April 2019 Board Meeting
Do You Clearly Communicate Your Company’s Aspirations/Goals?
As the leaders of our companies – one of the most important things we can do is give our teams direction. Consider an annual presentation with prior input from your management team. Include the following:
- Evolution of our company. Present where we’ve been, where we are, and where we are going
- Highlight the hits from the last year, ask staff for their memorable moments
- Highlight what our clients look for and how we meet those needs
- Share the vision and values
- Ask why do they enjoy working there?
- Prepare for next stage, where are we going? What will it take to get there?
- Next year at a glance. And the vision for the next few years.
- Thinking of Relocating Your Business?
If you are considering relocating your business remember that accessibility is important for people to want to work for you – be on a bus route. Have adequate and affordable parking. Know where your team lives and will be commuting from. What impact will this move have on their lives?
1 Minute Manager Meets the Monkey. All about delegating.Give guidance instead of answers. Don’t take the monkey
Ken Blanchard book, The One Minute Manager Meets the Monkey
The One Minute Manager Meets the Monkey is a humorous and highly effective way to learn how to start delegating business tasks. When a person goes to the boss with a problem and the boss agrees to do something about it, …
Profit Sharing Bonus Tips
Profit sharing Bonus is a better term than bonus plan. Make certain you link bonuses with profit/company performance. Set your team’s expectations for the future. NEVER mention Bonus without also mentioning Profit Sharing at the same time.
Build in a ROI expectation into your profit as part of your pre bonus formula. include building a rainy day fund (a stability cushion).
Be very careful not to set a bonus precedent that can’t be repeated.
Consider what your team values and tailor your bonus to bring them max value, but do not exceed that.
Life Insurance Tips
Reapplying for term life insurance may be a good option if you are in good health, rather than auto renewing with a rate hike.
Don’t carry life insurance if you can self fund.
Don’t sign up for mortgage insurance from the bank.
Good health is important for getting good rates. Are you taking good care of yourself?
Belonging to a TAB Board is business owner Therapy
Buy one share of your publicly traded competitor in order to get their financial statements and learn from their example
Don’t quote on every opportunity that comes your way. It either fits your company core area of expertise - or it’s two times the fee. If it is outside your core work. Try to limit your work to core as best as possible. Core should be your most profitable work.
Winning it is one thing but delivering is another
Rather than using a large national Bank as your company’s financial partner – consider a local credit union. You may find them to be more personal and better able to understand your business.
Summer student interns present a great opportunity for inexpensive help. Might be great for special projects and future hires and you can determine if they will be a good fit when they graduate.
Important to have an aptitude test as part of the hiring process (welding, CAD, computer skills etc)
One on one meetings with your team are not all about you. Encourage dialogue, not monologue. Let them speak first.
Need to identify people that are “too engaged” in their work. Might mean an unhealthy personal life. Need to encourage balance.