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April 29, 2012

Employee Morale & Leadership Goodwill

As a manager, leader and entrepreneur you have a responsibility to ensure employees are interested and happy in the work that they do, and in the environment where they work in.

There are things you can do to change up the environment and make it more positive for your valued staff, leading to improved employee morale.

Here are some low-cost ideas that will have big impacts to employee morale:

Recognition to Build Employee Morale

In your weekly meetings, whether it’s a stand up meeting, conference call or through video-conferencing, take the time to frequently identify and recognize specific team members or units for their achievements and success.  As part of your core duties on a regular basis, you should be engaging with staff and scanning through your units for performance highlights.  Keep in mind you want to recognize all in phases, so that all who are putting in efforts are recognized.  Even the small successes should be recognized.  With recognition, staff will feel valued and morale in the organization will pick up.

Spend Time and Listen to Your Employees

You will gain much respect as a leader if you take the time to listen to employees about their concerns, either in operations or the personal challenges they all face.  You will understand your operational issues better the more frequently you engage at the ground level.  Employees will feel more valued if they are listened to and if they feel their input will have an impact on change.

Fruit Rewards to Improve Employee Morale (and Health)

Every once and awhile bring in a prepared fruit platter for your team to share during breaks and lunch hour.  Throw in an exotic fruit or highlight local produce to raise attention and interest in what you are providing to staff.  In providing a small token of appreciation, staff will realize that you are giving back.  On your side, you are providing something of nutrition value, promoting a healthy work environment.  If you are in an area where local fruit is plentiful, bring in fruit care packages for staff to take home.  Staff will appreciate this as some may not have the time to pick up the produce and will take this home to share with their family in the healthy initiative.

Volunteer Day

Many employees are either engaged or would like to be engaged in volunteer activities.  In your benefits package to employees ensure you include a paid day per year for employees to partake in volunteer activities.  Provided that it does not impact your essential services, allow employees to pick, choose and schedule in a day to dedicate to good causes.  Give them the opportunity to do a bit of sharing and promoting of causes at your business.  Not only is this a good notion for employees and for community, but it also build solid relationships for your business with the community and organizations in need.

Special Guests Build Employee Morale

Bring in a special guest to speak on topics that could benefit your staff.  You could encourage a partnering firm to come in and speak about a topic or have a motivation speaker enlighten the crowd.  Inviting in and scheduling in a speaker could make your work environment more interesting and gives your team a break from the sometimes monotonous work duties.  To keep your costs down on such an activity, make arrangements for mutual exchanges, or if there is a added benefit for the person to come, they may come at no charge.

As an entrepreneur, always gauge your team for the level of workplace satisfaction and employee morale.  With some back pocket strategies for employee morale building, your team will perform better and will stay with your business longer as an employer of choice.

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April 28, 2012 

Cost of Gas

Current indicators are favoring lower prices in fuel, especially the cost of gas, over the next few months.  The recent downward trend in gas futures is most likely signally lower fuel prices at the pump in the short-term.  The following graph illustrates this decreasing trend, with a drop in gasoline futures of $0.21 per gallon over a month, a 6.4% decrease this month alone.

Graph courtesy of money.cnn.com

The potential downward trend, once it hits the pump is good news for the consumer, for business and industry, who rely on transportation of goods and feel the impact of the cost of gas associated.  If it translates across to the user, a rough 6.4% decrease in fuel costs will help businesses who are struggling to balance budgets with the recent, previous spike in fuel costs.  This should be noted as a potentially lasting on the short-term, as patterns change with summer months and supply and demand.

Oil Prices

The cost of Brent Crude Oil has slightly declined over the past month, mimicking the gas futures trend.  The following graph from oil-price.net illustrates the similar pattern, with a dip in crude oil  from a high of almost $125 a barrel to the current price of $119.

Graph courtesy of oil-price.net 

Speculation has now simmered from the fears of gas hitting $5 a gallon, but consumers and businesses should take this information with caution as the impacts may be short lived, with other global concerns and factors weighing into future gas and oil prices.

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April 27, 2012 

Effective Decision Making Process

Every business opportunity, every operational activity, and every financial budget requires decisions.  Decisions can be made in an ad-hoc, instantaneous manner, but we have all encountered challenges that occur after a snap decision.

Effective decision making processes set the stage for standards for making the right decision, involving the right people in your organization, with appropriate tools and mechanisms.  Great effective decision making processes will make your organization and professionals more responsible and accountable for decisions made

As an entrepreneur you will develop procedures that will need to be done to make a decision.  You will integrate specific staff members, at all levels, into the decision making process that will make a better informed, effective decision.

Elements of Effective Decision Making Process

Similar to a strategic planning cycle, decision making processes follow a set of steps:

1. Identification of the Issue
2. Development of options to resolve
3. Selection of the best option
4. Recommendation of the option
5. Approval of the proposed solution
6. Implementation of the best option
7. Measurement of result
8. Revision of the process / options 

You will determine who on your team should be involved and should participate in decision making.  You will want to involve those who are functional specialists who will inform you on the best operational, ground-level solution and what the implications are.  You will also want to involve unit managers and supervisors who can recommend the best option after being informed by their area experts.  Keep in mind, you want to have a streamlined decision making process and not to include too many.   Less is best when decision time frames need to be considered or if client services are impacted by decision time frames.  You can still develop a highly accountable decision making process with select staff, streamlining approvals through one stream of employees.

