How connected are you to your team?
How connected are the individuals in the team…

Does it matter, yes… and here’s why.

Your people are your biggest asset, they do the things required to cause customers to pay for the products and or services you provide. No connection, means no communication, no communication no sale. Here’s the issue, its all about having a ‘suitable’ depth of communication.

The same thing applies to the internal customer communications, no communication, no connection, therefore there is probably a low care factor. (seems obvious now I spelt that out huh…)
Change it, discuss it, explore it, push it, use the term “Care Factor” and raise it to a suitable level (too much can push things over the edge).

Now take a look at your “Care Factor” for ALL your team. Here’s some pointers to consider.

• How much do you know about your people?
• Ask them about their day, weekend, issues, thoughts, perspectives etc.
• Chat about their hobbies and interests.
• Discuss work issues face to face every now and then (not just by email or a brief chat as you pass in the hall way).
• Invite them (not literally) to ask you about your interests etc…

Some of you will find this easy, others will struggle and have probably stopped reading for fear of connecting with their staff! Think about all of this carefully, because at the end of the day no connection means no sales, and business needs sales! (one way or the other).Your next questions should be how do I/we connect better!

I have a question however, what will they do with it?

Suggestion, for a whole bunch of people who can’t afford to buy the solar panels on their roofs use the $$ to give low income earners a way to reduce their utility costs, this will then mean less coal gets dug up as well. Makes sense to me. However I won’t be holding my breathe waiting for things to happen.

In your business are there similar opportunities? Are you missing out because of lack of thinking, risk taking etc… look closer you might find some powerful opportunities right under your noses.

Firstly a business that works.

• Great products
• Great service
• Good profit margins
• Great systems – policies – procedures – plans – vision
• Great team
• An entrepreneurial spirit – some risks – great rewards

Now say to yourself, “What do I want at the end of it all?”

A retirement income

An enjoyable, sustainable and profitable company to work in forever (some people don’t want to retire)

So how much is the retirement income going to be and when?

• Will it maintain your current lifestyle needs?
• Will it offer you the chance to live a greater lifestyle than you currently do?
• Will it provide you with the chance to do more things in the wider community
• Will I semi retire early…

All great questions but now what.

• Think about your income levels, where they have been and where they are headed, when you reach a std retirement age of 65, what will the income be?
• Then think about it being able to build further as time goes on, if you are retired for 30 years what would your final ‘wage’ be.

So how will you do it?

By now you may have realised the level of income you want, and now you have to ensure your business can create the level of turnover to pay for your ‘vision of the future’.

I think it’s time to get cracking on making your business more profitable and seeing how it will run without you, because some day in the future your asset will either fade or thrive. Take action now!

I was out shopping today and started to see a few, “not quite Walmart’ people” but some a bit too close for comfort. Then a few who were the opposite, I started to put two and two together and thought… “Isn’t it interesting how the looks convey so much”. What I was now seeing was confidence, poise, pride, conviction, energy, warmth, integrity, strength, trust, beauty… “Guess which group this was!”

While on the other side there was, sloth, lack of care, little confidence, an unruly ‘dis-ease’, coldness etc.

It then struck me, it was a reflection of the shopping experience I had been having recently. Some businesses were, poised and confident while others, uneasy and fragile. Wow what a comparison, on the one hand people and the other hand businesses, yet there was a correlation to the way I felt about them both, a sort of emotional connection, ethereal and subtle but somehow strong at the same time.

Well that’s how I feel sometimes with some businesses I observe. The businesses I love are the ones who are consistently on top of their game. The ones who take care to present well, keep up with the times without following the latest fad. The ones who have pride and professionalism without an air of arrogance.

One quick example, I parked near a shop which sells Chef’s essentials, it’s open to the public so I took the chance to browse (I’m an avid cook so hey it was a great fit). On entering the store, one of the staff (although serving others) nodded and said “hello” I reciprocated and continued to browse.

As I went further into the store another service professional approached and said “It looks to me as though you are happy to browse, unless there is something specific you my like assistance with?” I smiled broadly and said “I’m quite happy thanks you read my interest well!” She smiled back reassuringly.

