2017-06-JUNE
Train Your Employees to Manage Time and Increase Productivity
Most business owners complain about their employees “wasting” time dealing with issues outside of their job. Reasons for this happening include:
- Company culture,
- Lack of incentive,
- Personal problems, and
- Insufficient training.
Micromanaging your staff isn’t the answer. Empower your workers to personally balance their levels of productivity. This increases their engagement, participation, and effectiveness.
Encourage your workers to follow the four top time management tips listed in the best-selling book by Brian Tracy, “Eat that Frog”:
- Clarifying exactly what they want to accomplish before starting work.
- Planning their day in advance.
- Beginning by “eating the frog” – handling the least desirable or most difficult task first.
- Handling each task with a single touch; each task must be finished completely before moving on.
Also, minimize meetings and tame the email monster. Conduct meetings standing and time-box your meetings to between 5 and 15 minutes, dealing with a maximum of three questions or issues.
Introduce the “one touch” principle where emails are concerned, in which each message that comes across a worker’s screen gets handled and completed when it’s viewed, to avoid revisiting the issue.
BONUS - Read this article online and download your own complimentary copy of Brian Tracy's best selling "Eat That Frog" book and get 21 Great Ways to Stop Procrastinating and Get More Done in Less Time. No registration, it's my way of showing you some of the great thinking underlying what I do.
The Law of Finality – No Negotiation is Ever Final
The Law of Finality says: No negotiation is ever final.
It often happens that once a negotiation is complete, one or both parties think of something or become aware of an issue that has not been satisfactorily resolved. One party feels that he has “lost.” This is not acceptable if the two parties are anticipating negotiating and entering into further deals in the future.
- The first corollary of the Law of Finality says: “If you are not happy with the existing agreement, ask to reopen the negotiation.”
If you find that you are not happy with a particular term or condition, don’t be reluctant to go back and ask for changes. Think of reasons why it would be beneficial to the other person to make these changes.
- The second corollary of the Law of Finality says: “Use zero-based thinking on a regular basis by asking yourself, ‘If I could negotiate this arrangement over again, would I agree to the same terms?’”
The ability to engage in zero-based thinking, to get your ego out of the way and to look honestly and realistically at your ongoing situation, is the mark of the superior negotiator.
- from "THE 100 ABSOLUTELY UNBREAKABLE LAWS OF BUSINESS SUCCESS" – Brian Tracy
What is Your Company Worth? What Determines How Much You Get? How Fast it Sells? (3rd in the Series)
Financial Ratios
Most businesses can be compared to other businesses within their industry, even those of a different size, by use of financial ratios. Some of the most common financial ratios for a closely held business include:
- Gross profit margin
- Profit Margin
- Inventory Turns
- Debt to Equity
- Average collection period (days receivables outstanding)
- Interest coverage
- Working Capital
- Acid test (quick ratio)
Focusing on one metric, such as day’s receivables outstanding can tell you about the business. Say a review of a business’ receivables suggests the average customer is paying in 45 days. If 45 days is standard in the industry, there is probably little the business can do to speed up customer payments without upsetting them.
However, if the industry typically collects receivables in 35 days, then this business is offering an extra 10 days of free financing to its customers. If a financial ratio is below average, this may be a sign of inefficiency or waste.
Further, too much of one thing can be bad, such as too much revenue from one customer. This can also be true of too much concentration or reliance on one product or one industry.
Know the ratios. Prospective buyers will!
- by Greg DeSimone - Beacon Equity Advisors, Inc.
Sales Lessons from a Lobster Fisherman: Don’t Sell a Lobster
I was looking for a way to help a carpet-cleaning service break free from its commodity-based business model and transform it into a value-based model. The answer came from the story of some Maine lobster fishermen.
These young fishermen were selling from the back of their boat at the going rate…like every other local fisherman. When lobster season ended, they came up with a new plan: Instead of selling from their boats, they took their catch to Martha’s Vineyard where they could sell at a premium.
They didn’t stop there. They wanted to supply even more value. They decided to travel further, to an affluent community that has no lobster fishermen. But instead of merely selling lobsters, they created a membership model where they supply everything required for a simple, yet wonderful lobster dinner.
We used this concept with the carpet-cleaning service. We created a club that allows them to engage prospects in a whole new way, educating them and discovering their needs.
Ask yourself, what can you bring to market that adds additional value not offered by your competitors. How can you help your clients do the same thing?
Soon, you’ll be eating lobster…
- by Coach Phil Gilkes
5 Tips for Scaling Your Company Now
Three out of every 10 businesses make it beyond their initial growth spurt. Why?
Many don’t understand what growth really is. Working harder is not the key – effectively scaling your company is. Here are five tips for scaling.
- Plan to Succeed. Understand what you’re good at and what you enjoy. Don’t do anything else. Delegate. Search for and develop the aspects of your business that can be replicated quickly at little cost. Get a financial guru to help you find investors.
- Shift Over. Focus only on scaling your company. Spend your time considering opportunities to make your operations easier and more cost effective.
- Let Technology Work for You. Get in touch with a great technical services provider. You’ll need tools for accounting, marketing automation, sales management, customer service, and more.
- Get Help. You must get assistance to succeed. Hire, train, and motivate wisely.
- Build a Public Profile and Get Out of Your Office. Create and maintain a strong public profile. Foster bonds with the right people in your community and business network.
Carefully considered and properly implemented, scaling your company at the right time can turn your company into a lean, mean profit-making machine.
Do You Have a Valuable Franchisable Concept in Your Business Right Now?
In our series on franchising, we’ve interviewed Joe McCord of The Franchise Doctor for his advice and insights. Here are some highlights:
How do I know my business should be franchised?
- You have established a stable and profitable operation.
- There is growing and widespread demand for your product/service.
- You have documented systems in place that have simplified operations.
- You can deliver a consistent product/service to high standards.
- You have established points of separation from your competitors.
- You know the demographics it takes to support a location.
- You have developed a marketing strategy that works.
Franchisor woes, how to help your unit franchisees succeed
Are there alternatives to franchising that might be better, like licensing?
Licensing is simpler but you lose control. There can be legal problems if you are using licensing to propagate your business to others. Many that have skimped on legal advice have found themselves embroiled in an expensive legal battle.
- by Joe McCord, The Franchise Doctor
The What, Why and How of Human Potential Assessments
Are there tools to help put the right people in the right jobs, inspire high performance, and show you where your team needs training?
Yes: assessments. But there are so many assessments today it can be challenging to know which to choose to help you with your specific problems.
Let’s start by looking at assessment types. Essentially, there are two types of assessments:
Personal: Self-evaluation. There are three different types of personal assessments:
Feedback: 360 assessments that provide feedback from a variety of sources. The value from this type of assessment is gaining insights from many perspectives, as opposed to just one with self-assessments. Additionally, 360 feedback is anonymous and collected in complete confidence, which results in more honest and candid information.
Assessments, when used properly, are helpful in hiring, individual development, team development. As your FocalPoint Business and Training Coach I can show you how assessments would help your team be more productive.
- by Cynde Herman, FocalPoint Business Coach