4 types of stress: Do you know what is causing yours?

Globalisation, managing a business in a VUCA environment, and an increased feeling of isolation have made being a CEO more difficult than ever. In fact, two-thirds of CEOs are currently struggling with stress and exhaustion. But they don’t have to be. CEOs need to work harder to rise above it, identify the cause of their stress, and proactively manage it.

As a leader, stress can impact both your mental and physical health. It can also lead to poor decision-making and inefficient work. If you want to be the best that you can be, you need to control your stress effectively and ensure that it doesn’t control you.

This process begins with a better understanding of stress, how it originates, and how you can mitigate it. There are four major types of stress: time stress, anticipatory stress, situational stress, and encounter stress. Each of these has its own nuances, drawbacks, and even benefits.

1. Time stress

The clock is ticking and there’s no way you’re going to be able to accomplish everything that you need to do. As deadlines loom ahead, you start to wonder whether you’re even capable of fulfilling the duties of your position.

Time stress involves the pervasive feeling that there’s never enough time in the day. This type of stress tends to occur as deadlines approach. CEOs are responsible for a tremendous number of deadlines, and realistically they can’t all be met. A CEO may find that they simply cannot achieve all their goals, and this can lead to feelings of failure.

But time stress is also one of the easiest types of stress to handle as it’s related to something tangible and immutable. Though you can change your habits, there’s nothing you can do about time itself. Because of this, being realistic about your goals is one of the most critical aspects of relieving time stress.

  • Brush up on your time management skills. You may not have enough time because time is simply slipping away unnoticed. Pay attention to how you’re spending your time and work to optimise it.
  • Delegate your tasks intelligently. You may actually not have enough time in the day, especially if you have been trying to handle everything yourself. If a task can be handed off, it should be.
  • Be realistic about what you can and can’t do. Don’t take on too much. Part of being a leader is ensuring that you aren’t put in the position of over-promising and under-delivering.

The more control you have over your time, the less stress you’ll experience. After all, you’ll already know what you can and can’t do, and you’ll be able to avoid over-booking yourself. Here is an article on how to effectively delegate tasks in order to free up time in your day.

2. Anticipatory stress

The new expansion seems to be going great, but there’s no way of really knowing until the doors open. Are you going to be prepared?

CEOs may begin to experience stress before a major event, especially if the results are uncertain. This is natural; it’s that fight-or-flight instinct kicking in before an upcoming ‘battle’.

Since you don’t know what you should prepare for, all you can do is wait and worry — and that, in itself, can become damaging. Anticipatory stress is one of the most insidious forms of stress because it can be constant. After all, there’s almost always something new around the corner. Anticipatory stress also conveys no true benefit: worrying about a situation that you can’t change doesn’t help.

  • Prepare yourself. The better prepared you are for upcoming events, the less you will have to worry about.
  • Be confident in your decisions. Though you may not always be able to make the right decision, you should be able to make the best-informed decision. You are, after all, still human.
  • Focus on tangible actions. Rather than worrying, look for something that you can investigate or improve. This allows you to take control over the situation in a functional way.

3. Situational stress

All the data is gone, and the backups are nowhere to be found. Could this spell the end for your business?

Even the best-prepared leaders will occasionally face an emergency. The emergency above — data loss — has happened to nearly a third of all organisations at one point or another. This type of stress is generally blended with panic, and that can lead to exceptionally poor decision-making. Emergency situations often require immediate action, and they can have devastating consequences. CEOs will often feel under pressure to quickly make the right decisions to steer their business out of danger.

  • Take a breather. Even in an emergency, you need to take the time to think things through; otherwise, you could simply compound your problems.
  • Seek out advice. A knowledgeable mentor or experienced business partner may be able to reframe your perspective and give you some useful tips.
  • Remove yourself from the situation. If it’s a specific environment that is triggering your stress, remove yourself from it to fully consider your options.

4. Encounter stress

It’s that time again — downsizing. You know that it’s part of running a business, but that doesn’t make the meetings any easier.

CEOs need to deal with people, and not all of those dealings are pleasant. From employee reviews to firings, there can be many social encounters that are less than pleasant.

CEOs may feel stress when approaching negotiations, dealing with angry customers, or having to censure their own employees. Encounter stress can also simply arise from having to be in constant contact with many individuals, as having to be social and ‘on’ all the time can be exhausting. This can lead to a feeling of brain drain and impact a CEO’s ability to work.

  • Remember to make time for yourself. It’s important to get some alone time in every day so you don’t always feel as though you’re performing your duties as a CEO.
  • Develop your emotional intelligence. Learning more about why people feel a certain way and how you can have positive interactions with them can help put you back in control.
  • Don’t take it personally. You can’t please all the people all the time; learn to accept the fact that sometimes people will walk away unhappy.

Ultimately, you aren’t going to be able to eliminate all the stressors in your life — but you can turn them to your advantage. CEOs need to be extremely mindful when managing their stress levels, as stress can come from all four corners at once. A little bit of stress is motivating, but a lot of stress can lead to poor decisions and negative social interactions. As long as you can identify why you’re feeling stressed, you can work to alleviate that stress.

