Blog - page 56

What’s the best strategy for business decision making?

Darryl Bachmeier Mar 24, 2019 Strategy

We make decisions all the time. As a small business owner we have to make decisions on all the daily operation problems. You also need to be to make decisions today that will affect your long term strategy. Let’s take a moment and break apart the decision making process. How does it happen? First, we realize that we have a problem that requires us to make a decision. If it is a situation we have encountered before then we can draw on our own experiences to act. If we don’t know then we gather information. We can ask others, read this blog, etc. Once we have some information we can start to brainstorm some potential solutions. When brainstorming we let the ideas flow. Next we can analyze each and weigh the pros and cons. Once we see the favorite solution that has the greatest benefits and perhaps limited risk then...

What Makes A Good Leader?

Darryl Bachmeier Mar 24, 2019 Leadership

Business Leadership Owning your own business makes you the boss by default but a leader is more than that. Leadership is about earning the trust and respect of employees through by supporting them. It is about what you can do for them and acting in a way that inspires them to perform. Good leaders tend to have similar qualities. Adaptability Change happens. What worked before may not work today. Just because it is the way we have always done things does not mean it is right. Look for new opportunities to become better. Appreciation Providing positive feedback regularly boosts your employee’s self-esteem. It shows you are paying attention and you care. This works for customers also. Show them that you value their business. Communication When you communicate effectively you avoid confusion and you build trust. If you listen, really listen, to what is being said the message gets across. Be...

What is overhead and why should you try to reduce it?

Darryl Bachmeier Mar 24, 2019 Business

Overhead is the total expenses paid by the business. It is the expenses paid to keep the business running day-to-day. There is no way of getting around it. It must be paid for the business to generate any profit. What makes up overhead? Rent, wages, insurance, legal fees, supplies, taxes and utilities are all examples. Overhead costs can be grouped into either administrative or manufacturing. Administrative overhead includes anything that supports other areas of the business some of this includes admin staff wages, office equipment, supplies and travel expenses. Manufacturing overhead re all costs in order to create a product or service. These costs are much more visible. They can also be grouped by location. Wages for production staff i.e. plant workers, deprecation, taxes, rent, utilities are all examples. Overhead is used for budgeting. It allows a business to figure out how much to charge consumers for product or service...

What is a business analyst?

Darryl Bachmeier Mar 24, 2019 Project-Management

A business analyst works in many industries and thrives in a changing business environment. A business analyst improves business processes, plans elicitation activities, manages requirements, negotiates with stakeholders and compares and confirms solutions. A business analyst acts a as a liaison between stakeholders. They need to understand business operations and how organizations function. A business analyst uses investigate skills to determine the problem. Analyzing different types of information. Given the problem to solve, the business analyst identifies the best course of action for the business to take. Identify the best solution that delivers the most value to the organization. They recommend solutions to allow the organization to achieve business goals. Involves identifying the correct stakeholders. Interact with many different business customers including end users, management and executives. Business analyst requires good communication skills, as they need to be able to question stakeholders and end user to ensure that they capture...

What is benchmarking?

Darryl Bachmeier Mar 23, 2019 Strategy

It is difficult to understand how well you are performing unless you measure. Benchmarking allows you to determine how well you are performing by comparing your numbers to an average of others. It is used often in sales and operations. Benchmarking forces management to look beyond its own company and see what others are doing. Benchmarking is a proactive discovery method. You can compare your business externally with industry data or internally by comparing different teams, locations and departments. For industry data, it is best to compare against companies of the same type within the same industry. What may look good in one industry may be horrible in another. You look for what makes others perform better and model your company to theirs. You look at which processes work and which do not. You can even look at individual products. It starts with knowing what are key performance metrics, what...

What is appreciative inquiry?

Darryl Bachmeier Mar 23, 2019 Business

Appreciative Inquiry is all about making change. It looks to the positive strengths to make change happen. The leader has to motivate and empower followers in order for the change to occur. Often when businesses or individuals have a problem they seek to find what is going wrong and focus all their efforts at resolving the negative. Appreciative Inquiry turns this on its head by finding what is working and focusing all efforts on make the positive even better. There are four stages of appreciative inquiry Discovery, Dream, Design and Destiny. (Daft, R. L. 2014 P.467) Discovery looks for the strengths to find what is working. Dream this allows us to imagine a world in which the organization would be like if the best outcomes were a normal occurrence. Design asks us to create a plan so that we can build the dream. Destiny is all about implementing the plan....

What is a Statement of Work?

Darryl Bachmeier Mar 23, 2019 Project-Management

A statement of work defines the work to be done for a project. It defines all the requirements to client. It includes what must be delivered, how and when it must be completed by. These are all the projects deliverables. A statement of work is often used between a client and supplier. It should not be a template. It should be custom to the client. It is often a few pages in length and it must be well written, clear, and concise with little ambiguity. It is the first deliverable the client receives often soon after an initial meeting with the client. It confirms the understanding of what was discussed. It tells a story by giving the background of the situation and what needs to be done to fix it. It is a simple contract. It documents the terms that have been agreed in the initial meeting. Components of the...

2020 © Zenbo Services Ltd. All rights reserved.