How I Manage A $100M Team (3 Part Formula)
Summary
TLDRIn this insightful transcript, Layla shares her proven 'Accountability Formula' for managing high-performing teams. She highlights the critical role of accountability in bridging actions and results, and how a lack of it can hinder business growth. Layla provides a clear framework that includes setting expectations, measuring performance, and delivering constructive feedback to ensure team members are held accountable and drive the company towards its goals.
Takeaways
- π The 'Accountability Formula' is essential for managing large teams effectively and achieving desired business results.
- π A lack of accountability is often the root cause of business pain, where tasks are assigned but results are not achieved.
- π€ Accountability is the bridge between action and result; it's critical for driving company growth and success.
- π‘ The speaker emphasizes the importance of hard conversations, coaching, and feedback to foster a culture of accountability.
- π₯ Holding individuals accountable is crucial, as team performance is often a reflection of the leader's commitment to accountability.
- π The Accountability Formula is composed of Expectations, Measurement, and Feedback, with Feedback being the most impactful and amplifiable component.
- π― Expectations should clearly define what 'good' looks like in a role, including both organizational and role-specific expectations.
- π’ Organizational expectations include the company's mission, values, and brand promise, which set the behavioral and performance standards for the business.
- π Role expectations should be detailed in job descriptions, outlining the specific outcomes and behaviors expected from an employee in their position.
- π Measurement involves identifying key performance indicators (KPIs) that quantify how well expectations are being met, including both push and pull metrics.
- π£οΈ Feedback is continuous and should be normalized within the company culture, providing employees with clear insights into their performance and areas for improvement.
- π Regular one-on-ones and timely messages can be effective methods for delivering feedback and enhancing accountability.
Q & A
What is the main topic discussed in the video script?
-The main topic discussed in the video script is the 'accountability formula' for managing large teams effectively and addressing the issues that arise when accountability is lacking in an organization.
What does the speaker suggest is the root cause of business pain?
-The speaker suggests that the root cause of business pain is often a lack of accountability within the organization, which is the glue between an action and a result.
What is the accountability formula mentioned in the script?
-The accountability formula mentioned in the script is 'Expectations + Measurement * Feedback', which is a framework for ensuring that team members are held accountable for their actions and results.
Why is feedback an important part of the accountability formula?
-Feedback is an important part of the accountability formula because it is the only element that can be amplified to improve accountability. It helps individuals understand how well they are meeting expectations and where they need to improve.
What are the two levels of expectations that need to be set according to the script?
-The two levels of expectations that need to be set are organizational expectations, which include mission, vision, values, and brand promise, and role expectations, which are specific to an individual's job within the organization.
Why is it important to reset expectations for new team members?
-It is important to reset expectations for new team members because what 'good' looks like can vary greatly between different companies and roles. Resetting expectations ensures that everyone is on the same page regarding what is expected of them.
What are the two types of metrics typically used to measure performance in a role?
-The two types of metrics typically used to measure performance in a role are a push metric and a pull metric, which represent different aspects of performance that contribute to the overall success of the role.
How does the speaker suggest using job descriptions to improve accountability?
-The speaker suggests using job descriptions as a living document that outlines the expectations and KPIs for a role. By regularly updating and reviewing these with team members, it helps to clarify expectations and measure performance effectively.
What is the role of the company's founder in setting organizational expectations?
-The founder of a company is responsible for setting the mission, vision, values, and brand promise, which collectively form the organizational expectations that guide the behavior and goals of the entire company.
How can a company measure the effectiveness of its sales team according to the script?
-According to the script, a company can measure the effectiveness of its sales team by using a push metric, such as the number of sales closed or the close rate, and a pull metric, such as client retention rate, to understand the long-term impact of the sales approach.
What is the speaker's advice on giving feedback to team members?
-The speaker advises giving feedback regularly, ideally during weekly one-on-ones, and making it a normal part of company culture. Feedback should be constructive, specific, and aimed at helping team members improve and meet expectations.
