Tag Archive for: People

Characteristics of Successful Leadership in Business: A Comprehensive Guide

Leadership is one of the many buzzwords used in business today. Yet, when you challenge someone to define what they call leadership, often there is nothing but silence. When you look around the world at some of our pronounced leaders, leadership is perhaps the last word you would use to describe them. Unfortunately, this is also very true in many business operations. As individuals, business owners, business coaches, employers and employees, we have a collective responsibility to define leadership for our collective benefit.

Characteristics of successful leadership

From my experience in small, medium and corporate businesses, the best leaders I … Read More

by

Optimizing Staffing: The Blueprint for an Effective Business Structure

As every business owner will have heard, the greatest asset in your business is your staff… In many ways I support this comment – having benefited from having some truly exceptional people work with me, and for me, over the years. However, the evolution of business over time has meant that the traditional staffing structures now are getting questioned – and they need to be challenged in many businesses to ensure the viability of the business.

The traditional business structure surrounded itself with paid full-time staff, supplemented with part-time and then casual staff, and for the rare occasion – … Read More

by

The Benefit of Honest and Timely Performance Appraisals

Staff can be the greatest asset in your business, but for any service based business – they typically will be the greatest expense – whether they are an asset or not.

Perhaps its my corporate background, my genuine desire to improve things (people and businesses), or it might simply just be my objective to see a larger number at the bottom line – but regardless of the driver, I have consistently found that well delivered performance appraisals work AND….that most small and medium businesses don’t do them.

Well performing and engaged staff are truely a great asset to any business. … Read More

by

Critical Components of a Good Job Description

Job descriptions are a valuable tool for both staff and employers and unfortunately, they tend to be absent in many businesses.

For the staff member, a good job description provides clarity around the role, what the core responsibilities are, outlines the accountabilities/delegations and shows the associated performance criteria.

For the employer, it provides important boundaries for the staff members to operate within, noting that they are only one staff member in what is typically a larger group. Frequently, it’s only the owner/manager who has full line of sight of all roles, so clear definition of “who is … Read More

by

Enhancing Business Efficiency in Small Enterprises

Improvement in efficiency has been an age old quest in business, as it has enabled either more to be achieved with less effort, or for the same amount of effort, but faster with more profit.

For many reading this article, the phone or tablet you are using provides you with a more effective use of your time – as you can read this on the run. Five years ago, you would have needed to be at a computer, 10-15 years ago you would have needed to go and buy a magazine.

Increased efficiency has a variety of potential benefits, including; … Read More

by

Tailoring Your Business Communication for Success

Have you ever read a business note, perhaps an email or a letter and thought – huh, what’s that about…..as the tone or content of the note is as if its been written for someone else? Well perhaps it has!

In business I have found that the principle of writing for a “third party” audience, is actually not that uncommon. Often these days its in email format, with the note written more for the benefit of the person checking or reviewing the document than the recipient. The third party could be the boss, a manager, … Read More

by

The Value of Continual Education in Business Success

At some point – and we have all done it, we get to a point of knowledge within our business or industry were we feel……. comfortable. It is at this very point; you can guarantee that you have just fallen BEHIND the game.

Business is ALWAYS evolving, whether it is directly such as with a new piece of equipment or product, or indirectly via innovation in a related industry such as cloud accounting or tablet invoicing. So by thinking that you have attained all of the required knowledge for your industry, it is more likely that you are … Read More

by

Maximizing Business Time Management for Efficiency

How many times have heard the immortal catch cry, “I don’t have enough time” and then….the more scary question – how many times have you been the one to utter it?

The lack of time is really the combination of our perception and tolerance. Perception, because busy is how we see our collection of activities – for some, 8 hours of engagements is very busy, yet for others they are wondering what you going to do with the other 2/3rds of the day. For those who immediately thought of “work” when I said “8 hours of engagements” – … Read More

by

The ‘One More Thing’ for Achieving Business Success

Whether it be in sport or business, the difference between success and failure can often be simply doing one more thing than the competition. The extra phone call, one more prototype, another sales approach, an additional quality check, a larger focus group, an extra tier of service etc etc…..any of these can be the secret ingredient to business success.

