If I was forced to guess at one of the biggest downfalls of any management team or executive, I would have to say it would relate to mis-estimating numbers or actually making decision and executing actions off inaccurate information. Entrepreneurs, owners and most executives tend to be optimistic, as they should be about future growth and goals. In many ways, you really have to be in order to be in management. There's nothing wrong with shooting for the moon but when it comes to information related to management decisions and actions, your data or information needs to be as accurate and precise and real as possible.
It's vital to ensure that your team is getting you the most relevant and accurate information available. Why? Because you need to know exactly where you stand in order to make good judgement calls and set targets that will forward your goals. I would be willing to bet that this happens many times in most companies where they are presented with slightly fluffed numbers that are a little optimistic. People want the numbers in the company to be good and they want to look good which causes people to sometimes fluff the numbers and make them look a little better than they actually are. People don't like to confront what may be worse numbers than they are actually representing and so they present numbers or information that is slightly off (usually on the high side). This then deceives management and causes inaccurate orders and estimations.
Then, of course, management sets targets and goals as well as orders based on the slightly padded numbers thinking they are accurate and the company somehow "misses" the numbers. Now, this isn't always due to bad information, it can also be lack of push through or execution but I would be willing to bet that a huge percent of it has to do with the management team working with bad information.
In order to succeed as an executive or management team, you have be honest with yourself and ask that your team and junior people are honest with you as well in order to make sure that "feel good" numbers or information is not to be used as the vital information to manage, set goals and targets or execute off of. Save the overly positive numbers and information for the PR division. You must insist that the numbers you are fed are as real and accurate as possible so you have the exact data you need to make intelligent decisions and actually grow the company based on your goals, targets and orders being set by those numbers. It doesn't help anyone by having fluffed numbers or information and the "feel good" aspect of it is short-lived compared with the after effect of being disappointed by being off target. So be ruthless about accurate data and information, be honest with yourself and have your team be honest with you when it comes to data or information that will be used to set targets, goals and orders so you can accurately attain your goals and everyone can take a win when you do.
- Robert Cornish
CEO, Richter10.2 Media Group
It's vital to ensure that your team is getting you the most relevant and accurate information available. Why? Because you need to know exactly where you stand in order to make good judgement calls and set targets that will forward your goals. I would be willing to bet that this happens many times in most companies where they are presented with slightly fluffed numbers that are a little optimistic. People want the numbers in the company to be good and they want to look good which causes people to sometimes fluff the numbers and make them look a little better than they actually are. People don't like to confront what may be worse numbers than they are actually representing and so they present numbers or information that is slightly off (usually on the high side). This then deceives management and causes inaccurate orders and estimations.
Then, of course, management sets targets and goals as well as orders based on the slightly padded numbers thinking they are accurate and the company somehow "misses" the numbers. Now, this isn't always due to bad information, it can also be lack of push through or execution but I would be willing to bet that a huge percent of it has to do with the management team working with bad information.
In order to succeed as an executive or management team, you have be honest with yourself and ask that your team and junior people are honest with you as well in order to make sure that "feel good" numbers or information is not to be used as the vital information to manage, set goals and targets or execute off of. Save the overly positive numbers and information for the PR division. You must insist that the numbers you are fed are as real and accurate as possible so you have the exact data you need to make intelligent decisions and actually grow the company based on your goals, targets and orders being set by those numbers. It doesn't help anyone by having fluffed numbers or information and the "feel good" aspect of it is short-lived compared with the after effect of being disappointed by being off target. So be ruthless about accurate data and information, be honest with yourself and have your team be honest with you when it comes to data or information that will be used to set targets, goals and orders so you can accurately attain your goals and everyone can take a win when you do.
- Robert Cornish
CEO, Richter10.2 Media Group
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