Assorted TIPs from TAB-Winnipeg Boards
Business owners need to be careful when replacing staff. Make sure the new hire will actually show up before firing the old guy.Sometimes when your new hire gives their notice - their current employer may make a counter offer to entice them to remain.
Don’t use a company wide meeting to address HR problems of one person. Talk directly with that individual.
QUOTABLE QUOTE TIPs
"You don’t need to like the people you work with, but you do need to like the work they do"
"Just because you’re an owner doesn’t mean you should get to be an employee"
"Its fine to ask for input and suggestions from your staff but it’s important to level set expectations at the same time"
"Sometimes the best way to address an issue is to start by putting it down on paper"
Key staff/ principals would likely benefit from TAB Membership but it may not make sense to also have them on a TAB board. Talk to your TAB Coach about a monthly coaching arrangement for those people instead.
Sales Vs. Marketing. There is a big difference between Sales and Marketing. Might be best to separate the functions. Having a good marketing plan doesn’t mean you have a sales team that will know how to use it.
Life and Business Insurance Needs? Carry as little Life Insurance as required. If you are getting closer to retirement and don’t have dependents or debt - you may not need life insurance at all.
All companies DO however need Business liability insurance coverage at all times! Do not leave yourself or your business exposed.
Buying vs Renting? Buying is often a good option in this market, but while you are growing your business it is likely best to rent. Focus on building a stable business first, then invest in land and building(s).
Remind your CFO/Controller/Bookkeeper and any other managers that their reports are scrutinized each month by other business owners at our TAB meetings. This can keep them on their toes,
Do your clients consider your company a Partner or a Supplier? Present price increases to your clients in the context of a partnership and that you require the increase to maintain or increase the level of service you provide. You should always use the word partner instead of supplier.Suppliers are easy to replace. Partners - not so much.
By : Kim Christie, TAB Winnipeg Inchttps://www.tab-winnipeg.com/