A few qualifiers;

– know your competition as this will provide some form of benchmark. This is not to say that your competition is setting the right pace, but as a minimum it provides a starting point.

– work from … Read More

by

The 10 Commandments of Business: Guiding Principles for Success

Many business owners are time poor and simply don’t find the time to read the more comprehensive articles. So if you are looking for a bunch of potent tips for your business – then this short article is for you. 

Aptly named the 10 Commandments of Business, these are 10 activities which will add bottom line value to every business.

Thou shalt…

  1. … plan for the business. This should be aligned to a clear vision of what the business is seeking to achieve, along with its key strategies and measures to get there.
  2. … understand your cashflow. Cash is
… Read More
by

Preparing Your Business for Sale: What You Need to Know

Business Sale Building Blocks

The prospect of selling a business, or at least positioning it so it can be sold, will be confronted by all business owners eventually. It may be for 20 years down the track (rare) or to sell now (more common), but the simple reality is that all businesses will have a change of ownership at some point.

The burning question for most owners is, “what do I have to do”?

Selling a business can be a relatively easy process, providing of course – you have a business which is worth buying (from a buyer’s perspective) and … Read More

by

The Cost of Tolerance in Business: Understanding the Impact

Business owners tolerate a lot, whether it is poor performing staff, process problems, cash flow, IT and the like. In doing this, the level of stress or pressure on the owner (and in many cases – the business) rises in direct proportion.

The two questions I pose are why…….and…..what is the cost?

In general terms, things are tolerated because of either a perceived lack of alternative or an inability to implement change. History shows me that there is always an alternative, albeit it may be painful, costly or difficult – but there is always a choice. The implementation of a … Read More

by

The Importance of Having a Business Plan: Avoiding Failure

“Fail to plan is planning to fail” – Winston Churchill.

Even though this well used line receives universal acceptance in conversation……. few businesses “walk the talk”.

If fact, based on a number of recent business reviews it’s obvious that more planning goes into an overseas holiday, than many business owners put into planning for the success of their business.

Few businesses were actively “not planning”, with the majority either not having the time or seeing it as a low yield activity. This finding did not just apply across business planning, but equally to marketing, employees, sales and cashflow … Read More

by

It’s Never the Message, Always the Delivery: Secrets of Business Communication

How many times have you been given some news and reacted badly; triggering a sudden or violent reaction, not gaining an understanding or getting the full message?

In finance, most bad news revolves around loans – the words that most clients don’t want to hear from their Banker include;

  • No!
  • Declined. 
  • …there’s a problem….

These are of course simple words – nothing more, but we tend to attribute lots of meaning to them and often far more than the actual message intended. Equally the shorter the message, the less context comes with it – so our minds … Read More

by

But I didn’t see it coming!

All too often this is the catch cry after a major incident…..a show stopping incident…..a business crippling incident…

But after the dust has settled and the emotion has been removed from the discussion, the real question is “WHY didn’t you see it coming?”  Show stopping incidents in business – the ones that have the ability to cripple or kill a business, can be predicted.

These risk events will normally fall into either being a Credit, Market or Operational risk event. A common Credit risk event for small business is a major bad debt, which more often than not will have … Read More

by

The Factor of Time: Understanding its Role in Business Success

Time is a precious commodity and one not to be squandered. Often time…..is the critical factor between success and failure.

In prior blogs I have made references to how important time is in finance, and then more generally – to business viability. If your business is running tight – with losses or cashflow gaps starting to show, then this article will provide you 10 reasons to take corrective action now.

– Interest 

The greater the duration of a loan, the larger the interest cost to your business. Miss a payment or exceed your approved limited you only increase your interest … Read More

by