A supportive network of peers and mentors can help a great deal. For the most part, stress is unnecessary; it only serves to cloud the mind. Through TEC, you can access a supportive CEO peer-to-peer network where you can learn stress management techniques from other leaders. Sign up for TEC today to begin building a path to better decisions.

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Staying relevant in a disrupted industry: Lessons from Eckersley Group

Businesses need to move with the times, something that Tom Eckersley quickly realised when he took over his father’s company, Eckersley Group, with his brother in 1991. Providing a broad range of printed materials to businesses across Australia, the introduction of the digital age has meant Tom’s had to update his product and service offering frequently in order to remain relevant.

Keeping pace with digital transformation

“The advent of digital technology has completely changed the way both our customers and we as a business look at printed products,” explains Tom. “Marketing has undergone huge transformations – our clients are connecting with their customers in completely different ways, everyone is trying to decide on the best medium to communicate through, and there’s now a far greater range of products to choose from.”

Rather than seeing the digital transformation as a challenge to overcome, Eckersley Group chose to work directly with new technology to provide a range of innovative, highly relevant products. These mainly focus around targeting printed media to increase engagement. “Instead of printing a generic brochure that goes out to 100,000 people, we’ll now produce 1,000 but they’ll be aimed at a specific sector or group. We’ll use data to individually personalise content, and through this we’ll increase engagement.”

From the business end, the technology Eckersley Group uses to produce material has changed dramatically over the years. Tom’s invested in a range of new technologies to keep up with this, particularly digital production equipment. “We decided it was best to concentrate on a few core activities rather than a broad range of service offerings. This has meant we’ve been able to carve out a niche slice of the market without over-stretching ourselves.”

A dynamic duo

The print industry is one where, as Tom explains, dynamism is key. “We need to be incredibly responsive to the market, we can’t work on one model from yesteryear, we need to change our business model constantly in order to keep up with the pace of technological transformation.”

Tom and his brother realised that, in recent years, there’s a clear need for an end-to-end supply solution in the print industry. Eckersley Group responded to this by focusing on logistics. “We’re no longer just providing the product. Instead, we’re looking at end-to-end solutions, including supply, warehousing and distribution into our offering,” says Tom.

It’s this dynamism that’s gotten Eckersley Group to where it is today – a highly successful business that’s developed and grown over the years, taking on a number of other printing companies and adding them into the core. This has enabled Tom and his brother to receive acclaim from the print community, winning Craftsman Awards consistently for the quality of work they produce.

An outside perspective

In a family business like Eckersley Group, where meetings can take place around the dining room table as much as in the office, it’s essential to get an outside perspective. For Tom, TEC was able to provide that objectivity. “I met someone many years ago who was having a similar experience to me in terms of running a family business. He mentioned TEC and suggested that I go along to one of the meetings. From there, I never looked back. TEC’s given us that broader range of input and objectivity that we needed. When you’re in a family business, you’re so involved with everything and you have been all your life, so it’s important to get some perspective.”

As well as talking over issues around the table, Tom also enjoys hearing from the public speakers that TEC brings in. “The speakers bring a different dimension, they bring a lot of expertise to a particular topic, whereas with the group we can get that broader advice. Both have worked really well in improving my decision making at Eckersley Group.”

Fast Facts:

Established in: 1971 (Tom and his brother took over in 1991)

Industry: Printing

Size: 30 staff and around 1,000 clients

Markets: Australian SMEs, corporates, governments, some individuals especially book publishers

Product range: 1,000s of productions over 100 different categories, covering all marketing materials, printed matter and business stationery, both from a digital production and a traditional offset production point of view

4 tips to running effective meetings

From stand-up scrums to sit-down sessions, meetings take up a large portion of time for any organisation. When managed effectively, a meeting is an opportunity to optimise business operations. But when managed poorly, meetings become disruptive and distracting.

It’s estimated that $37 billion a year is wasted on meetings that are unnecessary — and meetings themselves can offer a false sense of productivity that gets in the way of legitimate accomplishments.

What’s the difference between an effective, powerful meeting and a waste of time? It often comes down to leadership.

Leaders are what set the tone and course of a meeting; they are the ones who decide whether a meeting is necessary, what format the meeting should be in, and how long the meeting should take.

As a leader, you need to take steps to make sure your meetings are living up to their potential.

1. Create a highly structured agenda

Meetings tend to bounce from one topic to another as related concerns arise and an extemporaneous discussion begins. While this type of exploration can sometimes be useful, it’s more often distracting.

Creating a highly structured agenda will keep your meeting focused on the issue at hand. When creating an agenda, ask yourself:

  • What are the goals of the meeting?
  • Who is necessary for the meeting?
  • When is the best time for the meeting?

Expand on your agenda with a thorough outline of the meeting’s discussion topics. A narrow, specific agenda is the most useful agenda; the broader your meeting topics are, the less likely you are to be able to get anything substantive done.

2. Only invite those who belong to the entire agenda

A shorter, smaller meeting is almost universally desirable. Additional members will only expand the scope of a meeting, encouraging it to run longer and reducing its capacity to focus.

Meetings should be as short as possible and should be limited to attendees who are necessary. If team members feel that the meeting is not relevant to them, they will often become distracted. They may even derail the meeting entirely, in an attempt to bring it towards topics that are more relevant to them. Even if they remain silent, their time will still be wasted.

