk if we make a bold move—but we also need to think about what’s at risk if we DON’T make that bold move.
We need to be intentional about managing our energy, not just managing our calendars. If we don’t decide where to put energy, the world and everybody else will decide for us—be intentional about who deserves you.
We have to be present to be bold, deciding strategically where we put our best energy forward. “Be where your feet are,” said Molly.
“What if we viewed ‘no’ as feedback?” suggested Molly. When you receive a “no,” it’s time to get curious—how do you close the gaps between you and the other person to get what you want; and is this genuinely what you want? It takes courage to know when to walk away and chase something different.

Molly ended her keynote with an inspirational message to lead our post-WIL journey: “You all have a spark of boldness—go and reignite it!”

 

Linkage’s 2023 Legend in Leadership:  

Yesterday, we honored Maggie Wilderotter as our Legend in Leadership. Maggie has a distinguished career in leadership that led her to be considered for this award. Currently serving as Board Chair of DocuSign, Wilderotter has led Fortune 500 and startup companies throughout her career. She has extensive Board experience, serving on over 35 public companies and 14 private company Boards of Directors.

Maggie shared her purpose, what inspires her, and how she works to unlock the potential in those she impacts. Check out the recording of this session – and all Keynotes – in the platform via your 90 day access, expiring on January 31, 2024!

Didn’t get a chance to join us for the experience? The Women in Leadership returns in 2024! Find more information here.   

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