Posts Tagged ‘Management’

Planning your business exit

At some point in the life of your business, you will start thinking about selling, retiring or passing the torch to someone else. If that time is now—or it’s coming up within the next five years—you need an exit strategy.

Often called a succession plan, this document will prepare you to transfer control of your business to your successor. You will want to maximize the value of your business before you sell, to ensure a smooth operational transition to the next owner.

CanadaBusiness.ca is packed with information for Canadian entrepreneurs, including ways to plan your exit (http://www.canadabusiness.ca/eng/93/876/). Here are actions to consider:

Start as early as you can

Research by the Canadian Federation of Independent Business found that:
• only 10% of Canadian small business owners have a formal, written succession plan;
• 38% have an informal, unwritten plan, and
• the remaining 52% have no plan at all.

Far too many entrepreneurs miss the opportunity to earn top dollar from the sale of their businesses and the ability to ensure a trouble-free transition.

Surround yourself with experts

Build a team of advisors to help you plan your business exit. These can include lawyers, accountants, tax specialists and management consultants.

A chartered business valuator can be an important resource. Valuators can place an objective price-tag on your business by conducting in-depth research and analysis. They may also help locate solid buyers.

By working with a team of outside experts, you will get valuable, independent advice to help guide your succession planning.

Prepare a plan

As you consider your exit, there are many decisions to make. Look at your company’s long-term potential, markets, positioning, strengths, weaknesses and opportunities. Then ask:
• What skills will your successor need?
• How involved do you want to remain in the business?
• What tax considerations will impact the transfer of ownership?
• How do you ensure your own financial security when you leave?

Research and document these questions. It will help you make these important decisions.

Craft a solid exit strategy

When exiting your business, you can wind down the business, transfer it to family, or sell it.

Winding down your business will not require a great deal of advance planning, but you should carefully consider how to sell your assets and meet your legal obligations.

If you are transferring the business to family members, consider these points:
•  Communicate your intentions clearly and involve them early.
•  Explain the transition process to them so they know what to expect.
•  Establish clear guidelines for who does what.
•  Explain how you will continue to be involved in the business, if at all.

If you decide to sell, then your primary goal is to maximize the price potential of your business. You will need to evaluate your business’ worth, which can be done with the help of a chartered business valuator. You can locate one on the Canadian Institute of Chartered Business Valuators’ website at www.cicbv.ca.

Remember that advance planning and a thoughtful, strategic approach can maximize the money in your pockets and ensure a successful transition.

More information is available at www.CanadaBusiness.ca or by calling 1-888-576-4444 (TTY 1-800-457-8466).

Posted by Ashley in Getting Organized on December 9th, 2011

, , , , , , , , , ,
0 comments | Share

Book of the Month: Just Tell Me More

By Eric Gilboord

ISBN 978-0-9868932-0-9 / 275 pages
Copyright 2011 Eric Gilboord Publishing
Available in e-book or paperback formats

From the book jacket: 

Take the mystery out of marketing and grow your business.

I’ve written this book especially for entrepreneurs with little or no marketing experience. Regardless of your size or industry, this book will work for you.

If you’re a start-up or start-down (selling your business) or simply a hard-working business owner/operator with a passion to take your established business to the next level, this book is for you.

Just Tell Me More is marketing focused and filled with stories, tips, advice, checklists and ideas in plain language. You’ll get comfortable with traditional and new media marketing, sales, customer service, management, idea generation, business growth and more.

This is a guidebook. Read the stories and apply the tips daily.

The truth is, there are no shortcuts to marketing your business. No get-rich-quick, silver bullet answers. It’s about a lot of small wins that, when added up, become a big win based on an investment of time and consistent effort.

Start with one little win and grow from there. Take your business where you always knew it could be and then some.

