(Time to read this Blog is about 3 minutes)
Before we get to the main topic, here are a few things to get you thinking or smiling:
- My Biz Quote of the week:
“There’s no ‘silver bullet’ in business. Success is about doing dozens of big and small things better than your competitors. What are at least 10 things that you consistently do better?”
- Quick Biz Tip:
What will you do to be more responsive in 2023?
In today’s world, customers expect immediate responses and fast delivery. So, return phone calls and emails quickly. Get quotes or submissions out quickly. Deliver quickly.
If something goes wrong and you won’t be able to deliver as promised…contact them immediately. Nobody wants to do business with a coward who hides when things go wrong.
A salesman who sold 34% more than anyone else in his company recently told me his secret. “I return my phone calls immediately.” That’s it. Time is the new ‘currency’ and speed is everything.
So, what will you do to increase your sense of urgency and improve your response times? What new systems do you need and what attitudes need to change?
- The high cost of being hacked. The parent company of Sobeys and IGA grocery chains in Canada just announced that their Q3 earnings took a $39.1 million hit from a cybersecurity breach in November. So, how secure are your computer systems?
- I have one Biz Coaching slot open starting May 1st. I’ve wrapped up working with one of my Biz Coaching clients. We’ve accomplished all that we set out to do, plus many items they didn’t know needed a tune up.
If you’d like help in improving clarity, efficiency, your compelling customer value, a more engaged team and improved profitability, perhaps we should chat about possibilities.
If you’re looking for a graceful and profitable exit from your business, perhaps we should talk.
If you need help sorting out challenges with your family business or partnership, we should definitely talk.
I’m easy to find at firstname.lastname@example.org.
- A recent Case Study on the 4-day work week. 61 UK businesses in many different industries tested a 4-day work week for six months from June to December, 2022. Here’s a Summary of key results:
- Productivity and engagement increased.
- Employee turnover fell by avg of 57%.
- 73% of staff reported increased satisfaction with their lives.
- 92% of businesses said they would continue with the 4-day work week.
- The Russian brain drain. The Washington Post estimates that between 500,000 and one million Russians have fled Russia since the invasion of Ukraine. In addition, it’s thought that about 20,000 Russian citizens have been arrested for protesting the invasion.
‘Now, to this week’s important topic:
How are decisions made in your business?
It’s a very good exercise to spend some time thinking about and discussing. How are various levels and types of decisions made in your business…and is the current way the best way?
Making good decisions quickly, at every level of your business, is key to efficiency and success. “Yes”, there are some key decisions that need to be mulled over and thoughtfully considered, but every day there are 100s of decisions that need to be made quickly, or the business grinds to a halt.
But how decisions are made is something that most businesses don’t think about, examine and question. Below are 10 typical ‘decision scenarios’ that I see in my Biz Coaching work. Do any of these apply to your business and what can be done to improve your decision-making process?
- For major decisions, a ‘Management Committee’ openly and respectfully discusses the options and then decisions are made by a majority vote and a detailed Implementation Plan is created with specific responsibilities.
- All managers or shareholders must agree on any big decision before proceeding. We manage by consensus and it’s slowing us down or resulting in mediocre, compromise decisions that give us no clear competitive advantage.
- Authoritarian rule. ‘I decide and you get with the program, or else!’
- We research every decision to death as a way of avoiding making the decision.
- Our business is a partnership or family business and the partner or family member who’s the chosen leader is trusted to make most decisions. It’s clear what level of decisions must have wider approval.
- Our business is a partnership or family business and decisions are fraught with politics, drama and not-so-hidden agendas. The rest of our management team runs and hides when these disputes are under way.
- All decisions are made at the top and this has become a huge bottleneck and frustration. This micro-managing has caused many good people to leave the business.
- Routine decisions are made far down the ‘organization’ because we’ve coached, trained and empowered our Team to get on with it. They understand our values, standards and commitments and successfully make decisions within those agreed boundaries.
- Many decisions don’t get made…or take forever because ____________________.
- We make decisions, but there’s no clear ‘Implementation Plan’ stating specifically what will be done, by whom, by when, at what cost, with what outcomes, followed up by whom and measured how.
That’s it for this week…
Stay safe…live brilliantly!
Donald Cooper speaks and coaches internationally on management, marketing, and profitability. He can be reached by email at email@example.com in Toronto, Canada.