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Topic: Employee Engagement Part 2 What makes an employee feel engaged? It is very difficult to generalise, but factors that are likely to make staff feel engaged are a sense of “family”, of belonging to a team or company, of social fulfilment. This is often strengthened by policies that demonstrate the company takes care of their employees, such as good restaurant or canteen facilities, clean and comfortable physical environment, sick time off, medical costs covered, generous holiday time, concern for family if they suffer ill health. It isn’t just financial rewards, status or power that makes employees fell engaged, but a sense of motivation through shared Values and Vision, common mission and goals, loyalty and trust. Salary is an important factor for many people especially in North America and Europe, and there is a correlation between people’s satisfaction with their salary and their engagement. Companies that have high levels of employee engagement m...

Retailing today The world of retailing is a mystery to many people, and it is a complex world. It basically involves buying merchandise, usually from manufacturers, and reselling it to end consumers to generate a profit. Demand is created through marketing, advertising and promotional activity. Profit is generated by buying at one price, selling at another that will cover overheads and leave an amount for the retailer’s profit. In the last century retailing was almost entirely carried out in stores, whether small high street retailers, chain or department stores, or out of town shopping Malls. Retailers offer benefits to consumers in that they are able to purchase small quantities of a wide range of products at commercially viable and affordable prices, usually at a store near them. Online retailing has made store location less of a consideration. But has the drawback that customers can’t handle the product, or try it on for size. They can easily compare the fea...

Topic: Employee Engagement Part 1 What is the business case for employee engagement? If people enjoy their work , and are happy in the work environment, they interface better with customers, perform better, stay with the company, take less time off sick, make suggestions for improvements, and are more productive and profitable. They are more motivated, and committed to their employer. They are focused on achieving company goals and developing the company as successful for the future.They are engaged employees. Conversely disengaged employees tend to take more time off sick, have a higher turnover rate, impact productivity and profitability. They can drag others down and negatively impact customer service, sales, quality, and staff retention. Engaged people care. They care about the company, its image, its profitability, that its customers are happy, that the business is successful. They will go the extra mile without being asked to, whether their manager s...

Management Styles Management and Leadership are often confused or discussed as if they are the same thing. They are similar and do overlap, but there is a difference. The distinction is that leaders have the Vision, define the strategy, are guiding and directing. The manager’s role is to implement the vision, make it happen, complete the task they are given by the leader. They are not expected to come up with changes of overall strategy or direction of the company unless they are in a leadership position too. So although leaders define the direction, they will also need management skills to guide their team effectively to implement the Vision. Management styles There are many ways of analysing and distinguishing styles of management. Everyone’s style is unique, because it is affected by their personality as well as the approach they adopt. For a more detailed discussion on styles, follow the link http://www.managementskillscourses.com/ management-styles/ Let’s...

Staff Recruitment The people are the business, so you want to find and retain staff who are a great fit for the vacancy. How can you make yours an aspirational workplace for top employees? We look at top tips to recruit the right candidate, retain and develop staff to build a strong loyal team which can drive your business success. Learn how rewards and incentives play a major part in staff retention, and that there is scope here for companies to differentiate themselves as exceptional employers by offering a flexible range of benefits. Recruitment Staff recruitment and development are vital to the success of a company. The staff are the company. If you don’t recruit the right people, lead and motivate them well, develop and retain them, then the company will not reach its full potential. Recruitment is the first step. This is time consuming and expensive, and if mistakes are made and the wrong people recruited, damage can be done!! Unhappy staff never perform...

What is a distributor? A distributor purchases goods from a manufacturer and distributes them on their behalf. They act as an extension to the company’s salesforce. They are wholesalers who trade goods for profit, like the early merchant traders. They are used in different industries and sectors in different ways appropriate to the sector requirements and characteristics. They form part of a supply chain which usually includes a manufacturer and often dealers and retailers. The basic supply chain structure has many variants. Let’s have a look at some definitions. Manufacturers produce products Distributors move the product from manufacturer to market. Dealers or retailers usually purchase the product from the wholesale distributor and sell to end users. Types of distributors There are several types of distributors –wholesale and retail. There are also manufacturers’ sales offices, agents, commission agents and brokers. A distributor takes title and legal owner...

