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22nd of April, 2015
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In: Department Manager, Financial Management, HR Manager, KPIs, Large Business, Leadership, Medium Business, Middle Manager, Owner Operator, Self Management, Senior Manager, Small Business
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How to make better decisions standard
In these crazy-busy times, it is easy to develop a knee-jerk approach to decision-making. So what can you do to make it easier to 'hop in the helicopter' to gain a more informative perspective?
Hop in the helicopter
'Hopping in the helicopter' means getting above the noise and busyness to gain a clearer understanding of an issue. Being in the helicopter enables you to see things you couldn't when in the thick of things. From the helicopter you can see patterns, opportunities and even the significance of the issue. So how can you make it easier to hop in the helicopter?
Track your KPIs over time
Assessing a single measure in time gives no indication of the direction it is taking.
It is essential ...
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We all have our reasons for being in business - what are yours? And more importantly, what do you want to achieve next with your business?
Why what you want matters
As the owner of your business, your business exists to serve you.
As the leader of your business, your passion and commitment to your business, or lack of, influences your whole team.
Therefore it is important to clarify your personal goals for your business, before working on the business goals you will share with your team.
So, what do you want from your business?
Increased profitability and cashflow?
Are you working hard, but not seeing the financial rewards?
Growth?
There is no point growing your business, if the headaches are only going to grow too. Why is growth ...
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Harness the double wealth power of your business
Building a business is an effective way to create wealth as it offers two ways to create wealth:
1. Providing an income to you as owner. Income is the profit your business earns from its day to day operations after everyone has been paid (including you, for your work in the business).
2. Increasing the value of your business. Value is the price someone would pay, to buy your business.
Profit and value are related. Value is largely, but not solely, influenced by profit. Here are two strategies to increase the profit and value of your business.
Strategy 1: Establish yourself as a profitable business
Here are some basic guidelines:
1. Establish a real profit
In your sale price, ...
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Businesses follow a common path of development as they grow.
Each stage of business development has its own unique challenges to overcome and requires different management skills.
There are three main stages of business development:
Startup
Adolescence
Maturity
You are in Tips and Tools
How to identify your stage of business development
The above sales turnover and staff numbers are just a guide. We have worked with businesses with 120 staff, that are still at the adolescent stage.
The best way to know which stage your business is at, is to review the below challenges, and see which group you identify with the most.
Start-up Challenges:
Surviving!
Finding sales opportunities
Converting sales opportunities
Managing cashflow
Juggling many hats
Appearing professional
Dealing with the admin/paperwork
Overwhelm! Everything is new
Adolescent ...
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