Risk Management - A Case Study on the Consequences of Bad Risk Management

Introduction Risk in business is a reality. When these risks are successfully managed the rewards can be substantial. If not, a business can run into serious problems and even collapse. It is unnecessary (and stupid) to ignore risks. Over more than a decade we advised and assisted companies in growing and managing their businesses. Over time we observed many companies that ran into trouble because they ignored specific risks. This case study focuses on a few companies that each ignored one important aspect of risk management and then paid the price. The discussion is done under the following headings: Insufficient planning;

Risk Management - Some Practical Ideas on How to Minimise Risk in a Business

Introduction Risk is a given in any business and it can be damaging to a business and even threatens its survival. It is therefore essential to be aware of the various risks, to understand its potential impact on a business and to know how to manage it effectively. This article gives some practical guidelines on how to minimise risk. The discussion is done under the following headings: Planning; Relationships; Hedging; Discipline. Planning Detail planning goes a long way in reducing risk. Planning should include the following: Feasibility studies. It is important to ascertain the viability of a new venture through a proper feasibility study.

Motivating Employees - Set Your Sights High

Do you have an employee whose performance level has stagnated and doesn't seem motivated to make any improvements? What can you do to encourage his continued growth and skill development? Set your sights high. Be perfectly clear on your expectations of an employee and set those expectations high. Don't assume that your definition of a clean stall is going to be the same as his definition of a clean stall. Take the time to define acceptable performance clearly and you'll avoid brambles down the road. When a sharp shooter sets his sights high, his bullet hits above the target. It's not recommended for winning sharp shooting matches, but it is for raising performance levels.

What Kind of Manager Are You - Risk-Taker, Caretaker Or Undertaker?

What's your management style? Are you a risk-taker, someone interested in growing your business? Or are you merely a caretaker, a no-growth type of manager who's content with the status quo? Or perhaps you're that dreaded undertaker, the type of manager with the damn-the-torpedoes-full-speed-ahead management style that can bury a business? I can't claim responsibility for those distinctions. Though his name escapes me, many years ago I was impressed by the presentation of an elderly management guru who claimed that all managers fit into one of three categories. Why I bring up them up here is because of a discussion I had recently with a gentleman who is both a marketing client and coaching client of mine.

Motivating Employees - What Did You Expect?

It's amazing how much influence you as a manager have on the performance level of your employees. Even something as subtle as the expectations you have of them can make a huge difference in how well they perform. Take an honest look at your attitude toward your employees. Do you expect them to slack off the minute you turn your back? Or do you expect them to be trustworthy and committed to doing a great job for your outfit? Answer this question honestly because your expectations about your employees have a huge affect on the way you treat them and subsequently on the way they perform. They will fulfill your expectations - whether those expectations are high or low.

Feedback is the Number 1 Motivator of People

Feedback is the #1 Motivator of People Ken Blanchard Most managers manage by the LAZY method. LAZY is an acronym for Leave Alone Zap You. Many times as managers we never provide any feedback or leave people alone until they make a mistake then we Zap them. This is a horrible way to deal with people. First, if we never provide any feedback, people never know how they are doing. The quote by Ken Blanchard says FEEDBACK is the #1 motivator of people, NOT positive feedback! Interesting. Employees are so desperate for feedback that they will even accept negative feedback. They just want to know how they are doing.

Have You Got a Minute? - Interruptions, the Bane of Our Life

Do you ever feel that you either have to come in early or stay late to get the 'real' work done? Does it seem that every minute of the day is gobbled up by phone calls, meetings and people saying 'Have you got a minute'? As I talk to business people in all industries and at all levels it seems that interruptions are the single biggest issue. We've come out of the dark ages where managers never communicated anything to their underlings, through the development of open communication and empowerment, to the point where many people feel they have to 'be available' all day. Open plan layouts compound the problem.

Who Controls the Interruptions?

Have you ever come into work bright and sharp, the work at your desk beckons invitingly, you can't wait to get started, and then the day turns to muck? One thing after another claims your attention; the rest of the world is clearly in conspiracy against your productivity, and at the end of the day you collapse into an untidy heap of exhausted humanity. Yes? Try these strategies. Turn off or divert the phone If you must have the phone answered by a real person, divert it to a pager service or another colleague while you attend to important high-concentration tasks. Schedule appointments with yourself for the big tasks There's something about a written appointment - it gives you more power to say ' No, I'm sorry, I can't stop.

The Role of Thought in Employee Motivation

As managers we need to make certain all the people we want to motivate understand the role of thought in life. There is nothing more important. Consider this exchange: A: I'm depressed B: You just think you're depressed A: Same thing... it feels like the same thing. B: It feels like the same thing, because it is the same thing. A: What if I thought I was really happy? B: I think that would make you feel really happy. A: I know it would. Why is it that the rain depresses one person and makes another person happy? If things "make you" feel something, why does this thing called rain make one person feel one thing and the other person feel the other thing?

Leadership - Three Ways to Avoid a Complaint Avalanche

Have you ever worked a full day, felt exhausted at the end of it, and got relatively little work done? Are you planting trees or constantly putting out fires in your workplace forest? If you find yourself bogged down by little problems that consume a lot of your time, you may be a victim of a complaint avalanche. Many leaders believe an open door policy is a good idea. While I applaud open communication, the policy does have its downside. It encourages employees to complain whenever they encounter a problem or challenge. Most people think their problem is extremely important, deserves immediate attention, and is the only problem the organization has.