I wandered some more and selected a few things which took my fancy, on arriving at the counter, I was assisted with some light chatter and some ideas about one of the items I had selected “You can also use that for…” it was welcome info. I felt confident to ask a few silly questions without the store people rolling their eyes and I was met with some great responses which answered my queries well and helped me feel as though they were not silly questions after all.

I left the store pleased with the purchases and information I sought, nice… Mind you I have had the opposite on more than one occasion. Oh and by the way the store was well stocked (range and qty of each item) and beautifully presented, with items clearly labelled with price and other details.

To get back to the original idea of the post, I reflected on a not so good experience in a store earlier in the day, not enough staff, taking too long to serve and trying to find what I wanted in their crowded space was annoying, If I did not want the item so much I would have gone elsewhere. I walked out of there with a sense of disdain and grumpiness. Mind you this store had started out well a few years back but is fading off my radar the more I go back and suffer the little things which annoy me.

Stunning looks, but what happened? Take the time to figure out what’s happening in your business so  you can prevent this from happening and keep on top of your game.

Like a lot of people I didn’t worry much about retirement, putting cash away and anyway I keep hearing stories of people losing money overnight on the stock market and their portfolio value plummets again…

The reminder for this post, listening to people in business chatter away about how things have gone, what they will do when the time comes to retire, how they might sell their asset and in one case a lady who had sold her business, watched it fade fast into obscurity so she bought it back and is building it up again.

So what will you do, sell the business, put a Manager in to run it, expand it, resize it etc? All with the aim of having a nest egg to retire on.

If you do sell, will what you have the cash ‘invested’ in provide for your needs in retirement? How much will you need?

If you build up the business and put in a Manager how will that work out? Will the amount you need to take out hurt the business? Will it be run as you set it up or better? Will things fall in a heap and you need to rescue it… will you want to rescue it!

Lots of great questions in need of great answers. Hopefully your Accountant can set you straight, or at worst your own figures will project a rosy future for you. Lets face it, in the current economic situation there is little to smile about when the notion of retirement looms large in our thoughts. Unless of course you have an asset which keeps on giving.

Consider the role of a senior member of staff, perhaps a person in a strategic planning or Human Resource Development role. Your aim may well be to push some boundaries and open the playing field up to new ideas and options. In that case you may want a person with a different approach or cultural fit to the rest. This then raises questions about the type of cultural differences and skill sets you might want to have with this type of recruit.

How will you decide what culture and skill sets you require? That depends on the role and how much of a ‘shift’ you want to create in the system. Clearly if you go for a person who is totally different in their interests, values and beliefs to the rest of the team, you may end up with a situation where the gap between your current culture and your ‘imposed’ one is too great to sustain for any length of time. I liken it to a bridge trying to span a distance which is too great for the structure to hold for long, eventually it fails.

Your new cultural direction should consider the following points.

• The change should be different enough from the existing situation but still maintain structural integrity.
• Creative approaches or not? – if the existing culture requires stimulus to get it moving then a more creative skill set can do just that.
• If the growth pattern of the enterprise is stagnant then a more profit driven or sales oriented person can add value.
• Managing the change might need extra effort on the part of the HR dept, supervisors and team leaders to oversee the new direction.
• Is this culture re-shuffle a part of an ongoing strategic plan? – If so it will probably fit with a core value of innovation.  With that underpinning the new approach, the team should see the benefits this will bring for the longer term.
• Although a different cultural fit might be the main aim it doesn’t mean the core organisational values need to be ignored, in fact they are probably going to be strengthened by this new approach as terms such as respect – innovation and service get a bigger airing and may be explored at a deeper level.

Like anything changes to a business need to take into consideration various factors before being implemented but the above cultural development points might be a good starting point to consider.

They turn up, they do the tasks, but how happy are they? Some of you are now asking “why should I care?” as long as they turn up and do the tasks…

Well a happy team will generally do things more effectively and with greater interest. If they are more at ease then they will probably be more alert and less stressed. Now does it make sense… So what can you do to assist them to be happier?

