Business Management

let’s Reduce the Stress Levels

Any business person aiming high is going to be stressed at times. But many owners/managers have learned positive ways to reduce stress. Here are a few ideas that may help keep stress under control.





1. Remind yourself of the positives
Usually people are stressed about just one or two areas of their business. If they only took a moment to look at the big picture, they would see that the vast majority of their business is going well. Make a list and refer to it frequently.

2. Clarify and prioritize objectives
Clarity enhances serenity. If you’re stressed by how much you have to do, get precise about exactly what tasks must be done. Once you’ve created your list put a circle around the truly crucial tasks. Most of the time stressed executives have exaggerated just how much they have to do.

3. Breathe deeply and relax
Take a deep breath. Then as you exhale imagine all your problems and stress leaving you. Do this just 3 times and your feeling of being stressed will dissipate significantly.

4. Focus on helping others
One of the most effective techniques for reducing your stress is to take the focus off yourself. When you start devoting time to helping others around you inevitably spend less time thinking about your own problems. It may seem strange to connect the two, but the truth is many people who are stressed in the corporate world are so partly because they are incessantly thinking about their own issues and situation, rather than others. We need to balance the two.

I hope some of these techniques help. By proactively acting to improve circumstances we regain a feeling of control and possibility. If we continue acting we soon get a change in our situation and the situation improves.
Please let me know your thoughts. gerry@polarisgroupmc.com

entrepreneurship

Essential Entrepreneur Skills to Succeed

What does it take to be successful starting your own small business?

Here are some skills every successful entrepreneur has in common:








1. Resiliency. The ability to weather the ups and downs of any business since it never goes exactly the way the business plan described it. This skill enables the entrepreneur to keep going when the outlook is bleak.
2. Focus. After setting a long term vision, knowing how to “laser focus” on the very next step to get closer to the ultimate goal. There are so many distracting forces when trying to build a business that this skill is not easy to master.
3. Invest for the long-term. Most entrepreneurs are not patient and focus only on what comes next, rather than where the company needs to go. Overnight success may take 7 to 10 years. Entrepreneurs need to stop, pause and plan on a quarterly basis.
4. Find and manage people. Only by learning to leverage employees, vendors and other resources will an entrepreneur build a scalable company. They need to learn to network to meet the right people. Entrepreneurs strive to guarantee they will get honest and timely feedback from all these sources.
5. Learn. Successful entrepreneurs realize they don’t know everything and the market is constantly changing. They stay up to date on new systems, technology, and industry trends.

I hope these thoughts help you plan for a successful venture. Entrepreneurship is not for everyone.

Business Management

Business Staffing Options

 

There are several issues to be reviewed when determining how a business should hire replacement staff. Here are a few considerations.





1. Permanent or Contract help?
• Staffs usually provide more continuity and stability but add to cost due to employment taxes and         perhaps benefit programs.
• Staffs may provide the advantage of employee loyalty and an edge in more positive morale and           productivity.
• Contract people can be terminated at any time negating the costs of severance programs.
• Contracting can add flexibility by allowing the adding or deleting of staff as demand requires.
• Hire a contract person as a temp. If the person works out you can make the job    
         permanent.

2. Promote from within or add new employee?
• Promoting from within does enhance employee morale and loyalty to the company. Employees           who see the company as interested in career development and loyal to staff tend to make a                   greater effort in supporting company goals and success.
• Introducing new employees from the outside does provide a fresh approach to some positions             and can re-energize the company. Also, securing new outside talent may reduce the cost of                   training and development of current staff.

3. Full time vs part time staffing
• Businesses should be careful not to add staff too soon. Temp or part time staff can be used as the         business grows and changes to permanent positions can be made as the business matures.
• If the business has seasonal peaks and valleys, use of part time staff provides the flexibility to             adjust to demand.
• In some situations, job sharing can provide the opportunity to maintain a larger pool of                         employees who are familiar with the work but prefer to work part-time.
• Let growth, profitability, and demand dictate when to expand permanent staff.

I hope these ideas provide a little insight into options for staffing as the organization grows.

Keys to Succession Planning

You can only be the “superhero” in the business for so long. Succession Planning is a purposeful and systematic effort within the business to ensure leadership continuity, retain and develop knowledge, create sustainability, and encourage employee growth and development.


Here are a few thoughts to help with planning:

1. Structure
What will the chain of command look like when a key executive or owner leaves the business? If the owner drives the business do the managers inheriting that role understand the depth of work the owner did? The relationships developed and maintained? How decisions were made?

2. Business Organization
This is the nuts and bolts of how you are going to handle the transition. Everything from transfers of ownership to identifying key management roles needs to be outlined and planned. The most important part of the plan is to ensure key people have enough time to ease into their new roles.

