Tips from the Top®: Small Business Tips From Business Owners For Business Owners
Five Tips From March 2019 TAB-Winnipeg Board Meetings
Add a timecode for rework into your time tracking system.This can be used to measure the quality of the work you perform and monitor if you are improving.
Remember to also track material costs of re-work - if applicable. This can form the means to quantify, measure and improve Quality Control for your company.
Almost guaranteed that you lost money on that job - and that your customer may not be happy.
TIP - Whenever you decide not to charge a client for something be sure to send a No Charge invoice anyway as a reminder of what you have done for them and they see how much you saved them.
Leveraging LinkedIn groups to add value can pay off! Start by joining groups associated with your target market or industry. Focus on adding value by sharing information or articles that educate - don't sell.
When we keep having problems, we need to look at the causes of our problems, mistakes, scraps or reworks. We need to look for what is called “Common Cause.”
If multiple challenges seem to stem from the same root cause, we need to .....Read more
Don’t merely rely on your annual one-on-one performance reviews. Meet with each employee at least monthly to ........Read more
Business Investment Priorities
If you’re planning to pay off debt and then invest in your business, consider if the order should be reversed. Can you make more money with the investment and is the debt appropriate to the size of your business?
Fire the Smart Way
If you need to let a team member go and they are working on critical projects for the business, find a way
to have them complete their projects or get them to a good stopping point before you let them go.
Also, don't give them any new work in the meantime.
We control our inventory of tools by using a software package and bar-coding system.
The software is called "Asset Panda". You should try it. It is much cheaper than buying new/replacement tools or renting them when they "get lost".
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.
"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.
All companies DO however need Business liability insurance coverage at all times! Do not leave yourself or your business exposed.