Business Management

Business Ethics – Consider the benefits

The point of a corporate ethics code is to promote ethical behavior – not to enhance productivity, profits or public relations.  Still, a sound, well-administered code can benefit a company and its stakeholders in a variety of ways.



Here are a few thoughts to consider:

1. Guide employees in situations where the ethical course of action is not immediately obvious.

2. Help the company reinforce – and acquaint new employees with – its culture and values.  A code can help create a climate of integrity and excellence.

3. Minimize subjective and inconsistent management standards.  A code explicitly outlines the rights and responsibilities of staff members and helps guard against capricious and preferential treatment of employees.

4. Build public trust and enhance business reputations.  Also, a code helps demonstrate the company’s values to socially responsible investors.

5. Enhance morale, employee pride, loyalty and the recruiting of outstanding employees.


I hope these comments provide some help on this often difficult topic. Please let me know your thoughts: gerry@polarisgroupmc.com

Business Management

Do You Have Effective Business Leadership Skills?

Effective business leadership demands a captain of the ship, not just someone who's standing by the helm. Leadership is active, not passive.
Cool-headed, farseeing, visionary, courageous - whichever adjectives you choose, leadership is a winning combination of personal traits and the ability to think and act as a leader, a person who directs the activities of others for the good of all.
But you can't be a leader just by saying you are. Business leadership, like leadership of any kind, needs to be worked at. Transform yourself into the kind of leader your small business needs with these keys to business leadership.

1. Vision - Vision is essential to good leadership. Vision provides direction and without direction, there’s not much point to all that planning; your small business will still flail about. Create a Vision Statement for your business. Because it embodies your dreams and your passions, a vision statement will also serve as a leadership vision. Plan where you want your business to be in five years and how you are going to take it there.

2. Planning - The core of business leadership is being proactive rather than reactive. Sure, leaders are good in crises - but that doesn't mean they sit around letting crises develop. Leadership involves identifying potential problems and solving them before they reach crisis proportions. Good leaders analyze and plan and adapt their plans to new circumstances and opportunities.

3. Communication - Plans, strategies and results should never be left on paper, collecting dust. “If you are making money, your employees should know about it and be rewarded. This will motivate them and your company will continue to grow. The success of the company isn’t yours alone, it belongs to your team. On the other hand, if the company is facing problems, your employees will be a valuable source of ideas on how to improve things.

4. Staffing - Businesses are as successful as the people working in it. Great leaders who created successful companies have one thing in common: they surround themselves with talented, courageous, loyal people. Once you have recruited them, invest in their development through training, coaching and fair compensation.

Learning to be a leader isn't easy because it takes a conscious commitment and consistent effort to develop one's business leadership skills. But on the positive side, anyone who is willing to make the effort can become a good leader.

Business Strategy

Do You Have an Exit  Plan?

Determining when and how to exit a business can present issues often more challenging than starting the business.  Here are a few thought starters for owners looking for a way to exit their business.




• Vision
Is the business operated from strong principles of strategy with a clear vision? Can that vision be expressed and understood by those who manage the business or potential buyers? If you the owner cannot clearly state the purpose or reasons that you exist don’t expect new owners to invent it for you.

• Return
How will you get the maximum return if you plan to sell? In cases where management/ownership is dominated by a single individual there is a risk that customers will not have confidence in new ownership unless the current owner can provide an effective transition plan that ensures continuity of the business operations. Current owners may need to plan for extensive transitional training.

• Exit Rationale
Factors that may support your decision to leave can grow out of many conditions. The most common are age or health related. A long career leading to a desire for more personal time; reap the rewards of your career. Age may not be the prime driver but longevity at the job could be creating burn out. It may be time to move on.

• Maximize Opportunity
Look for opportunities to exit from positions of strength. A well trained and competent management group may provide the opportunity to offer your staff a management buyout.  Managers may be able to pool resources to fund the buyout, you as owner may offer to finance all or part of the buyout or there may be an option to use company assets to finance the loans needed for the buyout. It also provides good opportunities for maintaining stability in the organization.

• Market Conditions
Finally, the marketplace may facilitate determining the right time to exit. Poor economic conditions or competitive activity can have a huge impact on if or when you should exit. Positive conditions too might bring a competitor to the door with a buyout offer.


So the options are many but not always easy to sort through. Timing is critical, business life changes, choose wisely.