Effective Decision Making Processes – Determining Priorities

Decisions need to be prioritized, with reference to many factors that do go into why decision need to be made and to determine which decisions need to be focused on and approved first.

You may determine priority decisions be made by the following factors:

• Time factor or time limiting
• Emerging, immediate needs
• Client service focus
• Financial impacts
• Risks to the organization

Effective Decision Making Processes – Risk Management

A strong and embedded effective decision making process in your business will minimize the risk to all aspects of your business along the way.  As mentioned the stronger your decision making process, the more accountable your staff, units, managers and the business itself will be.  As a good planning practice, you should develop your business plan to reflect effective decision making processes at operational, management and corporate levels.

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April 26, 2012 

Self-Service

The automated customer experience around self-service models has come along way, evolving from the invention and implementation of clunky vending machines to the new wave of online streaming of transactions, from anywhere and at anytime.

It is interesting to note that self-service has moved from the delivery of tangible goods to the delivery of information, transactions, digital products in this information era.   However, self-service intersects many sectors, and almost anything is available for either a physical self-serve kiosk or through the web.  In your business planning, have you integrated self-service concepts into your business to make transactions easier, more convenient and accessible to your customers?

Check out this great infographic by Meridian, illustrating the evolutionary time-line of self-service.

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April 25, 2012 

Elephant in the Room

We have all heard the expression “Elephant in the room” as it describes the big issue (“elephant in the room”) that everyone obviously knows about but doesn’t want to talk about or deal with.  It’s an expression used when an issue is so big it can’t be ignored.

It may be a challenge that crops up in an organization, but due to its complex, controversial or sensitive nature, no one wants to deal with it.  Yet, without dealing with it adequately, stress and discomfort continues to build around the elephant in the room, as long as the issue has been unresolved.

So how do we rid of the elephant in the room? You may think it’s a simple task.  To deal with it adequately and effectively, you as a business leader and your staff or stakeholders need to recognize it, expose it, and focus in on it.  Bring it out in an open and transparent environment, sooner rather than later.  The longer you as a leader leave deep rooted issues unresolved, the more attention this elephant gets.  Staff anxiety and anger levels around the issue increase and it will deflect attention away from your productive work environment.

Leadership to Tackle Elephant in the Room

As an entrepreneur, you need strong leadership skills in identifying challenges in your organization and to adequately find resolution.  You need to have a few strategies in your back pocket to handle challenging circumstances.

Involving, empowering and encouraging staff and stakeholders to assist in problem solving will be a part of the overall resolution.

Identify the Elephant in the Room

In meetings, take on a new format of raising honest, deep-rooted problems in the organization.  Encourage team members to speak freely about anything without any repercussions or reprimands.  Time to get everything out in the open, and this is Step 1 … essentially issue identification.

Ask for Feedback and Recommended Solutions

With the elephant now exposed, time to wrap a harness around that elephant and give it some attention, meaning give the identified issue some attention.  How do we walk that elephant right out of the room?  Ask your valued team, stakeholders and customers for feedback and proposed solutions.  And not engaging with those parties for resolution could have been the issue.

Take it step by step to issue resolution.  Chances are that this issue is a complex one, and something that cannot be solved overnight.  Take steps and demonstrate partial resolution.  Now with interim milestones achieved, morale of all staff will have improved and the team will have some successes achieved. 

Show Strong Leadership

With recommendations in hand from valued staff and stakeholders, show strong leadership by implementing solutions to those sensitive or complex challenges.  Through your actions the elephant in the room will be eliminated for a stronger, more productive environment.

Business Planning to Resolve Elephant in the Room Syndrome

To be pro-active, ensure that in your business planning you should identify the serious, complex issues that you and your team will encounter.  Your plan will set up resolution mechanisms and contingencies to handle the most challenging circumstances.  You must be prepared to handle the difficult stuff that comes your way in your business.

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April 23, 2012 

Streaming Video

This infographic from OnlineDegrees details the impacts and trends of online streaming of movies.  With the movement and growth of streaming movies online, DVD sales have drastically declined.

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April 22, 2012 

Green Business

Earth Day sparks the green thoughts in everyone, including the eager entrepreneurs ready to jump on green business opportunities.  Green practices, policies, are trending upwards, and if you are in the right green realm as an entrepreneur, you may be able to take advantage and start or expand your business in the environmentally friendly direction.

Eco-friendly, green strategies and practices are good for the environment and are also good for business as it helps build solid positive relationships with customers who will make a connection with the green conscious business.  The green environmental sector is big business, with 2011 revenue estimates at nearly $330 Billion.

