Monthly Archives: October, 2019

4 Key Drivers Of Success

October 29th, 2019 Posted by Uncategorized 0 thoughts on “4 Key Drivers Of Success”

As a business owner, you must continuously seek to improve business performance. There is always an unlimited amount of potential that can be reached for accelerated improvement. However this potential can only be attained by aligning all of the following key forces for improvement with your business and business model.

The following key drivers of success will undoubtedly help you move your business forward:

1. Leadership

Leadership is the most important and essential aspect of conducting a successful business. However, it is important to note that simply holding a leadership position title (CEO, manager, director, etc) is not synonymous with actually being a good leader. Leadership has evolved over time and not every leadership style is compatible within every type of organisation. A good leader will be able to identify the leadership style that will provide the best results for their specific businesses.

Without proper leadership, your business may fail to find a structure and balance that will create the ideal environment for goals to be reached.

2. A Clear Plan

Your priority as a business leader is to identify your business’ prime goals and optimal strategies and then organise them in to a clear plan. A simple yet targeted plan will be easily remembered by employees. Additionally the better they can understand the path you have set out the easier it will be for them to internalise it and continue acting on it and towards your collective goals. Clear goals and metrics pull your company in the right direction, together.

Your vision should be a vivid picture that inspires the future of your organisation- it should also be created for the long-term success of your business and it should be easily measurable. Your vision should answer the question: where are we going? You need to be crystal clear in your definition that destination, even if you aren’t exactly sure how you are going to get there yet.

3. Strong Team and Balanced Culture

Developing trust and loyalty with your employees is exceedingly important. These factors help encourage a motivated workforce, they improve employee retention, and they create a healthier work environment.

Workplace culture and productivity are direct outcomes of the people within your business. It takes years to build a distinguished reputation and a valued culture but unfortunately it only takes a matter of minutes to destroy your well-established stance. In the end, your business truly only go as far as you and your employees are willing to take it. People prosper in environments constructed around cooperation, respect, creativity, and productivity, These are the elements you must develop within your business and workplace in order to continue growing in the cut-throat world of business.

4. Growth

Constant change is a large reality of today’s business environment, and growth is one of the few ways to handle these changes. Growth can be measured in terms of both revenue and profit.
Whether you’re an SME or a well-established company, growth is important element in remaining competitive and ensuring progress. The secret is to clearly identify your growth opportunities, whether they are consumer based, market based, or competition based.

Understanding how growth strategies can impact business performance, will help provide you with a smooth road-map towards success.

After reading the 4 Key drivers of success, do you think you have the right tools and knowledge to implement them in to your business appropriately?

If you think you would benefit from some guidance, in implementing these tactics, we are here to help.

Have you thought about your end goal in your business?

October 22nd, 2019 Posted by Uncategorized 0 thoughts on “Have you thought about your end goal in your business?”

Have you given any thought to what you want to be doing in 5-10 years time? Are you clear about what your main objective for your business is at the moment? Do you know what you want to have achieved? Own a family business but have no family members to take it on after you exit? Consider transferring the ownership onto your employees…this has been a great method to succession planning.

Succession planning can be a stressful and complicated process. Whether you’re a young entrepreneur just starting up or someone in the middle of their career, succession planning should be on your mind.

Here’s some top things to think about when it comes to succession planning:

TIME FRAME
HAVING THE RIGHT STRUCTURE
CLEAR VISION

When you’re working toward a long-term or ambitious goal, it’s important to break it down into small and manageable steps you can tackle every day. But while you’re focusing on taking it one step at a time, you should make sure you are clear on what you are working toward.

3 Must-Haves

Align With Your Business Goals and Values

Your succession plan should align with company values. This can have deep implications for your company’s success, ensuring your company stays true to its principles and preserving its financial health and reputation.

Make Your Vision Known

Include potential managers in strategy conversations to help them acquire planning and leadership skills, as well as a broad vision of your company and its objectives. Consider sharing your succession plan with your board of directors and HR. The successors you identify and develop will guide your company into the future, so choose them with the business road map in mind.

Provide Training and Develop a Hiring Strategy

While you may need to recruit externally to fill certain roles, your current employees are already familiar with the company’s processes, goals, and mission. Retaining and training them should be a top priority. By looking for successors within your company, you can consider critical qualitative factors such as employee satisfaction with professional development, employee performance and the assessment of readiness for an expanded role.

Once you’ve identified internal employees as successors for key roles in your company, take note of any talent gaps. This way, the succession planning process can help you identify where to focus your recruiting efforts.