Click here to read an excerpt: http://www.ericgilboord.com/book.html

About the author: Eric Gilboord is a specialist in making marketing easy for business owners/operators and any staff with sales or marketing responsibility. He demystifies marketing so they can use it to generate sales today and grow their businesses faster. Eric believes in blending traditional marketing with new media/social media. ROI is a must. Eric is a popular speaker, coach, columnist and author of many articles and books on moving a business up to the next level. The Expert Business Calls for Marketing Advice… That’s Easy to Understand. For more information, call 416-686-2466. To sign up for his marketing tips newsletter and to read his blog please visit: www.EricGilboord.com

Posted by Ashley in Book of the Month on July 13th, 2011

, , , , , ,
0 comments | Share

When you fail to plan…

By Mark Wardell

We’ve all heard the expression, “when you fail to plan, you plan to fail.” I hate to say it, but your mother was right. Indeed this is a truth that holds equally for life in general and for your business. Enter the strategic objective. If you haven’t yet created a master plan for your business, now’s the time. After all, why leave your success to chance? Here’s how to develop a strategy that will ensure you achieve your business goals, whether that means tripling your revenues, going global, or spending more time on the golf course. 

Before you start, get in the zone.

This exercise requires that you cast a vision for your business future. Ask yourself, where do you want to be three years from now? What do you envision for the future of your business? For example, what size of business do you want to have? Where do you want to be located geographically? Who are your ideal customers? What do you want your own role in the business to be? Who do you need on board to support you? Get ready to dream big and put your vision down on paper.

Getting started: Putting your dreams on paper

Step 1:

In order to create a roadmap to your future business utopia, you need to start by knowing where you are now. So your first step is to define your “current reality.”

Use a SWOT Analysis to analyze your Strengths, Weaknesses, Opportunities and Threats. Describe each in detail. By doing so, you’ll bring a greater sense of reality to the challenges you face moving forward.

 

Step 2:

Next, analyze your environment. Understanding your environment, including your competition, is paramount to understanding your place in the market. Ask yourself the following questions: What is your competition doing/likely to do? How sophisticated are your competitors? What technology is being used in your industry and what future trends should you consider? What are the international pressures, market conditions and economic climate you’re dealing with?

Step 3:

Now it’s time to take a critical look at the core of your business. You’ll want to be as detailed as possible when describing each of the following areas of your business. Vague ideas are much less actionable than concrete targets.

  • Leadership goals: For example, is your objective to move away from owner dependency? To foster a culture focused on continuous improvement? To develop a more time-conscious workplace? To more effectively engage leadership so everyone has fully “bought in” to the company mission, vision and values?
  • Management goals. For example, do you want to standardize your operation through detailed job descriptions and operational procedures? Will you schedule annual employee reviews? Or will you restructure staff meetings to make them more purposeful and effective?
  • Marketing goals. How are you positioned in the marketplace? What do you need to be more effective? For example, do you need new catalogues? Do you need an expanded customer base? Do you need more professional branding? Or how about a dedicated direct marketing team?
  • Financial goals. Will you restructure your finances to achieve better margins? Will you implement a series of KPIs (Key Performance Indicators) to help keep you on track? Will you improve your cash flow? Will you work more closely with your budget?
  • Operations goals. How do you see your operations developing? Do you see a broader product range? Will you implement guaranteed delivery times? Will you set the industry standard for customer service?
  • Sales goals. What will your sales targets be? Will you increase your number of dedicated sales people? Will you develop telemarketing scripts for outbound sales? Will you provide your salespeople with more training?

And finally, after you’ve addressed each of these areas and flushed out your vision, you’ll want to turn these notes into a presentation you can share with your whole team. This is a great way to get everyone involved and on board with the future of your company.

Yes, this process will take time, but in my opinion, a strategic objective really isn’t a luxury—it’s a necessary step in reaching your business goals. By developing this document, you’ll be able to identify the steps you need to take to build the high-performing business you’ve always dreamed of!
 

Mark Wardell is President & Founder of Wardell Professional Development (www.wardell.biz), an advisory group that helps business owners plan and execute the growth of their companies. The author of seven business books, Mark also writes regularly for several national business publications, including Profit Magazine, the Globe and Mail, and CGA Magazine. Email him at mark@wardell.biz

Posted by Jameel in Getting Organized on May 20th, 2011

, , ,
0 comments | Share

Planning Translates to Dollars and Increased Productivity

By Deanne Kelleher

Not only does time spent planning save you money but it’s estimated that each minute spent in planning saves ten minutes in execution. That’s a thousand-percent return on the time and energy you invest, according to Brian Tracey of Time Power, New York. The challenge is carving out the time required to accurately plan. Here are 6 strategies to help you create planning time:

Set your goals Clearly-defined goals will get you where you want to go.

