1 Leadership STEP ONE: The Cockpit Flashcards by Kaman Hung

What is the primary job of a leader and leadership team?

To clearly define a destination and reverse engineer a plan to get there.

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What is the second job of a leader or leadership team?

To keep reminding team members about the destination and make corrections to ensure a successful arrival.

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Why is a clearly defined destination important in leadership?

It allows the team to execute the tasks required to achieve their objective.

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What do most small businesses lack in terms of their goals?

Goals that are clearly spelled out to help each team member understand the mission.

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What are the three elements included in a Guiding Principles package?

A Mission Statement that includes three economic priorities
Key Characteristics necessary for every team member
Critical Actions to unify the team and define culture

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What are three reasons most Mission Statements fail?

They do not include specific economic objectives
They do not include a deadline
They do not answer the question ‘why?’

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What is narrative traction?

The point at which we get interested in a story, which can increase team alignment and productivity.

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What should a Mission Statement include to be effective?

Three economic objectives
A deadline
A clear reason ‘why’ the mission is important

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True or False: A Mission Statement should be open-ended and last forever.

False

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What happens when a Mission Statement is vague?

It causes confusion and fails to inspire action.

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Fill in the blank: A Mission Statement that is specific inspires _______.

action

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What is an example of a specific Mission Statement objective?

We will double our rate of customer retention.

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Why is it important to include a deadline in a Mission Statement?

It creates a sense of urgency and accountability.

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What motivates people beyond financial goals according to the text?

The desire to do important work and make a difference.

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What is one way to include a ‘because’ in a Mission Statement?

Mention what happens in the overall story of the customer when they encounter your products and services.

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What is the purpose of including a ‘why’ in a Mission Statement?

To help everyone understand why the mission is important.

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What is a common issue businesses face regarding employee engagement?

Getting talent to fully engage in the work.

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What can create narrative traction around a mission?

Positing an engaging question in the Mission Statement.

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What is the main challenge businesses face regarding engagement?

How to get talent to fully engage in the work and attract and retain top talent.

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What creates narrative traction around a mission?

An engaging question in the Mission Statement that sparks curiosity about outcomes.

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What is the formula for a successful Mission Statement?

We will accomplish X by Y because of Z.

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What are the three elements necessary for narrative traction in a Mission Statement?

Economic coordinates
Realistic deadline
Importance of the work

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Why is it important to define three financial priorities in a Mission Statement?

It ensures everyone understands the business direction and can align their roles to support objectives.

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What must the objectives prioritized in a Mission Statement be?

Economic.

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What happens if a business does not create profitable revenue?

The business will stall and crash.

True or False: Caring about customers and caring about the bottom line are mutually exclusive.

False.

What should team members normalize in conversations?

Discussing financial priorities.

Why limit the Mission Statement to only three economic priorities?

The human brain struggles to prioritize more than three objectives at a time.

What are lead measures in the context of a Mission Statement?

Actions that lead to sales, such as the number of applications or email sign-ups.

Fill in the blank: The first part of your Mission Statement will read: We will accomplish _______.

[Your three economic priorities]

What should the three economic priorities in your Mission Statement be?

* Specific * Measurable * Drive company revenue and profit

Why should the three financial priorities be measurable?

To easily determine if the mission has been accomplished.

What should you do if you fail to meet the objectives in your Mission Statement?

Identify why you missed the mark, adjust your plan, extend your deadline, and keep going.

What is the purpose of including a deadline in a Mission Statement?

To create urgency and focus on accomplishing objectives.

How often should you consider changing your Mission Statement?

Every one or two years.

What is the consequence of a deadline extending beyond two years?

It loses its sense of urgency.

What should the Mission Statement include to explain why the mission matters?

A reason introduced with 'because'.

What is the difference between a mission and a goal?

A mission improves the lives of customers, whereas a goal is simply an objective.

What are two things that can turn goals into a mission in a Mission Statement?

* A vision of a better world * A specific reason for the mission

What is the difference between a mission and a goal?

