Your options when a team member underperforms…

So you’ve got a team member who is not cutting the mustard. And like many other business owners, you have avoided the issue for too long. And now its starting to cost the company money. And more importantly, its costing you money. So what can you do?

Well, there is a lot that you can do. You can act quickly and get a result thats good for all. There is a good deal of learning to be done at the same time because if you do not learn, history will repeat itself.

You must be a great leader in your business and you will attract great people.

Firstly, you’ve got to answer this question. Did you hire bad people or did they get bad since you hired them? Either way, the problem is still yours. Quite often, the hiring process is overlooked so this is a good place to start irrespective of outcome. Take it slowly.

Back to the underperforming employee. before you begin the process of fixing or firing youve got to have a few things in place. This is because if things go wrong, you need to be compliant.

1. Proper contract of employment – This is a very simple one page document and is for your benefit as much as the team member.

2. Job description – outline in detail what the role entails and more specifically what you expect from the team member and how performance will be appraised.

The standards and levels of commitment required by SME companies are rising and its not ok just to turn up for work and expect to get paid. So this needs to be outlined to the team member from the outset and right through their career. This does not mean that work becomes difficult, it just means that people know what they have been hired to do and by doing that, it will help them in their career as well.

It’s OK to challenge someone if their work is not up to scratch. Its OK to challenge someone  if their attitude towards their work, their work colleagues, their bosses or their customers is not what it should be. Its costing the business owner money every time.

It may be that they need to talk about an issue and  maybe you can help. It may be that they have other stresses in their lives – You need to know that but you do not need to fund that for an extended period. It may be that they are unfilled in their career and they need a new challenge – You may need to help them with that.

Remember that sometimes people need to step outside their comfort zones and and make a change for themselves. Sometimes, you as a business owner have to accelerate this process. Are you ready? Call me on 087 222 0720 to discuss.

Dream x Goal x Plan x Act

If you are in business and are feeling overwhelmed, overworked and stressed out, then maybe its time to drEAM GOAL BUSINESS PLAN ACTIN DEREKO DWYERtake a step back and take a good look at why you are in this place. It will also help you to get some perspective.

When working with clients, we use the following formula to help them get some definition, some direction and some focus.
Dream x Goal x Plan x Action

1. Dream – Take the time to think big, what do you really from from your life and your business – be specific. Think long term like 5 to 10 Years.

2. Goal – to help you achieve your dreams, what specific goals would you need to set to ensure that you are on the right journey – These are like milestones and are between 3 months to 3 years away. Again be as specific as you can

3. Plan – every business needs a plan yet so few ever write a plan after the first few months of business. A plan in more about the process of thinking and writing and sharing than the actual document that you produce but it causes you to ask “how to” or “how can I” questions. Again it helps to keep the daily challenges in perspective.

4. Act – Often where most people struggle – working their plan. What tasks will you do in your business every day that will help you move towards your goals and achieve the tasks in your plan. How will you recover from setbacks. How disciplined will you be.Business Coaching for small business, Free business advice ireland

If your dreams really inspired you and your goals were clear, your actions on a daily basis would have more purpose and conviction. Start today

Call Derek O’Dwyer today on 087 222 0720 if you would like to take your business to the next level.

 

What’s your conversion rate?

If you currently spend any money on advertising, STOP. What’s your conversion rate?

Your conversion rate is the number of new clients/customers you get compared to the number of enquiries you get. For example, if 10 people contact your business and you do business with 2 of them, your conversion rate is 20%

Consider this…

If you knew how to increase your conversion rate you would automatically improve the effectiveness of your advertising. In the example above, if you managed to get your conversion rate to 40% or 4 out of 10, your advertising costs would halve.

Here are some simple ways to improve your conversion rate.

1. Ask for the sale. Too often, we have the new customer or new client but we fail to ask them for the business. Sometimes, they will leave and you may miss out on the business.

2. Remove the risk. Especially in 2011, businesses and consumers are nervous and if the detect any risk at all in dealing with you, they will take their business else where. Is there any risk associated in doing business with you? Are you really sure? Would you buy from you? The easiest was to eliminate risk is to provide a guarantee.

3. Train the team. If you knew that your fellow team members were not as good at winning new business as you, would this make you feel great about yourself or would you be concerned about the sales being missed. Either way – its your responsibility. The simple solution here is to carry out some sales training for the team. Even 10 minutes per week can be very effective.

4. Follow up. In some cases, sales are made by providing quotes or people take some time to make up their mind. In 83% of sales situations the follow up from the supplier is extremely poor in that they do not follow up or the follow up is weak. Why is this? Fear of rejection is the answer so the easiest thing is to stick the head in the sand and hop the business comes in. By the way – it does not work this way.