• Write down your goals and then ask yourself if each goal is SMART: Specific, Measurable, Attainable, Realistic and Timed

• Keep your goals where you can see them and review them weekly

• Use your goals to keep you focused and on track

Manage procrastination Ask yourself why you are procrastinating and consider the following:

• If the scope is too big, slice the task into manageable pieces

• Get a clearer picture of the task by discussing it with others

• Break down the project into timelines for interim completion points

• Schedule in your completion dates

Learn to handle interruptions Interruptions can take from three to thirty minutes to recover from.

• Know what you need to handle immediately

• Let others know when you’ll be unavailable and when you’ll be reachable

• Turn off your email and work in undisturbed blocks of time

• If it’s unnecessary, don’t do it, or schedule it for later (much later)

Manage your meetings Optimize your meeting time and everyone will be happier.

• Always produce an agenda with details and timing

• Schedule your meetings on the same day or back-to-back

• Block off  five to fifteen minutes after each meeting to recap and schedule action items

Write it all down Thoughts and ideas just rattling around inside your head are no good to anyone. Create a system you can trust for your ideas, actions, ideas and all the other little things.

• Use your PDA or your paper calendar effectively

• Schedule appointments

• Track your actions and follow up

• Update your contact information

• If it’s a project—no matter how big or small—create a project file

Conquer paperwork Every paper falls into one of four categories: To Do; To Pay; To File; or To Read. Productivity increases when you have an effective paper method system. If you don’t, take a look at the kAos Group Core Four™ system to rein in your paper and enhance your productivity: www.kaosgroup.com/corefour.

 

DEANNE KELLEHER is the founder of kAos Group, author of the Core Four™ System and a motivational speaker and facilitator on productivity and the realities of disorganization and how to take the reins back. kAos Group works with clients to help identify inefficiencies—the clutter and disorganization that prevents professional and personal growth—and help clients streamline their business and personal lives to reduce stress, increase profits and create more time.

Visit www.kaosgroup.com to complete a complimentary Assessment and learn more about your current organizational situation.

Follow kAos Group: <http://twitter.com/kAosgroup> <http://www.linkedin.com/in/kaosgroup> <http://www.facebook.com/pages/kAos-Group/300576221249?v=info>

Posted by Jameel in Getting Organized on April 20th, 2011

, , , , , ,
0 comments | Share

How do you foster innovation?

By Elaine Mah

I was struck by a statement made by President Obama during his recent State of the Union address : “The first step in winning the future is encouraging American innovation.” What captivated me was the clarity of his vision, yet its successful execution is anything but clear. How do you foster innovation? It’s a question that all countries, not just the US, must ask if they have any intention of keeping their national economies productive and competitive.

One of the core challenges to encouraging innovation lies in how the notion itself is perceived. Far too often, innovation is used synonymously with invention, which is an unfair burden. Invention, the creation of something entirely new is, to me, a frankly terrifying idea. I know of nothing more idea-stunting than staring at a blank slate. Innovation should be seen as the subtle act of taking something we already know or do and, through modification, improve upon it in some manner or fashion.

A truly remarkable aspect of innovation is that we may not even be aware that significant change has occurred until someone else points it out to us. Incremental adjustments or improvements taking place over the course of doing business may not stand out to those working in the midst. This is especially true for smaller business owners who often do not have the luxury of investing in R&D or running trials in parallel to the main operation – it’s more than enough simply to keep the business running day to day.

Quite often, it takes an external party to highlight and acknowledge the achievement, which is why it’s important that business owners and management not operate in isolation. Actively seeking networking groups that allow managers and owners to interact and exchange ideas with peers can either provide insights into your operation or serve as a catalyst for change. It’s also good practice to review case studies that feature applied solutions and strategies proven to drive productivity, competitiveness and innovation. There are also many institutional or industry-led programs that aim to celebrate business innovation through inspiration or affirmation.

