Posts

The Big Picture of Business – How Business Advice Turns Into Company Strategy

/in /by

StrategyDriven Big Picture of Business ArticleWithin every corporate and organizational structure, there is a stair-step ladder. One enters the ladder at some level and is considered valuable for the category of services for which they have expertise. This ladder holds true for managers and employees within the organization, as well as outside consultants brought in.

Each rung on the ladder is important. At whatever level one enters the ladder, he-she is trained, measured for performance and fits into the organization’s overall Big Picture. One rarely advances more than one rung on the ladder during the course of service to the organization in question.

  1. Resource: equipment, tools, materials, schedules.
  2. Skills and Tasks: duties, activities, tasks, behaviors, attitudes, contracting, project fulfillment.
  3. Role and Job: assignments, responsibilities, functions, relationships, follow-through, accountability.
  4. Systems and Processes: structure, hiring, control, work design, supervision, decisions
  5. Strategy: planning, tactics, organizational development.
  6. Culture and Mission: values, customs, beliefs, goals, objectives, benchmarking.
  7. Philosophy: purpose, vision, quality of life, ethics, long-term growth.

7 Levels of Authority Figure

  1. Self Appointed. Flash in the Pan. What they were doing five years ago has no relationship to what they’re now marketing. They reap temporary rewards from momentary trends. They’re here today, weren’t an authority figure yesterday and likely won’t be tomorrow. Yet, today, they’re demanding your complete trust, respect and allegiance.
  2. Temporary Caretakers of an Office. Public officials. Appointed agency heads in a government bureaucracy. Respect is shown to the temporary trust they hold.
  3. Those Who We Think Control Our Destiny… for the Time Being. Caretakers of corporate bureaucracies, departmental supervisors, short-term clients, referral sources for business development and those who dangle carrots under people’s noses.
  4. Those Who Remain Through the Peter Principle. Supervisors and public servants who made fiefdoms by outlasting up-and-comers. Longevity is due to keeping their heads down and noses clean, rather than excelling via special talents-achievements. Still living on past laurels.
  5. Those Who Really Empower People. These are a rare breed… the backbone of well-run organizations. Some do what they do very well in poorly-run organizations. They may not be department heads, but they set exemplary standards and inspire others toward positive accomplishments. Category 2, 3 and 4 authority figures either resent them and try to claim credit for what they do… or are smart enough to place them in effective, visible roles. Some advance into management and encounter similar situations there too.
  6. Have Truly Earned Their Position-Respect. Also a rare breed. Those who excelled at every assignment given and each stage of their career. Never were too busy to set good examples, share ideas with others and help build the teams on which they played.
  7. Never Stop Paying Dues, Learning, Sharing Knowledge. The rarest breed of all. Distance runners who created knowledge, rather than conveyed that of other people. Though they could coast on past laurels, for them, the best is yet to come.

7 Levels of Advice Given

  1. Answers to Questions. There are 7 levels of answers which may be given, depending upon how extensive one wants: Easy and Obvious Ones, Knee-Jerk Reactions, Politically Correct, What People Want to Hear, Factual and Complete Explanations, Answers That Get Them Thinking Further and Deep Wisdom.
  2. Observations on Situations. These take the forms of “When this happened to me, I did X,” or “If this occurred with me, I would Y.” It’s often good to see things through someone else’s perspective.
  3. Subjective Viewpoint. Friends want what is best for you. This level of advice is usually pro-active and is influenced by the advisor’s experiences with comparable situations.
  4. Informed Opinion. Experts have core-business backgrounds upon which to draw. Advisors bring facts, analysis and methodologies of applying their solutions to your case. Niche consultants provide quality viewpoints… as it relates to their talents and skills. Carefully consider the sources.
  5. Researched Options. Investments in research (formal, informal, attitudinal, demographic, sociological) will avert unnecessary band aid surgery expenses later. Research leads to planning, which is the best way to accomplish tasks and benchmark success.
  6. Discussion of Outcomes-Consequences. Most actions and decisions in an organization affect many others. At this level, advisors recommend that sufficient planning be conducted… please take their advice. The more strategic and Big Picture in scope, then planning reaps long-term rewards.
  7. Inspiring Directions. This gets into Visioning. Planning and going to new heights are stimulating. The mannerisms and substance by which any organization achieves its Vision requires sophisticated advice, deep insights and creative ideas.

