Business Management

Do's and Don’ts in Managing your Business

It has often been said that employees rarely quit companies. Instead, employees quit their managers or supervisors by leaving the company. Increasing positive and reducing negative managerial behavior will go a long way towards improving employee engagement.
When your talented employees are engaged, they are able to perform better and improve your business.
Here are some Do’s and Don’t’s to consider in order to get managers and supervisors started in focusing on ways to and improve manager’s performance.

1. Do Innovate – don’t rest on your laurels
             The most successful businesses are more innovative in a variety of ways.
            They offered new products and services more often.
            They adopted new technology more quickly.

2. DO what you say you are going to do when you say you are going to do it.
There is no better way to communicate the message that you are accountable for your promises and that everyone in your company should be accountable as well.

3. DO admit your mistakes…… 
...and take the blame for failures.

4. DO recognize your team.
You can never underestimate the power of simple recognition for a job well done.

5. DO smile and laugh.
Have some fun. But, be genuine; programmed fun and faked laughter is worse than doing nothing.

6. When appropriate, laugh at yourself; it will humanize you.

At the same time………

1. DON'T get angry.
   Getting angry is easy. Anyone can do that. Anger does not belong in your managerial kit bag.

2. DON'T be cold, distant, rude or unfriendly.
    Especially in difficult times, employees take cues from their managers and need to hear from        them. The team will judge managers by their action, moods, and behaviors, not by their intent.

3. Don’t rely on too few customers—diversify
    Many companies run into trouble at times when they lose a single major customer.

4. DON'T BS your team.
    This includes saying things that you don't believe in. This includes hiding information and            just plain lying. By the time each of us is in our early 20′s, we have all developed very well-tuned BS detectors.

5. DON'T avoid taking responsibility for your actions.
   You are the boss. As such, you are accountable and the buck stops with the boss. You are trying to develop accountability throughout your company. So, lead by example.

These are just a few ideas to help structure a positive working environment. I hope you share these with your team. Let me know what you think. gerry@polarisgroupmc.com

Business Management

Know your Competition

In order to compete effectively and outperform competition you need to know their strengths and weaknesses. Your product or service has to be unique or stand out against prime competitors.







To test your competitive intelligence; ask yourself:

1. Product mix
What products do you offer that competitors don’t offer? Is there a market void you can fill? A good competitive analysis will help determine best options.

2. Training
Are your employees as well trained to service customers as your competitor? Can your employees answer questions about your competitor’s products? Can you identify competitive weaknesses? Are you vulnerable in any way?

3. Promotion
Are you familiar with competitive messages? Check their websites, brochures and promotion material to understand their positioning and how it affects you. Does your competition spend more advertising and promotion that you do? How does that affect how you compete?

4. Supply lines
Do you know your competitors customers, suppliers and distributors? You need to know how strong their relationships are to know how you can compete most effectively.

Understanding your competition not only allows you to understand where you compete best but may offer the opportunity to collaborate in areas in which you do not directly compete. A competitor may be willing to refer customers to you if you offer a particularly unique product or service. This can only happen if you know your competition and develop a relationship of trust between you.

In the end use this knowledge to strengthen your own position and build your strategy and a place in the market.

Please let me know your thoughts. Gerry@polarisgroupmc.com

Business Planning

You Can Reap Benefits of Strategic Planning 

Strategic Planning is a process to produce innovative and creative ideas which serve as the core framework for the company and designing its’ future. It provides a road to follow for success.

Strategic planning can have an immediate impact on the business; here a few benefits than can occur.


1. Make your future happen.
It is the difference between being proactive or reactive. Not every situation can be foreseen but you can make decisions and react to changing market conditions with the end in mind.

2. Establish direction.
Clearly define the purpose of the organization and establish realistic goals and objectives which can be clearly communicated to employees.  Provides a base from which progress can be measured, employees compensated and boundaries established for effective decision making.
 
3. Make wise business decisions
How do you distinguish between a good idea and a great idea?  Without a clear vision of what you want to achieve, and a mission or purpose for doing it, everything seems like a good idea.  What project do you invest in?  How should you prioritize?  Having clarity about what you want to do, who you need and how to get there will focus limited financial and people resources.

4. Increased profitability and market share
Focused planning and strategic thinking will uncover the customer segments, market conditions, and product and service offerings that are in the best interest of your business.  A targeted approach to markets and opportunities will guide your sales and marketing efforts, distribution and other business decisions which ultimately may mean more profit to the bottom line and a stronger market position.

5. Unique differentiation:  avoid “me too”
Companies often get used to looking at their competitors and their best practices and then trying to duplicate them that it becomes harder to tell the companies apart.  They all start to look the same with less distinction in unique value.  Strategy means having a unique differentiation that sets you apart from your competitors.

6. Increased job satisfaction. 
Consistently one of the top reason for leaving a firm is the lack of job satisfaction.  People need to have a motivation to come to work and feel like part of the team.  Employees are often the greatest source for innovative ideas.  The purpose and meaning of work gives a new focus and reason to show up each day if they participate in developing the Strategic Plan.

I hope these ideas provide some clarity on the benefits of developing an overall plan.

Please let me know your thoughts. Gerry@polarisgroupmc.com

Business Management

Do You Have Time Management Issues?

Business owners and managers often struggle with managing time efficiently. There are many root causes for time waste that can be addressed to improve effectiveness of the business.





Here are a few thought starters:

1. Project assignments. 
Have you assigned the right person to the right job? An employee may appear to have a problem managing time but they may be in a role or doing a job they are not suited for.

