4 Things You Need to Know
One email a week.
A business doesn’t really thrive unless its employees do, too. Mind the needs of your people and watch your business soar.
Mission defines strategy, which defines structure. Revisit your plan frequently and make yourself accountable to a trusted colleague.
Making strategy work is harder than making strategy. Be a student of process improvement and continue to plan, act, and adapt.
Cash, the lifeblood of any business, gives you better buying power, more flexibility, a way to keep up with debt, and a way to grow.
Recent Weekly Digests
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- December 3, 2016
1) PeopleWe know you’ve heard it, too: Millennials love technology, but fall short when it comes time to communicate face-to-face. They think faster is better, seek constant challenges, and crave feedback. While it’s true that millennial behaviors and attitudes differ from those of earlier generations, these stereotypes really just scratch the surface. Here’s how tapping into the strengths of your younger workforce can help bring multi-generational teams together. by J. Gerald Suarez on the Los Angeles Times
2) StrategyYou know how much you hate to lose — well, everybody else does too, to the degree that most put the fear of losing far above any potential wins. It’s called loss aversion, and it can cripple your business when the time comes for transformation. Most employees are more likely to stand with the status quo than stick their neck out for change — a recipe for organizational inertia. Get the wheels of progress turning again with these specific actions. by Sean Ryan on Harvard Business Review
3) ExecutionWe have seen the future, and it is . . . digital personalization. Done right, tailoring messages or offers to individuals based on their actual behavior can engage customers more fully and lift revenue by as much as 15 percent. While some companies have quickly customized their products or messaging, most are losing out on the growth that full-scale personalization can offer. Ready to broaden your reach? Follow these steps. by Brian Gregg, Hussein Kalaoui, Joel Maynes, and Gustavo Schuler on McKinsey & Company
4) CashFraud can hit small businesses hardest because often their owners never bothered to set up adequate anti-fraud controls. And that’s a shame, because thinking beyond basic prevention can put a company on the fast track toward success. In fact, an effective internal control system can bolster your business’s reputation for quality and boost productivity. Here are four critical reasons why internal controls are good for small businesses. by Chuck Landes on AICPA Insights
- November 19, 2016
1) PeopleWorkplace gossip that goes unchecked can stoke fears and blow a hole in employee morale. During tough times, the best way to get ahead of a rumor is to address employees’ uncertainty directly. Bringing fears to the forefront — even acknowledging that leaders may not have all the answers right now — builds trust, encourages dialogue, and lets employees know that leaders care. Nip gossip in the bud today with these four strategies. by Alicia Bassuk and Claire Lew on Harvard Business Review
2) StrategyBelieve it or not, any company in any industry can become a market leader. The key is working with the dynamics — the recurring patterns of industry behavior — currently at play. Apple, Procter & Gamble, Spotify, and Google all got to the top by recognizing, and using, the Commoditization Spiral, the Table Stakes Game, the Supercompetitors’ Pie, and the Dominating Platform. Which is affecting your enterprise right now? Find out here. by Jeffrey Rothfeder and Art Kleiner on strategy+business
3) ExecutionMay I help you? In the digital age, the way to a consumer’s heart is through positive customer experiences. But what if your business hasn’t always put its customers first? You may need to reimagine your business and drop some old misconceptions so that the customer becomes the center — or the purpose — of all you do. It isn’t easy, but can be done by embracing new job roles, new tools, and new ways of thinking. Here’s how. by Sheldon Monteiro on CMO
4) CashEmployers who hire veterans know they make excellent employees. Military experience often means these workers are easily trainable, competent, responsible, honest, and loyal. They also may offer small business owners an additional hiring incentive: the Work Opportunity Tax Credit (WOTC). Learn more about the tax credit amount, which veterans qualify, and the rules you’ll need to follow. by Barbara Weltman on SBA
- November 12, 2016
1) PeopleYou win: Most millennials expect a promotion and/or raise at least every other year. While it’s no surprise that young employees want frequent feedback — they’ve been getting it all their lives in the game room and on the playing field — more face-to-face review sessions isn’t the answer. But creating a winnable game in the workplace might be. How following game rules could win over your millennial workforce. by Kaytie Zimmerman on Forbes
2) StrategyTalent rotation programs are on the rise — they can break employees out of their routines, spark new ideas, build leadership acumen, help improve team performance, and just be fun. They’re also a great way to revive employees whose current role is making them feel boxed in. But how do you know which type of program is best? Follow these tips to reap the rewards of talent rotation. by Laurie Russo on American Management Association
3) ExecutionIs bigger really better? Businesses of all varieties are getting into the Big Data game. But focusing on the size of the data might be missing the point. Maybe it’s the right data that gets you where you want to go. Start by asking the right questions: “Which decisions drive waste in your business? Could you automate some of those decisions?” Here’s what else to ask to make sure your data’s on point. by Maxwell Wessel on Harvard Business Review
4) CashIs your finance department in sync with your corporate strategy? For many companies, the answer is “No.” That’s because they’re still asking their finance department to deal only with financial information, leading to poor decision making and underperformance. To support strategic planning, finance needs to act as an information clearinghouse across the business. Here’s what you need to do. by Peter Khalil on the CEO Magazine (more…)