Your company probably has a CEO (chief executive officer), CFO (chief financial officer), and CMO (chief marketing officer). But serial entrepreneur Auren Hoffman says one post it probably doesn’t have – but desperately needs – is a CKO, a chief killing officer.
When your company is growing you will inevitably add many things to build it up. But there comes a time when you must kill things off that are no longer helpful. The CKO would focus on examining what the company does and kill things off that don’t work. Some examples he offers in his Summation blog:
Products: A company can only do so many things well. “This does not mean you shouldn’t start things – you can start lots of new things as long as you kill them,” Mr. Hoffman says. Google recognized that when it killed Google Answers in 2006.
Features: Your products may have features that were once considered essential but are no longer necessary or desired by customers.
People: Review your employees at set intervals to determine which ones were bad hires or are no longer adding value. That can serve as a foundation for getting them back on track – saving headaches down the road. If you can’t rehabilitate them, encourage them to work elsewhere. He notes that Netflix founder Reed Hastings is famous for saying: “Adequate performance deserves a nice severance package.”
Meetings: As a company grows, so does the number of internal meetings. Some become outdated, and it’s vital you kill them. “Only keep meetings that are very beneficial to all attendees,” Mr. Hoffman says.
Reports: Sometimes the CEO, another key executive, or a board member asks for a report. Then it continues to be produced routinely for years, long after it was valuable. “Work to kill these reports, even if they are automated,” he advises.
Investors: Even some investors and board members should be on the chopping block if they are no longer of use. Early-stage investors may not add value now, so buy them out. Many might be happy to give up their stock for a decent return.
Processes: Some internal processes that once were important can eventually slow things down. “Slay these processes before they kill your company,” Mr. Hoffman says.
HR Practices: Many HR practices are vestiges of the past or perhaps shouldn’t have been introduced in the first place. Try to eliminate all non-essential HR policies and practices, to avoid becoming a bureaucratic maze. He suggests one of the first things the CKO should look at is all the forms a new employee must fill out.
Code: Software code should be revisited and improved. Not reviewing code regularly can cause setbacks and long debugging hours after a lot more code has been written on top. His company holds special days regularly during which its engineers do nothing but clean up and streamline code.
POWER POINTS
More browsers mean less focus
Productivity writer Charlie Gilkey urges adoption of a "two-tab" rule: Never have more than two tabs open on your browser. Limit yourself to one active tab, which you are working on, and one with reference material. If any more are open, you lose focus.
Productiveflourishing.com
A better way to manage performance
Consultant Bruce Tulgan recommends writing a list of your subordinates with performance problems; then, for each, choose one concrete action to help the person improve. Similarly, list your best people, and decide on a specific action to recognize and reward each one.
RainmakerThinking.com
Have your way with words
A study in the Journal of Consumer Research by academics Cait Poynor and Stacy Wood found that a restaurant did better when it changed its menu from grouping around traditional categories such as soup, sandwiches or salads, and instead promoted offerings by themes, such as Italian or Mexican. Your company might similarly benefit from mixing up categories. Hertz, for example, lists cars in subcategories such "fun" or "green" in addition to "sedan" or "truck," the researchers say.
