Sunday, June 16, 2013

Business Growth

Keys to Growing Your Business

There is always interest among owners in taking their business to a higher level. It is more than the tired cliché of “work smarter and harder”. Many factors are involved in attaining growth and here are a few thoughts to consider:

1.  Embrace Change: The road ahead has many turns and you either come to a screeching halt or head for the cliff. The only way to survive is to turn with the road. Change can be scary and unsettling for some but you should welcome the challenge. This may also require eliminating preconceived notions about growth.
2. Define your target market with laser accuracy. Many businesses have drifted along and survived on low hanging fruit; perhaps it is time to refocus. Take a step back and define your market strategy. Where is your best bang for the buck? Are you headed for where the market is going? Imagine where you want to be in 3 to 5 years and what the business can become. Without this, you’re shooting blind hoping to hit the target.
3. Boost R&D. Times are not going to remain down indefinitely. When the next “up” wave comes around, you want to be ready with new solutions for the market. This is when weaker companies scale back on R&D and smarter companies invest in their future.
4. Engage your employees and listen. Your employees can be a goldmine of ideas. They know your customers, your market, and your operations. Actively encourage them to come up with ideas to improve revenue generating operations, product innovation, cost cutting measures, etc., and listen to them. You’d be surprised at the level of ideas you’ll generate simply by asking. This also gives your employees a great sense of inclusion.
5. Stay physically fit.  You need to keep healthy to handle the pressures of working harder while managing change. Stress compromises your system and induces depression and anxiety. Regular exercise has the exact opposite effect and has myriad of other benefits.

I hope you find this outline of value as you try to expand growth. Please let me know what you think.

Sunday, June 9, 2013

Guest Blog

U of W link – EFMD Vision 2020

This week’s blog provides a link to a great news story involving two students from the University of Windsor.
The link was created by the Odette School of Business and the Centre for Enterprise & Law.

Please find attached a link to the video submitted to the EFMD Vision 2020 undergraduate business competition by two of the senior undergraduate students:


The competition link:

The video link for Christian and Blake:

This video is very well done and we wish the students every success.
Please let me know your reaction.

Monday, June 3, 2013

Employee Management

Conflict Management

Conflict between employees is one of the most common sources of trouble in the workplace and can lead to productivity losses, increased absenteeism and poor client service.
Moreover, when it goes unresolved, constant conflict can erode the work environment to the point where employees will even leave the organization.
Here are a few tips to help business owner’s management conflict in the workplace.
1. Clarify. Ensure job functions and procedures are clearly defined in writing so employees know what they are accountable for and to whom they report.
2. Encourage employees to discuss areas of conflict and differences so they do not fester and they become larger issues.
3. Promote trust. Involve management in open discussions that promote trust and respect. Differences of opinion and disagreement should not be confused with conflict and can be healthy in an organization.
4. Involve all parties in resolving the dispute and recognize the merits of the positive and negative factors that each party sees.
5. Review the process used to finalize any decision that successfully resolves the conflict. Management may be able to reuse the model in the future.
Effective leaders willingly address spoken and unspoken negative tensions in the company and work to transform these into positive and productive relationships.
I hope these are helpful thoughts on the topic and I welcome your comments.