Irrelevant meetings burn out employees — and over time, they encourage employees to ‘zone out’ during meetings even when they are relevant to them. Improving the relevancy of your meetings is the first step towards ensuring that employees are attentive and alert.

3. Stick to the agenda

It’s easy for unexpected issues to arise during a meeting. After all, team members may find themselves suddenly in the room with a large number of people who could solve the problems that they’re currently encountering.

This encourages them to discuss issues that are relevant to their current tasks. But for a meeting to remain efficient, it’s important to avoid being side-tracked.

When an issue that’s not on the agenda does arise, acknowledge it and have it recorded. Make it a point to discuss it in subsequent meetings.

Ensuring that the issue is properly acknowledged is important; otherwise, team members may feel as though they have been brushed off.

Likewise, it’s important to schedule a meeting to discuss the issue if it is a valid one, as otherwise people could forget about the issue.

4. Debrief and follow up

Once the meeting is over, give an overview of the key points the team has discussed and the information that has been gained throughout the meeting.

If it is desirable to get undirected feedback, set aside a time at the end of the meeting for meeting members to address any of their additional concerns.

A report should be compiled to include the meeting’s minutes, and team members with newly assigned projects or tasks should be followed up to make sure they’re on track.

Ideally, every team member involved in the meeting should walk away understanding the issues raised, the solutions presented, and their role in implementation. Written documentation will further improve the process as team members will be able to refer back to the documentation later.

As a leader, you have the unique ability to direct the meeting — and an effective meeting is all about direction. Keep your agenda close, and you’ll be able to keep the meeting on track and moving swiftly.

But meetings aren’t just about structure and process; they’re also about practice and experience. Connecting with other leaders is an excellent opportunity to acquire tips from others. Contact TEC today to find out more about connecting with a peer group of thousands of leaders, entrepreneurs, and mentors.

The art of defining a market for business: Lessons from Norwest Recruitment

60% of Australian small businesses will fail within the first three years. When polled, 44% of failed Australian businesses suffered from ‘poor strategic management’ and 40% ‘fell victim to inadequate cash flow.’ Many of these businesses failed not because of a lack of opportunity but because they were not able to properly define their market and execute related strategies. In fact, small businesses have been opening m­­ore often throughout Australia due to favourable economic conditions; though all the components for success may be there, the focus and the market research is not.

Since 2002, Norwest Recruitment has operated with a simple goal: connecting businesses to the talent they need to grow and thrive. With over 20 business awards — and a ranking of 47th on the BRW Fast 100 — Norwest Recruitment has been a clear success in the competitive market of permanent and temporary employee recruitment. Erica Westbury, CEO of Norwest Recruitment, has achieved this success not only by identifying the commercial and residential growth within the North West but by also committing fully to the opportunities it represented.

Embrace the challenge

In Australia, recruitment services is not a growing industry. In fact, it experienced a downsizing of -0.4% between 2012 and 2017. This is significant, as nearly all sectors experienced growth. Since 2002, the unemployment rate in Australia has been generally falling, with a peak in 2009 and again in 2015. With this information in hand, it might be easy to think that a recruitment agency wouldn’t be able to succeed.

But it was a thorough understanding of the local market that led Erica to her conclusions. Erica realised that the recruitment agencies that already existed in Norwest Business Park weren’t offering premium-level professional services. Recruitment services were being ignored because they offered both poor customer service and a substandard talent pool. Recruitment services had developed a bad reputation.

By understanding the challenges facing the recruitment industry — one of poor reputation and a flooded workforce — Erica was able to position Norwest Recruitment in an area of the market that was not yet filled. By offering premium temporary and professional talent, she was able to sidestep issues related to low unemployment rates and a stagnant market. Norwest Recruitment became a resource through which HR departments could find the best professional talent. And this was something businesses would always need, even when the market was flooded.

Do it better

When asked about competition tech entrepreneur, Elon Musk, once said, ‘If other people are putting in 40-hour work weeks and you’re putting in 100-hour work weeks, then even if you’re doing the same thing, you know that you will achieve in four months what takes them a year to achieve.’

Businesses need to view their competition as a benchmark and should always be attempting to improve upon their work product. For Norwest Recruitment, it wasn’t just about providing a better talent pool. It was also about providing a better experience, refining processes, and reducing overhead. Businesses today need to be able to stay ahead of their technology, pivot when the market changes, and understand their customer’s needs. Often, a business will even be called upon to anticipate market and customer changes long before the change occurs.

Erica knew that in order to break into the market of recruitment and employment, she had to be able to do it better. There are hundreds of options available for companies that simply want access to a talent pool, but it was better customer service that many HR departments were looking for. By improving upon customer service and putting clients first, Erica was already a step ahead in the game.

The risk in decision-making

As a CEO, you’re faced with difficult decisions every day. Making challenging decisions can be the difference between success or failure, it could even change the entire course of your business. It is easy to fall into the habit of choosing the safest decision to achieve expected results and avoid the risk of being wrong. This may decrease risk but it does not improve results.