So getting back to the question I posed earlier, “how do you foster innovation?” I have no single, pat answer, but what is clear to me is that innovation cannot evolve in a vacuum. The more we talk about it, actively seek it, highlight and celebrate it, the more likely we are to accomplish it.

Elaine Mah joined Intel Canada in 2005 as Canadian Business Marketing Manager. She is responsible for Intel’s brand management, product positioning, product launch management and marketing research, as well as sales and integrated marketing communications, advertising and promotional campaigns designed to reach Canadian business customers. Prior to assuming this position, Elaine was Vice President at Sharpe Blackmore Euro RSCG, where she was responsible for planning and strategy on accounts including Direct Energy, Volvo, and Yahoo!, along with new business development. A marketing professional for over 20 years, Elaine received her Bachelor of Commerce degree from the University of Alberta.

Posted by Lynnette in Growing Your Biz on March 2nd, 2011

, , , , , , , , , , , ,
0 comments | Share

Start using a weekly schedule, and enjoy a more profitable business

By Mark Wardell

If you don’t have time to think about time management, you’re not alone. Many business owners find themselves caught up in an unprofitable treadmill, working 60 hours per week without enough to show for it. That’s because, when you’re running a business, your time is in demand. So, without a plan in place, you’re far more likely to be pulled in many time-wasting, directions.

The solution? A weekly schedule. Used properly, this tool can single-handedly ensure that your daily activities synch up with your big picture goals, every second of your day.

If you’re still not convinced, think of it like this. Your time is money. Every day, you have 86,400 seconds at your disposal. Like dollars to spend, if you don’t invest your time wisely, it’s just a big fat waste. There is no going back in time to draw against “tomorrow.”

However strapped for time you are now, your situation will never improve without a time management strategy. By using a weekly schedule, you can begin to more effectively manage your time (added bonus: you’ll likely find yourself with a significantly more profitable business as a result).

STEP 1:  Get a grip (on your schedule)

If your daily routine varies according to whatever seems to be most important at any given time, then setting aside time to invest in your business will always remain a low priority, when it should be on the top of your list.  Start operating on a schedule (strategically) and you’ll force yourself to make time for the things you know are important, but have trouble getting around to. This puts you back in charge of your most important investment currency—your time.

STEP 2: Start tracking your current use of time

Take a critical look at how you are currently using your daily time. No doubt you are busy, but what exactly are you busy doing, and when? By diligently tracking your time for a minimum of two weeks, you can become clear on where your time is currently being spent (and what changes need to occur).

STEP 3: Assessment time

Ok; it’s report card time. Highlight all of your activities in three categories. The first category is anything that could be done by someone else (highlight these in red), the second is anything you feel the need to do yourself (highlight these in yellow), and the third category is all activities related to business development (highlight these in green). For this purpose, business development means all the activities that help you reach your long-term business goals.

STEP 4: Make some changes

At this stage, if you’re like most business owners, you will likely see a lot of red and yellow on your page with very little green. So start searching for ways to outsource or delegate as many of the red, “could be done by someone else” actions, as possible.

If you’re a person who likes to retain control of everything that happens in your business, ask yourself if you want to do this forever. To be a success in business, you must learn to trust in the capabilities of your people. Loosen the reigns, or you may end up holding your own company back.

STEP 5: Let the scheduling begin

Moving forward with your new approach to weekly scheduling, your first assignment is to make time for “business development” work every day.  I suggest you start by blocking out an hour each day to focus on your business goals, during which you are “unreachable” for anything other than emergencies.

Next, add your weekly activities that can’t move, such as important company meetings. And finally, schedule regular time for all other activities such as checking e-mail, reviewing finances, marketing, and so forth.

Start scheduling priority actions from a big-picture viewpoint and before long, you’ll start feeling more in control of your time and your business.

Mark Wardell is President & Founder of Wardell Professional Development , an advisory group that helps business owners plan and execute the growth of their companies. The author of seven business books, Mark also writes regularly for several national business publications, including Profit Magazine, the Globe and Mail, and CGA Magazine. Email him at mark@wardell.biz

Posted by Lynnette in Getting Organized, Lifestyle on February 7th, 2011

, , , , , , ,
0 comments | Share

The Power of Saying No

By Eric Gilboord

Why Say No

Some small business entrepreneurs want to own their own business in order to say Yes—Yes, I want to buy that desk. Yes, I’m going to hire you. Yes, I’ll take the assignment. Yes, I’m going to take today off. But the real power is in knowing when to say No. It is often said you shouldn’t go shopping when you are hungry because you’ll buy out the store and pick everything that is not good for you. The same rule applies when you are growing your business. The short-term advantages of a Yes today could be far outweighed by the long-term disadvantages tomorrow.

