In this issue:
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Reflect, relax and prepare.
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Key performance indicators.
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Quotes to inspire.
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This months featured businesses for sale.
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Reflect, relax and prepare.
1. Be thankful for making it, and for any successes and wins - celebrate.
2. Let others know how they have contributed and thank them, including your staff.
3. Manage your cash-flow. The holiday period can be a period of low income, and high expenses, so don't get caught short.
4. Compare your results from the previous year and identify what made the difference, good and bad. What can be done differently?
5. Re-define your business for 2012, do your business and marketing plans and reset your targets - what KPI's (Key Performance Indicators) are critical to your business?
6. Prepare - catch up on tasks while things are quieter; upgrade computers, systems, databases etc. so you get a good start next year.
7. Take time out to relax and recharge your batteries so you move into 2012 focused and enthusiastic.
Enjoy!
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The benefits of Key Performance Indicators.
Most companies try to set clear numerical targets (goals). However, they seldom do a good job of measuring progress toward them.
Unfortunately, very few companies are good at setting and tracking Key Performance Indicators (KPI's) - the small handful of predictive measures that will ultimately drive goal achievement. Nor do they do a good job of holding people accountable for their achievement.
The book "Transforming Performance Measurement" describes the benefits of Key Performance Indicators:
Directs people's behavior.
Most employees operate on the following assumption: "Tell me how you measure me, and I will tell you how I will behave."
Makes performance visible.
You can only manage what you measure. Keeping the scores visible where everyone can see them, shows you how well the various parts of the business are working, and who is performing and who is not.
Focuses attention.
What gets measured gets done. Employees are faced with many competing demands on their time and resources. When they know the 1 or 2 numbers that their performance will be measured on, it keeps them focused on doing the right things particularly when it is linked to reward / consequence systems.
Clarifies expectations.
Prioritizing a small handful of Numerical Targets (goals) and Key Performance Indicators (KPI's) enables managers to communicate their expectations to employees in a clear and unambiguous manner.
Provides objectivity.
Data enables you to "manage by fact." Evaluating employee performance is not about whether people are working hard or being busy. What did they actually achieve?
Improves execution.
Larry Bossidy, co-author of the book "Execution" remarked, "When I see companies that don't execute, the chances are that they don't measure." Execution is STILL the major challenge for business leaders.
Promotes consistency.
Activities and outcomes that are not measured properly - tend to be fluctuate with negative implications for the quality of your results.
Clear feedback.
Holding people accountable for achieving their target level of performance every week / month is vital to ensure the company (and individual) is on the right track.
Improves decision-making.
One of the major causes of failure in decision-making is poor use of data. One accurate measure can be worth a thousand opinions.
Promotes understanding.
Quality guru W. Edwards Deming said that systematic process measurement led to the "profound knowledge" that was essential to top quality outcomes.
One final tip:
KPI's should be graphed to show trends and the scores color-coded so they can be easily understood at a glance:
Green = Good. Exceeds target level of performance. Praise and recognize the person accountable.
Yellow = OK. Minimum acceptable threshold. Get an explanation and keep a close eye on.
Red = Bad. Unacceptable performance. Urgent attention required.
Provided by RESULTS.COM
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Play online this Christmas.
Take some time over the Christmas break to check out some of the social and online media tools that are having a huge impact on how we communicate. A recent report from iba and Price Waterhouse reported a staggering 26% year-on-year increase in online advertising in New Zealand. Check out:
1. Facebook for business - View ours here and pass on a like if inclined.
2. Twitter - set-up your own account and follow your interests. Click here to see ours.
3. Google +1 (new). It's similar to the Facebook 'Like' button but for Google. If you like, click the '+1 icon' on the right of the nzbiz homepage... You'll need a gmail account.
4. Linkedin - visit linkedin.com and set-up a profile (a good business networking tool).
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Quotes to Inspire.
"You miss 100 percent of the shots you never take."
Wayne Gretzky
"The real voyage of discovery consists not in seeking new lands but seeing with new eyes."
Marcel Proust
"People often say that motivation doesn't last. Well, neither does bathing That's why we recommend it daily."
Zig Ziglar
"Work like you don't need money, love like you've never been hurt, and dance like no one's watching."
Unknown Author
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Featured Businesses for Sale.
1. Import Distribution Business for Sale - Auckland - $190,000.
Home Based Import Distribution - Exclusive Children's Educational Products. Two businesses in one with minimal selling involved. Established three years, this business has a number of significant exclusive agencies for beautifully presented products that are distributed throughout New Zealand. The brands are well established and well accepted. An easy business to operate. Price includes stock of approx. $80,000.
For more... http://www.nzbizbuysell.co.nz/22244
2. Backpackers Business for Sale - Rotorua - $50,000.
Characteristic Backpackers in Rotorua, great little business with much potential. Situated in the very heart of Rotorua just a stones throw from the I-Site, Library, town centre and a short walk to the local assets that make Rotorua what it is. A new website and internal improvements in place. This 7 room, 38 bed hostel is in need of a new owner and a new lease of life.
For more... http://www.nzbizbuysell.co.nz/21311
3. Art Gallery & Property for Sale - Akaroa - $1,050,000.
Long Established Art Gallery, boasting a great business and freehold property. Owner retiring due to ill health. Could easily be other retail or a cafe business. Gallery selling original art on the main street of popular tourist town Akaroa. Little competition, good potential for growth. Living accommodation included; 3 bedrooms, 2 bathrooms, 2 street frontages, double garage, 4 car parking and courtyard garden (previously used as a cafe), all in unique Historic Building.
For more... http://www.nzbizbuysell.co.nz/22803
4. Restaurant & Bar for Sale - Dunedin.
Table Seven Restaurant & Bar. Award winning business in the heart of the CBD. Fully licensed. Opportunity to expand trading hours. Excellent systems in place. Centrally located with seating for approximately 100 guests. Excellent for private functions, fully licensed and trading 5 nights per week.
For more... http://www.nzbizbuysell.co.nz/22106
