Managers Speak Out

Managers speak out

Jerry Englert

Working Chairman,

Bank of Internet USA

San Diego, CA

Describe your job.

I am working chairman of a high-tech internet bank. My responsibilities give me the ultimate management control of all facets of the bank’s operation and direction. Most of my time is spent on future projects and growth. My areas of direct involvement are strategic planning, business planning, technology, and corporate culture and team development. We are continuously looking at new technologies, market opportunities, and merger and acquisition opportunities.

How important are goals to what you do?

Goals have many names in the business world. Here are just a few: Business plan. Strategic plan. Logistic plan. And the most important one, PROFITS.

I have seen many a business fail with defined goals. But, I have never seen one succeed without a realistic, attainable set of goals.

Goals serve as the corporate and personal scoreboard. Realistic goals are the scoreboard used to measure all facets of the business, including one’s personal development.

For example, if an unattainable business plan is developed –one which predicts margins that are not obtainable, impossibly high revenue predictions, too low manufacturing costs, and other items that are not realistic –the managers who have the job of meeting these goals cannot win if the goals are unattainable. They have been given an impossible task. The result of those bad goals ripples through the complete organization –top to bottom.

What challenges do you think managers face when trying to build a plan?

Here are some:

·         Not making the effort to understand all the issues.

·         Knowing the in and outs of the products, market, costs and people involved when carrying out the assignment.

·         Not getting the people who will execute the plan involved in the development of the plan. Good planners will have their team buy into the plan, so it becomes “our” plan. This is a major challenge, as it requires superb people skills and it can be the hardest ingredient to find in a good planner.

·         Another difficult challenge a planner faces is not having a vision of the completed plan. Not looking forward enough. Not understanding that there will be competition and pricing pressure adjustments that need to be put in the plan. Not anticipating personnel changes. In other words, simply not properly anticipating the life cycle of the plan or the product or service within the plan.

What skills do managers need to be effective in today’s environment?

Work ethic. Lead by example in the type and amount of effort put forth.

People skills.

Good manners.

Computer skills.

Consistency in actions and deeds.