People ... your ultimate leverage in business

Many times I hear of business owners with a large number of staff who revert back to one or two people plus themselves.  The reason for downsizing is often because of the problems associated with employing people. 

With no systems and no processes, as the number grows so do the problems.  All the while there is ever-present Fair Work Act telling you what you can and you can't.

The answer lies in your Systems!

The best way to manage anything in a business is to have documented systems.  The ONLY way to manage people is to have documented systems.

Documented systems ensure your people know what is expected of them.  I remember working with a large landscaping company.  Their people documentation was so good that new employees would say "I know more about the job I am going to do for you than the one I am doing for your competitor, and it is exactly the same job!"

If you want to work through a checklist of systems and processes to ensure your business is a 'best practice' employer, come to the Finding and Keeping the Right People Workshop advertised below.

Remember, good HR (Human Resource Practices) minimises your exposure to IR (Industrial Relations Action).

If you would like to learn about the true value of your human capital and how to make it work for you, come along to the Brightwater "Finding & Keeping the Right People" workshop ... Details are below:

Date: Tuesday 17th September at 5.15 for 5.30-7.30pm

Where: Westpac Milton

Cost: Complimentary for 2 people

How: Call Brightwater Business Coaching on 07 3367 0967 for further details

Anthony Davis

Symptoms of Uncertainty

Certainty is one of the main characteristics that a Business Owner must have, in order to build a successful business.  Without it, clients and team members will have great difficulty in trusting the recommendations presented to them.

Here are some general symptoms of Business Owners who lack certainty:

Ø  Find it hard to ask for money;

Ø  Reduce their price at the first inkling from a prospect;

Ø  Uncomfortable giving strong recommendations;

Ø  Afraid to tell people what they need to hear;

Ø  Uncomfortable in self-promotion;

Ø  Clients don’t refer;

Ø  Do the work themselves instead of delegating;

Ø  Have problems sleeping at night;

Ø  Feel burnt out;

Ø  Not thriving and having the success they desire.

By defining who you are as a Business Owner, knowing what you offer and understanding how to communicate what you deliver, you can begin to eliminate some or all of the above symptoms if they are present. 

Become clear about your values and identify what is truly important to you. (Minute 96) Take the time daily to elevate your level of certainty and watch your business grow!

Adapted Practice Pointer from Powerful Practices.

Take 3 Hours Every Week ...

Michael Gerber, in his book “The E-Myth”, differentiates between working IN and ON your business.  For business growth and development you must allocate time every week to work ON your business.

The challenges are: how much time; and what to do in the time. 

If you are like most small business owners you work about 60 hours a week.  Take 3 hours each week … an investment of only 5%.   This then becomes 57 hours IN and 3 hours ON.  The real key is to allocate the same three hours every week.  This discipline will pay massive dividends over time.

To explain the difference between working IN and ON … the most potent “ON” is Business Planning … what it will: be like; look like; achieve; etc.

As a technician it is easy to see non-technical areas like marketing and financials as working ON.  In reality they are working IN … just a different IN to your technical training.

Other forms of “ON” are Systems Development and Monitoring the performance of KPIs to support you to make informed business decisions.

Start working ON your business by attending the Take 3 Business Workshop.  See the information below.

If you would like more information on Business Planning, Systems Development, Monitoring or KPIs, please send an email to bizplan@brightwater.com.au with the relevant topic in the subject line.

Anthony Davis 

Make Luck Happen

"Diligence is the mother of good luck." Benjamin Franklin (1706–1790)

Oxford Dictionary: noun: A chance considered as a force that causes good or bad things to happen; something regarded as bringing about or portending good or bad things.

Sam Parker: noun: a force that makes things happen.

If you want more luck you need to be the force that makes it happen ... for  you:

1. Prepare. Work hard to be ready for the opportunities that are important to you. Research. Practice. Perfect.
2. Be awake. Pay attention to the people, events, and things around you. Evaluate logically and trust your gut instinct.
3. Take action. Put yourself out there. Explore. Be vulnerable. Make contact with people. Take risks.
4. Expect positive results. Optimism improves your chances. If you fail, embrace the lesson and continue on, smarter.

