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Management
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Planning Your Business Exit Strategy |
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One tough part of entrepreneurialism is not only working out if you have a good idea, but also establishing if it has the capability to scale, get acquired, or go public. If the answer to any of those questions is "no", then it's essential that you establish what your long terms goals are. |
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7 Things You Need To Know About Employee Motivation |
By Mario Churchill
The process of learning how to best motivate your employees is long but rewarding. And as employee motivation is one of the greatest factors that influence your business’s ability to generate profit, it’s important that you know how to motivate the people working for you in the most effective way.
7 Things You Need to Know about Employee Motivation
People Have Different Needs – If you’ve ever had a theology class, your professor might have mentioned that people were created unique but fundamentally equal. Thus, it’s important that you treat your employees fairly and without bias but at the same time acknowledge the fact that people have different needs as well. Thus, it’s important that you employ different ways of motivating them to take into account their differences. These differences can manifest itself through an employee’s race, culture, gender, educational attainment, work experience, age, or other similar factors.
To know which factors a person best responds to, you need to take the time to get to know your employees one by one.
Fear Only Has Temporary Effects – Yes, fear can indeed work as a motivational factor but only for a temporary basis. In the long run, it may still be able to ensure that your employees work the way you want them to but they’re certainly not doing so for the right reasons. And in the end, these employees will either rebel against you or leave your company. Either way, you lose.
Money Matters – Say all you want about intrinsic motivation but in the end, it’s never enough to put food on the table. You need to offer both types of motivations to your employees if you want them to perform the way you want them to. You need to give them both extrinsic and intrinsic motivation and there are no exceptions to this rule.
Make Them an Integral Part of the Company – You only need to look at how companies like Disney and Starbucks operate and you’ll understand just how important it is to show that you can’t survive without your employees. It’s a given already that they need your company to survive – you’re the one issuing their paychecks after all – but they won’t be able to feel that it’s a vice-versa-thing unless you prove it to them. When they realize that you mutually need each other, your employees will definitely feel more motivated to work harder even if you’re not promising them a hefty cash bonus at the end of the rainbow.
Do Not Delay – When an employee achieves a particular feat, make sure that you reward him appropriately and immediately. Delaying on giving the employee the reward he so richly deserves will only cause him to lose motivation in continuing to do the same in the future.
Give Your Employees the Freedom to Choose – Just because you feel that a particular reward is best for a particular employee doesn’t necessarily mean that the said employee will agree as well. As such, it’s important that you always give your employees the freedom to choose which prize they wish to work for.
Lead by Example – Employees won’t be sufficiently motivated even if you’re giving them a lot of incentives to work hard IF you’re not working the same hours they do. As manager or owner of a business, it’s important that you lead by example. Don’t ask others to do something that you’re not willing and able to do yourself! |
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VIRTUAL ASSISTANTS - LOCATION NO BARRIER! |
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When Greg Cole, Research Director and US Principal Investigator of the Global RingNetwork for Advanced Applications Development (GLORIAD) at Oak Ridge NationalLaboratory, University of Tennessee, decided he needed an extra assistant, he resolved to look for a Virtual Assistant. But this VA needed to be different from the two assistantshe already had - specifically, they needed to be located in Australia to take advantage of the time difference. “As I spend a lot of my time out of hours responding to emails and writing proposals andreports,” said Greg, “I needed a VA who would have the work completed after the end ofmy business day, ready for me next day to proofread and send out. It’s truly a 24 hour operation.” Enter Lyn Prowse-Bishop, Manager of Executive Stress Office Support, who saw Greg’scall for help via an email discussion group. |
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THE REAL COST OF ON-SITE STAFF |
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Have you ever thought what it actually costs you to have onsite staff? In addition to their hourly rate you’ve got expenses like payroll tax, superannuation, WorkCover premium,holiday and sick leave, paid maternity/paternity leave (in some workplaces), and the costs ofoffice space, equipment (including wear and tear and upgrades), power, lighting andtelephone. Then if your employees have benefits you have to factor in FBT. Not to mention lost time on office politics, smoke breaks and chatting around the water cooler. |
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Executive Stress - Office Support |
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Virtual Assistants – What are the Benefits for YOU? By Lyn Prowse-Bishop, MVA, ASO What do you do if you’re a sole operator or independent professional/executive in need ofprofessional, confidential admin support, but don’t want to go to the expense and hassle involved in hiring your own staff?What if you don’t have the space for staff, or necessary expertise to complete a particular job?Your best office support staff member goes off on maternity leave and you think your only alternative is to hire an expensive and unmotivated temp? Think again! Virtual Assistants (VAs), also known as Virtual Office Professionals or VirtualBusiness Associates, provide an alternative, cost-effective staffing solution for businesses of allsizes, including sole operators. They are not temps, but small business operators with a vested interest in their clients’ success. |
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Management