7 Levels-Tiers of Qualifying Consultants

  1. Wanna-be consultants. Vendors selling services. Subcontractors. Out-of-work people who hang out “consulting” shingles in between jobs. Freelancers and moonlighters, whose consultancy may or may not relate to their day jobs. (26%)
  2. Entry-level consultants. Those who were downsized, out-placed, retired or changed careers, launching a consulting practice. Prior experience in company environment. (19.5%)
  3. Grinders. Those who do the bulk of project work. Conduct programs designed by others. 1-10 years’ consulting experience. (35.49%)
  4. Minders. Mid-level consultants. Those with specific niche or industry expertise, starting to build a track record. 10-20 years’ consulting experience. (13.5%)
  5. Finders. Firms which package and market services. Most claim they have all expertise in-house. The more sophisticated ones are skilled at building and utilizing collaborations of outside experts and joint ventures. (3.5%)
  6. Senior level. Veteran consultants (20 years+) who were trained for and have a track record in consulting. That’s what they have done for most of their careers. (2%)
  7. Beyond the strata of consultant. Senior advisor, routinely producing original knowledge. Strategic overview, vision expeditor. Creativity-insight not available elsewhere.

About the Author

Hank MoorePower Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.

Where Do They Go To Get Business Advice?

/in , /by

StrategyDriven Big Picture of Business ArticleBusinesses operate at a pace such that they grab for help wherever it is available. More often than not, they reach toward the wrong resources, the untied advisors and sources that send them down rabbit holes.

It is lonely at the top. There are many demands upon entrepreneurs and senior management of companies. Each organization is confronted with challenges and opportunities, both real and perceived. It is tough to tackle all the obstacles and feel that substantial progress is being made.

Businesses spend so much time on momentary pieces of their puzzles that they neglect long-term Strategic Planning and miss potential successes. Costs of band aid surgery and make-good work cost six times that of planning for business on the front end.

The need exists for comprehensive business ideas and growth strategies. The need is ever-present for interfacing with senior executives and updating management skills, to avoid burnout and stimulate the seasoned professionals toward new heights. Top management regularly needs the creative inspiration to take the company to new heights. Cutting-edge executives (the very top and those about to take the mantle) need seasoned advice and inspiration.

Here is where they go to get ideas, strategies and help, in the order where they commonly go. The lower numbers represent introductory resources. The highest numbers are where they should be reaching.

1. Hearsay and third hand

  • Comments heard at parties and networking functions
  • Uninformed sources
  • Friends of friends
  • High participation networkers
  • Research and surveys

2. Special Interests

  • Websites containing educational material as a way to sell services
  • Surveys and their feedback

3. People Selling Stuff

  • Vendors who distract you, using expressions like “funding to grow your business.”
  • Online marketing firms
  • Internet solicitors and sellers
  • Website consulting

4. Internal Management

  • People you work with
  • Mid-managers and supervisors
  • Corporate leadership

5. Niche Experts and Consultants

  • Trainers
  • Freelance consultants, per industry niche
  • Banking, insurance benefits, human resources, etc.
  • Technology consulting firms
  • Researchers

6. Educational Programs

  • Speakers
  • Seminars
  • Panels at forums
  • Workshops
  • Conferences
  • Webinars
  • Material published or broadcast in the media

7. Books

  • Articles excerpted for meetings
  • Blog material posted online
  • Thin self-published books by people seeking to establish a platform
  • Online articles and blogs
  • Serious books in libraries
  • Cutting-edge books with original material

8. Advocacy Groups

  • Business clubs
  • Chambers of commerce
  • People with whom you work in community and charity leadership roles
  • Boards of directors
  • The Better Business Bureau
  • SCORE
  • Small Business Development Center
  • Trade industry groups
  • Associations
  • Political action committees
  • Community alliances
  • Professional alliances
  • Consortiums of business
  • Cross-industry cooperative initiatives

9. Mentors

  • Pier advisory groups such as Vistage, Silver Fox Advisors
  • One-on-one coaching
  • CEO roundtables
  • Corporate heir apparent training
  • Programs such as Shark Tank, Fox Den, Ted Talks
  • Leadership programs

10. Senior Business Advisors

  • Professional service firms, including lawyers, accountants, marketing, public relations, quality management

11. Major Business Gurus

  • Track record experts with many years in advising strategically

About the Author

Hank MoorePower Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.

How to Run Your Business in the Most Cost Effective Way

/in , /by

Running your company in the most cost effective way possible should be your number one priority right now. If it’s not, that suggests there’s something wrong. So why is this so important? Most business owners assume that things are being run efficiently and cost effectively, but that’s often not the case at all. Making those kinds of assumptions as an entrepreneur is almost always a bad idea.