If you want to improve the conversion rate in your business, call Derek O’Dwyer. 100% Satisfaction Guaranteed! 087 222 0270

 

 

Why is collecting YOUR money so difficult?

Poor Cashflow is one of the biggest challenges facing business owners right now.

Irrespective of their business terms, many business owners are struggling to collect monies owed to them. In some case, people are owed money for years and not just months. It is not uncommon for people to be waiting over 90 days on average for payment.

Is this your fault or the fault of your client? What can you do about it?

Here are some ideas…

1. Decide today what your terms of trade are. Cash with Order, Cash on Delivery, 30 Days, 60 days etc. Be very clear on what impact NOT sticking to this will have on your business. Just add up all the interest on your overdraft last year and consider what type of holiday you could have had with that money in your account.

2. Explain the terms to your team and stress that from now on, these are the rules. Make sure you learn the rules as well.

3. Start to explain your new terms to your customers/clients and make sure that you ask for your money before it is due. If you leave it until after the due date, its already late and the customer does not think you care about your money.

4. Always bear in mind that its your money you are collecting because you have delivered the product or service.

5. Understand that time spent chasing money is costing you money so make sure it is effective, consistent. The motto “firm, Fair, Friendly” is a good approach to collecting money.

6. Understand that the longer you leave your money out there, the less chance you ever business coaching reduces bad debts have of collecting.

While I accept that in some business, credit terms are give and expected, this need not apply to all businesses. Does it need to apply to yours?

If your business needs some focus on cashflow, call Derek 0n 087 222 0720 today. We also offer a service for chasing monies owed.

Excellent Team Members

“The staff that I have are no good”

Very often, I hear this for business owners. And I immediately say “Well, you get the staff that you deserve”. Business owners react in different ways to this comment. Some negative, some positive.

Either you hire bad staff or the good staff that you hire get bad from the moment they are hired. Either way the responsibility is yours.

The six keys to a winning team are as follows:

1. Strong Leadership – Please rate yourself and if its anything under 6 – you need to work on it now.

2. A common goal – most team lack direction and often more specifically, they are not clear on what is expected of them.

3. Rules of the Game – The common misconception is that people dislike rules – quite the contrary in fact, people like rules and work better where rules exist. same as playing a game.

4. An Action Plan – same as planning a journey, planning an event. Teams within a business need an outline of what they need to work on over a period of time.

5. Support Risk Taking – If the team work within the rules and toward the achievement of the Action plan, then decisions they make must be supported. If not, they will stop making decisions and dis-improve in terms of motivation and commitment.

6. 100% Inclusion & Involvement – Get the team involved, share the vision, lead them. Work together.

Call Derek on 087 222 0720 if you need to improve your team and your business profitability…

Is your leadership holding your business back?

Working with business owners every day allows us a great insight into the difference between good businesses and great businesses.

We often encounter business owners who lack and vision or direction for themselves or their business.
This can be cause by:
1. Recession Pressure – Operating in survival mode for too long
2. Financial Mis-Management – where a good business suffers because the correct financial control were not in place
3. The business owner may have already over achieved on original targets and never set any new targets.
4. General Burnout

Fixing this is critical to the success of the business. It is also the most rewarding from a business growth and financial point of view.

To fix this we coach the client on re-establishing his “WHY”. We establish his reasons for being in business and we work with him to communicate this message to the team. We work with the client to re-engage the team and put systems in place to ensure that the message continues to have meaning, continues to be communicated and continues to be lived every day.

Together Everyone Achieves More

In 2011, Business Owners in Ireland are pulling out all the stops in their efforts to drive on their business. Having gone though serious cost cutting exercises over the past 3 years, many of the business owners are again looking at efficiency and productivity. When we work with clients, we coach and teach them on leadership and the importance of building a team of committed professionals.

Helping a business owner to lead a team and to see the benefits of this leadership is very rewarding. The results are immediate and long lasting and it also impacts the bottom line.

Many business owners are fearful of leading a team because they often lack the skills or techniques. Simple team leading strategies work in most cases.

If your business needs some focus on Team, call Derek on 087 222 0720.

Are you doing enough in your business?

Its February 2011. Businesses in Ireland are struggling to survive. Business owners are trapped by excessive personal debt, trapped by debtors who cannot afford to pay and trapped by fear of making changes in their business.

They are not doing enough to get themselves and their business out of trouble. This is caused primarily by burnout or exhaustion.

If this sound like you, then let me assure you – there is a better way. Start with a simple plan of action which includes daily positive business improvement steps for your business.

As a business coach, we work with business owners to improve profitability, get them refocused and get them and their business working again.

Contact me on 087 2220720 if you would like to take a fresh look at your business and kick start it to profitabiility.