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18
Apr
Read MoreWhy difficult customers are good for business
The first thing to remember about difficult customers is that they always pop up at a difficult time. (Think Murphy’s Law) Usually, they will appear when you are busy working on a complicated proposal or when you’re already dealing with another customer. They might end up insulting one of your staff. Our normal reaction is to be defensive. Not because we are nasty or we don’t want to serve the difficult customer, but because we are human. We get stroppy or avoid conflict. It’s called the fight or flight response.
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12
Apr
Read More5 deadly sins of promising businesses
I’ve seen too many promising companies on the verge of growth stall or even fall apart – not because there was little demand for their product or service, but because they didn’t have the necessary skills, the right organisation or execution to manage the transition and growth. You may have gotten off to a flying start with your business, but you’re going to have to step it up a few notches if you want to grow your business from here onwards. Here are 5 of the most common mistakes I’ve seen promising business people make: 1. Thou shall not hire blindly It’s typical for businesses that are growing quickly to hire staff just as hastily, without any kind of plan, let alone a proper job description, thorough interview processes or even reference checks. Have you even considered whether you’ll need someone in that position in six months’ time? I’ve heard it said that hiring after one interview is like getting married after one date, which more often than not is destined for disaster. 2. Thou shall not surround yourself with yes–men Who doesn’t like that warm fuzzy feeling you get walking out of a meeting where everyone has agreed with everything you’ve suggested? Surrounding yourself with only people that think like you and agree with all of your ideas may seem like a micro manager’s heaven, however you end up with only one perspective. Challenging the status quo, healthy debate and creating a culture where your staff are encouraged to come up with new ideas and solutions drives innovation, allowing you to stay ahead of your competition. 3. Thou shall not sacrifice cash flow over profit It’s an ongoing challenge for growing businesses to manage the cost of staffing up and investing in new technologies while waiting for customers to pay. Don’t prioritise profit over cashflow – there’s not going to be money to fund growth if you’re struggling to pay rent and salaries on time. By all means strive for a healthy mix, but if you choose to favor one, cash-flow will always be king. 4. Thou shall not keep insane processes What works when you’re a one-man band isn’t going to be feasible when you’re attempting to manage 30-plus staff and fill hundreds of orders every week. Gone are the days you ‘pull a late one’ to help send out these orders on time. You need better systems better processes and good documentation in place so every employee knows what to do, how to do it and why. 5. Thou shall not blame anyone. Ever. Finally, remember that every business makes mistakes. And it’s a good thing. I read once about Thomas Edison, being asked in an interview if he felt like he had failed when trying to invent a working light bulb. His reply being "Young man, why would I feel like a failure? And why would I ever give up? I now know definitively over 9,000 ways that an electric light bulb will not work. Success is almost in my grasp.” In the end it took over 10,000 attempts to create a light bulb, which is still in use over 134 years later. It’s learning from mistakes that lead to the greatest successes. Did any of these sound familiar? Or do you have another mistake you’ve experienced? ______________________________________________________________________ MYOB Enterprise Solutions provide a range of solutions for growing, mid-market businesses. To find out more how these solutions can help you keep growing, subscribe to our newsletter.
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05
Apr
Read MoreManaging a mixed bag of generations
We all know there are challenges in having people of different generations working together. The stereotypes highlight the challenges: • "Gen Ys question authority and are always wanting growth and challenge, then they leave and go travelling." • "Anyone over 50 is too risky to hire because they don't understand the latest technology and are too set in their ways to train." • "Older workers can't keep up with young ones." • "Gen Ys are not loyal and don't have a sense of responsibility."
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07
Feb
Read MoreCoaching your staff
Today's business environment and the attitude and expectation of employees do not lend themselves to the old command-and-control style of management. Gone are the days where the boss sends a flurry around the office when he cracks a whip in the morning before you’ve had your first cup of coffee.
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05
Feb
Read More7 Tips for Managing Gen-Y
Have you ever had to deal with a Gen Y employee in your business? If you found yourself scratching your head with them, then you need to read this.
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01
Feb
Read More5 tips to pre-screen new hires via social media
Hiring new people for your firm is both exciting and risky. On one hand, bringing new ideas, experience and enthusiasm into your business can reinvigorate your existing teams and drive your business forward. On the other, there’s always a risk that the person you hire doesn’t quite fit—or doesn’t really have the skills or experience you were expecting.
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