You’ll be surprised by the many ways in which your business is probably throwing money away right now. It’s something that you can’t let continue because the sooner you look into it, the sooner you’ll realise that you’re throwing away resources unnecessarily. We’re not going to look at some of the things you can do to make your business operate in a more cost effective kind of way.

Outsource Certain Minor Things

There are are some things that you simply shouldn’t waste time and money hiring people to do. For example, something like data entry is something that’s very simply and very mundane. That’s why you shouldn’t be afraid to outsource certain minor issues and problems that might be present inside your business. Make them problems for someone else to deal with.

Put Stuff in the Cloud

The cloud offers you a fantastic way to save money because it’s all about switching stuff from your servers and putting them up in the cloud freely and easily. You don’t have to worry about running servers and paying for the electricity that powers all this stuff. It’s something that’s definitely worth considering and looking into if you haven’t had any experience with cloud computing and storage just yet. So it’s about time you started putting more stuff in the cloud.

Embrace Green Ideas

Running your business in a green way is one of the shortest and most obvious ways to make your business more cost effective and efficient. If you install water limits so that water can’t be wasted, you’ll save money. If you produce some of your own energy reserves, you’ll save money. And if you cut the amount of paper and cardboard you use, you’ll save money. When you go green, you save; it really is as simple as that.

Keep Modernising Your Advertising and Marketing Strategies

If you’re still persevering with advertising and marketing strategies that are well past their sell by date, you’re only going to run into disappointment sooner or later. Those strategies will produce ever diminishing results, and they’re not cheap. The modern ways of reaching people via targeted online ads and social media content is much more cost effective. So if you’re still living in the past, it’s time to drag yourself into the future.

Choose Tools and Components That Reduce Wastage

Depending on what kind of sector and industry you’re working in, there are all kinds of tools and components that can help you to make less. If you’re working in manufacturing, for example, you can use a flow meter to help keep things safe, secure and efficient. There are plenty of other examples of similar components that you can make use of in your place of work too, so this is something for you to look into.

Travel Around Less

Business travel can be really expensive, even if you’re just travelling across the city. Of course, you do still have to do a little travelling in order to run a successful business, especially if you want to go global. But you certainly can minimise the amount of travelling you’re doing by embracing conference calls and things like that. With modern tech, you don’t need to travel to discuss things with your clients, partners or suppliers, so why waste the time and resources?

Be More Careful During the Recruitment Process

Your recruitment process is something that you should definitely try to perfect as soon as possible. This is a cost effectiveness issue because it’s all about making sure you hire the right people the first time. When you hire the wrong people, it can unbalance, undermine and massively damage your business. It can set you back years, so it’s vital to get it right the first time.

Your business is going to have to operate in an efficient and cost effective way if you want it to be a major success going forward. No business succeeds if it’s wasting money on a continual basis, so it’s time to get things in order and make your business even more profitable and sustainable than it is already.

Benefits And Challenges Of Lean Manufacturing

/in /by

Lean thinking is all about doing more with less. Therefore, lean manufacturing is about reducing or eliminating waste across the board, from customer service and design to distribution and manufacturing. It is also commonly referred to as lean production. There are many benefits associated with lean manufacturing, as well as numerous challenges. Read on to discover everything you need to know.

The short-term and long-term benefits of lean manufacturing

As mentioned, lean manufacturing includes production planning, scheduling & control, and there are a number of benefits that come with readdressing these areas and eliminating waste. This includes improve employee morale, as your team members will feel empowered and like they are contributing. Moreover, lean focuses on reducing uncertainty in the workplace, which can also make employees more secure and confident in their role. Other benefits of lean management include a safer working environment, the creation of more space, and problem elimination. After all, lean manufacturing is all about forcing you to attack issues head on until they have been eliminated. Aside from this, you can expect total company involvement, as well as easier management because everyone knows what they have to do and when they have to do it. And that is not all! Other benefits you will realise include manpower reductions, increased efficiency, improved visual management, and improved quality.

Challenges you may face

As is the case with any change in business, there are going to be challenges you face along the way. Once lean manufacturing has been implemented successfully, it will all be worth it. Nevertheless, you do need to be aware of the challenges that you will come across so you can manage them effectively. The first challenge is resistance. After all, most people do not like change. They like to live in their comfort zone. This is why you need to make sure that everyone is aware of why this change is going to be implemented and how it will benefit them. Some of the other challenges you can face include initial labour increase, upkeep, and cost. This is not to say that lean manufacturing is expensive. After all, it is all about reducing waste. However, redesigning equipment and such like is going to cost money at first. Nevertheless, it is all about seeing the bigger picture and ensuring that you are going to be making cost savings overall.