It is essential, as a business owner, to remain committed to your choice and be aware that no matter what option you choose, your efforts to support the success is far more important than the cost of being ‘wrong’. Erica’s decision to build a business in a saturated market was associated with great risk. The focus was not on whether this was the right decision to make – rather Erica did everything she could to ensure that her decision turned out right. The success of this is reflected in the 15 business awards won by Norwest Recruitment, including the 2014 Hills Local Business Awards, the 2011 Fairfield City Local Business Award, and the NPAWorldwide Australia/New Zealand Top Revenue Achieved Award.

Learn from other business owners

Business owners must never stop learning. Not only is there a wealth of knowledge out there available from other business owners, but the market itself may change with the times. Business owners need to stay on top of new technology, need to refine their leadership skills and learn new management techniques. They must understand modern accounting standards and have the strategy skills necessary to grow and expand in often challenging marketplaces.

Through TEC, Erica was able to reach out to other business owners, entrepreneurs, and professionals. She was able to listen to experienced and accomplished TEC speakers and connect to a like-minded community that could offer her support and resources. Through this professional community connection, Erica was further able to build her knowledge and confidence as a leader. It’s time you belong to a peer network and learn from the best. Get in touch with TEC today.

3 important considerations fuelling CEO decision-making today

At a recent TEC conference, over 300 members were asked about the biggest decision they’ve made in the last 90 days and the biggest one they will make in the coming 90 days. From the pool of answers, there were three topics that stood out most prominently.

Download the e-book to receive actionable tips to help you make better decisions as a business leader

Achieving a strong corporate culture

Mentor Helen Wiseman discusses the effect corporate culture has on your company. A strong culture, aligned with the CEO’s clear vision for the business, can ‘strengthen your governance structures’. Helen also explores the strategies you can implement to improve this intangible yet invaluable asset.

Product development and go-to-market strategies

Mentor Ian Neal provides some insights on what strong product development relies on, from idea generation to launch. He tells leaders that crafting a great product is more than just doing ‘expensive market research or email surveys’. In the whitepaper, he identifies a free, accessible resource at the tip of your fingers.

Achieving significant growth

Mentor Trent Bartlett puts growth into perspective: ‘Leaders need to think about the maximum foreseeable loss their company can sustain’. Trent explores the different capabilities you can use to fuel growth initiatives as well as exactly what is needed to achieve it.

Contact TEC today to find out how our monthly peer group meetings and mentoring sessions, can help you push past your assumptions to make better decisions.

TEC

Posted in TEC

CEO’s greatest barrier to innovation is time

TEC’s Confidence Index Report revealed that 35% of CEOs consider time as the major barrier to innovation. Time is a precious resource — it cannot be purchased, bartered, or sold. And this is especially problematic given that 52% of CEOs have cited new products or services as the centrepiece of their growth plans. To develop these new products and services, innovation is critical. And that requires finding the time.

Make the best use of available time

Innovation and operational effectiveness go hand-in-hand. When running a business, it’s almost always easier to reduce expenses than it is to increase revenue.

Time operates similarly. Though you cannot create more time, you can use the time that you have more effectively. Automating repetitive tasks, making better use of technology, and outsourcing intelligently are all ways that a business can make the most of time as a resource.

By analysing your business for inefficiencies and improving productivity, you can make more space across the board for innovation. Your most talented employees will be working on the tasks that they are best suited for — and they will be able to focus on new products and services rather than routine, mundane, and repetitive tasks. The more productive the business become, the less time will be a concern.

Don’t try to rush innovation

Innovation takes time: there’s no way around it. But it can be difficult for a business to pour resources into a process that appears to be remaining static. Business owners may feel as though brainstorming, researching, and market testing isn’t producing tangible results — and consequently they may feel as though they need to rush it.

But rushing innovation can ultimately lead to mistakes. Innovation is something that cannot be forced. The best a CEO can do is create a culture and environment that fosters innovation; after that, it is often required that they wait.

Innovation must be continuous

CEOs must set aside time every month — or even every week — to collaborate and explore ideas with their teams. Employees will not generate ideas for the company in their spare time; they need to be directed.

Teams of individuals work far better than individuals alone, as they are able to bounce ideas off one another. In a team set-up, it’s easier to point out loopholes in ideas and good ideas will be encouraged. By getting your employees on board, you’ll be able to increase both employee creativity and employee engagement.

Innovation cannot be something that has an end goal, such as one more product or service. Rather, innovation has to be a continuous process — this is how a business can continue to improve and remain competitive.

Develop a clear process

Innovation begins by identifying a problem, and this can range from internal to industry-wide. Consider your current clients and your future clients, and think about emerging trends and market changes.

Once you’ve identified a problem that either exists or that will arise, you can then find a solution to that problem or to that inefficiency. The goal is to find a way to solve the problem that your company can excel at.

The best and most talented employees are experts at innovation. But other employees can still learn — and they should. The process begins by educating your employees on the process of innovation and ensuring that they understand that any employee can be instrumental to the process. Innovation doesn’t require a tech background; it merely requires a solid understanding of a company’s customer base and industry operations.

By refining your creative processes and improving business productivity, you can develop new products and new services that will not only compete with other companies but potentially even disrupt them. Naturally, the process begins with a solid understanding of your own company’s fundamental operations, in addition to brainstorming and creating confidently.