Outlines
π οΈ Accountability in Business Management
The speaker introduces a formula for managing large teams effectively, addressing common issues such as lack of results and the need for accountability. Accountability is described as the link between actions and results, and its absence is identified as a common pain point in businesses. The speaker emphasizes the importance of hard conversations, coaching, and feedback in maintaining accountability. A real-world example is shared where a company's revenue increased by 30 percent after implementing the speaker's framework. The Accountability Formula is introduced as a combination of expectations, measurement, and feedback, with a focus on the importance of setting clear expectations for organizational and role-specific goals.
π Setting Expectations and Measuring Performance
This paragraph delves deeper into the Accountability Formula, starting with setting expectations for both the organization and individual roles. The speaker explains the importance of aligning job descriptions with company values, mission, and brand promise to ensure a shared understanding of what 'good' looks like within the company. The concept of having both organizational and role expectations is discussed, with the former shaping the latter. The speaker also touches on the need for context when transitioning from one company culture to another, emphasizing the importance of resetting expectations. The paragraph concludes with the importance of measurement in defining success, suggesting that each role should have at least two metrics: a push metric and a pull metric, to provide a balanced view of performance.
Mindmap
Keywords
π‘Accountability
π‘Systems and Processes
π‘Expectations
π‘Measurement
π‘Feedback
π‘Mission and Vision
π‘Values
π‘Brand Promise
π‘Job Description
π‘KPIs (Key Performance Indicators)
π‘One-on-Ones
Highlights
The speaker introduces the 'accountability formula' as a key to managing large teams effectively.
Accountability is identified as the missing link between actions and results in many businesses.
The importance of hard conversations and feedback for maintaining team performance is emphasized.
The speaker shares a real-life example of how implementing the accountability formula increased revenue by 30%.
The formula for accountability is presented as a combination of expectations, measurement, and feedback.
Expectations are defined as the vision of what good looks like in a role or for the company.
Organizational and role expectations are differentiated, with examples provided for clarity.
The necessity of resetting expectations for new team members, regardless of their experience, is discussed.
Job descriptions are reframed as living documents that should be updated to reflect role expectations.
Measurement is introduced as a critical component for assessing whether expectations are met.
The concept of push and pull metrics is introduced to provide a balanced view of performance.
Feedback is highlighted as the most powerful tool for increasing accountability within a team.
The speaker suggests using weekly one-on-ones as an opportunity for providing feedback.
The importance of normalizing feedback to foster a culture of accountability is discussed.
The speaker emphasizes that feedback should be specific and action-oriented to drive improvement.
The transcript concludes with the assertion that attention to the 'boring stuff' of expectations, measurement, and feedback is what truly moves businesses forward.
Lack of accountability is identified as a common barrier preventing businesses from reaching their goals.
