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Build A $10,000,000+ Company

Build A $10,000,000+ Company

The 5 Management Principles

Millionaire Syrup
March 16, 2024

Build A $10,000,000+ Company

The 5 Management Principles

Expectations

Expectations are like the rules that tell people how to act or get things done. But if these expectations aren't clearly communicated, then nobody knows what to do. Even if someone has experience, it's important to state the obvious and make expectations clear.

Now, core values are the highest level of expectations. They are the fundamental beliefs that guide how an organization behaves. When you lead with values, you can get people to follow them and do about 99% of what you need them to do. For example, if speed is the core value, the company won't need a bunch of specific rules like clocking in at a certain time or responding to every teammate within a set timeframe. Instead, the employees focus on the value of speed and let that guide their actions.

Accountability

Accountability means being responsible for your obligations and holding others responsible for their actions and results. As a person managing others, it's your job to let them know how they're doing in relation to expectations. It's the CEO's number one job to hold people accountable and disseminate that accountability down the chain. You hold your people responsible, even if it's just one person with you, and they can then pass it down to the rest of the team.

Communication
When it comes to communication within a company, it's all about replacing assumptions with curiosity and actively listening to your teammates. As a leader, it's your job to set the tone for effective communication because how people perceive you from your communication skills is directly correlated with how much they like and trust you. There are four keys to success in communication: energy, engagement, emotional control, and exploration. Energy is the number of exchanges you have with your team, both spoken and non-verbal. Engagement is how the energy is distributed among the team. Emotional control is about managing and controlling your emotions and reactions. And exploration is about being open to new ideas and perspectives.

Cadence

If you're feeling frustrated because your team isn't on the same page, then establishing a meeting cadence can be really beneficial.

There are three important elements to a successful meeting cadence: purpose, pulse, and preparation. The pulse determines whether your meetings are productive or just a waste of time. The pulse depends on the activity level and timing of your company. The purpose is the reason for why each meeting exists. Third, preparation is the process of making a meeting useful and having the right people, information, and agenda.

Recognition

Recognition involves acknowledging and appreciating the behavior of individuals or teams that align with the organization's goals and values.

There are four key elements to effective recognition: the when, the who, the how, and the what. The "when" refers to the timing of recognition, such as when someone completes a goal or achieves a milestone. The "who" aspect considers whether recognition is given in front of the entire team, as social recognition can be more powerful than individual recognition. Additionally, peer-to-peer recognition can be especially impactful within many companies.

The "how" of recognition involves the ways in which recognition is given, such as through verbal praise, written appreciation, or tangible rewards. Lastly, the "what" aspect focuses on recognizing behavior that exemplifies the core values of the company.

Build A $10,000,000+ Company

The 5 Management Principles

Build A $10,000,000+ Company

Expectations

Accountability

Cadence

Recognition

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