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Aboud found four individuals who he felt could fill the gaps and bring the skills to the table that he did not possess.
“When I looked at these C-level people, I was looking for them to help me with where my weaknesses were,” Aboud says.
So he sat everyone down and opened the discussion on how to upgrade Saveology and prepare for the influx of business that he felt was out there to be had.
“I clearly understand in my mind why I want to do something and what it means to the company,” Aboud says. “But if you can’t articulate that to your team, they won’t move forward the way you need them to. It’s very important to articulate your goals.”
To begin developing a plan of action, Aboud gathered his leaders and worked with them to develop a list of priorities for the next 12 months.
“We basically had a two-man team for everything,” Aboud says. “The marketing team would work on marketing solutions and the technology team would work on technology solutions. And we’d get into a room once a week and we’d have an executive meeting. At that time, every person would go over what they had learned and what they had accomplished the previous week and what their recommendation was to make sure that piece fit the puzzle.”
There are two keys to making this type of research and information-gathering effort work. The first is being open with your partners and the people you’re seeking out for help.
“We clearly set out what our goals were, even with our partners, of where we wanted to go,” Aboud says. “Most companies, they don’t roll out what their plan is. They hold back. What happens when you hold back is the people you are working with, they don’t really understand where you’re going as a company. We were very transparent.”
The second key is you need to set dates and deadlines to keep things on track.
“A good CEO sets up a timetable,” Aboud says. “Many companies put up dates and the dates mean nothing. As a good leader, my team and the extended team below my team understands that when we commit to a date, we’re going to achieve that date. It’s really holding the team accountable to that date.”
The key to being successful both with your research mission and with staying on track is to give both your partners and your direct reports an incentive to help you.
“We motivate companies the way we motivate our employees,” Aboud says. “Compensate them for hitting particular dates. You make it sexier. The reason people are motivated in my company is they believe in the vision. They knew if they hit it, the company would strive faster and the company would be more profitable and they would have a better opportunity to grow.”
As you experience victories along the way, big or small, make sure you share the glory with your people.
“It’s important for a CEO to share his vision and his passion and show ethics in his work,” Aboud says. “But it’s also important to reward employees as the company is growing. As the CEO or owner of the business, you are rewarded as the company strives toward success. So the people underneath you should be too. What excites my key people is that as the company is moving forward, they are well-compensated for the success both with responsibilities and financially.”
Judging by the numbers, Saveology is making progress toward its goal. The company has grown from 450 employees to 800 employees and revenue has jumped from $92.8 million in 2006 to $117.7 million in 2009.
“We keep on striving and we keep on going,” Aboud says. “I’m never satisfied and my team is never satisfied. When we have a banner month, we look at it as another step toward where we want to go and we try to make next month even better.”
How to reach: Saveology.com LLC, (866) 951-8931 or www.saveology.com
