Category Archives: Leadership

Top 5 – Keys to Effective Business Writing

LOGO BLUE

Your weekly Top 5 has moved and is now just a click away at;

http://www.managersdoor.com/topic/top-5-keys-to-effective-business-writing/‎

This weeks Top 5 – Keys to Effective Business Writing

  1. Know the basics
  2. Be clear and concise
  3. Know your writing structure
  4. Choose the Best Medium for the Message
  5. Be creative

Explore each top 5 here http://www.managersdoor.com/top-5/

While you are there sign up for free to our weekly Top 5 and check out some of the best information on managing yourself, managing others and managing the business.

Advertisements

Leave a comment

Filed under Business Writing, Corporate Training, Human Resources, Leadership, People Management, Positive Psychology, Professional Development, Uncategorized

TOP 5 – To Increasing Your Financial Literacy

FinanceMeasuring the financial success and viability of a business is not just the role of the Finance Department, in fact the most successful organisations make it part of each departments overall responsibilities.

You do not need a degree in accounting to help count the ‘beans’ and help steer your business to financial success.

Below are 5 examples of common business units within an organisation and some top tips on how they can measure their financial health.

1. Revenue
Revenue, also known as your ‘top line’ is simply a reflection of your sales. Most organisations measure this in dollars but you could also measure it in any unit of measure that is relevant to your business.  Eg Kilos sold, hours billed or cartons sold. Most organisations measure revenue performance as a percent increase or decrease on the previous year.

Departments that this would be most relevant to are the Sales and marketing teams of a business.

2. Costs of Goods Sold (COGS)
Refer to the raw material costs a business incurs to make its products.
For example the cost of stock in a bottle shop, the cost of wood for a furniture maker or the costs of parts to build a car.  It is often calculated by measuring opening and closing stock positions measured via stock takes.   It can be expressed by the formula; Beginning Inventory + Inventory Purchases – End Inventory = Cost of Goods Sold

Departments that have the greatest influence over this financial measure are the procurement and operational teams.

3. Gross Margin
Gross Margin = Sales Revenue – Costs of Goods Sold.  It is a measure of how much a business gets to keep from every sale made. The aim is to maximise the sale price whilst minimising the input prices.

This measure is key to the sales and operations teams.

4. Cost of Doing Business
This refers to all the expenses it costs a business to make and sell it’s goods and or services. A business needs to focus on keeping each cost line as low as possible to maximise margin.  Some examples of cost lines include, rent, wages, utilities, insurance etc.

This measure is key to the operations and support departments of the business as they have the greatest ability to influence this area of finance.

5. Net Profit or EBIT
EBIT or Earnings before interest and taxes is the net profit or loss of an organisation.

EBIT can be expressed as EBIT = Revenue – Operating expenses (OPEX) + Non-operating income.

EBIT is all profits before taking into account interest payments and taxes.  Some organisations use EBITDA which is earnings before interest and tax minus depreciation and amortisation of assets. In simple terms EBITDA is the end result of an organisations financial profitability.

This financial measure is the responsibility of each department as they all contribute to the EBIT or EBITDA.

The bottom line is often the most important driver in any organisation and managers in all areas of an organisation need to make effective decisions to maximise equity. Happening People offer a very successful program “Finance for Non-Finance Managers” This program will provide participants with the knowledge, skills and confidence to be financially literate. For more information click here or contact us on 1800 68 67 69 or www.happeningpeople.com

Leave a comment

Filed under Corporate Training, Finance, Leadership, Professional Development

Top 5 – How to Manage Your Bosses Time

Time ManagementYou may be wondering why should you or why would you want to manage your bosses time, after all you are super busy just like your boss!  Truth be known upwardly managing your boss or ‘Boss Time Management’ as it is now known has been around for decades and is used by many successful leaders and business managers.

Boss Time Management is essentially employing strategies to manage your boss and the time they have that impacts on you.   We all know the impact placed on us when our boss needs something urgently, we have to juggle other deadlines and appointments and even our own team of people.  By embracing some or all of these top tips you will not only be helping your boss look good which also helps you to look good but you will also be gaining the benefits of having your time less imposed on by your boss.

Sound like a good idea? Well read on and take what you can from our Top 5 on How Manage Your Bosses Time and like all good things we can’t get enough of,   Happening People offer you an extra top tip.  Simply ‘like’ our Facebook page www.facebook.com/happeningpeople and watch out for it in one of this week’s Facebook posts.

1.Volunteer to attend meeting
Volunteer to attend a meeting that are of little worth to your boss but good for your profile..  Ask your boss which of their meetings you can attend on their behalf (maybe not every meeting but try to as often as you can) this will not only ease pressure from your bosses hectic schedule it will give you more ‘face time’ with senior managers and will help up your profile.  Just remember to do a good job!

2. Protect your boss from interruptions

When people suggest escalating straight to your boss see if you can’t help out first. By doing this you will demonstrate to your boss and those you interact with that you are more than capable of doing your job as well as demonstrating your ability to take the initiative, a trait of all good leaders. A hot tip here: If you really think something should be escalated straight to your boss, make sure it is, there is nothing worse for your boss then having an issue get out of hand because it was not escalated to them in a timely manner, so bear this in mind before choosing not to escalate.

3. Take over some of their work
All bosses have tasks they do as a matter of course and that are routine to the job.  Many of these jobs could easily be delegated to their team members but often times your boss is so busy they forget to delegate or they may feel you have enough work to manage and are reluctant to give you more.  Ask your boss what tasks they do that they feel you could manage and when appropriate you would like them delegated to you. By doing this you will gain exposure, experience and broaden your skills as well as become indispensable to your boss!

4. Ask how to gain their approval
Ask your boss exactly what and when they want the work done so you only have to do the task once to gain their approval.  This will not only free up your bosses time but yours too!  This strategy is a good one but a quick word of caution; this strategy can take some time to build.  You want to be seen by your boss as being organised efficient and detailed not nagging, pushy or difficult.  One of the best ways of introducing this strategy is to talk to your boss and let them know you would like to work effectively with them and that to do that you would like to understand with each job/ task request or project what they would like achieved, is there any particular way they would like you to go about achieving it and to what time frame.

5. Help your boss stay on track
Help your boss stay on track on your catch up meetings by setting an agenda, having a project or task list – keep it up to date and on hand. By doing this you will not only make the most of the precious time you spend with your busy boss you will also gain better control over your working week.

Happening People are the leaders in Corporate Training Program and our Time Management Programs have provided thousands of people with the skills to improve their productivity and effectiveness and saved a few boss – employee relationships along the way.  To find out more call us on 1800 68 67 69 or visit our website http://www.happeningpeople.com/contact_us.shtml

Leave a comment

Filed under Corporate Training, Leadership, People Management, Time Management