Succession planning involves developing, recruiting and retaining individuals who the company considers valuable.

Discover how you can identify the best route for your business to achieve a successful transition by booking your free consultation with us.

3 Ways A Finance Director Can Add Value To Your Business

October 18th, 2019 Posted by Uncategorized 0 thoughts on “3 Ways A Finance Director Can Add Value To Your Business”

As a business owner, you will likely have,at some point, relied on an accountant to set out your financial strategy and undertake leadership of your balance sheet. There comes a time though where an accountant just doesn’t seem like enough. As you are looking to expand your business, having a Finance Director becomes more and more necessary.

Finance Directors will take control of your business’ financial performance and they will provide a blueprint for improving financial systems, all while helping you and your team meet new goals.

Here are 3 ways Finance Director can add value to your business to move it forward:

1 Challenging and advising on growing the business:

When you begin entering the stage of business growth, Finance Directors become an indispensable asset to moving your business forward. Effective strategic planning, credible future forecasting, and providing recommendations on financing overall operations are not things that can be done alone- at least not to the best level. Unlocking the secret to success often lies in delegation – your team is an investment, not an expense.

A financial director that is devoted to your firm will help highlight growth opportunities. They will use their bank of commercial experience as well as their instinct for strategic planning to set you on a path of sustained expansion – unlocking untapped markets and investment for growth.

2 Improving the future financial health of your business:

Money drives business and historical reporting will only be so useful as you continue to move forward. Finance Directors play a critical role in future forecasting. Their in-depth analysis of your business’ balance sheets will be sure to ensure a profitable future.

Finance Directors are responsible for outlining KPI’s, monitoring overall operations, and ensuring that your business stays on a path of meaningful growth. These individuals work as part of your team to help deliver a clear vision for the future finances of your business.

They are constantly exposed to tackling a range of financial problems that plague small businesses, FDs are seasoned in protecting businesses from the holes in cash flows that can eventually sink even the largest of ships. This is where guidance from these individuals with such vast experience becomes vital.

3 Delivering a clear vision and unparalleled expertise to your financial strategy:

​It’s always in your best interest to have an outside and objective perspective on your business. More than likely, your accountant won’t be able to provide that as they are can generally be to close to the business. Rather than reporting on the past financial health of your business, like an accountant, a Finance Director will have an impact on your future financial strategy. They provide this future outlook through strategic planning, commercial decision making, and by creating a process for tighter financial controls.

If you already have FD then you’re on the right path- they will understand the importance of proper planning and strategy. However, it’s worth checking that your FD is providing you with relevant and insightful reports that give you what you need in order to run your business. If you think you need to review your strategic financial input, then it is worth considering what type of FD you and your business need.

Investing in a team of professionals that have your company’s best interest at heart is invaluable – especially as you begin the process of expanding your business or improving its overall financial performance. If you are somewhere in this stage, now would be the perfect time start investing in an FD for your business.

Work Smarter, Not Harder

October 15th, 2019 Posted by Uncategorized 0 thoughts on “Work Smarter, Not Harder”

We’re all capable of working hard- all it takes is some effort and endurance. Working smart, on the other hand, is defined by immaculate time management and a focus on efficiency. As creatures of habit, we are prone to use processes that we are familiar with. Just because doing something a certain way feels more comfortable though, doesn’t mean that it’s always the best process. Habits can be hard to break, and sometimes they can be even harder to change- but it isn’t impossible.

For those of you who want to maximise efficiency by working smarter, and not necessarily harder, here are a few tricks to accomplish just that:

Prioritise Your Work

The ability to prioritise is a highly valued skill in the workplace; prioritising allows you to stay aligned with what is important to both you and the success of your business. Once you identify the tasks that need immediate attention, for that day or week, you can then place a major focus on completing them before moving on to the ones that are less critical. Learning how to prioritise work and implementing it in your daily routine, will leave you feeling more productive and certainly less anxious.

Get The Right Team On Board

Building a strong employee base, along with lasting relationships, is key when trying to develop trust and loyalty within your team. These factors help encourage and motivate the workforce and allow for stronger employee retention rates and healthier work environments.

You want to invest in a team that is able to see your vision. This requires making calculated team decisions and also making sure that your team objectives align closely with your business’ future goals. By doing this, you will be able to achieve your goals in a quicker manner while seamlessly avoiding the burden of miscommunication. Employees enjoy and appreciate strong company values such as teamwork and focusing on such will help reduce turnover rates.