Survey them – Every few months or so develop a simple survey to measure how they are going in the happiness stakes at work – and loosely at home, you don’t need to pry too deeply but imagine if things are down at home, then it can impact the work situation, what will you ask them? well try doing an internet search for staff surveys and make a list of questions from there.

Do a Maslow – Dr Maslow came up with a list of needs people have in a range of situations, but the workplace is a great place to use it. Do a search on his list and then use it as a guide to measure with – It can be a very useful way to set up an induction program, or anytime a person moves to a new position or division and things change. It can give you a view into what sorts of things should be in place for this person to perform well. According to Maslow you should be aiming to get your people to a ‘self actualised’ position, this way they are in the best position to add great value to your organisation.

Is your workplace a brilliant place to be? – Take a look, is it a great place or a dump or somewhere in-between? Now figure out what can be done and when. It’s a great way to start forward strategic planning. When profit gets to x level you can update a few things, and continue on from there bit by bit until you get the organisation up to a great standard. As a one off big spend it might cost a lot, but in stages it can be a lot easier to handle. It could be developed by adding a question or two in the initial survey.

Keep on tweaking the list! – Use this list as a guide to improving your business and keep on tweaking it see if over time the results are showing up.

I often think about what I would WANT to be doing in my business, yet the need to’s cut through the wants and nag me to pieces… Often it’s the wants which cause us to go off on inappropriate tangents.

Should you be…

• Getting more new prospects.
• Streamlining systems.
• Finding ways to make things more profitable.
• Developing cash-flow projections.
• Looking after existing customers better.
• Checking OHS issues and risks factors.
• Implementing a staff happiness program.
• Developing a marketing plan.
• Implementing the marketing plan with your friendly branding expert.
• Tweaking your business plan.
• Developing your customer service strategies.

You know there are a whole lot more options you need to be doing, so what stops you?

• Hate to do things which are forced on you?
• Figure it will go away somehow?
• You want to hire some one someday who can look after these things for you.
• Don’t know where to start because the list becomes overwhelming?
• You refuse to delegate?
• You like to chat to suppliers rather than face the reality your business might slowly be going down the “gurgler”?

Looking for excuses will not help, you should take control and get the team together and make a list of what needs to be done and hand over as much of it as possible, then get on with doing your part of it.

In the end your business is just that your business, so it requires you to take on the responsibility which comes with the territory.

Combing through franchise businesses for sale notices should be less daunting if you implement a well thought-out research strategy. Using online research, industry publications, news clippings and other methods is a great starting point.

When identifying franchise opportunities, consider what will complement your lifestyle, business goals and your skill set. Some aspects to consider are outlined below.

Brand strength? Behind every successful business is a strong brand, bolstered by an enviable reputation. Read widely about how the franchise brand is perceived by the industry, customers and business partners. Part of what you’re buying is the company’s brand equity. What do you estimate the brand’s equity to be?

Finding out about financial health How open and transparent is the organisation about its financial health? A company’s balance sheet can provide valuable insights about how well placed the franchise business is to harness future growth.

Expenses today and in the future Before you buy a franchise, you’ll need to know what set-up costs are involved. There could also be ongoing costs, such as marketing or advertising levies.

Strategic marketing, PR and advertising expertise? Dig deeper into the company’s marketing strategy. What level of investment and support is offered nationally and locally? What marketing and branding expertise does the company offer? How well resourced is the organisation to fund public relations programs?

Systems for success? Systems are essential ingredients in any successful franchise network. How efficient are the franchise’s systems and processes – do they help or hinder your ability to operate the business?

Investigate the level of support on the ground Do they have a dedicated operational and field support team to assist you? Investigate the ratio of franchisees to field support infrastructure.

Consider the commercial environment Determine the competitive dynamics that are likely to impact the brand. Do they have a well-defined understanding of their competitors, future opportunities, trends and issues?

Create a shortlist of franchise business opportunities? Once you’ve created your wish list, shortlist your most suitable franchise opportunities. Map out what works for you and what doesn’t, including the business must-haves e.g. IT and marketing support, costs (one-off and ongoing) and other forms of critical infrastructure.

