Getting Up the Hill

"Get it to 80% and move on" is a phrase I've heard on podcasts and from managers. I didn't get it for quite a long time.

It does not need to be perfect.

When you are working on something, you and your team will be so much more impactful trying to get to 80% before perfection. Of course some products need to be built 100%, I would hate to receive just shy of a whole iPhone, but most don't need that level of building.

Great entrepreneurs and businesses have built a minimum viable product, then talked to customers (or vise versa) and continue to iterate on those projects today. You will very rarely have a finalized product or service built out.

There will always be feedback, internally or externally, on how to improve the project. I've learned this quite a bit working at CaneKast, but I am getting used to it. In fact I plan for it. I am building for teams that have more experience than I do, so I would rather build the templates and structure to 80% and then fill it out with the content and actionable needs from others.

Coaching your team to build things to 80% and move on requires a shift in mindset and approach. Some will struggle with it, I struggle with it! But continuous coaching or feedback towards action helps. Here are some practical ways to achieve this:

Promote a Lean/Agile Mindset: This starts with introducing the concept of minimum viable product (MVP) to your team. An MVP is a product that has just enough features to be usable by early customers who can provide feedback for future product development. Encourage your team to think in terms of MVPs when starting new projects, and to focus on the most critical features first.

Set Expectations: Clearly communicate the "80% and move on" philosophy to your team. Explain why this approach is beneficial and how it ties into the overall goals and objectives of the organization. Encourage team members to prioritize progress over perfection.

But remember to make it clear when you want it 100% done before release. You'd want a brochure design to look great, not be 80% of the way there.

Reinforce through Recognition: Recognize and reward team members who demonstrate the ability to get to 80% and move on. This could be through verbal recognition in team meetings, or more formal recognition programs.

Provide Feedback: Regularly provide constructive feedback that reinforces the 80% approach. If a team member spends too much time trying to perfect something, gently steer them back towards the 80% goal.

Encourage Risk-taking: Create a safe space for your team to take risks and make mistakes. This will reduce the fear of producing work that isn’t perfect and will foster a more innovative and experimental mindset.

Time-box Tasks: Implement techniques such as time-boxing or setting deadlines to prevent over-polishing. By limiting the amount of time that can be spent on a task, you can help team members focus on what's essential and avoid getting caught up in the details. There's nothing quite like a deadline for getting the work done.

Remember, the goal is to foster an environment that values progress and learning over perfection. It’s not about releasing subpar work; it’s about finding the balance between quality and speed, and understanding that perfection can often be the enemy of progress.

Thanks to Everest Brady for his help, writing, and research in assembling this week’s newsletter.

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This Week on Think Like an Owner

Our guest this week is Justin Nassiri, founder and CEO of Executive Presence, a managed social media service for ambitious CEOs, with a focus on LinkedIn today. We talk about why CEOs should care and focus on building a social media following, and how CEOs can optimize their social presence, including a walkthrough of the most important things to optimize on your LinkedIn profile. We also compare the top platforms for CEOs, LinkedIn and Twitter, and the pros/cons of each and where to start.

Justin also draws on his experience being a founder of two prior companies, Captivate and StoryBox, to be a more effective and balanced CEO in his current business. He has a lot of lessons learned and advice for CEOs looking to expand their reach and improve individual performance. This episode was super interesting and rich with actionable ideas and we think you’ll come away with a lot to apply to your own company.

This episode Q&A features CEO August Felker of Oberle Risk Strategies, answering the question, "Do I need directors and officers insurance, like why might my board want me to have it?" 

Every CEO and entrepreneur needs support from a team of expert professionals like attorneys, bankers, and accountants like Hood & Strong. Less often mentioned, and just as important, is insurance. And August Felker at Oberle Risk Strategies are the experts that you need on your team to navigate the insurance needs of your company as dozens of past podcast guests have partnered with them to do. Oberle helps you evaluate where your current and soon to be acquired company needs for insurance today and what it might need tomorrow. please reach out to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to the CEO, August Felker, directly at [email protected].

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Think Like an Owner is sponsored by:

Ravix Group - Ravix Group is a fraction CFO, outsourced accounting, and HR consulting firm serving small and large businesses alike. Whether you or someone you know is getting started, searching to buy a business, or building out an organization, Ravix will help on the journey. To learn more about Ravix Group, head to their website and tell them Think Like An Owner sent you.

Hood & Strong, LLP – Hood & Strong is a CPA firm with a long history of working with search funds and private equity firms on diligence, assurance, tax services, and more. To learn more about how Hood & Strong can help your search, acquisition, and beyond, please email one of their partners Jerry Zhou at [email protected].

Oberle Risk Strategies– Oberle is the leading specialty insurance brokerage catering to search funds and the broader ETA community, providing complimentary due diligence assessments of the target company’s commercial insurance and Employee benefits programs. If you are under LOI, please reach out to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to the CEO, August Felker, directly at [email protected].

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