Tag Archives: Knowledge
Q. I am always impressed by my MD's ability to remember facts and figure - how can I improve my memory?
A. One tip you might want to consider is 'chunking
Chunking refers to an approach for making more efficient use of short-term memory (STM) by grouping information.
Chunking breaks up long strings of information into units or chunks. The resulting chunks are easier to commit to memory than a longer uninterrupted string of information.
Chunking Theory: The term “chunking” was first introduced in 1956 by George A. Miller in his paper “The Magical Number Seven, Plus or Minus Two: Some Limits on our Capacity for Processing Information.” Through his research, Miller found that short-term memory has a limited capacity.
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…)
Emotional intelligence – the ability to recognise and understand manage ourselves and our relationships effectively – consists of four fundamental capabilities: self-awareness, self-management, social awareness and social skill.
Each capability, in turn, is composed of specific sets of competencies.
Below is a list of the capabilities and their corresponding traits.
- Emotional self-awareness: the ability to read and understand your emotions as well as recognise their impact on work performance, relationships and the like.
- Accurate self-assessment: a realistic evaluation of your strengths and limitations.
- Self-confidence: a strong and positive sense of self-worth.
"In the fast-paced 21st century a mentor can be anyone with subject matter expertise, regardless of their age."
In the following article, Ken Blanchard shares his experiences of mentoring
One of the most invigorating experiences I’ve had in the past couple of years has been my partnership with Claire Diaz-Ortiz.
A former Twitter vice president in her early thirties, Claire has taught me a great deal about the business of social networking — and I’ve helped her learn a few things about the business of publishing. Ours is truly a cross-generational mentoring relationship. Mentoring has become a hot topic in recent years, and it’s one that’s always been close to my heart. Yet despite growing interest, mentoring is still not a common practice. We’d like to change that.
Mentoring has become a hot topic in recent years, and it’s one that’s always been close to my heart. Yet despite growing interest, mentoring is still not a common practice. We’d like to change that.
Our research has found that while people like the idea of mentoring, they encounter predictable obstacles when taking that first step. Many don’t know how to find a mentor. Then, many people aren’t sure how to work with a mentor.
Thinking is the cognitive activities you use to process information, solve problems, make decisions, and create new ideas.
You use your thinking skills when you try to make sense of experiences, organise information, make connections, ask questions, make plans, or decide what to do.
There are several different types of thinking or ways to think.
Creative Thinking: Refers to the ability to conceive new and innovative ideas by breaking from established thoughts, theories, rules, and procedures. It involves putting things together in new and imaginative ways. Creative thinking is often referred to as “thinking outside the box.”
Analytical Thinking: Refers to the ability to separate a whole into its basic parts in order to examine the parts and their relationships. It involves thinking in a logical, step-by-step manner to break down a larger system of information into its parts.
Critical Thinking: Refers to the ability to exercise careful evaluation or judgment in order to determine the authenticity, accuracy, worth, validity, or value of something. In addition to precise, objective analysis, critical thinking involves synthesis, evaluation, reflection, and reconstruction. And rather than strictly breaking down the information, critical thinking explores other elements that could have an influence on conclusions.
Concrete Thinking: Refers to the ability to comprehend and apply factual knowledge. It is about thinking of objects or ideas as specific items, rather than as a theoretical representation of a more general concept. It involves thinking only on the surface, always literal, and to-the-point.
Abstract Thinking: Refers to the ability to use concepts to make and understand generalizations then relating or connecting them to others items, events, or experiences. It involves paying attention to the hidden meanings thus allowing you to observe and understand theories and possibilities.
The Chartered Institute of Management Accountants (CIMA) produce a range of 'Topic Gateways' which are intended as a refresher or introduction to topics of interest to their members and others involved in the practical application of finance within organisations.
Budgeting practices are heavily influenced by the organisation's management style and can vary considerably, but the theory is common to all.
This Topic Gateway explains and comments on the usefulness of budgeting, the explains the different types of budgets businesses produce.