The trap many small businesses fall into is when they assume that being busy and being successful are one and the same. Or they take assignments/orders based on the need to pay the rent or salaries. While these are very real reasons to accept an order, they may be costly and destructive to your future. Many businesses handle fewer orders but are more profitable than competitors. Some businesses enjoy tremendous profit margins from small ticket orders. They just happen to write many small but profitable orders each day, having learned to process small orders efficiently. Success is not always based on gross sales. But staying in business is based on being profitable.

If you learn to say no to the wrong opportunities, you will create a vacuum to be filled by the right opportunities. Have you ever been forced to turn down an order because you were too busy processing other less profitable orders? If only you had turned down that last-minute request for a special order needed right away, you could have had the time for the good order. Picking and choosing opportunities may seem like a luxury, but it’s a necessity for survival and growth. There is a caution, however; don’t be arrogant or too picky without thinking the opportunity through.

The key is to have a formal business plan and marketing strategy in place to use as a basis for these decisions. I have found much comfort and relief in turning down an opportunity that was not on strategy for my company, since I had already determined which clients I do want to service. When I am approached by a prospect or when I go out proactively searching for new business, my internal radar directs me to the most appropriate situations and away from the undesirable ones. Through experience, I have learned to distinguish the good from the bad.

Saying No To Customers Or Prospects

Not every assignment or sale is right for your company or the best use of your time. Every small business owner has at least a few customers they refer to as the “one day customers,” those with potential. One day, I’ll make money on this customer. They look good on our client list and one day, they will be profitable for us. This is just a learning experience until we get to know each other better and one day, we’ll see some profit. Sometimes that day never comes. You have invested hours or days into a relationship and it can be difficult to let go. “If I hold on just a little longer I’m sure the big order will come.” Sound familiar? It is important to be realistic about opportunities. I’m not suggesting that you walk away from an opportunity just because it isn’t the big order right off the bat; I am saying, take a good hard look at each situation honestly and with a view to the future. You have the power to say No and it might save you from future anxiety.

Saying No To Employees

You don’t want to diminish the enthusiasm of your staff or associated companies. Their ideas may be good, but not appropriate for your company at this time. Try building on their idea instead of killing it. The way it was presented may not fit with your current plans for the future of your company. Perhaps the suggestion will be better suited later on. Be open to new ideas as the next concept may be the one that takes your business to a new level. Write it down and place it in a ‘bring forward’ file. You never know where the next great idea or insight will come from. Sometimes an outside source can see things a little more objectively or clearly. An internal staff member may have more direct customer interaction and therefore be better suited to recognize real customer needs.

How To Say No

1. Quickly — You want to say no quickly but not without giving the situation a reasonable amount of thought. In some cases, the person who came to you needs to make alternative arrangements and your decision will impact their next steps.

2. With An Explanation — An explanation for saying no may be required so they understand your reasoning and do not ask for the same thing again. Due to circumstances beyond your control, you may not be able to provide the caliber of service this time, but would appreciate an opportunity next time.

3. Politely — Arrogance will always jump out and bite you, usually at the most inappropriate time.

4. In Writing — Some situations require a more formal approach and in the process of writing out your reasons, you will give yourself the opportunity to thoroughly examine the situation.

And that’s According 2 Eric


Eric Gilboord is a specialist in making marketing easy for business owner/operators and any staff with sales or marketing responsibility. He demystifies marketing so they can use it to generate sales today and grow their businesses faster. Eric believes in blending traditional marketing with new media/social media. ROI is a must.
Eric is a popular speaker, coach, columnist and author of many articles and books on moving a business up to the next level. The Expert Business Calls for Marketing Advice… That’s Easy to Understand.
For more information call 416-686-2466. To sign up for his marketing tips newsletter and to read his blog please visit: www.EricGilboord.com. Follow Eric on Twitter (ericgilboord). Find Eric on LinkedIn. Eric’s ‘Get It Done’ Treasure Map Marketing Plan Workshop Show Me the Way.

