Saturday, 28 July 2012

9 Routine Tasks You Should Eliminate From Your Workday

Rachel Weeks couldn't get through the workday without constant interruptions. Employees at her Durham, N.C., apparel company, School House, would ask her to sign checks, approve designs and field questions whenever they wanted. Realizing that routine tasks were taking over her day, she started signing checks once a week, sending out packages at a set time each day, and addressing staff questions at weekly meetings.

Those changes have helped Weeks grow the business by developing a new e-commerce site and partnering with a big-box retailer. So far this year, revenue has risen 20 percent, compared with the same period in 2011. "In a small company, there's this tendency to think … if anybody needs something, they can come and find me," she says. "You really have to carve out those hours of uninterrupted work time."

But that means something's got to give. Here are nine daily tasks you probably can eliminate from your workday to help you stay focused and be more productive.

1. Stop overloading your to-do list. You might feel the need to write down everything you need to accomplish each day, but resist making an impossible list of daily tasks, says Peter Turla, a time-management consultant in Dallas. Compiling a lengthy list of things you need to accomplish might seem productive, but you could be doing more harm than good. "It results in too many items at the end of the day that are not completed," says Turla. "That will make you feel stressed out, inadequate and unfocused." Instead, create a manageable list of essential tasks that should be finished on a given day--and save the rest for later.

2. Stop having open-ended meetings. Figure out your priorities before you call a meeting and make them clear to all the attendees, says Doug Sundheim, a New York consultant and executive coach. Too many small-business owners waste half the meeting just getting to what they really want to talk about. Sundheim suggests putting three priority topics at the top of your agenda to avoid getting sidetracked by other issues.

3. Stop answering repetitive questions. If you find yourself answering the same question from clients or employees frequently, you're wasting time, says Peggy Duncan, a personal productivity trainer in Atlanta. Instead, put together an FAQ on your website or create instructional videos that people can access via links at the bottom of your emails. "Figure out better ways to answer [questions] without your having to be involved," she says.

4. Stop taking the same follow-up approach if people ignore you. If you've sent someone an email and the recipient hasn't responded, don't keep firing off more emails. Try communicating in another way--calling, sending a text or visiting in person if it's appropriate, says Jan Yager, author of Work Less, Do More (Sterling, 2008). Too many business owners get bogged down communicating with people inefficiently, she says.

5. Stop eating lunch at your desk. Tempting as it might be to scarf down a sandwich between emails at your computer, don't make it a daily routine. A short break will help you make clearer decisions, Sundheim says. "You get your best ideas when you get up and walk away from your desk."

6. Stop making regular visits to the post office. Instead of going to the post office, schedule mail pickups from your business or home office, Duncan says. You also can buy envelopes with pre-paid postage or invest in an inexpensive scale and postage printer.

7. Stop making piles. Eliminating clutter can boost efficiency, Duncan says. Rather than organize papers in piles whose logic is known only to you, stick to a systematic filing system and eliminate any pieces of paper you no longer need.

8. Stop scheduling appointments by phone or email. You can waste a lot of time just trying to find a time that works for a meeting. Instead, use an automated system that does the work for you, Duncan says. She suggests using software, such as Schedulicity or Appointment Quest to let people schedule appointments with you online.

9. Stop signing every check. Designate a specific day and time for certain tasks, such as signing checks, rather than allow them to randomly interrupt your workflow. Better yet, you can have your signature printed on checks to avoid signing each one. Programs like QuickBooks let you use preprinted checks and keep track of transactions, Duncan says.

Saturday, 21 July 2012

Don't Let Family Drama Derail Your Business

5 must-dos for minimizing conflict in a family-run business


Curtis Krietzberg started out as a corporate guy, but family business was in his blood.

He spent many years watching his father and uncle manage restaurants together, so when Krietzberg was ready to leave the corporate world, turning to family made sense.

"Reflecting on my dad's business relationship with his brother, I decided that if I was going to go into business with anyone, it should be my brother," Krietzberg says. "I knew he would always have my back."

That was nearly five years ago. Now Krietzberg and his brother, David, manage Krietzberg Financial Group, a financial planning firm in Edison, N.J.

The Krietzberg brothers are the exception. More often than not, family business is fraught with complications non-family-run businesses don't have, as family relationships can strain working relationships. But with proper planning--lots of it--your family-owned business can avoid the pitfalls.

Here are five must-dos for minimizing conflict in family-owned businesses.
  1. Create a hierarchy
    It's crucial for any business to have an unambiguous chain of command and clear job descriptions, but this is especially true for family-owned businesses. The business dynamic is often different from the family dynamic.

    "It is critical for all parties, family and nonfamily, to know that Dad may be in charge of the family, but the sister is in charge of sales at the office," says David Levi, a lead managing director and head of the tax department in the Minneapolis offices of CBIZ MHM, a professional services company.

    If those relationships aren't well-defined or based on skill, squabbles among family members can create confusion.