Talk to franchise owners at the coalface Franchise owners are valuable resources. They can often provide you with the ‘inside story’ about a potential franchise business opportunity.

Lesley D’Arcy – As a franchise recruitment manager at Mortgage Choice, Lesley D’Arcy is responsible for recruiting franchisees to greenfield (new) opportunities as well as selling established franchise businesses. Her career in franchise recruitment spans over 15 years where she has worked with many major franchise brands. Lesley has a wealth of experience in recruitment of franchisees and builds on this experience by unearthing and developing the latest and most innovative ways to help franchisors build their networks. This experience has given her the skills to become an expert in the field of franchise recruitment, excelling in lead generation, screening, qualifying and selling to prospective franchisees.

Therefore, any chance I get I like to mention the basics of business in the hope to make a difference, I like to harp on about the basics and let people know…

• Idea – Research – Action – Spend $$ – Make $$ – Have some left over – Invest – Repeat. (or close to that.)

Still people get it wrong, some end up with an image like this…

• Idea – Action – Spend $$ – Make SOME $$ – Spend more $$ – End up broke. (Or some similar pattern to that.)

What’s the point of having a great idea and seeing it crash and burn? None, it hurts and can easily hurt others, so stop doing it. The challenge is however people don’t see the “crash and burn phase” they see a rose coloured world of $$ and happy customers.

Consider this, you want to learn to fly, you have the idea, you have the cash to buy a plane, you know full well you can’t fly the sucker until you have been trained and pass the test.

So why the heck do people jump into business (of any size) without the right training… Because they can, and you know what, you can sign up to get business registration on line, get a bank account and so forth and be in business in no time flat. Problem is no training, probably some skills, possibly and few helping hands to get started. and the rest seems to be “fly by the seat of your pants” and hope for the best.

Do some basic research BEFORE getting started and make sure you KNOW what you are in for PLEASE. too many failures in business seems such a waste of resources folks.

However it is also easy to miss out on getting things right in your business and in fact it can be VERY difficult to get ALL things right. Perhaps this “Blitz” idea might make a difference to how you go about things.

Businesses often have “blind spots”, in retail circles it’s often called “Store blindness”. It’s where particular parts of the business are not up to scratch and often go unnoticed, it might be one area of a display which has become tardy but is not noticed so we form a blind spot to it. My answer, “blitz your business”.

How? Simple, in retail for instance, draw a rough plan of your store, and have a blitz attack on sorting things out in that section, check cleanliness, stock levels, layout, lighting, signage etc… Then to other business aspects, marketing, operational systems, and management to name a few. Go through all of these one at a time and sort them out bit by bit.

Perhaps set up a blitz team to work on each part of  the business so the organisation can see the fruits of it, knowing it has taken solid action to get those results. Start now with a simple checklist of areas to focus on. Oh and remember to mix up the areas you focus on with your team so they avoid getting into a rut and follow a boring routine.

In these tough economic times, owners are struggling to make their business grow, but strangely enough, there is great opportunity for companies to make leaps and bounds while the market is down.

Take a Step Back

Being in the day-to-day running of your business can alter your perception of how effectively it is run.  Take the time to look at every facet of your business to gain the most unbiased perspective.

What kind of relationships do you have with suppliers? Is there any way you can leverage the associations you have with them to gain better pricing or additional extras (like longer trading terms to increase cash flow) that they don’t usually provide?

Do employees see their position as a job or a career? One of the most difficult tasks an employer can face is motivating their staff so that they are more productive.  Try to introduce creative, cost effective ideas to improve staff morale, which will ultimately allow your business to be more successful in so many different ways – higher customer satisfaction, increased work output, less mistakes and a much nicer place for everyone to work.

What are your sales margins? Taking a realistic look at how much you are making on your products and services is crucial to allowing your business to grow.  A small increase in sales margin may not seem like much in isolation, but calculated over a year, this additional profit can make quite a difference to your bottom line.

In many cases, customers will expect to see increases in prices every few years, purely because of inflation.  If you do apply increases, be transparent to your valued clientele – it will only reaffirm why they should continue to spend their money with you.

