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Investors are usually savvy people, that’s how they got the money to invest in the first place!! They only want to put their money somewhere they are assured of a better return on it than in the Bank, or investing it on the stock market.  It’s your job to persuade them you will make money for them. Do this by researching your market, and then producing a well thought out business plan. I have dealt with this in detail in the very first module of this course, but I recommend you reread this carefully now. When we studied it at the beginning of the course, you may have been new to management theory. Now you will see this advice in a different light. Please read all the modules listed on this page. Realistically a new business is not going to make a profit in the first year, or maybe even the second. So, you need to cover your running costs for that period, as well as the start-up costs. It is important to borrow enough, not only to meet the start-up costs, but also to...

Topic:  What does it mean to supervise?  Supervisors are responsible for the development of their team, to ensure each individual has the skills to enable the team to run as effectively as possible and that the workgroup operates to optimum effectiveness. They offer leadership to their team, as well as training. They are responsible for task allocation, and will also be concerned with the morale of the team. Ultimately, they will be tasked with achieving the targets, goals and outputs expected of the team. To achieve this, they will usually offer “on the spot” training, demonstrating to staff how to perform tasks. They will delegate appropriate tasks to ensure the work is performed effectively.It falls to the supervisor to set the culture and tone of the workplace, and set a good example. They will focus on motivating the team and individuals to achieve targets, and keep the team in line with the overall strategic direction of the company; Training employe...

Topic:  Performance management and appraisals Performance management facilitates high levels of performance, and creates a culture encouraging continuous improvement. But it is not always a positive experience for staff, and carried out badly it is a demotivater. Learn how to make this a positive experience, opening up a dialogue that enables problems to be aired and dealt with sensitively, positive feedback to be given and development plans agreed and implemented. Learn how to manage team performance and consider how to motivate staff. Performance management is a process which organizations use to align their resources, systems and employees to strategic objectives and priorities. It contributes to the effective management of individuals and teams, enabling them to achieve high levels of organizational performance, and creates a culture that encourages the continuous improvement of business processes and peoples’ skills and performance. It brings together man...

                      Topic:  Workplace Stress Management – From an employee’s perspective       Apparently stress literally shrinks the size of your brain!Researchers at Yale University found that stress reduces the volume of grey matter in the part of your brain that is responsible for self-control.         So, the fact that someone is experiencing stress makes it more difficult to deal with future stress, because their ability to take control and manage their stress is in itself diminished. But the plasticity of the brain lets it change and rebuild damaged areas as a person practices new Behaviours. What this means, is that adopting healthy stress-relieving techniques, of itself, trains your brain to handle stress more effectively. Doctor Bradbury suggests seven strategies to help you fix your brain and keep your stress under control: Say No. Saying no to a new comm...

        Topic:  Promoting within or outside the organisation Talented ambitious people want to join companies where they know they will have the chance of advancement. Also, as you say, you have nurtured these people and they are knowledgeable in the way you want things done, so this can produce a harmonious team all pulling in the same direction.As long as you have people who can move up to replace the person who has been promoted, and you are sure your employee is a great candidate for the job, then this can be a good plan. But on the other hand, you may benefit from introducing new blood into the mix. There might be people on the market who are much more suitable for the role. You might recruit someone who asks the question nobody thinks of, or dares to ask. They might be disruptive in a good way, in that they stimulate those around them, unleashing new thinking and new ideas in your own people. And you might be missing out on some of t...

    Topic:  How To Orientate Yourself In a new Role You should have a formal induction covering all the immediate practical information you need. If not, ask for information such as “What is the fire drill procedure”, “where can I get lunch”, “what about car parking”? Get passwords and login details for email and any other systems you need to access. Make a note of them! It is useful to have a small, pocket or handbag sized notebook on you at this stage to note down things you need to remember, or follow up. Using one will probably massively improve your performance. Or else use the calendar and notes function in your phone or tablet -but do remember to follow up! You will probably have a meeting scheduled with your manager, where they will be able to provide guidance. If not, ask for one. If you are senior enough to have a secretary or assistant, then it would be reasonable to assume they will be able to guide you through a lot of the difficulties ...

                        Topic: Decision Making Decision making and problem solving are the meat and drink of business life. Some decisions are made almost instinctively, but more complex decisions with many factors involved require the analysis of a finite set of alternatives described in terms of criteria which can be evaluated. According to Wikipedia decision making might be regarded as a problem solving activity which is terminated when a satisfactory solution is reached. Decision making is a reasoning or emotional process which can be rational or irrational, can be based on explicit assumptions or tacit decisions.   Decisions are often involuntary and following the decision, we spend time analyzing the cost and benefits of that decision. This is known as “Rational Choice Theory,” which encompasses the notion that we maximize benefits and minimize the costs. Most decisions are made unconsciously,...

Topic: Business Failure Keep overheads low – This is one of the most important rules to follow for most small businesses. Unless you are a Silicon Valley start-up, with masses of funding, money will be tight at first. Most entrepreneurs put their life on the line here -investing in themselves, by using credit cards, or their homes as surety. Remember the statistics we looked at about business failure? Many of them fail because of lack of funding. Keep your overheads tight and protect your cash flow. Staff or contractors It is likely that at some point you may need assistance in the business. There are many pros and cons to employing staff. This will very much depend on the type of business that you have. A rapidly increasing trend is to take people on as subcontractors rather than staff. This merits a section of its own, so I will revisit it later in this module. Suffice to say for now, I would avoid taking on staff in the very early stages, until you ...