Here are some ideas of green businesses for entrepreneurial consideration:

Green businesses – Eco-Friendly Products

Green Retailing is big business in the US, accounting for billions in revenue.  Entrepreneurs jump on the opportunity of providing products that don’t have an impact on the environment, don’t contain harmful chemicals, or products that are available with eco-friendly packaging.  Organic products, falling under this business category, include some opportunities such as organic produce retailers, cosmetics and specialty garden products.  According to some reports, customers are willing to spend an estimated 20% premium on organic products.

Green Marketing Agencies

Getting the message out about your green practices, polices, procedures and products helps your business resonate with the consumer base that is trending green.  The segment of the consumer market that is eco-friendly will make a connection with your company, and thus a customer relationship will be made.  Marketing professionals can specialize in this area of green marketing, helping companies develop and implement strategies for positioning their green products and services.

Green Businesses – Environmental Engineering

Environmental engineering is the profession that provides science and engineering services to improve the natural environment.  Services include consulting, development and planning, and mitigation of projects that may have an impact on the environment.  In many jurisdictions, it is required to complete environmental screenings or assessments, and that’s where the environmental engineers come in.  Government agencies and the private sector seek environmental engineering firms to help meet environmental regulations and standards.

Eco-Efficiency Consultants

Eco-efficiency professionals specialize in finding, developing and helping your business implement environmentally friendly practices.  These consultants dig into your operations and analyze aspects such as energy consumption, product use, and practices.

The specialists would ultimately provide your business with a set of recommendations to reduce waste, reduce cost and move to more environmentally friendly practises in your business.

Research and Development Companies

Businesses that currently develop and provide consumer products often branch out to undertake research and development of better, more eco-friendly and efficient products.  Such is the case with light bulb manufacturers, with the development of compact fluorescent (CFL) bulbs and newer light emitting diode (LED) bulbs.   Whether it’s an existing corporation or a newly funded start-up, there is plenty of opportunity in the environmentally friendly, product development realm.

Green Businesses Recycling and Recovery Companies

The consumer turn-over of products is amazing, such as the electronics industry where some products are replaced every one to two years.  Companies specializing in recycling and recovering metals and plastics and other materials from discarded consumer products are well poised to take advantage.  Valuable metals and materials can be recovered from the more than 200 million mobile devices that are discarded every year in the US.  For instance gold, silver, palladium and sometimes platinum can be recovered from computer boards.  At the current metal prices, some other these recovery business opportunities would be worth investigating.

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April 21, 2012 

Green Practices

Most of us generally know that with everyone, everywhere connected on the Internet, that it generates energy consumption and environmental impacts from the global use of the Internet.  There are both pros and cons to Internet usage… while it is a huge energy consumer, the upside is that it may be a more efficient method in business practices to getting the work done.  Collectively, this makes a significant impact on the environment.

Embedded in this brilliant infographic from Wordstream, here are some shocking statistics and data from global Internet use:

• Total global population is estimated to be connected by 2017
• 61 Billion kWh – US Power consumption of 10.3 Million data centers
• 2000-2006 : Internet traffic increased 32 Million %, Energy consumption up 200%
• 62 Trillion Spam emails produce the equivalent of the emissions of 1.6 Million cars
• Per month Google produces 260,000 kg of CO₂ 

                                            

 

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April 20, 2012 

Contracting Out

Businesses encounter pressured operational scenarios requiring resource decisions.  In some cases, businesses do not have the quality and quantity of people to accomplish an operational task or goal.

Decisions need to be made by leaders on how to resource a particular circumstance, by either building up and accomplishing the goal with internal sources, or to acquire outside assistance to get the job done.

Contracting out is one solution to alleviating many operational pressures.  External contracting solutions can assist both in the short-term and long-term, depending on the scope and duration of work required, and operational needs.

There are several benefits to contracting out services…here are some of those advantages:

1.  Contracting Out to Get the Work Done

As a leader managing projects, you can observe where things need to be accomplished according to your schedule.  The volume of work during a specified time frame may not be accomplished with existing staff levels.  Acquiring outside help in the form of contractors would help alleviate short term pressures until long term plans can be developed and implemented.

2.  Contracting to Acquire Expertise

Acquiring contracted professionals would help where your existing staff compliment does not have the capacity to complete professional tasks.  An example would be to bring on a marketing contractor or IT professional or company where your business does not have this built-in capacity.  Many companies, corporations and Federal Government agencieshave moved to contracting out specialized functional areas.may not have the required skill set or intelligence of an industry or function.  Bringing on external expertise would help build capacity in your organization. 

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April 19, 2012 

Green Strategies

Eco-friendly, green strategies are good for the environment and are also good for business as it helps build solid positive relationships with customers who will make a connection with the green conscious business.  The green environmental sector is big business, with 2011 revenue estimates at nearly $330 Billion.

During February 2012 Office Depot surveyed over 1000 small businesses to gauge information on implementation of green strategies and use of green products across operations.  The small business results in this infographic were surprising, with:

• 70% to implement green strategies in the next 2 years
• 61% of small businesses currently implementing green practices
• 82% having a recycling green strategy
• 56% learning about green products online

Source:  BusinessWire

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