Don’t Be Afraid To Ask For Help

Everyone loves a problem-solver and everyone wants to be a problem solver. Sometimes though, our egos get the best of us; we end up wasting far too much time looking for answers that we just aren’t capable of finding ourselves. If you find yourself spending most of your day on a long Sherlock Holmes quest for a solution, don’t be afraid to ask for help.

No matter how successful your business has been with just you and your small team running the show, there is always something you can learn from someone else. If you want to continue growing, it would be wise to employ people who are able to complete the tasks that you don’t have the time to focus on. Asking for help while listening to sage advise from others who have been in your shoes will allow you to keep moving your business forward – the smart way, not the hard way.

Take Breaks!

As crucial as it is to schedule time to get your work done, it’s important to schedule time for breaks. Your health, both physical and mental, is extremely important to your success and not to mention your overall well-being. Remember that it is okay to take breathers throughout the day, they will help you clear your mind and regain focus.

This time can be used for a myriad of different things: casually checking yours/your company’s LinkedIn, keeping up with the latest world news, relaxation, or even meditation. Planning breaks, rather than just randomly taking them, will help you keep to a schedule. Lost time does add up and we are all guilty of wasting more time than we think. Remember though, taking breaks doesn’t mean you’re wasting time- your health is just as important as the health of your business.

Just like everything else, learning to effectively work smarter will take time and dedication. There is no doubt though that by committing to practising these tips on a daily basis and implementing them throughout your business, you will be on your way to working smarter, not harder in no time.

Struggling With Work/Life Balance? Check Out Our Top Tips

October 11th, 2019 Posted by Uncategorized 0 thoughts on “Struggling With Work/Life Balance? Check Out Our Top Tips”

Whilst having a successful career is an important part of many people’s lives, it’s also important to find a good balance between your job and your personal life. Not only is this great for your well-being but it also ensures you’re getting the best out of both parts of your life. Here’s how you can achieve the work/life balance you have been craving:

More Time and Control

Delegation is key to achieving work/life balance. Delegation takes time to implement effectively but is an invaluable task in terms of aiding in the development of your senior leadership team. Delegation also allows you to ‘let go’ a little bit while still ensuring that your business will continue to run smoothly- a great CEO is one who sets conditions that will allow their business to run seamlessly, whether they are in the office or not.

Identifying or investing in individuals who are responsible for detail-oriented tasks is one way to begin the delegation process. Scale up your business and retain complete control by bringing an experienced and professional part-time Finance or Commercial Director on board.

Set Your Goals!

From setting achievable goals to organising personal tasks, there are many ways to ensure that your focus is always on the most important/time sensitive thing – whether it be at work or at home.

In order to increase the clarity of your company’s goals, it is important to understand and articulate what type of effort will be required, the motivation behind each goal, and why each goal is important to the business. Start by creating actionable plans to reach your goals. Then break each goal down and turn long-term goals into daily actions. These actions will help you establish s company-wide commitment towards goal completion and ultimately save you significant time in the long-run.

More Money

Hiring a Finance Director, part-time, can provide you with affordable and cost-effective methods that will help navigate your business’ financial future whilst you prioritise other tasks to help your business grow. The insight provided by these professionals enables you to easily avoid common mistakes. By leaving the details to someone who specializes in them, leaders, such as yourself, can begin to feel like they do have enough time- which allows them to hone in on moving their business forward.

A part-time Finance Director makes it possible and practical for your company to take on the experience, knowledge, and skills provided by an FD for a fraction of the cost of a full-time FD.

When you integrate a Finance Director into your team, it ensures that you avoid unaffordable mistakes. The core skills of a Finance Director will become essential to the inner workings of your business, even after your company and the part-time director go your separate ways. These professionals will bring you a level of flexibility and control that you thought to be impossible. Furthermore, they will undoubtedly deliver a clear vision for your company along with unparalleled expert advise on your financial strategy.

This should equip you with some tips that will help give you more time away from your business, without feeling like it will combust the second you step away.

Which of these tips do you think would help you achieve the work/life balance we all strive for? Hit reply and let us know

5 Mistakes Every Business Owner Should Avoid

October 8th, 2019 Posted by Uncategorized 0 thoughts on “5 Mistakes Every Business Owner Should Avoid”

You should understand that starting a business is a process. If you take the time to do the thinking and the research and avoid the business mistakes outlined below, you’ll greatly increase the likelihood of your business succeeding.