Hopefully, you now have a better understanding regarding the short-term and long-term benefits that are associated with lean manufacturing, as well as the challenges. Lean manufacturing is something more and more companies are embracing today, and it is not difficult to see why. However, you do need to make sure you have the correct approach.

Improving the Efficiency of Your Business

/in , /by

Countless businesses around the world are operating on a daily basis, with some proving to be more successful than others. Though this is down to things like marketing strategies, sales numbers, and top investors, even these indicators can be boiled down to having an efficient workplace. Higher efficiency leads to a business that is far more likely to succeed, and so it’s best to refine your workforce from within the office to see just how much this can help. Finding ways to do this can be hard, but you can start with small and easy improvements which will ultimately have an immeasurably valuable impact on the efficiency of your business.

Remind employees of goals

It’s almost like having a lesson objective up on the board during class time, but it works in the same way. Whether it be an email at the beginning of the working day, or a brief meeting as soon as everyone gets into work, having a daily reminder of what the goals in the company are for the day can keep workers on the right track. It will also help to clear up any potential confusion over what an employee’s tasks are and will prevent any greater misunderstandings happening further down the line.

It’s important to note that this will keep you as the leader from setting goals that are impossible to achieve in a day’s work, or which can be completed within a few hours. Having a physical reminder of what the workplace goals are will ensure that you can set them to match the fluctuating needs of a business. It will also introduce some variety into working patterns in the daily running of your company, which will keep your employees’ eyes on the prize. The trick is to set goals that are just outside the comfort zone of an employee, so as to challenge and push them to reach their potential.

Invest in better ways to communicate

You might have excellent goals and a foolproof business plan, but sometimes these can become lost when you are conveying them to staff. This could be down to things like overcomplicated jargon, or not using the correct vehicle by which to share these with your workplace. Either way, these factors are both things that need to be addressed. To start with, go over your goals and business plans with a trusted colleague or advisor to make sure that they are easily able to be understood by others in the office, and beyond. It may sound great in your head, but it isn’t your employees’ fault if they’re not able to grasp exactly what it is that you want. Breaking it down in a way that everyone can understand will help clear up any confusion you may be feeling, too.

Once you’ve done this, make sure you have a good way of communicating information to your staff, as well as potential clients outside the office. Having faster internet connectivity, a great landline provider, as well as a regulated email system can all markedly help with this. At the crux of it, companies now rely on the internet to communicate more than ever. To ensure you have the best of the best, and to look about bringing some extra funds in for your business, it’s a good idea to look into having a mobile tower lease.

Implement on the go training

Training is something that takes up a large chunk of time and resources of a company, which can often hinder any progress. Not only does it remove valuable workers from the office for an extended period of time, but it’s not even clear whether the training will positively impact the business. Traditional training requires staff to have training days, with large amounts of information being given out to staff, who are expected to take it all in during the allocated training slot. Not only has this proven to be ineffective, but it can certainly create a working environment characterized by high pressure, which will put workers off.

The key to solving this is through on the go training, where staff can learn at their own pace, in a place that suits them. You could even make use of mobile learning, so that they can do it from the comfort of their own phones, and so that training is not restricted to the workplace. This will not only make it more fun, but will enable the worker to embrace the newest technological requirements. By letting them train in snippets every day, the information becomes more digestible, and they will be better able to use it in a practical scenario.

Track progress

This type of training also makes it far easier to track the progress of workers, which you can do using internet software, or by checking in with staff at the end of every day. It may seem like a lot of work to put in from the start, but it will reap its benefits in the long run. By tracking progress, you will be able to see who is underperforming, and in which areas, and you will be able to spot any trends in the workplace that could be better improved in the next batch of training exercises.

However, progress isn’t always negative, and you can also use it to see just where your business is meeting its targets. This will help you take through a range of tried and tested strategies that you can rely on in the future. More importantly, you can use this information to see who deserves the next promotion, and who can be trusted with new responsibilities.

Reward hard workers

A happy workplace is known to be more efficient than an unhappy one. Incentivizing workers can be one of that hardest parts of running a business, especially on drab days where the hole office seems to be lagging. Though the easy option is to punish staff for not working that hard, the best option is to get to the bottom of why this is the case, and to offer support and extra training where needed. Not only this, but by introducing a rewards system for performance and behavior at work, employees will be more likely to reach for the higher goals, and will be able to see the same potential in them as you do.