Read the full Confidence Index Report Q2, 2017

Posted in TEC

CEOs struggle to find the right skills and talent

With confidence in economic growth and stability rising, many CEOs are looking towards expansion. A problem arising, however, is a difficulty in finding talent. 63% of the CEOs polled in the Confidence Index Report (CIR) cited talent as a major issue impacting growth. Both political issues and the changing employment markets are creating challenges.

As the economy improves, the job market becomes more competitive. 

Australia’s unemployment rate has dropped to 5.6% and is expected to continue dropping as the economy improves. Lower unemployment rates lead to a more competitive employment market, in which employers find it more difficult to attract the top talent. Employees become more expensive overall as they expect higher salaries and better benefits. And with the additional limitation of 457 visas, acquiring cost-effective and highly skilled staff is challenging.

CEOs must be creative when acquiring the top talent.

41% of CEOs believe that staff acquisition and retention is their number one concern. In order to continue growing, CEOs have to be creative when courting talent.

  • Offer perks in place of more traditional benefits. Innovative companies are offering perks such as pet-friendly offices, child care, and flex time. Today’s employees want work-life balance — and if employers are able to make their offices more attractive, their employees will be willing to spend more time there.
  • Listen to your employees and their suggestions. Employees want to feel that they are being listened to and valued. Most importantly, employees may have a better perspective on what would make the company more competitive to other talent.
  • Be open to broadening your employment search. Many employers are used to demanding specific requirements from their potential employees, but it can become necessary for employers to broaden their search for more non-traditional talent. Employers may want to consider which of their requirements are truly requirements or which may simply be desirable.

Employee retention may become its own challenge.

In addition to acquisition, retention becomes a challenge when there are more employers attempting to procure talent. Employees may find themselves being courted by other companies who may have more appealing offers; it is the employer’s responsibility to make sure that they can provide a more attractive working environment.

Employees want to have opportunities for advancement, and if they feel that they are stagnating in their career path, they are very likely to look for another position with another company. Employers can provide additional training, certifications, seminars, and personal development opportunities to make themselves more competitive.

Employers should also be aware that employees are more likely to leave managers than a company — if they are unhappy with their direct management, the company’s own benefits may not matter. Consequently, employers need to listen to their employees and take complaints and suggestions seriously.

Employers who are looking to hire employees are going to need to be creative and innovative. Networking is going to be key in procuring the best talent as the economy continues to improve and employees find themselves more in demand. TEC can provide connections and guidance for CEOs who are looking to improve their talent pool and retain their talent moving forward.

Read the full Confidence Index Report Q2, 2017

 

 

Posted in TEC

CEO confidence on Australia’s SME growth

the executive connection

TEC’s Confidence Index Report (CIR) paints an optimistic future for Australia’s businesses, even if there may be some challenges ahead. The CIR outlines not only some of the positive aspects of the Australian marketplace but also some of the most pressing issues CEOs must address if they are to succeed. With a well-developed strategy, business owners should be able to leverage this coming year for sustainable and aggressive growth.

Australia’s economic outlook is bright

82% of CEOs believe the economic conditions of Australia will either grow or stay the same. This stability is incredibly important for businesses that expect to begin building their growth in the coming year. Even a stable economy ­­­— without growth — is a boon to a well-managed business.

Though a well-run business can succeed at any time, a strong economy improves upon all factors, from the cost of customer acquisition to the cost of goods. Businesses will be investing more in their own infrastructure, which in turn will contribute more to the growth of the economy overall. Even a perception of a stronger economy can have a resounding impact, especially at a local level.

Business owners expect an increase in sales revenue

78% of business owners anticipate an increase in sales revenue in the year ahead, and this is going to encourage business owners further to continue investing ­— not only in themselves but also in products and services from other local companies. An anticipated increase in sales revenue is due to an increase in customer spending, which naturally occurs when the economy is doing better.

At the same time, low consumer confidence may require that business owners become more creative and aggressive with their marketing techniques. By coming up with innovative ways to captivate their customers, leaders will be able to separate their companies from their competition. In fact, they will have to if they want to leverage the current economic conditions.

Businesses will be featuring new products and services

72% of business owners are citing new products and services as a part of their growth plan. As businesses grow, investing in a product base is a solid strategy as it gives consumers something new and exciting to be interested in.

At the same time, investing in new products and services can also be a risky bet for an entrepreneur. Without substantial market testing, companies can find themselves extending too far financially on products and services that they aren’t able to move.

Though market testing cannot eliminate this possibility, it can reduce the risk. New products and services can then open up brand-new markets for the business and aid them in development and expansion.

Altogether, the CEO outlook is an exceptionally positive one. But that doesn’t mean there isn’t a lot of work to be done. Though CEO confidence is high, consumer confidence is not. And CEOs are finding many challenges along the way, such as time management, skill development, and innovation.

Read the full Confidence Index Report Q2, 2017 

How to unlock data in your business

Big data is currently a global industry worth an estimated $130.1 billion — and it’s expected to grow to more than $203 billion by 2020. Businesses in all industries have begun capturing and analysing large volumes of data to produce superior business outcomes, but not all businesses are using this data as effectively as they could. Businesses that aren’t utilising the data they have — or that aren’t capturing the data that they could — are missing out on a significant business advantage.

