Have you wondered how leaders avoid professional debt?
Are these types of profession debt weighing you, your team and your organization down?
It All Begin With Technical Debt
A client introduced this concept to me, “technical debt”. They described it as the cost of NOT doing the proper care and feeding of their systems, software, hardware, servers apps, and technology.
What Are These Costs Of Debt?
According to Merriam-webster, debt is described “a state of owing”.
The cost is exponential, not cumulative.
For example, let’s say it would take five days a year to maintain and update the technical systems. After 5 years, it would be MORE THAN 25 days to update the systems. The reason is that the updates are compound and exponential. Expect 50 to 100 days to do the updates, or two to four times the amount of time if the maintenance had been performed annually.
#Consistency is the way to avoid the exponential updates.
What are the areas that make up Professional Debt?
- Professional Development
This area is how well you lead and prepare for the future:
- Hire and empower your team to accept and expect change
- Make decisions promptly and when they need to be made… no decision is a decision
- Mindset is a critical skill that is often overlooked, so incorporate daily mindset practice
- Realize that your industry will have AI, robots, and disruption. Create and innovate now to ensure the greatest amount of time to #BeatTheBots
- Lead for the future of the organization, the employees, and the customers. Check your bonus and ego at the door
Professional Development Debt
- Increase your expertise every year for you and your team
- Be that leader that has 20 years of many experiences; not one that has one year of experience, 20 times
- Keep complacency away by learning
- Attend professional development conferences. I use the guideline of attending 2 a year so you have time to put in place what you learn:
- One conference in your core responsibility or industry
- One conference in a complementary area or soft skills
- Invest in yourself and surround yourself with other successful leaders. An executive coach, peer group or mastermind will push, challenge and encourage you to grow. They enable you to see your blind spots, watch your back, move you to your goals faster and connect you with resources
- Stay current and read, watch or listen to other leaders in your field. Also, check out other industries to study what they are doing… you will be surprised at how you can leverage what they are doing
- How do you build, foster, contribute and grow your community and network?
- Give more information than you take
- Share with your team, colleagues, and others with no expected return
- Reach out to your network or community on a regular basis, not only when you need it
I classify health and fitness as mental, physical, emotional and spiritual:
- Physical health ensures a fit body and mind
- Adhering to boundaries will avoid burn out and stress
- Meditation and quiet time provide mental clarity for new and fresh ideas
- Emotional health enables rational decisions and compassion
Comment below and let me know what you have experienced, or seen.