Tag Archives: Business Leadership
Selling to customers overseas could make a big difference to any small business - taking your turnover to new heights.
But it can be daunting to get started. There's a lot to learn - from researching your overseas customers and competitors to understanding customs rules, legislation and tax.
This toolkit is produced by Donut in association with TNT, one of the world’s largest delivery companies and logistics experts.
It is packed with real-world tips from UK small businesses who have made a success of selling overseas.
Senior leaders need to understand the interests and influences of stakeholders before making any key decisions.
It is particularly useful when considering the political implications of introducing or dispensing with a particular product or service, or when heading in a new strategic direction.
Using a 'power vs. interest' matrix, this activity will help a senior team examine the relative power and influence of key stakeholders.
The image below is of Heineken Stakeholders. In 2015, under the guidance of an independent consultancy, Heineken carried out a 5-step stakeholder management process to map stakeholders and define key messages for communication. With each target stakeholder group, they have studied and identified the most efficient modes of engagement. (more…)
Effective business planning will determine what business success looks like and what needs to be done to achieve it.
Once you have a clear plan for your business, you need to look at the numbers to see if your plan will provide the financial results that you want.
This is done by preparing a budget based on your business plan objectives. For example, if you have decided to increase your sales, then this may mean extra staff, stock and/or increased marketing.
You will need to prepare a budget that shows not only increased sales but increased expenses that will be required to achieve the increase in sales.
A budget can form the basis of the financial strategy for your business and help you review and refine your plan of how our goals and objectives will be achieved. A plan of action will guide you and your business activities towards improved business performance.
The benefits of having a financial strategy include:
Clarity on the key drivers of your business – what are the key aspects of your plan that need to be achieved in order for you to reach your expected budget results?
Tools to measure and monitor performance– your budget can include key performance indicators such as minimum monthly sales, maximum level of expenses etc. and you can then measure these against actual results (more…)
Several corporate and system failures and an increasingly complex regulatory environment have sharpened the focus on good governance in recent years.
This report, The Board Perspective: A collection of McKinsey insights focusing on boards of directors, explores what makes boards effective, how they are developed, and how their expectations and responsibilities have increased.
This compilation is split into three main sections:
- The role of the board. Which activities should the board engage in, and how?
- Board structure and foundations. What foundation do you need to deliver on increasing expectations?
- Board effectiveness. How can you increase the overall effectiveness and impact of your board?
In the 1970's, many large firms adopted a formalised top-down strategic planning model.
Under this model, strategic planning became a deliberate process in which top executives periodically would formulate the firm's strategy, then communicate it down the organisation for implementation.
This process is most applicable to strategic management at the business unit level of the organisation.
For large corporations, strategy at the corporate level is more concerned with managing a portfolio of businesses.
For example, corporate level strategy involves decisions about which business units to grow, resource allocation among the business units, taking advantage of synergies among the business units, and mergers and acquisitions. In the process outlined here, "company" or "firm" will be used to denote a single business firm or a single business unit of a diversified firm.
This resource takes you step by step through the model
Research shows that only 49% of employees trust senior management, and only 28% believe CEOs are a credible source of information.
In this article, Stephen Covey explores the concept of trust within leadership and in our society at large.
Consider the loss of trust and confidence in the financial markets today. Indeed, "trust makes the world go 'round," and right now we're experiencing a crisis of trust. This crisis compels us to ask three questions. First, is there a measurable cost to low trust? Second, is there a tangible benefit to high trust? Third, how can the best leaders build trust in and within their organizations to reap the benefits of high trust?
Most people don't know how to think about the organizational and societal consequences of low trust because they don't know how to quantify or measure the costs of such a so-called "soft" factor as trust. For many, trust is intangible, ethereal, unquantifiable. If it remains that way, then people don't know how to get their arms around it or how to improve it. But the fact is, the costs of low trust are very real, they are quantifiable, and they are staggering.
In 2004, one estimate put the cost of complying with federal rules and regulations alone in the United States -- put in place essentially due to lack of trust -- at $1.1 trillion, which is more than 10% of the gross domestic product. A recent study conducted by the Association of Certified Fraud Examiners estimated that the average American company lost 6% of its annual revenue to some sort of fraudulent activity. (more…)