    If nonfamily employees don't know who they answer to within the family, it can be difficult for them to navigate their own careers, and they may tiptoe around business decisions that may upset a member of the family.

    Clients are impacted, too, as they may not be sure who to approach if they have a problem.

    The Krietzberg brothers have clear roles at their company, but they have always known that disagreements might arise anyway. They have a business coach available to step in if they need someone to help resolve conflicts.

    Another option is to let the customer have a say about disagreements.

    "The ultimate boss is the customer," says David G. Strege, a certified financial planner with Syverson Strege & Co. in West Des Moines, Iowa. "When in doubt about some issue of what or how to deliver something to a customer, ask a core group of them for feedback."

    Strege says client advisory boards--in person or via e-mail surveys--can help keep the business focused on what the customer wants. Also consider the use of social media sites for instant feedback from your target audience.
  2. Communicate
    A lack of communication, or miscommunication, can cause frustration and resentment. You can't simply pass important company news to your family partners at a weekend barbeque or chat about client issues at grandma's birthday party.

    Schedule regular meetings to ensure central players in the business are properly informed and have an opportunity to voice concerns and offer suggestions.

    "When scheduling any meeting, the key is to determine the purpose and what you hope to accomplish," says Strege. "Send out these items ahead of time in an agenda format."

    Before holding the meetings, set a consistent policy--the rules of engagement--about who can, or has a responsibility to, contribute at these gatherings. Also create a reporting system so family investors are properly informed about decisions.

    "If I am a 10 percent owner of a family business but I don't work there, I still have a vested interest in what is going on, and there should be a constructive mechanism for me to get certain information," says Levi.
  3. Set compensation rules
    A startup may not provide enough cash flow to compensate family employees, but if the business lasts, you must have a predetermined compensation plan.

    Strege recommends using a compensation consultant to help determine salary amounts. The consultant will research industry data to find appropriate salary ranges for each job description. Next, you can develop a variable compensation or bonus plan based on the measurable items of what each position is expected to accomplish.

    After you have a starting point based on the value of the employee to the business, remember that some seemingly unfair family relationships may now come into play.

    "If an employee is receiving more because of family issues, that needs to be identified and addressed," Levi says. "It still may not change, but there should be acknowledgement that there may be a differential."
  4. Establish a welcome plan
    Create a plan to address how family members who may want to enter the business will be treated. Some family businesses will not permit a family member to enter the business until they have gotten some related experience in a nonfamily business, which helps build credibility for that incoming family member, Levi says.

    Once the new family member is on board, conflict between the older and younger generations is common.

    "This can be the powder keg issue," says Levi. "Neither party is necessarily right or wrong, but often senior members think that younger members are trying too many things too quickly."

    He suggests that a board of directors or advisors that includes nonfamily members with experience and the respect of both generations (such as accountants, bankers or lawyers) can be a valuable bridge in these situations.
  5. Have a succession plan
    You may plan to stay with your business until the day you die, and maybe you will. You need a succession plan to make sure your business will survive after you're gone--something too many businesses fail to do.

    In fact, only 30 percent of family-owned businesses make it to the second generation, according to the 2007 "American Family Business Survey.

    "Not planning for it, or just hoping that junior or the granddaughter is going to be the future of the business can be fatal," says Levi.

    Levi says even nonfamily businesses aren't always successful with the first choice of a new leader, and they have to turn to Plan B. Make sure your family has a Plan B, too.

    One quarter of family-owned businesses don't even have a Plan A, the survey found, with senior members having no estate planning other than a will. And with more than 40 percent of owners planning to retire in the next 10 years, nearly a third haven't yet picked a successor, according to the survey.

    Hire an estate planning attorney with legacy planning and family business experience to help your family create a succession plan and get your documents in order.

    The Krietzberg brothers did just that.

    "David is 10 years older than I am, and he may be ready to retire before me," says Curtis Krietzberg. "In that case, we have preliminarily discussed what each of us wants to see happen."

    They have a written succession plan with life insurance policies to provide for their families and compensation as it relates to their stakes in the business, and they also have policies with each other as beneficiary.