1. DOING IT ALL YOURSELF

This is common amongst business owners- you can’t do everything yourself, it’s that simple! There are so many different tasks that are involved when running a business, and there will be some that you may not be best at. Even if you had all the skills to do an outstanding job in all areas of your business, you will still be constrained by time. Most days, you’ll be lucky if you even get done what you planned to get done when your day started.So avoid the mistake of trying to do it all and increase the chance of your business succeeding by getting the help you need.

2. IGNORING THE COMPETITION 

Ignoring the competition is another potentially fatal business mistake. One way to learn about your potential growth is through your competition. One can either choose to learn from a competitor and try to replicate their success or find an avenue to separate and differentiate themselves from competitors. Both avenues can lead to increased production as well as heightened brand awareness. Opportunities can also be found by analyzing substitute industries. If a similar industry has a large consumer base, then there is opportunity to learn why consumers choose the alternative industry.

3. NOT RECEIVING ANY OUTSIDE GUIDANCE

Your business will only grow with the right financial planning and strategy. If you still remain small, it might be because you aren’t benefiting from outside guidance. You need a long-term strategy for sustained success, to improve a business built to last and remain profitable with specialised guidance that parallels that of your competition and bigger businesses.

Why try new things and make mistakes, potentially costing time and money, when you can pay for experienced and proven high level advice? We all need the help we can get right?

4. INVESTING IN THE WRONG TEAM

You don’t want to invest in the wrong team for your business, especially if they fail to see your vision. If your business has future objectives aligned with your team, you can achieve your goals a lot quicker. Employees appreciate a stronger feeling of teamwork and are less likely to leave the business.

Building a strong employee base and relationships is key when trying to develop trust and loyalty within your team. This encourages a motivated workforce, employee retention and a healthier work environment.

5. VALUING PERFECTION OVER PROGRESS

One of the biggest things we see that’s holding entrepreneurs back is indecision or imperfection. They put things off for far too long because they aren’t sure of their best course of action, and ultimately decide not to do anything. Celebrate your wins!

It is far more important to make steady progress on projects and to get things done than it is to guard against the possibility that any mistakes will be made.

Stop Waiting For Tomorrow

October 4th, 2019 Posted by Uncategorized 0 thoughts on “Stop Waiting For Tomorrow”

Stop Waiting for Tomorrow

Take Your Business to the Next Level, Today

 

 

Feeling Stuck

As a business leader, do you ever feel like your business is in need of an IV filled with espresso? In today’s turbulent economy, many business owners can often feel like their business has levelled off and that it needs a massive jolt of caffeine to start moving again.

Feeling stuck and stagnant can be wearing, and it is in this trying situation that the ever so common phrase “I’ll do it tomorrow” is often uttered. The use of that phrase can easily distinguish the difference between business leaders and successful business leaders. Successful leaders know that there is no magic caffeine fix for their business. These leaders know that in order to push past their slump and move their business forward, they need to start working today.

Therein lies the problem, starting right then and there isn’t always easy. One thing that a majority of successful business owners have in common is their ability to see the big picture. They are visionaries who are able to see what their success will look like tomorrow. But how do they get there? How do they know where to begin? What do they do when they get stuck?

The secret is to go step by step. There are so many potential avenues to explore in order to achieve growth and like every other business’, your path is unique. The following activities are just some steps that successful business leaders take when they feel flustered, stuck, confused about where to go next, and need help keeping the future in focus.

 

Set Goals and Push Boundaries

Goal setting is one of the most important tasks in the business world, it allows you to clarify your focus and hone in on what you ultimately want to achieve.  It is important to remember that every type of goal is significant, whether it be big or small. That being said, if you are struggling to move your business forward, you need to focus on the types of goals that you are making. Goals that push the lines of your comfort zone and allow you to take calculated risks will help propel you out of your business slump. The more you are willing to stretch and challenge yourself and your company, the more you will have to gain. Setting short and long-term goals will help you measure progress and track achievements and by integrating these goals into your business plan, you will surely be on your way to helping your business reach new levels of success.

 

Make Customer Service a Priority

We live in a world where people talk, a lot. It’s human nature to want to be spoken well of, but in the business world, you have to give in order to receive. Excelling in and making customer service one of the cornerstones of your business will help you stand out amongst the competition. People like to give their business to companies where they feel valued and special. Therefore, it’s important to take a little extra time and make sure you are executing this properly: provide exceptional products or services, ask for and act on feedback, address issues or complaints immediately and thoroughly, and always aim to be accessible and accountable. Retaining desirable clients plays a significant role in the continued success of businesses, because as we all know, a business is nothing without its clients.

