Managing Communication

Over-communication and high expectations of response times can be detrimental to a team's productivity and morale. It is important to coach your employees on when to ping you to avoid interrupting their work on important projects.

When employees feel that they must respond to every message immediately, they can become distracted and lose focus on their current project. This can lead to decreased productivity and a negative impact on the quality of work being produced. Furthermore, constantly checking messages can disrupt an employee's workflow and make it difficult for them to concentrate on the task at hand. Therefore, it's important to set clear expectations for communication and response times.

There is no one right to do this. Most businesses are run as a reflection of the leaders and the culture of the team. If you want people to respond on weekends, let them know.

One of the most effective ways to avoid over-communication is to encourage proactivity. Encourage your team to be proactive in problem-solving and explore potential solutions on their own. If your company has documentation of processes, they can look there. If there is an initial person to reach out to, for example a department lead, they should go there before escalating to you. By empowering your team to take ownership of their work, you can foster a culture of self-sufficiency and reduce the number of non-urgent issues that require your attention.

In addition to encouraging proactivity, it's important to provide guidelines for communication. For instance, if you prefer to be contacted via email for non-urgent issues, provide guidelines for what kind of communication requires immediate attention. Additionally, encourage your team to be clear and concise in their communication, which can help you prioritize their requests better. Show hires how to schedule emails to be sent or even messages on platforms like Slack. If it's not urgent, I schedule it for the next day.

Setting clear expectations for communication and response times is also crucial. As a manager, it's essential to communicate to your team what kind of communication requires an immediate response and what can wait. This helps your employees understand when to reach out and what kind of communication requires immediate attention.

Lastly, offering feedback to your team on their communication skills can help them understand what kind of communication is appropriate and how they can improve their communication skills. Provide positive feedback when your team communicates effectively and respectfully, and offer constructive criticism when necessary. Some teammates you may want over communication.

By coaching employees on when to ping a manager and setting clear expectations for communication and response times, employees can prioritize their workload and ensure that their work on important projects is not interrupted. This leads to increased productivity and a more positive work environment for all team members.

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

This is the third and final episode in our three-part series on Chenmark, a highly successful small business holding company founded in 2015. Today they have acquired 11 operating companies, completed 30+ acquisitions when including add-ons, and have over 600 employees today.

This third episode takes a deep dive into their CEO recruiting function and what has to happen to keep Chenmark on its growth trajectory. We discuss their GVP program where they recruit young hungry leaders to eventually be placed in CEO roles, their GA program for associate-level recruiting, and earning the right to take risks and what that means for them today. We hope you enjoy this third part of the series with Trish Higgins and James Higgins.

One of the most impactful things our CEO guests have talked about for their companies is upgrading their finance team. Ravix Group, led my CEO and former podcast guest Timi Okah, is the expert you need to build a scalable finance function. They handle everything from fractional CFO work, HR consulting, and outsourced accounting. Ravix can even help your company prepare for an IPO if that's an ambition of yours.

Timi himself came onto the podcast for today's Q&A, answering the question, "So there's a lot of companies right now focused on managing costs and conserving cash and making sure their cash planning will survive the next couple of years. What kind of advice do you offer clients right now in regards to cost and cash management?" To get in touch with Timi and Ravix, go to their website and let them know that Think Like an Owner sent you.

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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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