The Reality of Open Book Management

Mar 24, 2016

Truthfully, this is just one reality .. but a good one at that ūüôā

Norm Jefferies of Computer Merchants has been running his company for over 20 yrs and I think it's fair to say, he's doing a damn fine job at it.

Norm and his team adopted the philosophy of Open  Book Management (OBM) at an early stage and it has become a key part of their culture.

In this interview, Norm shares how they implemented OBM and what the benefits and challenges have been of sharing the numbers within the team. We dive into the specific of day-to-day tactics, how OBM affects performance and how they make it a living and effective tool to align the team.

If you are thinking of implementing Open Book Management or are on the other side and think it's crazy, either way you'll get some direct benefit of learning from Norm's experience.

Enjoy!


 

Links from the interview:

Computer Merchants website - http://www.computermerchants.com.au/

Norm on LinkedIn - https://www.linkedin.com/in/normjefferies

The Great Game of Business - http://greatgame.com/

Ownership thinking - http://www.ownershipthinking.com/

What’s Your Daily Number?

Mar 14, 2016

What if you had a friend who was trying to lose weight, but they never stepped on a scale and didn't know their weight when they started? I'm sure, being a good friend you would suggest they find our their true weight, so they could track their changes and get a sense for if they were heading towards their goal.

Now take that same principle but apply it to your business. Whether it be sales, marketing ROI, or employee turnover, knowing where you stand is a huge part of success, and knowing if you are (or will) meet your goals. Having those metrics in hand will also help you determine the time it will or has taken you to reach your goal and provide a critical baseline for further attempts to improve your numbers.

The truth is this - if you don't keep track of your numbers, you will always think your track record is better than it actually is, because our brains can sometimes confuse intention with action. Numbers don't lie. Creating a hard goal will allow you to be objective in its achievement and is easy to measure. This number should be shared in your daily, yes daily, meeting with staff so everyone knows where you stand. Why daily? Well, if you measure the important goals quarterly, or even annually, you deprive yourself of critical moments to adjust your course which could mean the difference of a goal exceeded and one which has fallen short.

3 Critical Things You Need your Team’s Input on

Mar 10, 2016

When doing strategic planning, it is essential to gain some insights from your team members on their perceptions of the business, where it's going, and why things are the way they are. Remember when it comes to your employees, every action they make is a direct result of their perception of the business and their understanding of why it is being done. The important part is to marry their expectations with yours, so that the team can function as a cohesive unit for the purpose of growing your business. With that said, there are three key questions you needs to ask of your employees before the strategic planning process begins (and is something to keep a gauge on at least once a year):

1. What should we START doing?

2. What should we STOP doing?

3. What should we KEEP doing?

With the answers to those key questions, you will be able to spot trends and patterns of thinking in your employees which will guide your planning discussions.

Good luck, and have fun.

How To Know When It’s Time To Hire

Mar 7, 2016

When is the Right Time to Hire?

You may have noticed you've been getting busier, and it would be great to have an extra person or two to take some things off your plate. But what things? How many people? Before you throw money at the problem and hire another team member into your midst, you need to consider your systems and how they can be fine-tuned first.
  1. Consider the 80:20 principle: That 20% of your activities account for 80% of your results, so you are certainly going to want to concentrate on those items and pass a hat to someone else, so you can focus on growth. Have a look around at the resources you have first, to see if this delegation can be done internally. There are also many ways you can implement technology to help you do more with less.
  2. Determine if you can afford 60% of a new hire's salary. In theory, the new hire will bring the remaining 40% of their salary to the table themselves through efficiency and capacity.
  3. Consider the burn rate. When hiring, you have to factor in 3-6 months of overhead costs while your new hire is getting up to speed enough to work at a higher level (and achieve financial results for your organization). Ensure you have enough to funds to cover this transition, and that you have the training to support their development.

If you aren't sure where you sit, or whether your growth profile will support a new hire, take our free 7-minute test to find out.

Cloud Technology – What You Need To Consider Before Diving In

Feb 17, 2016

Cloud computing is all the rage ... in case you didn't know. It has the capacity to significantly increase your competitive advantage ... if you know how. And therein lies the challenge.

Enter Clayton Oates.

Clayton has been consulting to SME's about software for over 25yrs. So if you ask how long he's been involved with cloud technologies, it's fair to say he's been there from the start. In this interview we dive into the reality of cloud technology today, what it can do for your business and what you should be wary of.

There are definitely some precautions to be taken. But not so many as to stay on the sidelines. Be bold and have a listen to the gems Clayton shares with us in this 30min chat.

Enjoy.

Note: You can find Clayton at the following links: Website | Twitter | LinkedIn

If you'd like to download the interview mp3, right click here and choose 'Save Link As...'