Posted by Lynnette in Growing Your Biz on January 5th, 2011

, , , , , , , ,
0 comments | Share

BOOK OF THE MONTH

I LOVE YOU MORE THAN MY DOG by Jeanne Bliss

Customers are fickle — they’ll leave you in a New York minute if they think they can get a better deal across the street, right?
Not so says Jeanne Bliss.
You can keep customers and grow you business by committing to the five decisions that drive extreme customer loyalty in good times and bad.
That’s right. You can win in any economy with these five decisions that set beloved companies like Wegmans, Harley-Davidson and Apple apart:

Decision #1.    Beloved Companies Decide to Believe. “We believe our customers. We believe our employees will do the right thing for the customer.”

Decision #2:    Beloved Companies Decide with Clarity of Purpose. “Our iron-clad integrity and clarity guides the direction of all our decisions.”

Decision #3:    Beloved Companies Decide to Be Real. “We have a spirited soul, humanity in our touch, and a personality that’s all ours.”

Decision #4:    Beloved Companies Decide to Be There. “We must earn the right to our continued relationship with customers.”

Decision #5:    Beloved Companies Decide to Say Sorry. “We act with humility when things go wrong. We will make it right.”

The book will take you through these decisions with case studies that illustrate how each has helped elite businesses build passionate, loyal, vocal fans who rave about their companies.

As Jeanne Bliss says, there’s no shortcut — the world’s biggest marketing budget cannot make people love you. But a company can become beloved by committing to these five essential decisions. Beloved companies, she says, NEVER lose sight of the fact that people are affected by everything a company does. Commit and be rewarded with an army of volunteer publicists. Companies who are beloved have their brand ambassadors say things like, “I’d marry them if I could,” and “I love you more than my dog.”

High praise, huh? But we’ve all seen examples of this ‘brand love.’ Look at Lulu Lemon — they have legions of brand ambassadors.

Read the book and unleash the love of your brand!

Jeanne Bliss is the founder of CustomerBLISS . Her company helps companies connect their efforts to yield improved customer growth. She spent twenty-five years at Lands’ End, Microsoft, Allstate, Coldwell Banker and Mazda corporations as a leader in driving customer focus and customer growth. Visit her website to get a reality check audit on your customer commitment and ability to make customers an asset of your business.

Posted by Lynnette in Book of the Month on December 15th, 2010

, , , , ,
0 comments | Share

Improve company value with an effective organizational structure

By Mark Wardell

organization chartIn my last article, I promised you a step-by-step guide to creating an effective organizational structure that will work for your business and keep on working. Not a small undertaking, yet one I guarantee will be well worth your time! A strong organizational structure really can be the single most effective way for a business to grow its value. Why? Because the way your team is organized dictates the way your business operates. So, if you can create a more efficient and effective organizational structure, you’ll have a business that is more lucrative, with a higher market value. The best way to represent this is through your company organizational chart.

  • Start with a reality check. If you already have an org chart, put it to one side for now. You’ll want to work from a fresh perspective, one that takes into full consideration the breadth of the vision you have for your company, rather than simply expand on the way things are today.
  • Take time to review your corporate vision. Take a close, contemplative look at the vision you have for your company’s future. Consider all parts of your org chart from this critical starting point.
  • As you get started on developing your org chart, the following are some important guiding principles to consider. Even one of these changes can have a big impact on your company.
    • Organize your business around positions, not around people. How can you best organize the positions in your business so that accountability and authority issues make sense?
    • Cross-train your employees. A small firm, for example, may be able to get away with combining the role of receptionist and customer service manager. And having a team with diverse skills can be instrumental in keeping the wheels turning when a critical employee is away.
    • Flatten your org chart. Too many layers of management can slow things down by encouraging a “pass the buck” mentality, which can also slow down the decision-making process. If you’re not sure you’re getting real value from each of your management positions, there may be positions you can do without.
    • Make sure no one has more than one manager. It just confuses people and slows down productivity.
  • Next, develop a new, theoretical, organizational chart. Put your current employees out of your mind for a minute. How might you divide up the work differently to make things more efficient? Are there gaps in accountability? Would it make more sense for people to be working together in a different arrangement? There are many great computer programs out there to help you draft this  document. So you can move things around a bit before you get it right.
  • Begin at the top with the President or Chief Executive Officer (that will likely be you), and then decide what positions should report directly to you, and so forth.

