Happy New Year and welcome to WrightCFO's January 2020 Newsletter. If you missed the last instalment you can take a look here.
We hope that you all had a good break over the Christmas period, and that the New Year has started well? A new year aways feels like a fresh start, whether you make any resolutions or not. As such this month we will be looking at innovations in business management that you can employ to revitalise your business over the coming months.
As always if you want to discuss anything in the Newsletter in more detail don't hesitate to get in touch.
Pooling Resources - Total Innovation Management
In addition to the daily trials that businesses encounter there are some significant challenges facing business owners in the coming weeks and months due to the current political climate. As such we have been looking at steps you can take to maximise your success and strengthen your position as we move forward into 2020.
Despite the number of available support systems, be they outsourced services such as Finance Directors, Customer Support or MSP's, there will always be a number of roles that only you as the business owner can perform. It is after all your area of expertise and your vision that has brought you this far.
So in this month's newsletter we wanted to explore the concept of Total Innovation Management, to ensure that you are maximising the impact of all available resources to support your endeavours. We have also provided some insight on how to encourage and develop your entire staff, including you!
1. Create or Update Your Business Strategy and Embrace the Bigger Picture
All businesses must have a detailed and up to date business strategy that clearly documents and communicates their vision for the benefit of all staff. It also helps you monitor your progress and keeps you on track. You may feel that your plans are being realised and that your concept has remained largely unchanged. However, once documented you may be surprised to see how far you have come from your original design. In addition there are few disciplines that fail to evolve, either through technology or merely updated practices.
It is vital that you and your team are clear about where you are going, and how you intend to get there. It is also important to document regular reviews of this strategy to ensure that you are achieving goals, and that those goals are still relevant.
A business strategy, while detailed, does not have to be a longwinded document that takes forever to produce; better that you spend your time considering the point of the document, and then translating that into a succinct but logical business proposal.
We have previously provided guidance on how to create a simply yet effective business plan in a blog post which can be read HERE.
2. Maximise Your Impact as a Leader
Leadership qualities do not come naturally to most of us; inspiring the best from people and being an effective leader takes consideration and practice. It’s not simply about being the boss and getting things done in any way possible. Good leadership propagates much more than profit and growth, it is a statement of investment in: yourself, your employees, your business, your clients and your market sector. Below are some points for consideration to guide you to good leadership.
Leading by example is probably the most significant aspect of good leadership and covers many sub headings. Your staff will look to you for inspiration and guidance on anything from how to behave to how they should perform. They may share their own views which should be encouraged but your behaviour creates a benchmark and aids their own development.
Developing relationships with your staff is vital. A good leader must understand the strengths and weaknesses of the people they are responsible for. This can only be achieved through making an investment of time in your people.
Encouraging innovation and promoting employee’s ideas shows that you are invested in them and their futures. It also facilities access to potentially untapped resources. By maintaining regular meetings or appraisals, and sharing responsibilities, you will improve the development of your business and staff.
A good and successful leader is a reflection of the investment they have made in their employees. Maximise the impact of their attributes by involving them in daily processes. Encourage their feedback and analysis to strengthen their sense of confidence and improve your own performance. Learning and self-development never stops and should be a lifelong pursuit.
Be clear and reliable in your communication. It is hard to quantify the value of being a good communicator. It provides assurance, promotes self confidence in your team members, and can only improve your business performance. It also encourages the same skills from your employees. Ensure that you communicate in a clear and direct manner so as to avoid confusion.
Be focused on the positive aspects of your work at all times. Even when discussing an unsatisfactory outcome, the negative aspects should be addressed with swift efficiency to allow you to move onto the positives and seek solutions or preventative actions. Make this a mental process and encourage your employees to do the same. In addition, give praise when it is due. The positive impact of giving praise cannot be understated.
Be honest with yourself about your own motivation. If your enthusiasm for your role is not genuine it will be apparent to all who work with you and you cannot be an effective leader.
2. Support and Encourage Your Staffs Performance and Development
People management is a challenging role. Historically training and mentoring have been provided however, nowadays it seems many people are thrust into this function and expected to be able to deliver results. As a business owner this may be the first time you are attempting staff management. There are some simple guidelines that can be followed to help ensure your success and the development of an effective team.
As touched on in the previous point one of the most important skills as a people manager is to lead by example. Your staff will look to you constantly for guidance and in order to establish appropriate behaviour boundaries and levels of performance. Be aware of this constantly in every task you undertake.
Developing and maintaining a structured and considered recruitment process will help you get the right people for the job. Always allow yourself to be fully prepared for the entire recruitment process and don’t ignore doubts about candidates under pressure to recruit. Delaying an appointment in order to find the right person is always the right decision.
Providing an atmosphere of support is vital. Your staff must feel that you care about them as individuals. Structure and support their professional development and encourage their initiative through regular and expected performance meetings.
Encourage your staff to commit to the business by allowing them to contribute to its core values and business development plan. Every employee has something unique to offer. By understanding their strengths and supporting them you can aid your business and provide the individual with a sense of permanence within your organisation.
Ensure you regularly revisit procedures and invite your staff to comment on their effectiveness, making any suggestions they may have for improvement. It is important to acknowledge that processes can be improved on, and beneficial to all to involve your staff in the process.
Empower your staff with significant responsibilities wherever possible and involve them in resource management, whether that be supporting smaller teams of staff themselves or delivering targets for a given project. It is vital that you furnish them with the appropriate tools and training for this in advance.
Recognise that learning should never stop for anyone. As part of leading by example you should demonstrate to your staff that you keep up to date with relevant changes to your sector but that you are also not above being proven wrong about a particular decision. They may have a better solution and should feel they can put this to you.
Building a successful team is incredibly rewarding. People management in addition to being demanding is very time consuming however the rewards are priceless.
4. Make it Your Business to Know Your Resources Fully, Both Inside and Outside of Your Business
We have already discussed the importance of getting to know your staff. However to reiterate, the very skillset you require could be available to you from within your existing workforce. Make sure you maximise the impact of your staff by understanding their strengths.
Similarly your business strategy should communicate that you fully support idea generation, promoting a creative culture. It is a fool who ignores the tools already at his disposal.
There are however countless resources freely available externally. This may be in the form of competitors, customers, peers and governing bodies. Don't remain ignorant of innovation simply for fear of asking the question.
Networking can be time consuming however the benefits are invaluable. Make the time to converse with colleagues and peers. You may be surprised by their willingness to share ideas, answer queries and generally support your endeavours. Good communication in this way demonstrates your professionalism and in addition you are keeping yourself at the forefront of their minds which may just pay dividends when they next need your specialised services.
With regard your customers don't be afraid to undertake considered market research. Understanding your customers requirements and preferences can save you countless resources including much wasted time.
Lastly keep abreast of research and development within your sector, and where possible undertake your own. The only thing keeping you from being at the forefront of your particular discipline is your ability to allocate time and resources, so assess what you can realistically achieve, document it and share it with your peers and customers.
We hope that the above information has been useful, and as always if you have any queries or would like further guidance on any of the above points don't hesitate to get in touch.
The Greta Effect? (Environmental Business Ethics)
In a time where young adults and children are speaking out, and shaming us into acknowledging the true impact of our way of life, businesses are starting to adopt the many innovations available to combat this most serious situation. Although the motivation for this may still be partially business orientated, sustainable and environmental business ethics are catching on. There is a growing awareness of the benefits and appeal both for B2B and B2C.
