| As the industry changes, business owners must | | | | "If you are not criticized, you may not be doing |
| change too - "or you won't make it through the | | | | much," he said. |
| desert," said Patrick Stone, chairman of The Stone | | | | When your company is dealing with the public, strive |
| Group, during his session titled "Precepts from the | | | | for brevity and clarity to show you are concise and |
| Precipice" or "The Counter-intuitive Path to Change" | | | | efficient. Also, "be extremely careful and accurate in |
| at the recent National Settlement Services Summit in | | | | your statements," he said. "Don't ever say something |
| Cleveland, Ohio. | | | | that's sloppy because then your workers will think it's |
| "Your attitude has to change to make it across the | | | | OK to be that way." |
| desert," he said. "Imagine a mound of sand with a | | | | And, above all else, Stone said, never lose your |
| road running through it. You go down one mound and | | | | sense of humor. |
| drive until you make it to the next one. Over and | | | | Decisions |
| over you drive up and down and pretty soon you | | | | Stone also touched on decision-making, and explained |
| try to predict how long it will take to get to the next | | | | the importance of having a bias for action and |
| mound." | | | | challenging all assumptions. He wanted business |
| Stone divulged to the crowd what he learned in the | | | | owners to quit looking for "the perfect" answer and |
| past five downturns of the industry and what | | | | to know that the only thing that matters is knowing |
| professionals can expect - and do - to make it | | | | what matters. |
| through. | | | | "Have only one thing on your to-do list everyday," he |
| Plan for the worst | | | | said. "That's the only thing you should be focused on |
| "You must have systems in place in case the worst | | | | getting done, not those other hundred things on the |
| happens," he said. "If you are wrong, you win. | | | | list." |
| However, if you don't plan and the worst happens, | | | | He also stressed avoiding "a lot of the monkey |
| you run out of gas and you don't make it to the | | | | motion and getting caught up in doing things to make |
| next mound. I love being wrong when I plan for the | | | | a decision," and finding clarity in the power of focus. |
| worst." | | | | "Peel back the onion to get the problem solved," he |
| Leadership | | | | said. |
| Stone described leadership as "getting some people | | | | Stone challenged business owners to have a "bias for |
| to share and execute your vision." | | | | action. Make something happen everyday. Change |
| "If you have 10 percent of your organization sharing | | | | something. Solve something. Improve something." |
| your vision, you are probably going to survive," he | | | | And that, he said, doesn't require brains. |
| said. "If you have 20 percent, you are going to be | | | | "Brains are greatly overrated. We tend as human |
| successful. If you have 30 percent, you are going to | | | | beings to solve every problem by using brain power. |
| lead the market." | | | | Being the smartest person isn't what's going to make |
| When at 30 percent is established, Stone advises a | | | | your firm successful. There are very bright people |
| business owner to pick the influence-makers in the | | | | that are failures and average intelligent people who |
| organization who can influence others by their | | | | are successful. It's execution that wins business," he |
| behavior. | | | | said. |
| "Get those on board with you," he said. "If you can | | | | Change |
| do that, you win big - huge." | | | | When dealing with, managing and initiating change in |
| Pat's precepts | | | | your office, Stone said it is important to follow some |
| Stone also pointed out his personal precepts when | | | | basics rules. |
| dealing with the changing times. | | | | "It's not who your hire, it's who you fire," he said. |
| Create a positive culture | | | | "You can't perfect hiring. You can perfect firing. You |
| He stressed the importance of talking to a person | | | | can always fire the right person. You can't always |
| "eyeball to eyeball" and expecting a lot from them. | | | | hire the perfect person. I don't know too many |
| "If you talk to a person eye to eye, you can | | | | people who succeeded at a job by failing at a job." |
| communicate expectations better versus talking to a | | | | He also mentioned the importance of successful |
| group of people all at once or sending a group | | | | management, encouraging business owners to |
| e-mail," he said. "Also, when you tell them you expect | | | | supervise behavior, not results. The kind of results |
| more than what they are achieving at the moment, | | | | that are created, he said, will be a direct byproduct |
| you are paying the ultimate compliment. You are | | | | of their behaviors. |
| doing is saying they are better than they themselves | | | | But what if someone's behavior is hard to manage? |
| think they are." | | | | "I call it the Roman School of Management," Stone |
| Stone also mentioned the value in saying "I don't | | | | said. "Find something a pain of an employee can do |
| know" and genuinely striving for bad news. | | | | that they are good at. Co-op them, bring them on |
| "You got to create a culture by saying 'I don't know' | | | | the inside of the firm instead of leaving them as an |
| when you really don't know," he said. "It breeds | | | | outsider." |
| honesty and allows you to see what's going on." | | | | He said it is also important to practice peer pressure |
| Likewise, honesty can be found when you "beg for | | | | management. |
| bad news. Make it OK for your employees to give | | | | "Reward for performance and publish the average," |
| you bad news so you can change things. Let them | | | | he said. "I guarantee to you will improve the |
| know bad news is OK but surprises will kill you." | | | | performance by rewarding outstanding employees. If |
| When it comes to doing work, Stone said it is | | | | you can measure it, you can manage it." |
| important for your employees to know that every | | | | When it comes to innovation and changing things up |
| idea is valued. | | | | in your office, he cautioned business owners of the |
| "To have a good idea, you need to constantly be | | | | "E" myth. |
| thinking about things," he said. "The trick to having a | | | | "It's the 'entrepreneurial myth.' Replicating processes |
| good idea is to have lots of ideas. Not all of them are | | | | are what make businesses successful," he said. "Just |
| going to work, but at least they were presented." | | | | look at franchises. Also, Picasso said, 'Good artists |
| Also, Stone stressed that criticism is critical. | | | | imitate; great artists copy.' Why reinvent the wheel? |