 

Commit to Continuous Learning

No matter how much has been achieved, you should remember that there is always more to be learned. The world is constantly changing and it’s impossible to know “everything” when new information and findings are being presented every day. All business leaders and employees alike should open themselves up to learning more and learning continuously, because when applied, the new information could help lead to even greater success. Now, learning is commonly associated with classroom settings, textbooks, long lectures, assignment deadlines, and enough unneeded stress to make anyone cringe, but that isn’t the only form of learning. Today there are so many doors open to us to help advance our knowledge. Tools such as online training, self-paced programs and guides, books, YouTube videos, and LinkedIn are all at your disposal. Businesses can also thrive through the use of collaborative opportunities, hiring outside directors, and mentoring, which are all things that are available at your fingertips. Furthermore, we live in such a diverse world; take the time to learn lessons from those around you and don’t be afraid to ask for help or advice.

 

Delegate to Increase Productivity

Delegation is arguably the most important task to help take your business to the next level. Learning how to delegate properly can be the difference between reaching new heights or burning out completely. Rather than enlisting the help of others, many entrepreneurial leaders are accustomed to acting as an octopus and juggling the myriad of tasks on their own which can be detrimental to any company. Companies need their leaders to lead and it can become difficult to lead when you are running around with a never ending to-do list. Now it’s not to say that some of what you do as a business leader won’t be routine. There are the things that everyone needs to get done: varieties of daily tasks that need to be accomplished in order to keep the business running smoothly. However, this is where delegation is essential. You need to identify what tasks are essential for you to do as a leader and then assign the work that doesn’t necessarily have to be done by you to others in the appropriate positions. The more effective you and those in your company are at completing the tasks, the more potential your business has for success. It’s a challenge to let go of all of the control, but once you overcome it, you will see that you have more time to dedicate to what you do best- growing your business.

 

Keep Pushing to the Next Level

Growth is what fuels success and you can’t be successful without moving forward and conquering what is holding you back, but don’t become discouraged by feeling stuck, we have all been there. Instead, set goals, push boundaries, focus on customer service, learn new things constantly, and delegate appropriately. By implementing practices such as these, you will surely be on your way out of that slump faster than you thought. Don’t wait until tomorrow – sometimes it just takes a set of new eyes to help you find ways you re-energise, grow, and take your business to the next level.

How Do I Build An Effective Team?

October 2nd, 2019 Posted by Uncategorized 0 thoughts on “How Do I Build An Effective Team?”

Everything You Need To Know About Building An Effective Team

While crafting the right team can save your business’ resources, the impact goes beyond the quantifiable. Workplace culture and productivity are directly correlated with the people that are apart of your business. It can take years to build a reputation and culture and just mere minutes to destroy it. In the end, your business only goes as far as your employees are willing to take it.

To prosper, an environment of cooperation, creativity, and productivity must be developed. To grow this environment, one must first understand the personalities that one’s dealing with. A ‘perfect’ team is created through numerous distinct and diverse personalities that coexist as a greater group. A ‘perfect’ team balances introverts, extroverts, and all those in between and allows for a diverse collective to cover for individual weaknesses.

Establishing defined team roles, with a respect for each role’s part in achieving the common goal, is an essential part of building an effective team.

For example, most people assume a CFO is just the same as a Finance Manager. The reality is, there’s a key difference between the two. It’s not just about being a finance head, a CFO is expected to drive the business. Of course you’re there to ensure the delivery of the financials, but the main objective is to work with the CEO to drive the business performance. Any Finance manager can do forecasting, but a CFO makes sure that the forecasted commitment is being carried through.

How can a CFO add value to your business? Well, a good CFO will find ways to improve cash flow, profitability, and the balance sheet to cover the added cost of a CFO and then some. Controlling costs, improving productivity, and analyzing pricing strategies are a few ways a CFO improves profitability.

A strong team are the foundation of high-performing business and a good team ethic can be held largely accountable for the success and smooth running of the organisation
If you find yourself lacking in a particular area, whether it’s recruiting the right people for your business, or managing daily operations, there’s always the opportunity to reach out for help.

It’s not easy to find the right people you need to build an effective team, but this is something we could perhaps help you with. We’ve got a team that specialises in finding the missing piece to your puzzle. Get in touch to find out more!

Our Company
Follow Us

 

© Evoke Management 2020