What are your competitors doing? If they are blazing trails in your area or industry, find out why and how.  Start to follow their lead and see where you can even improve on their practises.  But another, far more powerful way to knock down competition is to find out what they are doing badly.  By being exceptionally great at what your competitors do badly, it will soon put you miles in front.

Planning – What to Consider

After all the research has been done, it’s important to spend some time planning how you will turn all of these findings into meaningful actions.  There is a fine balance between continuing to maintain a high service level in your business and being able to implement new processes, procedures and projects.  Figure out what elements can be immediately implemented into your business and what will take more time and resources. Once you’ve determined this, you can then allocate timelines to these more lengthy projects so as not to interrupt the flow of your business.  Many strategies tend to stretch over several years, so make sure you build some level of flexibility in to allow for changes in your business, the economy and the marketplace.

Implementation – Getting Your Hands Dirty

It’s all well and good to research and develop business strategy, but sometimes the hardest part can actually be doing the work involved.  The best way to avoid being overwhelmed with implementing the strategy is to break up each task and set key goals and milestones.  Once you have completed the task or project successfully, make sure you take the time to look back on what you have done and be constructively critical.  If you have an upcoming project of a similar nature, it will allow you to become more efficient in implementing your business strategy.

All in all, developing a business strategy gives you the chance to recognise opportunities and shortcomings that may not have been realised otherwise.  While each business can be very different, the foundations of a solid business strategy are ultimately the same and can be applied to most companies, regardless of their service offering or industry.

An article provided to us by one of our site sponsors – NRMA Business Insurance

I call it Marketing overlap, there is probably a fancy name for it in market speak but for now that covers it.

Many businesses rely on just a few forms of marketing and can measure the results of those, however what most fail to do is overlap the marketing so that as one method of marketing runs out of stem the next one kicks in.

An example of this is when you have a range of great products, and this month you have a special on one of them, the next month another special with a  different item and so on. By focusing on one product special then another people can get excited about coming to check out what you have on offer, often to get the special, but guess what they do, they often buy more than just the special.

If your business is expanding and offering new products you can launch them as the “special” then as you move to the next special the first one has nearly run its course, and so the overlap effect occurs.

This method generally ups your average dollar sale, keeps people interested in what you have to offer and if you can couple it with a range of marketing devices you will probably see great results. Want to develop a plan of action, then try chatting to your friendly branding expert to see what you can do to make it work.

So on, get out your marketing plan and cram a few extra marketing devices into the mix and overlap each campaign to keep the punters interested, if you don’t, your competition just might and take your customers out from under you. Chances are you may not notice until it’s too late.

Here’s a quote from the show “In Guangdong province alone, 60,000 factories have now closed down and millions of migrant workers are searching for work.”

My first thought was what were they making? well it’s interesting the businesses included a printing plant, toy factories, and jewelry manufacturing… My second thought was do they make for the local market or export, export… third question, is the product a need or a want, mainly want.

So it comes down to the basics if the majority of what is produced is not for needs when a downturn comes the wants are dropped first. When an external order from overseas is pulled then the whole thing can collapse quickly. as the local economy is hanging on wants, the failure of one is felt across all.

Learn from this huge scale disaster and make sure you have a balance of income from needs based sources as well as wants based sources. If you have shares in a grocery company Co for example it seems logical that they supply the needs of people, then take your own business think about how you can supply to the needs based customers. Think carefully about this as a form of insurance to ensure you can balance your wants and needs to ensure sustainability.

In the most part a business is about creating a device to provide a product or service and make a profit from it, however it goes a bit further than that. I feel it’s important to make a few distinctions.

• Job – not a Biz – Turn up – do work – go home – repeat.
• Low level Biz Operator – as above – not much scope to get ahead – Some franchises can feel like this.
• Low level Biz Owner – Some growth as the biz operator gets some leverage by having staff do the work, with input from the owner.
• Mid level Biz Owner – Better growth limited input to the biz as the staff do it all with a manager in place or similar – perhaps develops other businesses or franchises of one business.
• Upper level Biz Owner – As previous but developing assets to utilise the growth’s potential.
• Top level Biz Owner – Utilises others to do the work, from developing more assets to creating more businesses.