Three Wise Strategies For Management
- Oct 9, 2024
- 4 min read
Written by Danijella Dragas, CEO
Miss. Dragas was employed by Bear Stearns Investment Banking firm for over 18 years. She worked in their offices of London, San Paulo, Beijing, New York, and Irvine. Her specialty was asset management, capital markets/investment banking during her final four years at Bear Stearns, Miss. Dragas was one of the original team members that introduced Bear Stearns mortgages to the banking industry in the residential wholesale market.
Setting clear goals and creating a culture of accountability is critical for driving growth and achieving success within any organization. We discussed three techniques that can help you set effective goals, foster accountability, and ensure everyone on your team is aligned and moving in the right direction.
1. Weekly KPI meetings: Building rapport and driving results
We cannot emphasize enough the importance of holding weekly meetings focused on Key Performance Indicators (KPIs) and discussing the issues faced in each area of the company. The CEO should be present at these meetings rather than relying on reports from others. This approach not only helps the CEO build a stronger rapport with the team but also ensures that everyone is aligned with the organization’s objectives and progress.
How to implement weekly KPI meetings
Make the CEO visible: The CEO’s presence at these meetings demonstrates commitment and creates a direct link between leadership and front-line teams. This visibility fosters a sense of unity and engagement across the organization.
Allocate time for key items: Important items should be assigned specific times for reporting on progress. Encourage staff to take pride in completing tasks before these scheduled meetings.
Promote an open-door policy: Encourage team members to report completed tasks as soon as they are finished, rather than waiting for the scheduled meeting. This practice creates a culture of proactive communication and continuous improvement.
“It should become a sense of professional courtesy and accomplishment among staff to complete these items prior to the scheduled meeting.” – Danijella Dragas
2. Building a robust accountability system
We focus on the need for a solid accountability system to ensure that everyone in the organization is working toward the same goals. This system should not only track progress but also create a culture of transparency and continuous improvement.
Key components of an effective accountability system
Visible scoreboard: Use tools like Tableau or a manually updated board to display progress toward goals. Metrics and traffic light symbols (green, yellow, red) can clearly show the status. This keeps everyone aware of the company’s performance and what needs to be prioritized.
Trackable actions: Set specific, measurable actions that lead to goal achievement. Ensure each team member knows their daily tasks that contribute to the overall goal. This clarity helps keep everyone aligned and focused on what truly matters.
Meeting rhythm: Establish a consistent schedule for team huddles and one-on-ones. Regular check-ins are crucial for maintaining open lines of communication, reinforcing a culture of accountability, and promptly addressing any challenges.
Automated progress reporting: Implement simple reporting mechanisms like Smartsheet or Google Forms to automate progress tracking. Require each senior team member to submit updates weekly or bi-weekly. This automation saves time, reduces errors, and strengthens the organization's "accountability muscle."
“Visible scoreboards and trackable actions keep everyone on the same page, while regular meetings and automated reporting foster a culture of continuous improvement.” – Danijella Dragas
3. Management By Objectives (MBO): Aligning team efforts with organizational goals
We advocate for Management by Objectives (MBO), a powerful framework that aligns team efforts with broader organizational objectives by setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals collaboratively. This method not only fosters accountability but also empowers employees, driving them toward tangible results.
How to implement MBO in your organization
Set cascading goals: Collaboratively establish goals that align at all levels—from top executives to individual contributors. This cascading approach ensures that each team member understands how their work directly contributes to the organization’s overall objectives.
Regular check-ins: Conduct regular performance reviews and check-ins to assess progress toward goals. These touchpoints provide opportunities for feedback, course correction, and recognition of achievements.
Promote a continuous improvement culture: Use check-ins as a feedback loop to identify areas for improvement and celebrate successes. This continuous evaluation process enhances clarity, builds trust, and reinforces a purpose-driven culture.
“MBO has empowered me to lead with clarity and purpose, resulting in a framework that drives growth, improves team focus, and achieves measurable outcomes.” – Danijella Dragas
Conclusion
By leveraging these three proven techniques—weekly KPI meetings, a robust accountability system, and Management by Objectives—you can create a culture of transparency, ownership, and continuous improvement in your organization. This approach not only drives results but also fosters a high level of engagement and commitment across all levels of your team.
Start implementing these strategies today and watch your organization achieve new heights of success.
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Read more from Danijella Dragas
Danijella Dragas, CEO Born and raised in Oxford, England. She earned a BS in Economics/International Trade and Banking from the prestigious University of London. Miss. Dragas was employed by Bear Stearns Investment Banking firm for over 18 years. She worked in their offices of London, San Paulo, Beijing, New York, and Irvine. Her specialty was asset management, capital markets/investment banking during her final four years at Bear Stearns, Miss. Dragas was one of the original team members that introduced Bear Stearns mortgages to the banking industry in the residential wholesale market. She has continued her career in residential, commercial lending for 36 years. Her focus has been on construction finance, asset repositioning, fintech, and the blockchain market. In addition, numerous prestigious commercial projects on an international level. Miss. Dragas has also worked on multi-sector business finance, corporate sponsorships, hospitality, clean energy, trade programs, and pre IPO.
