Craig Stanford

Facilitate a mutual win where the team collectively prioritizes the budget items based on their importance and interdependencies. For instance, if the sales team lacks sufficient resources to convert more leads, increasing the marketing spend may not be effective use of budget. Use data-driven analysis to evaluate each budget item. Encourage a constructive mindset, where any compromises made are seen as contributions to the broader success of the company, allowing the conceding party to take pride in supporting the overall business goals.

Metrics matter! As an entrepreneur, you likely have more than one BIG idea but limited cash flow. Instead of relying solely on your gut instinct, create a basic Internal Rate of Return (IRR) model to compare potential project/investment outcomes. You only need a few inputs: the project's cost, the discount rate (cost of capital), expected resulting cash flows, other supporting costs that offset cash flow, and the net improvement to enterprise value. A significant difference in IRR results between competing projects can guide you toward the best decision. If the difference is minimal, then it's time to trust your gut.

Getting out of the office doesn't just mean hitting the occasional conference. Get out in the field with your sales, implementation, account management and support teams to hear real conversations in real-time. What you will learn will be eye-opening. Make a point, a few times a quarter... build the n count which will allow you to triangulate on, and prioritize, your most important opportunities to consistently improve. This will not only make you a better executive, it will build relationships with team members and demonstrate their importance, resulting in less churn of your best contributors. It will have the same effect on your important customers.

Whichever you choose (hourly, project-based, or retainer), don’t sell yourself short. If you’re type A, your reputation is everything, so you’re going to overdeliver on the effort. Time and materials probably won’t be your best approach. Instead, start with the value of your service(s) to the client. What incremental value will you create in terms of additional revenue or cost savings, and how does it offset the cost in terms of the ROI? That is value-based pricing. You may consider the same approach whether you’re a self-employed exec, or even if you are setting pricing for your company’s products and services.

Flexibility is crucial, as you never know what a day will bring. That said, you literally need to schedule (block) standing times on your calendar for your own priorities. Especially a few times each day to get a scan of important email, or the new surprise issue that arises. But don't forget your personal time for exercise, nutrition, and most importantly, your family. Who cares how successful you are if your family leaves you and you die early from poor health and a broken heart.

Be constructive, but be candid. Skirting issues or softening criticism doesn't help correct an issue, nor does it do any favors for the person on the receiving end of the conversation in the long run. Set a direct (and supportive) tone with your reports on day one, so that the occasional uncomfortable conversation won't surprise them. They will appreciate this. And expect them to reciprocate the candor when you ask them for feedback. It will help you grow and potentially even avoid missteps.