Hi everyone,
Tonight we welcomed Kelsea Wallace to our group. Kelsea is the CEO of Edgett Williams Consulting Group, a professional services consulting firm focused on designing and maintaining large-scale commercial elevator systems. She has been the CFO for 5 years, and is now taking on the CEO role for this impressive business. EWCG has an ESOP ownership structure, which adds an interesting dimension to our collective experience. Thank you Krista for recommending Kelsea, and thank you Kelsea for jumping in with your insights and experiences. We grow with every new member that joins us.
With all the uncertainty in the economy, we decided to start our meeting with an exploration of what we've learned from past downturns, how we can strengthen our businesses to withstand challenging times, and what opportunities might lie ahead. Of course there are more questions than answers, yet it prompted good ideas about how to reassess our businesses, place strategic bets on growth opportunities, where appropriate lower costs for more flexibility, and to consider larger strategic moves. We've learned a lot through past economic downturns and the pandemic that can help us now.
We also shared our approaches to strategic planning and goal setting. Key elements that were shared included:
- an annual process of reflection (individually, with a partner, or with a team) about who we are, current state, and where we're headed
- a method of gathering input from our teams prior to, or in the process of, solidifying goals and objectives for the year
- a leadership message including clear communication about goals and metrics for the year
- an engagement process whereby team members could deepen their understanding of the goals and their role in achieving them
- a process (ideally managed by someone on the team) for collecting data and having the team review process towards goals
- a connection between company goals and "what's in it for me" whether this be compensation, bonuses, growth opportunities, impact
- an engaged leader who has the big picture in mind and holds people and teams appropriately accountable for results
It's a tall order, yet inspiring to see how you have put this into action in a way that fits your business. It's helpful to realize that you can ask others to help manage the process of strategy and goal setting, which allows you to see the bigger picture and steer the ship most effectively.
See you in April!
With admiration,
Teri