Now go be lucky and make something good happen for you and those around you.

Watch this 1 minute video http://blog.givemore.com/nike-waking-us-up/  Use it as a great weekly boost and reminder of what it takes to make good things happen (hint: it's work).

Notated original from Sam Parker of GiveMore.com

If you would like more information on Luck in Business, please send an email to bizplan@brightwater.com.au with 'Luck in Business' in the subject line.

Anthony Davis

Your Workplace Culture ...

Your Workplace Culture ...

Workplace culture can be considered as:

“How your team perceives their working environment.”

Their attitude at work is influenced by the workplace itself which is usually determined by its leadership.

The catch 22 is that much of the workplace culture will also be determined by the employees hired and the tone that management sets. How you implement your unique small business culture in day-to-day operations can help to attract and retain talent and create a place where people enjoy being.

Good leadership promotes the positive attitudes of employees. A negative culture dampens the mood and results in absenteeism, dissatisfaction, lack of motivation and eventually resignation.

Managers who get the best from their teams inspire a positive workplace culture. Some of the positive influences include: Open management style; Regular feedback both good and bad; Clear goals set out; Fair and equal treatment; Achievements recognised and rewarded.

There are tools and processes you can use to assist you to define your Workplace Culture.  They include: Code of Conduct; Role Descriptions; Performance Indicators; Selection Process; Induction; Appraisals; Playing Team; Team Meetings; and Training.

If you would like a copy of any of the previous Business Boosts relating to the tools & processes  listed above, please send an email to bizplan@brightwater.com.au with the relevant tool/process name in the subject line.

Anthony Davis

The Pareto Principle ...

Named after Italian economist Vilfredo Pareto, who identified its applicability in a number of areas, the Pareto Principle suggests that roughly 80% of the effects come from 20% of the causes.

This Principle appears to impact upon many different aspects relevant to entrepreneurs and business managers. For example:

• 80% of your profits come from 20% of your customers
• 80% of your complaints come from 20% of your customers
• 80% of your profits come from 20% of the time you spend
• 80% of your sales come from 20% of your products
• 80% of your sales are made by 20% of your sales staff 

From these indicators it would seem that you could easily make dramatic improvements in profitability by focusing on the most effective areas and eliminating, ignoring, automating, delegating or retraining the rest, as appropriate.

For example, in the first point above, if you stop dealing with the 80% who give you only 20% of your profit (seems OK doesn’t it?) then what happens?  You have simply ‘raised the bar’ in your business and within a short period of time the 80/20 Rule will once again apply!

If you would like a copy of the previous Business Boosts relating to the Pareto Principle, please send an email to bizplan@brightwater.com.au with 'PARETO' in the subject line. 

Anthony Davis

Small Business Failure ...

According to a recent multiple choice survey of more than 1000 owners of Australian Small and Medium Enterprises (SMEs), the percentage of respondents and reasons identified for small business failure are:

Ø  61% an inability to manage costs;

Ø  50% inexperienced management;

Ø  50% poorly designed business models or no business plan;

Ø  49% insufficient capital;

Ø  37% poor or insufficient marketing;

Ø  35% insufficient time managing the books.

Only 26% identified failure to seek professional advice as a key reason for failure, while 70% trusted their ‘gut instinct’ over any professional advice.

The survey was published by accounting software provider CCH and global information services group Wolters Kluwer.  Chief Executive of Wolters, Russell Evans, told SmartCompany the majority of SMEs which shun professional advice were doing so possibly at their peril.

The Brightwater Business Development Program has been designed to address many of the issues outlined above.  If you have considered Brightwater Coaching in the past and are still to take the first step … call me on 1800 242 366 and ask what Coaching can do for you and your business.

Written by Anthony Davis