Develop a data strategy

Every business, regardless of size, should develop a data-driven IT strategy. When properly implemented, data strategies can help an organisation in everything from reducing employee absenteeism to improving upon worksite safety.

A complete data strategy should include how data will be obtained, analysed, and utilised — in addition to setting specific metrics that can be used to determine the success of the strategy.

IT strategies include exploring and identifying the technologies and platforms that are most useful to the business, in addition to creating a roadmap for the strategy into the near future. This strategy will grow and adapt with the business.

Though big data is most often associated with marketing and e-commerce, it has an incredible number of applications. Logistics, shipping, repairs and maintenance, and employee performance are all examples of business processes that can be analysed for improvements and inefficiencies.

There are numerous suites that are designed to collect and analyse data related to physical assets, shipping and fulfilment, and human resources tasks. These suites make it easier for an organisation to identify potential bottlenecks within their business processes and to resolve them.

Train employees to embrace big data

By providing the right software and training, your organisation can empower your employees to make faster, better decisions. Rather than getting bogged down in the heuristics of decision-making, employees can instead use advanced analytics and insights to explore issues and produce solutions.

But employees need the right tools in order to be able to make use of their data. They also need to select the right metrics to track and improve upon performance. A true understanding of data analysis is often needed in order to drill down to the most important points for an organisation.

By establishing a data-driven company culture and providing the appropriate training and tools, employers can foster a healthier relationship between employees and their data. Employees who are not resistant to change will often find that data analysis can greatly improve their results and simplify their own work, by automating tasks and providing for better overall business outcomes.

Track your data on a regular basis

A data strategy isn’t something that is created and then left to run its course. Instead, data strategies are living elements of a business, which must be continually tracked, checked, and optimised. Businesses need to be exceptionally conscientious of the data that they create; otherwise, it’s very easy for a business to fall into the trap of creating and storing endless volumes of unrelated or unimportant data.

Part of a data strategy should lie in setting up weekly or monthly reviews. These reviews should include metrics such as goals and key performance indicators, which will identify whether the business is currently improving and whether there are any newly evolved inefficiencies that need to be resolved. Without these metrics, it becomes impossible to tell whether a data strategy is truly working.

Helpful tools for collecting and managing data

Not every business has dedicated data scientists on their staff  ­— but they also don’t need to. Advanced tools have been developed that make it easier for businesses of all sizes to collect and manage their data. Modern data science is a far cry from prior years, in which data might include simply looking at monthly sales, inventory data, and income and expense reports. The data provided and analysed by modern business tools is extremely robust, often specialised, and invaluable. A few different types of tools include:

  • Business Intelligence (Microsoft Power BI, ClearStory, IBM Watson Analytics). Comprehensive Business Intelligence suites are designed to analyse a company’s core business processes, identifying inefficiencies at all levels of the company’s own internal operations.
  • Website Analytics (Google Analytics, Quantcast). Many businesses today rely upon their websites for customer service, outreach, and acquisition. Website analytics engines provide detailed information about website traffic, demographics, and user behaviour.
  • Customer Relationship Management (MailChimp, HubSpot­, Marketo, Salesforce, Zendesk). CRM suites are designed to foster customer relationships. It does this by tracking information related to the customer’s journey and reporting on the relationship the customer has with an organisation.
  • Data Sharing and Storage (Dropbox, Google Drive, Google Cloud). Data is useless if it cannot be stored or shared; these tools are designed to keep data in a centralised repository through which it can be accessed.
  • Trend Identification (Buzzsumo, Google Trends). Businesses need to be up-to-date on current trends if they are to reach out to certain marketing demographics. These analytics engines provide information about what’s currently trending, usually through the internet and news.
  • Inventory Management (TradeGecko). Logistics, shipping, supply, and demand can all be greatly simplified through inventory management suites, which can analyse a company’s inventory to determine the best products to stock.

There are additionally more specialised tools, such as Klipboard (which manages employees out in the field), Maptive (which transforms raw, location-based data), and Tranzlogic (which provides credit card data analysis for merchants of all types).

Using data to drive business growth

There is no one-size-fits-all data strategy. Business data comes in all shapes and sizes, purely dependent on the metrics that an organisation wants to track and its goals for improvement. Regardless, data is an incredibly important driver for business growth today — it is absolutely essential for businesses that wish to retain a competitive edge and improve upon their operations. Businesses today have more choices than ever for analytics and data-related tools, and they need to get started now if they don’t want to be left behind.

TEC provides resources for organisations that are moving into the modern era and taking advantage of the new technology available to them. If you are interested in learning more about the benefits that technology can provide, you may want to discuss analytics and data with other like-minded individuals. Contact TEC­­­ today to find out more about how the world of big data is changing and how your business can begin to change with it.

Posted in TEC

How to build a foundation for exponential business growth

Growth is a balancing act. Grow too quickly, and you run the risk of over-extending your organisation. Grow too slowly, and you may be eclipsed by the competition.