2. Delegation. 
As owner/manager do you have poor delegation skills or do you not delegate in order to maintain control? The need to do everything yourself can dramatically impact your time management. Delegating is not abdicating.

3. Meetings. 
How many meetings held are really effective? A lot of time can be wasted in unnecessary or poorly organized meetings. Make sure agendas are prepared and followed.

4. Training. 
Do staff members need training to perform better? What appears to be a time management issue may be a training need.

5. Planning. 
Are the business’ plans well defined? If direction is unclear staff may struggle to know how to prioritize work activity. Make sure time is used to critique time used and avoid time wasters like email, calls, breaks and other non-productive activity.

These are samples of business issues that may mask what appear to be time management issues. There can be many others; examination of each may uncover root causes of poor productivity.

If you have thoughts to share please let me know.

Gerry@polarisgroupmc.com

Business Management

Start-up Challenges in Business

Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces whether they are large or small.






Here are a few challenges that face many new business ventures.


1. The Market
There is not a compelling enough value proposition to cause a buyer to actually commit to purchasing. Is this product/service “nice to have” or “need to have”.
The market timing is wrong. You could be ahead of your market by a few years, and they are not ready for your particular solution at this stage.
The market size of people that have interest and funds may simply by too small to support a viable business.

2. Starting without a plan:
Enthusiasm over a good idea is over-rated. An idea is only an idea and without a well-developed business plan chances of success are minimal. It is also very difficult if not impossible to raise financing without a plan.

3. Money Problems
The majority of small businesses that fail do so because of lack of cash. Often, this is because owners borrow based on their ideas of a successful business, instead of borrowing for a worst-case scenario. A start-up business owner needs to be optimistic, but often is too optimistic about seeing profits. Without adequate cash flow, slow sales or a downturn in the market can end the business before it has a chance to gain momentum.

4. Fatigue 
The hours, the work and the constant pressure to perform wears on even the most passionate individuals. Many business owners, even successful ones, get stuck working much longer hours than their employees. Moreover, they fear their business will stall in their absence, so they avoid taking any time away from work to recharge. Fatigue can lead to rash decisions about the business, including the desire to abandon it completely. Finding a pace that keeps the business humming without grinding down the owner is a challenge that comes early (and often) in the evolution of a small business.


5.  Trying to Do It Alone
A common problem for most entrepreneurs is the belief that they can handle all of the start-up’s operations by themselves. It may be a cost-effective way to run the business, but operating the entire business on your own may not be a wise decision or the best use of your time. Many small-business start-ups may not require full-time employees. But it's a good idea to have at least two teammates, a lawyer and an accountant, ready to help. With experienced, reliable assistance, you can avoid common business mistakes. When it is time to hire staff, be careful in your choices. Employees are a crucial component in the success of your business.

I hope these thoughts help you plan for a successful venture. Entrepreneurship is not for everyone. Please let me know your thoughts. gerry@polarisgroupmc.com

Business Management

Let’s Maximize Profits

Profits are the lifeline of small businesses. As your profits increase and become more predictable, your small business has a greater chance of surviving—and most businesses don't.
Most of the time, small business owners can't afford to wait for the results of long-term, large-scale changes to their business model.
As much as possible, if you want to turn a bigger profit as a small business owner, the quicker you can do it, the better.
The following simple changes can help you maximize your profitability right away.

1. Convert One-Time Clients Into Recurring Clients
There are many reasons why converting your customers into repeat clients can quickly   improve your profitability. Recurring customers tend to spend more and purchase more frequently than new customers.

2. Examine key performance measures 
    Falling sales, shrinking working capital, and rising costs are key indicators to monitor.

3. Manage your costs
    More effective purchasing can improve margins. Eliminate waste of materials and time.

4. Encourage Referrals
    If there's one marketing channel that can maximize your profits, referrals would be it.

5. Review sales to long term customers
   You may find out some customers are not as profitable as you thought.

In most cases, a combination of these measures will give a boost to profitability. Incorporate these measures into your business plan and review frequently.

Be diligent and execute, execute, execute.

I hope these suggestions help you focus on improving results. Please let me have your thoughts: Gerry@polarisgroupmc.com

Business Management

Want to be Quantum – Safe with Your Cyber security?

Cora Cybersecurity Inc is a company developed by our guest blogger, Joe Latouf.

Here is an interesting brief outline that should attract your interest.


Cora Cyber Security Inc. has pioneered Quantum Safe Cryptography. Current standards of encryption can and have been broken and when Quantum Computers become more commonplace a new standard of security will be needed.

Cora Cyber Security can provide QUANTUM SAFE CRYPTOGRAPHY TODAY. And it is UNBREAKABLE.

Cyber criminals cost the global community  over $700 billion annually.

CORAcsi has developed Quantum Safe Encryption that is:

• Fast – cyber hygene is an important consideration. When users do not have to wait for files/data, the temptation to “bypass encryption” is removed.

• Central Control – unlike decentralized peer to peer networking technology like “blockchains” Cora is centrally controlled. Ownership of the data/solution is well defined.

• Secure – both today and tomorrow. Let potential adversaries spend the time, energy and money to record your transmissions. Even quantum computers, when they mature, will not unCORAFY (decrypt) your information.

These are but a few insights into how you can strengthen your organization’s protection against cyber theft.

For a demonstration on how to secure your business, don’t procrastinate.

Call Joe Latouf, President, Cora Cyber Security Inc. today for a demonstration on this exciting leading edge technology.
Cell: 519-968-1338
Email: jlatouf@coracsi.com