What is a leader’s personality? What are the features and attributes we find in leaders? Many of them are extrovert, although we have probably all met the strong silent influencers, who are the exception that proves the rule Leaders are usually “people people “. That is to say, comfortable interacting with others, and they usually seek leadership positions. It is now thought that there are certain key attributes that leaders have, which enable them to develop the skills to become leaders. It is a moot point whether having these attributes makes a person a leader, or a better leader .Would they be able to make it as leaders without these attributes? Kirkpatrick and Locke say that research identifies the key traits for leaders as: Drive – Being motivated and ambitious, energetic and tenacious, able to take the initiative. Leadership motivation – The ambition to lead others, and a clear vision of where the business should be. This not the desire for power in itsel...

Steps Five to Starting in a Business How to raise finance for your business What are potential investors looking for in a company? They want to see research and establish the potential risks and returns involved in investing. Do you know who to approach for finance, and how? What do they expect from you, what are the legal issues, what documentation will you be expected to sign? Should you offer personal guarantees or other security? Nearly every business being launched will require some investment capital. If you can rely on savings or family and friends for seed financing that is a great start. Many banks and investors will expect to see that you and your family have invested in the venture. But, most entrepreneurs will need additional financing to get a business started. Check if there are any starts up or support grants in your area. If you have a business idea that could benefit from an injection of capital, the most usual financing...

Steps Four in Starting a Business Directors Duties Do you understand the implications of accepting a directorship? Directors are personally liable for actions or omissions, can be disqualified from acting as a Director and can be made personally liable for the company’s debts. Did you know that as a director of a limited company, you have a duty to try to make the company a success, using your skills, experience and judgment? Company Directors have responsibilities which include ensuring that the company trades lawfully and complies with all legislation and regulation. Their responsibilities are a series of statutory, common law and equitable obligations owed by members of the Board of Directors to the organisation that employs them. Statutory and regulatory responsibility varies in different jurisdictions, but there are a number of similarities in the framework for directors’ duties. Directors owe duties to the company , not to individual shareholders, employe...

Steps Three Starting in to a Business Company Structure The Company structure you select for your business is critical. It influences the Director’s personal liability, the ability to raise funding, impacts the liability for tax and the paperwork required. Learn which structure is the best for you, as we review the different types of company structure, and the advantages and disadvantages of each. Common structures are;- The legal structure of the company influences the liability for tax, the paperwork your business has to complete, the personal liability for the directors and your ability to raise funding for the business. So this is an important decision. Sole partner or proprietor, or sole trader Partnership Limited company The limited liability company (LLC) Limited liability partnership (LLP). Employee ownership Not for profit Charity Sole trader The most basic structure is the sole trader or proprietorship, which usually involves just one person who ...

Steps two to starting a business Developing a Business Plan Most people starting a new business will need to develop a formal business plan in order to access finance. But actually it is a very good discipline in itself to have an up to date business plan, whether you are starting a business, or have been trading a while. If you use a good template it will force you to go through the whole rationale for your business, look at every aspect of it, and examine or re-examine it in terms of likely profitability -which for most people is the objective. Once you have a plan, it is relatively simple, and a good discipline, to review each year and check you are still on track. Your management team can review short, medium and long term objectives. You will also be asked to submit a business plan regularly if you have successfully accessed funding from a bank or investors. When banks and other financial institutions are considering a loan application, they will be looking...

Six steps to in starting a business 1.Market Research Market Research is key to a new business becoming a profitable entity. It anticipates and minimises risk, identifies potential customers and helps ensure success. Only about half of new small businesses will survive 5 years. To ensure yours is a survivor, learn how to research your market, identify potential clients and have a strategy for attracting them. Market Research, or Business Intelligence as it is sometimes called, is a vital weapon in ensuring your new business survives to become a strong profitable entity. It is about anticipating and minimising risk, understanding your potential customers and so helping to ensure success for your new venture. Don’t skip this important step in the rush to get your product to market. Finding customers is the most difficult part of running a business. So it is vital to research your market, identify potential clients and have a strategy for attracting them before yo...

Business strategy The strategy defines the long term goals of the business. Strategic management provides overall direction to the enterprise. It is the identification of the purpose of the organization and the plans and tactics required to achieve the defined strategy. According to Wikipedia, Strategic management defines the major initiatives taken by a company’s top management on behalf of owners, involving resources and performance in internal and external environments. It includes specifying the mission, vision and objectives and developing policies and plans designed to achieve these objectives, and allocating resources to implement the policies and plans, projects and programs. Strategic management is an ongoing process that evaluates and controls the business in which the company is involved. It used to be the case that businesses had a one year plan, including a budget, a five year plan and a ten year plan .These defined the medium and long term goal...

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, and using instincts learned from, and honed by, experience. Jim Nightingale, Author of Think...