Topic: CONTINUATION OF PREVIOUS LESSON 6. Insurance The insurance you will require depends on the type of business you have, and the legal requirements in your region. Most businesses should have general liability insurance to cover against legal issues relating to accident, injuries and claims of negligence. If you have employees, you may need employer’s liability insurance. If your Business is selling products, you may need product liability insurance; if you are selling services, you may need professional liability insurance. If the business owns property, you may need commercial property insurance. If you work from home, you may need additional home-based business insurance if your normal home insurance policies do not cover business use. 7. Recruiting Staff This is a big step, so be sure you really need to employ someone and that the business can support the expense of payroll, and additional responsibilities of ensuring you meet minimum wage level re...

Topic: Ten (10) priority  things that concerns us when to start a business. 1 . Getting Customers and achieving sales. This is undoubtedly the single biggest issue facing any business. It has been said that businesses face two problems;- A) Sales B) Everything else. While this seems trite, it is definitely true. If the business has robust sales, then everything else can be fixed. If it doesn’t have adequate sales, then the business is in serious trouble, in fact there really isn’t a business. So the first concern has to be attracting new customers, and retaining existing customers. Developing a “route to market”, a marketing and advertising campaign, and, probably, building a website. The route to market that you choose will depend on your business and your target market. Consider online techniques including search engine optimization, pay per click advertising, social media marketing. Also consider offline techniques such as newspaper and magazine ad...

Topic: Successful entrepreneurs tend to have certain behaviours;- Personal They accept responsibility for their actions. They do not rely on others to take decisions for them, or to make their ideas work. If they have a Vision, they, and only they, can implement it. They have a can-do approach, to business and to life. They often create a culture around them of likeminded people They don’t prevaricate, they face facts, (having checked their accuracy) accept them, and deal with them. They accept failure with the same attitude-they just dust themselves off and move on. And learn lessons from it. They have passion and belief in what they are doing. They don’t procrastinate, they have an idea, a vision, and they grasp the opportunity They are always alert to new opportunities They see problems as opportunities They set themselves deadlines, sometimes audacious ones! And they are not perfectionists. They launch on the deadline with what ...

                            Topic: Motivating Others Today we review some leadership and motivational theories including Maslow’s Hierarchy of Needs and Adair’s Action Centred Leadership. Motivation is an important part of an executive’s job and understanding what motivates people is the first step. From this article, we shall considers some leadership theories and models, leadership philosophies and leadership styles. It also covers motivation, discussing Maslow’s Hierarchy of Needs and Adair’s Action Centred Leadership. As a manager and leader one important aspect of your work is to motivate your team. Some people are motivated to work because they love their job and feel they are doing something useful, others do it simply because they need the money it brings them. In some cases motivating staff is easier than others. For example if you have interesting work to offer and can develop yo...

Topic:  Continuation from previous lesson John Adair’s Action-Centred Leadership model is represented by Adair’s ‘three circles’ diagram, which illustrates Adair’s three core management responsibilities: achieving the task managing the team or group managing individuals Responsibilities of a manager for achieving the task are: define the task -identify aims and objectives for the group, purpose, and direction identify and obtain resources, people, processes, systems and tools create the plan to achieve the task – deliverables, measures, timescales, strategy and tactics clarify responsibilities, objectives, accountabilities and targets set priorities ,standards, quality, time and reporting parameters control and maintain activities against parameters monitor and maintain overall performance against plan report on progress towards the group’s aim review, re-assess, adjust plan, methods and targets as necessary evaluate success Responsibilities of a ...

Topic: Team Leadership There are very many theories and models of leadership, leadership philosophies and leadership styles. When we look at Team Leadership, Management and Motivation you will learn about Maslow’s Hierarchy of Needs and Adair’s Action Centred Leadership. We also consider how important money is in the management of motivation. Team Leadership. There are very many theories and models of leadership, leadership philosophies and leadership styles. Let’s consider Action Centred Leadership. Action Centred Leadership – John Adair – A model for team leadership and management John Adair (born 1934) developed his Action Centred Leadership (ACL) model while lecturing at Sandhurst Royal Military Academy and as assistant director and head of leadership department at The Industrial Society, during the 1960 and 1970s The ACL model is Adair’s best known work, in which there are three elements, which are;- Achieving the Task Developing the Team Developin...

Topic: Target your sources Think about the kind of information you want and where you might find that information. If you want facts and figures about local spending, your local council website might have that. If you need marketing statistics, the major market researchers would be a good place to start. If you want scientific information, think about scientific journals Keywords Your early reading and research will help you think about key words that you can search for further articles of interest. Your keywords should be as specific as possible. Also, search synonyms for the keywords you select Primary, secondary and tertiary sources A primary source is someone directly involved in the subject. For example, a scientist who has made a discovery, or developed a theory. It is research that is collected first hand, and should result in learning something new, so could include analysis of your company’s performance. A Secondary source is someone not direc...