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 BUSINESS Tricks

gain efficiency, Increase your Results, reduce stress, Get Organized, Strengthen your Leadership, and more with our Daily business tricks....

7 EASY Secrets to Success in Business
Whether you are enduring difficult times or going through the booming moments of your business, it is absolutely CRITICAL that companies stay committed to excellence. Below 7 simple secrets are really "NO BRAINERS" and can be implemented very easily, but do not underestimate their power. Most times simple is better. Apply below principles and build your customer culture around them, and you will notice immediate impact in your business results. 

1) The Customer is ALWAYS the FOCAL POINT for your company. Design products and services to exceed customer expectations (did I say "ALWAYS"?)

2) Learn to Delegate wisely. Spend your valuable time on the areas that return maximum benefit. Establish mechanisms to track the executions of the taks that you delegate

3) Communicate, Communicate, Communicate. It is never too much

4) Accountability is key. Set and agree on clear goals and deliverables, then make your team accountable

5) Encourage Team Work in your organization. Team work delivers much higher results than individuals alone (demonstrated) 

6) Recognize achievements and commitment. Does not have to be necessarily money, an email copying the team, or a picture on the bill board will make it
7) Allow yourself to Relax. Creativity flourishes after you let your body and mind "take a break"

The Top 8 secret ingredients to create a great Strategic Plan
Far from being a complicated and a difficult task, putting together strategic plan is not that difficult. Follow the simple eight rules below:

1) Your plan has to respond to a specific objective, let's say, "achieve 65% market share by December 2012".

2) You need to collect all the information and data pertaining to the plan, and organize it in different areas: New products, competition, unique capabilities, etc

3) Make the plan easy to understand

4) Be precise but detailed, to avoid confusion

5) Make it adaptable to change

6) Application must be realistic

7) Cover all significant all significant parts of your business on interested

8) Identify responsibilities immediately and create a tracking mechanism.

Contact me if you need help executing any of  above principles at hector.barresi@boundlesscoaching.com

What are the KPIs?
The acronym KPI stands for "Key Performance Indicator". Any business can have KPIs, actually, every business should use KPIs. Although generally used to monitor progress toward accomplishing strategic objectives, the benefits of tracking the operational performance of a company through the use "smartly" picked KPIs is significant. What do KPIs look like? Actually, that is not as important as what data is being measured and tracked. In fact, a simple spread sheet where each parameter is reported monthly, and compared to plan, should make it. Typical examples of KPIs are: Orders, Sales, Gross Margin, Warranty Expenses or Returns, First Pass Yield, Lead Time, Working Capital, Vitality Index, etc. versus plan. Each business will select the most suitable set of KPIs in each case according to the specific needs or plans of the enterprise. For example, a company decided to improve customer satisfaction may have KPIs concerning Customer Service Responsiveness, Repair Time, Product Quality, Lead Time, Field Service responsiveness and performance, etc.

Contact me if you need help building a typical KPI template on Excel. At hector.barresi@boundlesscoaching.com    .

How to create a "bullet proof" Action Plan?
How many times have you had to out together a plan to either complete a project, or simple carry out a series of tasks aimed at achieving a certain objective? The job of creating the action plan is relatively easy, if you know the simple steps to building a "bullet proof" plan. 
The TRICK: 1) Determine EXACTLY what is the ultimate objective you need to accomplish (for example:  "Reduce the failure rate of my product by 50%"),  2) Make a list of all the individual tasks that will have to be accomplished. Be as detailed as you need to be, 3) Assign a time for the completion of each task, 4) assign a person's name to each task (this will be the person that will have to execute such a task), 5) Look for dependencies, that is the relationships between the different tasks, as in many cases, one or more of the tasks will be dependent on the completion of others, 6) Set the start date and the end date, 7) Document all of the above using either a simple tool like Excel, or a more sophisticated one like Microsoft project, 8) Track the progress periodically, weekly is a good period. 9) Highlight the status (on target, danger to be late, late) with green, yellow and red colors on the plan, be really tough in tracking progress accurately, 10) If you are to be late, or already late, look for the root causes for the delay (focus on the causes, do not point fingers) and develop "countermeasures" to bring the plan on target. 11) Celebrate the moment you complete the plan and thank the team members for the accomplishment. 

Contact me if you need help building an action plan on Excel, or to develop a process to determine root causes or develop countermeasures. At hector.barresi@boundlesscoaching.com