In the fast-paced, ever-evolving world of business, leaders are often faced with the challenge of making decisions that strike a balance between the needs of their team, customers, and the business as a whole. It’s a fine line to walk, and many find themselves erring on one side or the other, creating potential pitfalls for growth and sustainability.
In episode 21 of the Best Places To Lead Show, I sat down with Megan Bowen, the Chief Operating Officer of Refine Labs, we dove into this leadership challenge and unearthed valuable lessons that every business leader can learn from. With her extensive experience in operational leadership and her commitment to fostering positive company cultures, Megan shares guidelines to help us create an environment that addresses the interests of all key stakeholders.
Here are my top 3 takeaways from my conversation with Megan:
- Making balanced decisions that are good for your team, your customers, and your business.
- Creating an environment of psychological safety where team members feel comfortable voicing their concerns without fear of blame or reproach.
- Cultivating a culture that views failure as an opportunity for learning and growth.
Lesson 1: Prioritizing Win-Win-Win Outcomes in Decision-Making.
Megan posits an interesting formula for success: People Success = Customer Success = Company Success. This paradigm champions the idea of putting people first, followed by customers, and then the business. However, she warns against the potential misuse of this framework that might inadvertently harm the customers or the business.
As she rightly points out, a decision that benefits the team but results in the loss of customers is ultimately detrimental to the company. The key is in striking a balance, finding solutions that create win-win-win outcomes for the team, the customers, and the business. Even though these balanced solutions might involve some trade-offs, they are typically the most effective in the long run.
Lesson 2: Creating a Culture of Psychological Safety.
Creating an environment of psychological safety is another crucial leadership priority for Megan. She emphasizes that if her team members face any issues or see something going wrong, they should feel comfortable coming to her directly without any fear of blame or reproach.
This stream of open communication can only be achieved when the leader genuinely invests in building relationships with the team, shows a keen interest in their well-being, and assures them that they are free to voice their concerns. Megan stresses that being approachable and being informed about what’s happening within the team is more important than anything else.
Lesson 3: Embracing Failure and Learning from It.
The third lesson Megan imparts is about normalizing and learning from failure. She suggests that leaders should lead by example, admitting their own mistakes and sharing the steps they took to rectify them. This approach fosters a culture of learning and growth, where making a mistake isn’t taboo but a chance to improve and innovate.
A segment in her all-hands meeting, called ‘Stories from the Field,’ alternates between success stories and learning moments. This gives team members the opportunity to openly discuss their successes as well as the areas where they fell short, normalizing the process of embracing failure and learning from it.
To learn more from Megan about how to balance your people, customers, and business, listen to the full episode HERE.
About Best Places to Lead
Your company has the potential to be great. The leader’s responsibility is to unlock that potential – or doom it to mediocrity.
On the LIVE Best Places to Lead show, you’ll learn the hard-fought lessons from the front lines earned by business leaders who have already had their teeth bashed in and lived to tell about it. We’ll share the tips, tricks, mindsets, and frameworks that allow great leaders to lead differently.
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