3. Continuity
Succession Planning is about continuing to identify the Stars in the business that will support the business mission and continue to deliver value that the current ownership has spent a lifetime developing. It is important to identify and refine key positions in the business and develop depth in the manager pool as the business grows. Successful succession planning happens when key employees fully embrace their roles and owners or other key managers are able to transition out of the business.

4. Benefits
Succession Planning is more than just protecting your business, it’s creating a legacy. Succession planning has the power to transform how a business manages the future of its talent base at all levels to positively impact bottom line results. Done well, it drives ongoing, proactive dialogue among owners, senior executives and other managers that identifies and tracks individual talent in key positions. The organization can then put key contributors on a growth path where they can be most valuable to the company.

I hope the thoughts help develop your business and provide insight into the benefits of looking forward to planning a way to ensure continuity of the business. Please let me know your thoughts; gerry@polarisgroupmc.com

Business Management

Need Coaching?

As a business grows owners may be in a position of managing more and more areas of the business that they are less familiar with. The owner’s original background may be manufacturing but now oversees finance, sales and HR issues.




An experienced business advisor may help develop these skills and improve decision making as the business grows.

Here are a few examples of situations where a coach may help:

1. Development of managerial skills for owners or senior managers.

2. Refocusing management to a strategic vision and plan.

3. An objective business performance review of results against planned objectives.

4. Improving operations by reviewing decision making processes and staff communications.

An independent coach can facilitate change with some of these issues if the environment welcomes an outside, fresh perspective. If the process is not welcomed by all participants the results will be more than counterproductive so owners should proceed carefully to ensure success.

I hope these few thoughts help as you develop and grow your business. Let me know what you think. gerry@polarisgroupmc.com.

Business Start-ups

Avoid those killer start-up errors

Are you planning to start a new business?  There are many hazards that might be faced and avoiding these can help improve the chances of success.

Here a few hazards new entrepreneurs should try to avoid.




1. Under financing: lack of sufficient funding is probably the most common reason new businesses fail. Many entrepreneurs fail to assess the burn rate of the capital they have. One costly step is hiring too many people. Try paying people with equity rather than salary, you will end up with a much more committed team and preserve cash. Don’t overspend on equipment and technology you really don’t need to get going.
Also, many start-ups fail to realize that few customers pay promptly; this can severely impact cash flow.

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. Fear of Failing
It is natural to have some fear that the business will not succeed and certainly problems will arise and challenge your business acumen. However, if the concept is strong and validated you should not let fear of failing stop you from trying to live your dream.

4. Inflexibility: with start-ups you have to be prepared to change on the go. Rarely does the plan get executed without a hitch. Marketplace dynamics, competitive behaviour and economic conditions can dramatically impact the plan. Ability to react and change plans may be a key to survival.

These are some hazards you may face in starting a business. There are others but avoiding these may help improve your chances of a successful start in business. I hope this helps you get underway. Let me know.
gerry@polarisgroupmc.com

Business Management

Leadership Principles Worth Following

There are universal principles at work behind every choice, every interaction, every word that is said and every action that is taken. Understanding these underlying principles will help you grow and prosper as a leader and as a person. Here are a few to consider:




1. Fairness
Fairness is a principle that’s understood by children everywhere, but as we grow up, we each may develop our own individual concept of what is and isn’t fair. On your team, there needs to be a common understanding of fairness, and it needs to be defined, communicated and demonstrated by you as the leader every day.
When you make decisions, be open and honest about how they were made and why. People may be resentful or mistrusting of decisions that have been handed down arbitrarily or without input and explanation.

2. Honesty, Integrity and Trust
The people on your team want and need to trust you. They want to know that you’ve given them all of the facts and that nothing is being hidden. The way to gain that trust is by being honest and living with integrity.
When you do make a mistake or a bad decision, disclose it. Don’t blame someone else, lie or pretend it didn’t happen. Be honest about it and move forward.

3. Potential
Everyone is capable of being and doing more than they are now. Everyone on your team – whether they’re a rookie or a subject matter expert – needs to feel that you see his or her potential to grow, acquire new skills and develop.
People look to a leader to evoke that from them, inspiring and allowing them to grow, evolve and fulfill their potential. Don’t restrict their growth by assuming they’ll adhere to your predictions of how they’ll act, think or talk.

4. Respect and Dignity
Respect is difficult to earn and easy to lose. Adopt the “golden rule” – treat people how you want to be treated. Treat each team member with respect and dignity for who they are and for the work that they’re doing. Recognize and embrace their differences and diversity.
Earn respect by acting with dignity and showing that you have respect for yourself. Be a role model and hold yourself to a higher standard on a daily basis.
Reward people in public and correct them in private. This will protect their dignity and reinforce that they can take risks. They’ll know that if they do make a mistake or fail they won’t be publicly disgraced for it.

These ideas can help develop your leadership skills. Please consider them as you develop your business.
I would enjoy your comments. gerry@polarisgroupmc.com