Tips from the Top - March 2019

Articles

Leveraging LinkedIn

Leveraging LinkedIn groups to add value can pay off! Start by joining groups associated with your target market or industry. Focus on adding value by sharing information or articles that educate - don't sell.
Consider ........

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Common Cause

When we keep having problems, we need to look at the causes of our problems, mistakes, scraps or reworks. We need to look for what is called “Common Cause.”

If multiple challenges seem to stem from the same root cause,  we need to .....

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Employee Reviews

Don’t merely rely on your annual one-on-one performance reviews. Meet with each employee at least monthly to ........

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Five Tips From March 2019 TAB-Winnipeg Board Meetings

Five Tips From March 2019 TAB-Winnipeg Board Meetings
 
1. How to track re-work to reduce labour/material costs to Improve your Profit, Quality of Product/Service AND Customer Satisfaction?

Add a timecode for rework into your time tracking system.This can be used to measure the quality of the work you perform and monitor if you are improving.
Remember to also track material costs of re-work - if applicable. This can form the means to quantify, measure and improve Quality Control for your company.
 
Re-work usually means you had to pay staff twice to do the work and you may have paid twice for the material as well.
Almost guaranteed that you lost money on that job - and that your customer may not be happy.      
TIP - Whenever you decide not to charge a client for something be sure to send a No Charge invoice anyway as a reminder of what you have done for them and they see how much you saved them.
 
2. Need HR Help? Many Small Medium Enterprise (SME) Business owners need help with developing and executing HR. Consider..................

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Quick Tips

Business Investment Priorities

If you’re planning to pay off debt and then invest in your business, consider if the order should be reversed. Can you make more money with the investment and is the debt appropriate to the size of your business?

By : Bryan Williams
http://www.blineconstruction.com/

Fire the Smart Way

If you need to let a team member go and they are working on critical projects for the business, find a way
to have them complete their projects or get them to a good stopping point before you let them go.
Also, don't give them any new work in the meantime.

By : Nigel Dove
http://www.vortexdepollution.com/

Disappearing Tools?

We control our inventory of tools by using a software package and bar-coding system.
The software is called "Asset Panda". You should try it. It is much cheaper than buying new/replacement tools or renting them when they "get lost".

By : Randy Hunter
http://huntermechanical.com/

Assorted TIPs from TAB-Winnipeg Boards

HR TIPS
Business owners need to be careful when replacing staff.  Make sure the new hire will actually show up before firing the old guy.Sometimes when your new hire gives their notice - their current employer may make a counter offer to entice them to remain. 

Don’t use a company wide meeting to address HR problems of one person. Talk directly with that individual.
 
QUOTABLE QUOTE TIPs 
"You don’t need to like the people you work with, but you do need to like the work they do"

"Just because you’re an owner doesn’t mean you should get to be an employee"

"Its fine to ask for input and suggestions from your staff but it’s important to level set expectations at the same time"

"Sometimes the best way to address an issue is to start by putting it down on paper"
 
MISC TIPS
Key staff/ principals would likely benefit from TAB Membership but it may not make sense to also have them on a TAB board. Talk to your TAB Coach about a monthly coaching arrangement for those people instead.
 
Sales Vs. Marketing. There is a big difference between Sales and Marketing. Might be best to separate the functions. Having a good marketing plan doesn’t mean you have a sales team that will know how to use it.
 
Life and Business Insurance Needs?  Carry as little Life Insurance as required.  If you are getting closer to retirement and don’t have dependents or debt - you may not need life insurance at all.
All companies DO however need Business liability insurance coverage at all times! Do not leave yourself or your business exposed. 
 
Buying vs Renting?  Buying is often a good option in this market, but while you are growing your business it is likely best to rent. Focus on building a stable business first, then invest in land and building(s).
 
Remind your CFO/Controller/Bookkeeper and any other managers that their reports are scrutinized each month by other business owners at our TAB meetings. This can keep them on their toes, 
 
Do your clients consider your company a Partner or a Supplier? Present price increases to your clients in the context of a partnership and that you require the increase to maintain or increase the level of service you provide. You should always use the word partner instead of supplier.Suppliers are easy to replace. Partners - not so much.
 
 
 

 

By : Kim Christie, TAB Winnipeg Inc
https://www.tab-winnipeg.com/