Next, look at each position on your new org chart from a financial bottom-line perspective. Do they all provide a measurable return on investment (ROI)? If they don’t, how could you change things so that they do?

And finally, go back and take a second look at the people who currently comprise your team. How well do they fit in with your business as a whole? What are their skills? What do they do well? Where do they fit best in your new and improved org chart?

Some may need to be redeployed and some may even need to be replaced. But in my experience, the value impact of the right people in the right positions can be enormous!

 

clip_image004.jpgMark is President & Founder of Wardell Professional Development, an advisory group that helps business owners plan and execute the growth of their companies. The author of seven business books, Mark also writes regularly for several national business publications, including Profit Magazine, the Globe and Mail, and CGA Magazine. Email him at mark@wardell.biz

Posted by Lynnette in Getting Organized on December 8th, 2010

, , , , , , , , , ,
0 comments | Share

The Art of Delegation

By Mark Wardell

Delegation is one of the most important parts of management, though many managers and business owners don’t know how to do it well. To understand how important delegation is, think about this: When you don’t delegate, you’re essentially doing part of your employees’ jobs for them, on top of doing your own job.

Knowing how to delegate is an art that brings great success to those who do it well. In essence, it’s the ability to manage your own time effectively and be able to match up—almost psychically—what to delegate and to whom.

As a business leader, you should strive to make delegation an ingrained component of your business model—one that is built into your organizational chart. When you do this, you’ll have an organization that equips employees to be accountable and encourages people to think for themselves at all levels.

It begins with a mental switch.

What is your typical reaction when an employee approaches you with a question?

Do you pause before answering to consider whether or not that person should know the answer to their own question, or do you automatically answer in an effort to shoo them out of your office, ASAP, so you can get back to your own work?

If your goal is to own a business run by a team of accountable, productive employees, then you need to make a mental switch. And you can start the process the next time one of your employees approaches you with a question. Instead of answering, ask that person what they would do if you weren’t there and then tell them to go and do just that.

If you’re not yet convinced that delegation and accountability are critical to the success of your enterprise, consider the following facts:

  • A business simply cannot develop to its full potential unless it’s led by an effective management team, equipped to execute the business owner’s strategy and vision. In other words, the business owner needs to be able to delegate the most critical components of running the business in order to develop the enterprise.
  • Making delegation a part of the organizational chart is the best way to make sure that accountability and performance are ingrained in the team. In fact, this may be the only way a business owner will create the space and time needed to do the job effectively, while tracking the effectiveness of the team.
  • The best employees in the world are those who excel when they are given a stake in the company. We call these people the ‘A players.’ They don’t want to work in a place that holds them back; they relish accountability and performance.
  • A person who has never (or rarely) been delegated to, will never (or rarely) become a good delegator. People learn through experience. If this describes your situation, there are a number of effective techniques you can use to become a delegation expert. Though I don’t have space to go into specific details here, you can email my company with your questions.
  • Investment-quality businesses are not formed by talented people working in silos. They are created by talented people working as a team, each understanding their role in the big picture and each knowing they can rely on others to perform their duties effectively.

Convinced yet?

You may be wondering how exactly to implement accountability into your business’s organizational chart. Stay tuned. Next time, I’ll give you a step-by-step plan to map out an organizational chart that will work for your business, and keep on working!

Mark Wardell 2Mark is President & Founder of Wardell Professional Development , an advisory group that helps business owners plan and execute the growth of their companies. The author of seven business books, Mark also writes regularly for several national business publications, including Profit Magazine, the Globe and Mail, and CGA Magazine. Email him at mark@wardell.biz

Posted by Lynnette in Getting Organized, Growing Your Biz on November 24th, 2010

, , , ,
0 comments | Share