Do Business Well

Of course, none of this means that great managers ignore nonperformance. They don’t. Focus on strengths is not another name for the power of positive thinking. Bad things happen. Some people fail. Some people struggle. And even your star performers have their faults. Poor performance must be confronted head-on, if it is not to degenerate into a dangerously unproductive situation. And it must be confronted quickly—as with all degenerative diseases, procrastination in the face of poor performance is a fool’s remedy. Continue Reading »

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By this definition, if the person is struggling, it is actively uncaring to allow him to keep playing a part that doesn’t fit. By this definition, firing the person is a caring act. This definition explains not only why great managers move fast to confront poor performance, but also why they are adept at keeping the relationship intact while doing so. Continue Reading »

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Personal needs at work

• Do you prefer to work in a small business, a large organisation, or on your own?
• Do you enjoy initiating new developments and seeing them fulfilled in your work?
• How important are workplace friendships? Do you rely upon these daily contacts to provide interest and stimulation to your work day?
• Are you competitive? Do you like pushing yourself and comparing your achievements with others?
• Are you a creative person who needs to express yourself frequently in your work?
• Do you see yourself as a leader? Do you enjoy exercising control over your situation at work and delegating responsibilities to others?
• What sorts of rewards are important to you? High salary; status in the job title; fringe benefits (car, expenses); long-term security etc.
• How willing are you to take risks, to try even though you know there is a considerable chance of failure?
• Do you prefer to work: inside or outside; with people, ideas, or equipment?

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4. You lose your location. You can insure your building against destruction through fire, flood, or earthquake. You can also purchase business-interruption insurance that is supposed to give you enough staying power to reopen in a new place. What if you don’t have that insurance? Or you have a month-to-month rental, and your landlord gives you notice? Maybe you miss a lease payment, and the building’s owner holds you to the letter of the lease and kicks youout?

For many businesses, this type of disaster in the early going isall but insurmountable. This is especially so where there has been a large investment in build-outs, signage, or fixtures that can’t be easily transferred to a new location. Here are some approaches thatmight save your bacon. Continue Reading »

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How to exercise the Power of Choice: pause, evaluate, decide, act, be slow to anger, be quick to forgive

Many would-be entrepreneurs fail even though they have the ability, the resources and the passion. You know why? Because they dare where angels fear to tread. They fire before knowing where they’re even aiming. They become victims of their passion and temper. They allow their hearts to rule their heads.

Being a highly successful entrepreneur is a high-wire balancing act. On the one hand you have to be able to pause and coolly evaluate a situation. On the other hand, you must be decisive. On the one hand you must be passionate about what you’re doing. On the other hand, you can’t afford to take it too seriously. On the one hand, you must rarely lose your temper. On the other hand, you must always forgive. On the one hand, you must trust others. On the other, you must be extremely vigilant. Continue Reading »

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B. If one or more of your current employees is not a likely candidate for a buy-out, consider hiring your buyer. Begin an intensive search for an energetic, capable manager who could work toward ownership as part of his employment package. In this case, you could offer less pay than the individual might otherwise earn, but provide a certain percentage of ownership each year employed.

Another approach would be to find that talented individual who also has financial resources. The agreement might end up looking like a rent-to-buy. The manager would work his way toward running the entire operation over a two- or three-year period. When both parties were satisfied that the change in ownership and control could be smoothly transacted, the preset terms would be finalized. Continue Reading »

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Not only does the process of writing a business plan differ from situation to situation, but so does the plan’s final form. The rules of thumb described here may seem obvious, but I know from experience that they aren’t obvious to the uninitiated.

1. The earlier in the company’s history the plan is written, the simpler the process. This isn’t to say that it’s easy to write a plan for a start-up or early-stage company, only that it’s simpler than doing so for an established growing business. As Fred Gibbons points out, he was able to write the business plan, get his partners to agree, and everything was done. Mo Siegel, on the other hand, waited until Celestial Seasonings was six years old and had about $30 million in sales before he wrote the first business plan. He suddenly had many people involved in a lengthy and frustrating process that caused one of his partners to leave the company. Continue Reading »

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