Would you like a couple of interesting questions to pose to yourself about the people who affect your business?
Here they are! The first one is: are your stakeholders (employers, clients, shareholders) happy and caught up in your business? And the second one… would you hire them back?
The thing is, let’s call a spade a spade, when you own a business, and in life as well, surrounding yourself with the right people is key! Whether they be colleagues or customers, partners or investors. You can’t settle just because “beggars can’t be choosers.”
Besides, human resources are one of the four key assets to help your business grow 10x (tenfold).
So, do you have right people in the right positions within your organization?
In order to figure it out, you’ll need to weigh up all the key relationships in place within your company.
Think about your current clients, would you stick with them? Do they pay you on time, or do they stir up particular trouble? Are you pleased with the banks or investors you reached out to? How about suppliers and professionals? The most complicated decisions you’ll have to make come to light exactly when the company overestimated these relationships.
Start out with your own relationship with your business, with your goals and priorities, then think about “who are the leaders you can count on for the the most important operations and processes to run your business?”
There are templates you can use to manage this area of your business life.
For instance, you can summarize how your personal and professional life converge, as they are quite often in sync. You can then visualize four areas on which to focus your attention, such as:
2) Goals achieved
3) Rituals or customs
After all, they mirror the four key business decisions (people, strategy, execution, cash). Having a full and satisfactory personal life allows us to have a solid foundation to sustain the efforts of a business.
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Remember that you will also have to lay out the positions to fill in the most proper of ways: who truly deserves the nod for the sales manager’s chair? Think about a list of positions to fill, and about the people who share your values: who would be a perfect fit for what?
If you want to delegate the most important tasks in your business, your picks will have to get through two tests:
1) They must need no supervision.
2) They must regularly surprise the team with their insight and their answers.
Then, select one or two KPIs (Key Performance Indicators) for each task, objectively defining which activities each leader needs to focus on, and setting targets in numerical terms (i.e. sales numbers, revenues).
Then, you decide who to put in charge of each task’s results (one for revenues, one for earnings, etc.) These results usually represent the guidelines for balance sheets.
When you’re done with it, this template will help you make an assessment of issues relating to people or performances within teams in the different divisions.
Just remember that business divisions exchange information, which is why there are processes that flow horizontally. Outline your business processes, and pinpoint the ones that might be more complex, exactly because they extend across many operations. In these cases, as a result, there may be a control struggle between the different area managers.
You will then have to settle on one or two KPIs to keep track of the health of processes – the most important of which is timing!
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A final helpful tip?
Keep employees and managers engaged and motivated. These pointers will help you out:
1. help people overcome their limits;
2. never demoralize them;
3. spell out your expectations, and give your employees a clear overall picture;
4. give out awards, and exhibit appreciation;
5. hire less people, but pay higher salaries;
6. do not underestimate people’s roles, “NFL-quality players” will make your business a success.
I wish you a propitious financial independence