Transcripts
my formula for managing 100 million
dollar teams most people come to me
they're like Layla can you tell me like
the systems the processes that makes
this all work and people are usually
asking that because there's some sort of
pain it's an art and a science if you
feel like you can't get the results you
want your business and you feel like
things are kind of painful if you feel
like you're needed for most things I
want to share with you my formula behind
how I actually get things done with the
team so the formula I want to share with
you is called the accountability formula
and I'm going to get to that in a second
but what I first want to explain is how
I know a company's lacking
accountability if you have people in
your organization and they have jobs and
you have assigned them things to do but
you're not getting the result you lack
accountability accountability is
essentially the glue between an action
and a result and so if you feel that way
and you feel like you're not getting the
results you want your business it's
probably because you are lacking that
accountability more marketing more sales
that's how you need more of you need
more accountability and the reason
people don't like to do that is because
it requires hard conversations being
someone that's constantly encouraging
your team coaching your team giving your
team feedback like I am the reason why
my team does or does not execute am I
holding them accountable because if I'm
not people are always going to fall to
the standard I set and if the
standardized set is I don't hold people
accountable then why would they be held
accountable they wouldn't we in a
portfolio company that came to us and
they were super successful in terms of
Revenue but the operator of that
business basically came and he was like
Layla I feel like nobody is getting
anything done this whole business is
thrown off my brain and this one other
person's brain which was the co-founder
every time he brought me an issue with a
co-worker or an employee he basically
pointed to that person was like they're
not doing their job I should probably
fire them I think before you fire them
we should walk through this framework to
understand if you've done everything
properly to hold people accountable that
particular operator has just implemented
having accountability in the team and
his team has brought their revenue up by
almost 30 percent you know people
sitting in your company but they're not
actually doing the job that you're
paying them to do because you lack
accountability they're not going to
drive the results for the company and
the company's not going to grow so the
formula for accountability expectations
plus measurement times feedback
expectation so telling people how
something should be done plus a
measurement how are we going to measure
if the expectation is met times feedback
letting them know how they could better
meet the expectation or that measurement
next time and so feedback is an
important piece because the only piece
of this that can be Amplified and so I
Want to Break these down one by one so
you can look at your company and say
what am I missing right now and then how
can I fix it expectations are tell me
what good looks like and I could get
fancy with it but that's really what it
means if you bring someone into the team
and you put them in a role and you give
them a job description that job
description at a different company means
something completely different and also
that boss that they had in another
company wants something completely
different than you want and so you have
to reset expectations for them it
doesn't matter how experienced this
person is maybe they're older than you
they have more experience than you it
doesn't matter what do you think good
looks like in the role how do we set
expectations there's really two levels
of expectations that we want to set
there's organizational expectations
which then shape the role expectations
organizational level expectations you've
got the mission or the vision the value
You've Got a Brand promise what those
all Encompass are the expectations of
the business those are expectations that
you as the founder should be setting for
the whole company the mission is
basically the expectation of the company
what does good look like for the company
the values are the expectation of how we
will behave in order to meet that
mission and then a brand of Promise is
taking the internal pieces of the
company and facing them externally the
customers now know what good looks like
Geico it's like you know in 15 minutes
or less or you know your car insurance
back to you I don't even remember what
it was that's an expectation that now
they're giving as a brand promise for
that customer and so I want you to think
about your organization do you have a
clear mission do you know what good
looks like for the whole company do you
have clear values does everyone
understand what good looks like in terms
of how we behave to reach that mission
and then the brand promise is the same
as the values except for it's in terms
of how we deliver to the customer you
can deliver to the customer fast you can
deliver good the question is which one
is fit for this company so if you have
those organizational expectations then
it's really easy to go and look at role
expectations the expectations you have a
singular role are always going to stem
from the Department or from the company
what does good look like in customer
service for a company where fast is the
priority say like McDonald's good looks
like we get them their hamburgers in two
minutes or less whereas if you look at
Disney they might say that good looks
like we always exceed the expectation of
the customers it might be quality that's
what a role expectation looks like on an
Enterprise sales team it might be that
that sale is going to take five to 11
months to close the deal and the whole
point of the sale is to help someone
make a decision it's not transaction
based there's no speed and they're not
measuring timelines what they're
measuring is the experience of the
person going through the process and
then maybe the deal size that you're
able to land say a B2B SAS company what
they're measuring is how fast what's
