As a CEO, Business Owner or Entrepreneurial Leader, are you asking the right questions?
What you ask is key to inspecting your expectations of your management team and keeping them focused on the important things. Here are 5 questions you should be asking your managers either weekly, bi-weekly, or monthly. This process, which takes no more than 20 to 30 minutes, is easily completed from wherever you may be, whether face to face, on zoom, or over the phone from your vacation. Ask these questions early on Monday morning for example, or a consistent day each week.
1. Sales
How are we doing?
Are we ahead of target?
Is there enough in our sales pipeline?
How do we compare to last week, last month, last quarter, and last year?
2. Financial Management
How are we doing with receivables?
How are we doing with payables?
How much is over/under 30 days?
How is our cash flow?
How is our line of credit?
3. Team Members
How is the team doing?
Do we have any risk of resignations?
Any health issues?
Have there been any outstanding contributions that should be recognized by the company?
Who should we consider for promotions>
Do we have any compensation issues?
4. Clients
Do we have any positive or negative situations with clients, suppliers, or anyone we deal with, that requires my involvement?
5. Miscellaneous
Is there anything that we haven't covered that I should be aware of?
If situations arise from these meetings, a follow up meeting should be booked after everyone involved has had time to understand the situation and provide potential solutions.
Ask these questions every week and your key managers will being to anticipate and be ready with responses.
They'll also being to manage differently, and better!