7 Ways to Improve Liquidity - Find out how to calculate your company's liquidity ratio and how to improve it.


Liquidity is your company's ability to pay the bills as they come due. We've all heard the saying "Cash is king," so here are seven quick and easy ways to improve your company's liquidity.
  1. Sweep accounts: Use sweep accounts through your financial institution. This will allow you to earn interest on any excess cash balances by "sweeping" or transferring the funds into an interest-bearing account when the funds aren't needed and sweeping them back to your operating account when you do need them.
  2. Overhead: Assess your overhead costs and see if there are opportunities to decrease them. Lowering overhead has a direct impact on profitability. Overhead expenses, including rent, advertising, indirect labor and professional fees, are indirect expenses that you incur to operate the business outside of direct material and direct labor.
  3. Unproductive assets: If you have unproductive assets that the business is just storing, then it's time to get rid of them. The only reason you should spend money on assets such as buildings, equipment and vehicles is to generate revenue.
  4. Accounts receivable: Monitor accounts receivables effectively to ensure that you're billing your clients properly and that you're receiving prompt payments.
  5. Accounts payable: Negotiate longer payment terms with your vendors whenever possible to keep your money longer.
  6. Owner's draws: Monitor the amount of money that's being taken out of the business for non-business purposes such as owner's draws. Taking too much money out can put an unnecessary cash drain on the business.
  7. Profitability: Review the profitability on your various products and services. Assess where prices can be increased on a regular basis to maintain or increase profitability. As your costs increase and markets change, prices may need to be adjusted as well.
Implement these seven easy tips in your business to improve your liquidity. It will help ensure you have the proper cash flow levels for continued operations and company growth. There are two main financial ratios used to measure a company's liquidity ratio.
  1. Current ratio equals current assets divided by current liabilities. This should have a target ratio of 2 to 3, which indicates you have adequate liquid funds to pay your current obligations.
  2. Quick ratio equals current assets (less inventory) divided by current liabilities. This should have a target ratio of 1 to 2, which indicates your liquid funds without selling your inventory.
You can find the balances of your current assets and current liabilities on your balance sheet. Visit with your accountant if you need further guidance and analysis. Looking at industry information also can help you assess how you compare to others in your specific industry.

Thursday, 5 July 2012

Anger...


Apology ?


‘I believe…True love is tough’ - by Mr.Bharath K S

SMILINGLY YOURS Smilingly yours True love is indeed tough love, though it seems an oxymoron. Tough love strengthens; it is not conditional love that degenerates into emotional blackmail and expects a muffled response.


In a Tamil movie that was released about a decade back, the protagonist sacrifices his love and compromises in his personal life to bring up his three younger brothers. One of the brothers aged about twelve refuses to go to school without a cycle as it is a long way off. The hero can’t afford a cycle and offers to take the boy on his shoulders. He even runs like that when it gets late. The intention of the director is to display the attachment of the hero to his younger brothers and this scene is probably an attempt to showcase this sentiment movingly. Actually, it seemed more mushy than practical. By not explaining the situation to a boy who is perfectly capable of understanding it, this expression of love would stunt the boy’s progress rather than support it.
Soft love which only gives in to demands is a sure fire way of setting up a child for failure in life. Life is not a bed of roses and the child has to understand that rights and restraints go hand in hand. Dollops of love can of course be doled out in huge portions. Equally, care must be taken to garnish such servings with good habits and embellish with discipline and behavioural regulations. A totally laissez faire and lenient upbringing would amount to sparing the reality and spoiling the child.
Just as it is with parenting, so is it with counselling on an issue, coaching for a skill or mentoring at work. The tightening of the solar plexus while coping with ridicule, anxiety or disappointment is an experience that the counselled has to go through and cross over himself. Bruises and growth pangs need to be endured if the person under coaching needs to surge ahead. Failures and a couple of burns from the red hot stove are inevitable when a mentee proceeds to realize his wisdom at work. While the swimming lessons are learnt, the guardian, counsellor, coach or mentor can wait on the shore to provide moral support or to aid in an emergency.
Ships are safest in the harbour but they are not meant to be there. While it may be cute to watch children play with shells and sand on the sea shore, they can’t do it throughout their lives; they would need to set sail themselves and have to be trained for that. Dress rehearsals need to start; they need to be prepared to handle the central stage and lime light in main roles. An empathetic shoulder may always be lent to lean on temporarily, but never to take the load off completely.
Be it home or work, it is inappropriate to believe that rushing to make decisions for others or to solve their problems is an expression of support or love. There could be exceptional situations where this nevertheless needs to be done, but not as a rule. The person who faces an issue should know to wash his face and spruce up. Expecting to be molly cuddled and wallowing in self pity is no solution.
Giving refuge to a person within the pleats of our dress doesn’t tuck away the problem. Our momentary feel of ‘being in charge’ makes the other person feeble forever. On the other hand, handholding for a while and empowering people to make decisions and solve problems themselves is true love. Making them aware that they have to bear the consequences of their decision while a gentle helping hand is just an arm’s length away is also part of this deal. The basic truth is that no one can live another’s life and each one has to learn to stand on his own feet sooner or later. The joy of love is not in driving the other’s plane for him. It is in supporting him to take off by himself and feel the pride within, as he soars higher.
True love is indeed tough love, though it seems an oxymoron. Tough love strengthens; it is not conditional love that degenerates into emotional blackmail and expects a muffled response. A butterfly would have to struggle its way out of its cocoon if it were to fly into the sky. Trying to help and draw it out wouldn’t be love or compassion; it would be damaging its wings and freedom forever. True love neither subdues nor succumbs; it just extends and hopes… with a soft and firm smile from the heart…
(The writer may be contacted at smilinglyyours7@gmail.com)