Words of Wisdom
You Are Not Your Customer’s Bank
Providing credit is a service for financial institution. If you offer payment terms to your customers, how do know that they have the ability to repay you with in your terms. Without a credit policy and a mechanism to verify credit worthiness, you may be risking your...
It’s Not How Much You Sell – It’s How Much You Keep
Many business owners see more revenue as the solution to poor profitability. This can often be a fast road to business failure. If you are not making sufficient gross profit on those additional sales, you may run the business out of cash very quickly. In many cases, a...
Being a Business Owner is the Loneliest Position in the World
Business owners have no one to talk too. There are many things you cannot share with your employees. There is some information that is not their business. In a similar vein, discussing your business issues with your spouse / significant other can also be difficult....
Find Ways to Celebrate the Victories
Owning a business is hard. There are new challenges every day. It can wear on your entire organization if all that is discussed is the negative. Take opportunities to recognize success. Meeting a monthly sales or production goal is a good reason to celebrate. It can...
Businesses That Don’t Plan, Plan to Fail
Without a game plan for your business, how do you know if you are successful or not. A simple business plan can give the owner a road map that all vested parties know where the business is going and their role is in achieving the plan. m.
The First Mistake An Employee Makes – The Fault Lies with the Boss
Always assume that the employee did not know what was expected when they make a mistake. As their boss, you need to take responsibility for the root reason the mistake was made. Was the employee properly trained, was there responsibility discussed, were decision...
Always Praise In Public, But Criticize In Private
Your employees crave recognition for good performance. Take the opportunity to do so at regularly scheduled meetings. Use this as an opportunity to reinforce company values and behaviors. Conversely, constructive criticism should always be done in private. Make sure...
You Say Volumes When You Say Nothing
Anytime you see performance or behavior that is below your expectation as a manger, you must address it. It must be timely and it has to be specific. It must be addressed with the person who needs to change, not the entire group.
You Get What You Allow
When it comes to managing employees, the lowest minimum standard you accept becomes the standard for everyone. An employee who comes in late often, must be addressed promptly. His/her peer employees will assume arriving 15 minutes late is acceptable behavior.