your time to close because for them
speed is more important than quality
because they're not servicing an
Enterprise customer who's paying 250 000
a year they're servicing someone who's
paying maybe two to three thousand
dollars a year if you're saying thinking
of what does good look like well if you
take someone who's a sales rep at an
Enterprise company and you put them in a
transactional company for a small SMB do
you think they're going to succeed
probably not if they still have the
habits of serving Enterprise they're
probably not going to be meeting your
expectations and so you have to
understand that that person always needs
context and so the best way if you feel
like right now you're listening to this
and you're like Layla I don't think I
have good role expectations within my
company that's totally fine and it's
super normal a job description is
essentially a third-party agreement it
is what you look at and your employee
look at and then you look at it and is
agreed upon terms of what is expected by
them and so if you think about it more
like that than you think about it like
as this piece of paper that you have to
have to get somebody to join your
company you're constantly updating that
think about how many times you would
update a job description if it wasn't a
job description it was a set of
expectations for somebody in the role I
think that often people think job
descriptions aren't important because
they don't understand what they're for
it's so that at the end of a quarter I
can go over your job description with
you and say have you met the
expectations outlined here and if you
think about it like that you're going to
write them a lot differently so the next
piece of the equation is measurement how
do we measure what good looks like what
numbers tell me this is good typically
with any role you want a minimum of two
ways to measure so a good way to frame
this is you have a push metric and a
pull metric onboarding and activation
and then churn sales and then refunds or
chargebacks there's always two measures
the same goes for a roll so if you think
about someone say you have a sales rep
that's doing upsells the first measure
might be the number of sales closed so
maybe like percentage close rate the
second measure that you're going to base
their performance off of might be
something like retention rate of client
Soul because what you have to understand
is that the way that a client is sold is
going to be determine how long they're
going to stay with the company I would
say it's good to incentivize of how many
sales they make as long as those clients
stay and so a lot of people like to say
well Layla they don't have a complete
control over this number the reality is
that nobody has complete control over
any number in the business but what they
need to learn how to do is to be a
teammate that cross collaborates with
other departments so they can get other
people on board with hitting those
numbers that holistically grow the
business not just their one role or
their commission check so if you're
looking how you can tactically Implement
measurement into a role what I like to
do is I like to on their job description
at the bottom have their kpis so
essentially it's saying what results are
you responsible for what kpis are you
measured upon in order to meet my
expectations that have been outlined in
this role realistically today if you
feel like you don't have accountability
in your company you could redo their job
description with all the expectations
you have of that role and then redo
their kpis make sure you have one push
and one pull and you're already halfway
there the third piece to the equation
and the last piece and arguably the most
important piece is feedback you always
need expectations you need measurement
but more expectations and more
measurement isn't going to do much
incrementally for the amount of
accountability you have with that role
but feedback will because the more
feedback you give someone the more
accountable you are holding them you can
almost never have too much of this
feedback because feedback if you look at
the definition when it comes to
accountability again we're gonna get
stupid simple here it's how far or close
are you too good that's it so if you've
got a scale of one to ten in terms of
accountability you'd be like hey Sally I
just want to let you know in terms of
accountability in terms of expectation
in this role I feel like you're around
like 8.5 right now and here's what you
could do to get to a tent so you're
constantly telling people where they're
sitting in their role if someone's doing
really well we don't say anything
because we're not thinking about it
because they're not a problem but on the
other side if someone isn't doing really
well we also tend not to say anything
because we're avoiding a problem
oftentimes employees don't know the
difference they don't know why you're
not talking to them so you need to be
the one that expresses that narrative
and tells them why well where do I get
feedback honestly you can get feedback
everywhere I think the best utilization
is weekly one-on-ones having one-on-ones
with people that's the opportunity that
you have to tell them this is how good
you're doing what I like to do is I like
to let people run the whole one-on-one
and in the last few minutes because I
like to let them own that time I get to
give them the feedback another way you
can do this is honestly if you have
slack or you have click or you have
messenger or something like that is you
can just quick shoot them a message hey
you did fantastic on this hey I love
this but if you could do this
differently next time that would be
awesome if you can normalize feedback in
your company they're gonna have a much
higher amount of accountability if
you're not getting the results you want
which piece are you missing if you can
put all those things together that's how
you can run a really effective team it's
the boring stuff that's going to move
you forward and that's often why people
aren't able to reach their goals people
ask them all time they're like Layla why
can't I get to 10 or 15 million like you
have no accountability
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