<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">

The Alternative Board Blog

Six Tips from The Alternative Board - Winnipeg 401

Apr. 23, 2019 | Posted by Kim Christie

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:

  1. Evolution of our company. Present where we’ve been, where we are, and where we are going
  2. Highlight the hits from the last year, ask staff for their memorable moments
  3. Highlight what our clients look for and how we meet those needs
  4. Share the vision and values
  5. Ask why do they enjoy working there?
  6. Prepare for next stage, where are we going? What will it take to get there?
  7. Next year at a glance. And the vision for the next few years.
  8. 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?

Book recommendation:

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?

Quotable Quotes

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.

Read our 19 Reasons You Need a Business Owner Advisory Board


Written by Kim Christie

Kim Christie is a TAB-Certified Facilitator and business coach in Winnipeg, Manitoba, Canada.

Related posts

11 Tips to Communicate Change to a Concerned Workforce
Jun. 3, 2020 | Posted by The Alternative Board
In business, and in life, change is constant. For many businesses, the coronavirus pandemic caused massive disruption to the way their business was conducted. The choices were to evolve or die. Other...
Five Tips from The Alternative Board - Winnipeg 501
Apr. 23, 2019 | Posted by Kim Christie
April 2019 Board Meeting Start building HR early  1. Consider contracting out your HR position if you currently do not have, cannot afford a full time HR person or are not big enough for one yet....
The Budget, Authority, Need, and Timing (BANT) Method
Jan. 1, 2018 | Posted by TAB Winnipeg
Qualifying an opportunity, use the BANT method: Budget, is it defined, approved? Authority, does the person you are speaking with have the authority to make a decision, if not, what is the process? ...
You Have the Power to Make Customers Happy with Accountability
Jun. 1, 2017 | Posted by The Alternative Board
Would you love for your team to take on more responsibility? Tell them, “You have the power to make a customer happy!” Not only does this approach help you as the business owner deal with fewer...
Most Popular Misconceptions: Why Do People Really Buy?
Mar. 1, 2017 | Posted by The Alternative Board
At this moment, millions of salespeople are out promoting their products and services. They are shaking hands, pitching, demonstrating and presenting. They are also (hopefully) spending time asking...
Training a New Employee: Develop Confidence and Competency
Jun. 1, 2016 | Posted by Dan Ryan, Dan the Window Man
I have a new office employee to train, and I also have plans to leave the country in three weeks. While the timing is not optimally lining up, I have a plan in place to ensure my new staff person is...
Wondering if Your Salespeople May Be Scaring Off Buyers?
Dec. 1, 2015 | Posted by Joe Zente, TAB Austin
Have you ever wondered if your salespeople may be scaring off buyers? The fact is that most salespeople are downright frightening. The list of scary behaviors goes on forever, but here are five of...
Ideas to Create An Engaged Workforce & Efficient Team
Nov. 1, 2015 | Posted by Don Harrington
I’ve been reading up on employee engagement and have come across some scary statistics about disengagement and lack of passion in the ranks. Here are a few ideas to help get your employees engaged: ...
How to Involve Your Team in Setting Important Goals
Oct. 1, 2015 | Posted by TAB Winnipeg
Regular team meetings with employees are needed to ensure that everyone is on the same page and to involve them with setting company goals. Here is a suggested agenda to go through during the meeting...
Seven Steps to Consider before Signing a Letter of Intent
Jul. 1, 2015 | Posted by Phil Spensieri
http://www.tabyorkregion.com If you have a party interested in buying your business, here are seven things you can do to reduce the chance of your deal dragging on for months and becoming watered...