Growth is critical for an organisation to survive, yet two-thirds of the fastest-growing companies will fail. This is because growth operates as an accelerator: all the positives and negatives of a business are amplified during a growth phase, and businesses that are not prepared for rapid growth will quickly find themselves falling apart.

Limited resources, exhausted employees, and a disruptive work environment can all eventually take its toll, even on a business that appeared to have strong fundamentals.

In order to handle growth, a business needs to start with a firm foundation.

Training and retaining your employees during growth

Employee retention is the top concern for employers in 2017 — and rapid expansion only compounds this problem. Not only are human assets the foundation of any business, but losing human assets during the process of expansion can be exceptionally disruptive. The cost of training a new employee can be many times that employee’s monthly salary, and cycling through employees during a growth cycle is a fast track towards business disruption.

During expansion, employees may find themselves having their day-to-day tasks interrupted with a continuous flow of challenges. They may not feel as though a structure is in place to adequately reward them for meeting these challenges — and ultimately they may find themselves fatigued. During aggressive expansion, employees may also wonder what their position will be once the structure of the organisation changes, and they may feel uncertain regarding their future with the business.

To counter this, employees need to be trained specifically to handle growth phases. Management must be clear and transparent regarding the changes that the employee will experience — and management should further go out of its way to identify and reward its star employees.

Constantly foster innovation

Regardless of industry, innovation is considered to be the key driver of business growth. It may not always be possible for a business to have superior resources than its competition, but it is always possible for a business to find a way to do something better.

Businesses can only gain an edge during rapid expansion by fostering innovation and looking towards improving upon their operations, processes, products, and services.

Innovation can be best fostered in a business by encouraging employees to explore new ideas. Creating a company culture of openness and creativity can naturally lead to innovation, even during times of aggressive expansion and growth. A culture of innovation will additionally keep employees engaged and constantly improving, thereby also improving upon employee retention.

New business processes, new products or services, and new ways to service clients all fall under the banner of innovation, which is critical for business survival today. An innovative business is an agile business and a business that will be able to evolve with its growth.

Streamline business processes

Everyone knows that small businesses have a tendency to fail during expansion due to a lack of capital. But what is less explored is why large successful enterprises fail. This is usually a matter of a lack of innovation and optimisation. As businesses become larger, they become set in their ways and processes become entrenched — even if they may not necessarily be the most ideal.

Businesses need to be open about identifying bottlenecks, finding solutions, and validating their own assumptions. Well-designed business processes must be documented and analysed, and a business process should be available for every task. Otherwise, a business can quickly fall apart as it grows, as employees will not be able to follow direct strategies for handling customer complaints, processing orders, servicing clients, creating products, and more. As growth rates accelerate, these processes become even more important.

Identify the value in technology

Technology is a major asset to any organisation poised for growth. Through technology, businesses are better able to leverage their existing infrastructure, competing with businesses larger than themselves, and increasing their own stability. Businesses that do not invest in technology run the risk of being left behind; a decade ago, the cloud was virtually unheard of, yet as of 2015, over 90% of businesses had invested in some form of cloud-based infrastructure.

Enterprise resource planning, customer relationship management, and logistics and shipping platforms are all designed to optimise and improve upon business operations. Ultimately, this also improves upon a company’s ROI, which is absolutely critical during the intense stages of business growth. Businesses need to start implementing these suites now rather than later, so that their organisation has already integrated them fully into their business practices as they grow.

When it comes to growth, firm business foundations are what make the difference between success and failure. As a leader, your primary goal is to make your business foundation stronger to sustain it throughout these periods of aggressive growth and expansion. If you want to learn more about reviewing and improving upon your business systems and foundations, contact TEC today. TEC can give you complete access to experienced professionals with invaluable insights into business growth and management.

Most popular TEC articles so far in 2017

TEC’s blog is comprised of an extensive list of resources suited to the eyes of SME CEOs and executives. If you missed one of our weekly posts, below is a list of our top blog articles thus far in 2017.

 

1. The guide to organisational structures (flat vs hierarchical) 

An organisation’s structure forms the very basis of its operations. As a company grows, the impact the structure can have is significant. Read the guide to choosing and changing your organisational structure to suit your business’s needs.

 

2. Authentic leadership and what it means for culture

Is your approach to leadership authentic? It plays an important role in shaping your business’s culture. Learn how you can be the most authentic version of yourself.

 

3. 5 leadership styles and when to apply them 

Are you one of the 36% of organisations that don’t have a formal leadership development strategy? The relationship between leadership styles and employees play a crucial role. Learn the five most popular leadership styles here.

 

4. Are you a manager or a leader? Three essentials lessons from Inspire CA 

Do you manage people, or do you lead the way for them? 46% of all startups fail due to general incompetence in leadership. Learn how to be a leader here.

 

5. Adding the why back into goal setting

Perhaps it’s time to revisit those New Year’s resolutions. Ensure the goals you set are driven with clarity and purpose. These tips will help you identify why these goals are important and how to set goals that you value.

The impact of Impostor Syndrome on CEOs

70% of millennials have impostor syndrome; it’s a growing trend in the modern world. First discovered in the 1970s, impostor syndrome is typified by a constant and persistent belief you are not as competent as you are believed to be. Understandably, impostor syndrome is most often found in those who have elevated or high-pressure positions: doctors, scientists, and, of course, CEOs. These are individuals who have received consistent accolades and success but still feel that it has been unearned. CEOs who suffer from this syndrome feel uncertain, anxious, and guilty.

