Category - Leadership

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1
How To Increase The Value Of Your Business
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7 Key Skills of Business Leadership
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Business Systems For Success
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5 Ways To Use Your “Why” To Empower Your People
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5 Ways To Empower Your Team

How To Increase The Value Of Your Business

The value of your business is not just based on the tangible assets – the equipment, the buildings, the accounts receivable – but is also based on intangible assets or “goodwill”.

Goodwill is the “extra” value of your business that is caused by all the intangible things that you do in your business to make it a profitable business that can continue beyond your ownership or stewardship. These include things like your customer relationships, your reputation, the efficiency of the business processes, marketing quality and resources, staff behaviours and culture, and your systems that create a great product and service.

Imagine two similar businesses.

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7 Key Skills of Business Leadership

Let’s get down to brass tacks – as a small business owner, you are not a “manager” who organises work. You have to be a business leader, who inspires, sets agendas, and creates opportunities.

What you need to successfully grow a business today are leadership skills. You probably started your business as a subject-matter expert with those specialist skills that made you produce your product or services.

But as your business grew, and you took on employees, the role of the small business owner has to shift from “do-er” to “leader,” from specialist subject-matter expert to generalist, and from problem solver to agenda setter. You need to create strategies that find opportunities, and the transition is not easy for people who became specialists and subject-matter experts by working for someone else.

So, what are the key skills you need to be a business leader?

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Business Systems For Success

Every business, no matter how small, can only improve with the addition of clear, documented systems.

You may already have some systems in your business – perhaps how to file documents, or what paperwork to fill in, or how to use the computer system. Yet most small businesses grow their systems informally as they themselves grow and unfortunately many such systems are verbally passed on, remain in the mind of the founder, or variations are made by people as time passes.

What this or even worse, no systems end up as is a mess.

Whether you have or don’t have systems does this sound familiar?

  • Someone leaves and you have to spend a lot of time training a replacement
  • Employees do their jobs, but there’s always a holdup somewhere that has to wait for you to tell them what to do
  • Outcomes of work processes are unpredictable or inconsistent, depending on who is working on it
  • You can’t really leave your business for a vacation without being tied to email

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5 Ways To Use Your “Why” To Empower Your People

No matter what kind of business you are in, you are already in the People Business.

In today’s world, businesses can no longer afford to see staff as “assets” or “resources.” Even the language of business is shifting so that employees and teams are seen first as individuals and people, rather than simply resources to be mobilised. Research has shown time and time again that happier employees translate their experience to gain happier customers, and happier customers mean more sales.

Research has also shown that one of the major reasons that employees perform better, is if they are united by a common purpose. That, not only do they know what they are selling – everyone knows that – they really know why they are selling what they are selling. This is the purpose of your business – the “why” of your very existence.

So, assuming you have worked on your business vision and purpose – your “why” – and been able to translate this for your people, how do you make your small business a truly purpose-led people-business?

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5 Ways To Empower Your Team

As we build our businesses, we will need to build teams.

Teamwork makes processes more efficient and the supportive behaviours in teams can also provide the platform on which businesses expand.

But teams aren’t just about friends. In fact, some strong teams are made up of people who don’t necessarily engage socially. Teams don’t just work well together, good teams work well because they know when to do things, and what are the right things to do in the circumstances.

So, how do you create this team system in your small business? Read More

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