I’ve thought long and hard but I just can’t think of a large, successful company that does not implement performance management. Famously, Jack Welch, CEO of GE, was a huge advocate of it. The reason is probably fairly obvious. Performance management helps businesses achieve results. How so? By ensuring that all employees are performing at their best and pushing in the same direction.
So why don’t start-ups embrace performance management? Typically, there are a number of perceived barriers and questions small businesses have about how it’s done. How do you set up the process? Do you need an expensive system to manage it? Is it too much effort for the ROI (return on investment) in the end?
When it comes to motivating your employees, there are two main methods of achieving high levels of productivity: the carrot and the stick. Whilst using the ‘stick’ method typically sees workers having to meet specific KPIs (key performance indicators) or risk facing the sack, losing a portion of their bonus or working overtime to deliver what you need, the ‘carrot’ method instead provides workers with specific rewards. These rewards may be end of year bonuses after annual reviews and smaller incentives throughout the year. As suppliers of many reward-based corporate hampers, we thought we’d take a look at why the carrot method of motivation is proving to be so effective in the workplace.
Studious readers of our MyCorp blog may recall that, back in June, we covered non-profit corporations in a ‘Business Basics’ post, and answered a few simple questions like what a non-profit corporation was and how to form one. This week, we felt it would be a good idea to tackle one of the most often asked questions about non-profits – how do you run a successful non-profit corporation? Now, it’s impossible to distill what makes a non-profit successful into a 700 word post, but we can point out a few things you can do to help your non-profit succeed.
Draft, and adhere to, a solid mission statement
When you form a non-profit corporation, you have to clearly identify your mission. What, exactly, do you hope to accomplish with this organization? Who do you hope to help? What type of a vision do you have? You may have a few fuzzy answers to these questions running through your head, but you have to absolutely solidify every idea and goal you have before you ever hope to begin raising money. If your ‘elevator pitch’ is a jumbled mess of ideals with no, clear, actionable goals, no one will want to donate to your non-profit. The IRS will also review your mission statement when they decide whether or not to grant your group tax-exempt status.
Attending a business conference is a great way to promote your company and meet new customers and prospective partners. Exhibiting or putting up a booth for your company at a conference can be very expensive, and it’s important to be able to get the most from it. Getting the best return from investment in a conference is about planning, having clear goals and leaving a lasting impression and the following five tips will help your company get the most from your next conference.
1) Have a clear goal in place.
This may seem an obvious point, but you should always be clear why you are attending a business event. Is it to generate sales leads and capture customer details to follow up at a later date? Is it to engage with existing customers and build loyalty? Having a clear goal makes it easier to plan everything from who will attend to what your stand will look like.
Improving and building team spirit is an essential part of business growth, more so for small enterprises. The main challenge to a business leader is to encourage the team members to bond, readily share relevant information and work together towards pushing the business brand forward. Small enterprises mostly do not have resources at their disposal to cover employee redundancy, therefore employees should be aptly encouraged to work together and market the company. The employees should readily engage in promoting and sharing of the company’s vision and mission.
Business profitability moves in a cyclical pattern. Typically, the first quarter of the New Year is the slowest, and is often the most difficult to survive, particularly for small businesses. It’s natural that sales taper off during this time of year – customers are recovering from their holiday spending, they’re preparing to pay Uncle Sam what they owe and the winter doldrums have set in as well. However, there are a few things that you can do to help ensure that you keep your business moving forward.
Ever wonder what a vision statement is and what it can do to impact your life? Join Summit Journey Coaching on April 26th to learn more about the importance of having a vision statement by enrolling in one of their coaching classes with a one month free trial!
Summit Journey works to help you answer the question, “Is your life where you want it to be?” and helps to get it there in 15 minutes a day utilizing online success coaching. By enrolling before April 26th, users will be able to access a recording in the Summit Journey March lesson on becoming 25% better at decision making as well as have full access to all of the site’s tools and student community to work on implementing the lesson.
Enroll today to begin applying these coaching lessons into your everyday life!
Save the date! On December 19th at 8 AM PST, success coach Ed Kelly and the gang at Summit Journey Coaching will be providing a webinar on “Why Resolutions Fail but Goals Succeed.”
In this webinar, you’ll find out why resolutions tend to fail but goals succeed in the long run and how you can be at least 75% more likely to accomplish what you want in 2013 by writing down your goals.
Register now (for FREE!) and rise and shine with Summit Journey Coaching tomorrow – they want to help you get started on planning your goals for 2013!
With 2013 quickly approaching, how many resolutions will you imagine compiling for your business over this next month? And exactly how many of them will have fallen off the radar by February 1st? Resolutions have a low success rate, and there’s a good reason for that, they are nothing but ideas. Refurbish your resolutions so they won’t fail – turn them into actionable goals!
Here are 5 reasons why your company’s resolutions may fail unless you turn them into goals: Continue reading
So we are now entering week two of the New Year, and we have to ask; how are those resolutions coming along?
When the office parties end, the work begins again.
Be honest now – Are you finding your drive to go to the gym at four every morning is long gone? Do you look up pictures of your favorite fast foods and longingly wish you could visit those beautiful golden arches one more time?
Most of us will hit a wall, or three, when it comes to keeping our resolutions. So rather than focusing on huge hurdles like losing 50 pounds or completely cutting sweets out of your diet, you should instead make more small, attainable goals. That way you can actually check things off that New Year’s list you made two weeks ago!
With that sage advice in mind, we proudly present four little resolutions that can go a long way for your business. Continue reading