As CEOs, you are often called upon to make difficult decisions that have widespread consequences for your employees, customers, and shareholders. Often you may need to make a decision that will have a negative impact on others, in the best interests of your organisation.

Exploring impostor syndrome and CEO guilt

If impostor syndrome is the cause, then CEO guilt is the effect. When you feel as though you are somehow unworthy of your appointment, any decision you make is going to feel that much dire. Consider a CEO with impostor syndrome who is forced to lay off a large number of employees. Due to their impostor syndrome, they may then be haunted by a number of questions:

  • If I were a better CEO, would I have been able to save those jobs?
  • Why should I still have a job when I’m clearly just pretending?
  • Could the company be headed towards failure because of me?CEOs with Imposter Syndrome

Of course, these questions are unfair: they are based on the premise that the CEO is not doing a good job and that they could have somehow avoided the situation. Most importantly, impostor syndrome means that you believe that you are not as good as other people think you are. It isn’t just that you feel incompetent; it’s that you feel as though you are a fraud.

The impostor syndrome impacts any successful demographic. Though it’s often been posited that female CEOs are the most likely to experience impostor syndrome, it’s actually fairly equally split over all genders and demographics. Anyone can feel like an impostor — but it may have a more negative impact on women and minorities, who may also have other factors working against them.

Triggers

A lack of confidence may actually be a major component of success, so it makes sense that successful people will find themselves in moments of self-doubt. Successful individuals are those who are never satisfied with themselves, those who are always clamouring for more. These are people who expect only the best from themselves — and are therefore harder on themselves in the wake of perceived failure.

 

The only way of avoiding this is learning to recognise (and react to) the triggers.

  • If you have recently experienced a professional failure, such as a mismanaged business acquisition, it may be easy to assume that you have finally failed enough to be found out. In this situation, failure is considered to be your default state — even if you have failed very infrequently — and you may feel as though it’s been a long time coming. You may feel as though all your successes were sheer luck but that the failure is evidence of your own incompetence.
  • Conversely, impostor syndrome can occur if you receive rewards or recognition that you don’t feel that you deserve. You may question why you’ve received this award and you may feel anxiety associated with accepting the reward; what if they realise they made a mistake?
  • On the path of career development, you may begin to feel impostor syndrome once you have completed a large project or accomplished something great. When the glow of success has worn off, you will be left contemplating your next project and fearful that it will not go as well.

CEOs in the Impostor cycle

Management

We now live in a world in which most people experience some level of impostor syndrome. But this type of self-doubt can be absolutely more crippling for you than it would be for an average individual. As a CEO, you need to be extraordinarily self-aware; otherwise, you may make emotionally led decisions rather than carefully considered ones. You can begin managing your impostor syndrome by not only identifying your triggers but also responding mindfully to allay their effects.

  • Talk to others. Impostor syndrome is rooted in the idea that others have a perception of you that differs from reality. Talking to others directly and discussing your concerns is an excellent way to resolve impostor syndrome; after all, if they can recognise your faults but still believe you’re right for the position, then you aren’t ‘putting one over’ on anyone at all. You may also find that the person you’re talking to feels similarly.
  • Don’t consider imperfection a deal breaker. There is no such thing as a perfect CEO. Even the most successful CEOs in the world still make mistakes. Understand that any of your imperfections or mistakes aren’t deal breakers; they are learning experiences and opportunities to change.
  • Try to focus on the positive. There are areas where you surely realise that you are an expert or a specialist — and you know that you wouldn’t have gotten as far as you have without unique talents. By focusing on where you’re good at rather than where you’re bad at, you can feel more confident in your role.
  • Adopt a mindset focused on growth. Rather than focusing on your own shortcomings (either real or imagined), you should instead focus on the areas that you want to improve. This can radically reframe your methods of thinking: rather than being focused on getting caught, you can instead focus on being better.
  • Avoid the compulsion to downshift. One of the most insidious consequences of impostor syndrome is often the urge to downshift — to step down in your career plan and avoid responsibility. Before making any drastic changes to your career (such as stepping down as CEO), you must court other opinions.
Two types of mindsets that can be adopted by a CEO

Fixed vs Growth mindset

Managing impostor syndrome

Everyone has moments of feeling ill equipped to deal with the challenges that life has presented them with. A true leader and a truly successful individual can recognise these doubts and can still move forward in spite of them. Though you will undoubtedly have moments in which you feel as though you do not deserve your own success, these are just moments — and they will pass. For a CEO, it is simply important that you continue to keep moving, growing, and succeeding, in spite of your concerns.

Impostor syndrome and CEO guilt are best managed by reaching out to other individuals and talking about your concerns. It’s lonely being a CEO — but most of what you’re going through are more common than you think. Through TEC, you can gain access to a large network of accomplished individuals who are having the same experiences. Not only will you be able to request guidance from those more experienced and knowledgeable than yourself, but you’ll also be able to aid those who are still at the beginning of their journey. For more information, contact TEC today.