5 ways successful C-suite executives can gain better control over their assets

How decisiveness, analysis and paralysis weigh in the balance between asset productivity and control.

man with laptop indecisive unsure choice
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In a recent Harvard Study, American employees rated 94 percent of their executives poorly in decisiveness. Among C-suites, “analysis paralysis” runs rampant, destroying the ability to make quick, effective, and profitable decisions.

That’s a recipe for disaster, not success. And that decision-making shock often hurts the ROI of every resource within an executive’s realm of control – time, money and people.

Not because those assets are intrinsically shifty, but because they are only as powerful as the efficiency with which high-level managers pass the baton. Of course, for most C-suites, passing the baton to people who’re trustworthy and efficient is easier said than done.

You are here, for instance, because you don’t have the time to manage all of your assets.

At the same time, you want to know that those resources are being used as efficiently as possible. To help, here are five ways that successful C-suite executives can gain better control over their assets without destroying their own productivity.

1. Delegating to trustworthy leaders

To build a winning business, you must be able to delegate tasks to people you trust. Hiring untrustworthy people only wastes time and money at a rate you can’t afford.

One survey, for instance, discovered that one bad hire can cost a company up to $50,000. Additionally, the U.S Department of Labor found that the cost of a bad hire is equal to at least 30 percent of the employees first-year earnings.

That’s without taking into account how a misguided hire impacts other team member’s motivation and efficiency. In the end, the cost of hiring leaders who you can’t trust is far more than your business can stand.

Instead, find efficient, trustworthy leaders. Hire them. You might not be able to control every asset in your business directly, but you can put people you trust in charge of those assets.

2. Leveraging asset management tools

There are many tools to help organize and manage your assets. Whether it’s good project management software or online security measures, automation can help.

According to Safe Haven, a company that helps C-suite executives organize their financial assets, “Over $75 Billion dollars’ worth of Bitcoin has been lost forever.”

The reason?

A lack of organization on the part of the digital currency manager or buyer. And that’s only one example of how disorganized resource management can lose you and your business money. Apply that chaos to hours worked by employees, money spent to hire those people, or company processes, and the picture gets even more unprofitable.

Disorganization equates to less success than your business deserves. Fortunately, there’s plenty of digital tools that can help. Project management software and financial organizers are just a few tool-types that allow you to organize your assets and avoid crippling chaos.

3. Casting consistent vision across departments

Everyone and everything needs to move in the same direction. One vision. One mission. One end goal. The better that all of your assets work together, the more efficient your business will become.

Of course, that might translate differently in each department. Tech might be challenged with user experience. Marketing might be challenged with lead generation. But all of those granular goals need to drive toward a single, greater goal.

And who decides what that greater goal is? You do – the C-level executive.

Naturally, though, getting all of your assets moving in the same direction is quite the challenge, even with a company vision. As it stands, only about 40 percent of employees know what the mission or vision of their company is. 

But the more that they do understand, the more that they will move in in the right direction. Communicate this vision clearly to your leader and then give those leaders the task of communicating it clearly to their leaders, and on down the ladder.

The clearer, the better.

4. Setting practical and realistic goals for each quarter

Unfortunately, it’s not enough to spread a clear vision to your business’ runners. You also needs to show people how to accomplish that vision. At a high level, it might be plenty clear to you how the business is going to get there, but, at a more granular level, this will be more difficult to picture.

It’s your job, then – or the job of trustworthy people you’ve appointed – to not only explain the vision clearly, but to set realistic goals for each employee that keep them moving toward the vision. Without this individual measuring stick for each employee, everyone become lost, frustrated, and unproductive.

As Shawn Achor, a psychology researcher, says, “Research shows that while it is good to have big goals, it is best to break them down into small, specific goals. That gives the brain more opportunities for ‘wins’ as we achieve those milestones, which can act as fuel for the future.”

Give your teams real, achievable goals, defined budgets, and milestones along the way. This will ensure that everyone is moving in the right direction and everyone know how they’re going to get where they’re supposed to be going.

5. Keeping everyone accountable for goal completion

The likelihood of teams meeting their goals without some sort of motivation is miniscule. People prefer to work on things that will lead to a reward or avoid a punishment. I’m not saying that you need to be too harsh or too rewarding, but you do need to have some sort of system in place that holds each team accountable for the goal they’ve been assigned.

If you want to reclaim control of your assets without destroying your own productivity, then every other team leader within the business needs to be completely aware of this accountability system. And it has to be drastic enough that it encourages them to work on the needle-movers before anything else.

When held accountable, people are 65 percent more likely to complete their goals. Don’t neglect rewarding and disciplining employees based on their results. That’s why you hired them in the first place and it should be why they stick around.

Controlling your assets without killing your productivity

Often times, trying to manage everything will kill a C-suite executive’s productivity. You have better things to do than trying to manage every department and every asset individually.

Still, controlling those assets is important for the success of your business. Which is why you should build a business that manages them for you.

Getting back control of your resources doesn’t mean fiddling with every single department, it simply means putting the right people in the right positions and then guiding them in the right direction.

This article is published as part of the IDG Contributor Network. Want to Join?

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