A mission is more important than a goal; it involves accepting the challenge to improve the lives of customers.

What are the two components that can turn goals into a mission in a Mission Statement?

* A vision of a better world * A counterattack against an injustice

What should be included in a Mission Statement to make it impactful?

Define up to three financial priorities, set a deadline, and describe the reason the mission matters.

True or False: A Mission Statement should be filed away after it is written.

False

What is one way to help team members remember the Mission Statement?

Open All-Staff Meetings by reading through the Mission Statement.

What are Key Characteristics in the context of a business?

Specific characteristics or skills necessary to work for the company.

Why are Key Characteristics more effective than core values?

They are more specific and actionable compared to vague terms like 'integrity.'

List three questions to determine your Key Characteristics.

* What specific characteristics will we need to create (or sell) the products? * What characteristics will we need to keep going when challenges arise? * What characteristics will we need to create a safe, encouraging culture?

How many Key Characteristics are recommended to list for simplicity?

Three Key Characteristics.

What is an example of a Key Characteristic for a local restaurant?

* We love people and enjoy serving them. * We are obsessed with great-tasting food. * We are calm under pressure.

What are Critical Actions in a business?

Actions every team member can take nearly every day that move the business toward its financial objectives.

What two traits should Critical Actions have?

* Nearly everybody on the team can do them * They should directly affect the forward movement of the mission

Give an example of a Critical Action for a restaurant.

Asking customers if they have tried 'our amazing desserts.'

What impact do Critical Actions have on company culture?

They create a bond among team members and can establish a positive culture.

What is the purpose of the Mission Statement in a business?

To invite the team into a story that engages them in achieving the mission.

Fill in the blank: The 'because' part of a Mission Statement gives the mission __________.

meaning

What should a Mission Statement conclude with?

A good reason to take action.

How should businesses view their Mission Statement?

As the plot line of a story.

What is an example of a Key Characteristic for a Financial Advisor?

* Always puts the customers first * Can clearly explain complicated investments * Enjoys helping families leave a legacy

What is the goal of defining Critical Actions?

To create habits that move the mission forward.

What is a Critical Action in the context of customer service?

A Critical Action is a specific behavior or action that demonstrates a commitment to excellent service, such as saying 'my pleasure' to customers.

How do Critical Actions contribute to team culture?

Critical Actions create a bond among team members, fostering a tribal feeling and promoting a culture of positive service.

What is the effect of shared Critical Actions among team members?

Shared Critical Actions amplify the message being communicated to clients and create a cohesive team environment.

Provide an example of a Critical Action for a real estate office.

Signing a thank-you card for every client that buys a home.

Why are Critical Actions important for a business?

They help to establish habits that drive success and enhance customer relationships, leading to positive word-of-mouth.

What are the steps to identify effective Critical Actions?

Test out various Critical Actions until finding three that significantly impact the business.

Fill in the blank: A Critical Action could be as simple as __________.

[having a Stand-up meeting every morning to discuss daily goals]

What should businesses do if a Critical Action is not gaining traction?

Replace it with another action that may have a better impact.

List three Critical Actions for a bakery.

* Offer a sample to every customer * Check the expiration dates on all ingredients * Clean personal workspaces every hour

What is the purpose of the Guiding Principles Worksheet?

To compile the Mission Statement, Key Characteristics, and Critical Actions for a business.

How can businesses ensure their team lives out their Guiding Principles?

Review them weekly, praise team members, display them artistically, and include them in recruiting materials.

True or False: Critical Actions should be complex and difficult to implement.

False

What is the next step after employing the Business on a Mission Framework?

Clarify Your Marketing Message.

What kind of meetings should be held to review Guiding Principles?

Weekly All-Staff Meetings and biannual leadership team meetings.

Fill in the blank: Announce any new edits to your Guiding Principles with __________.

[great fanfare]

What is one way to introduce new hires to the Guiding Principles?

Create videos that explain and demonstrate the Guiding Principles.