Posted by Cameron
on September 29, 2011
Do you clarify or classify the style of your meeting in advance so participants are prepared before they walk in the room? There are basically three different styles of meetings: ‘information share,’ ‘creative discussion,’ and ‘consensus decision.’
An ‘information share’ style of meeting consists of information flowing in one direction only, either ‘up’ to leadership from employees, or ‘down’ from senior management to employees. Requests for clarification can be entertained during this type of meeting, but there’s no real debate or discussion.
‘Creative discussion’ meetings revolve around the process of brainstorming, and getting ideas out on the table without making any decisions about the feasibility or validity of what’s produced. During this style of meeting, it’s critical employees understand that at a later date, key stakeholders will make decisions using the information collected.
When decisions need to be made, ‘consensus decision’ style meetings should be held. These types of meetings tend to get pretty heated, and passionate feelings will almost certainly be expressed. Despite any conflicts that may arise, all participants must reach consensus. Once you’ve concluded the meeting, all feelings and conflicts should be left in the meeting room. Never continue the discussion outside of the meeting.
Curious if you’ve ever seen meetings that fall outside of these three styles?
For more information on this topic, check out: Leadership at 100MPH.
Posted by Cameron
on September 19, 2011
Look for all areas you can cut expenses, except advertising and marketing (if you cut those, you will not only see a slowdown, you’ll be causing it). Really look for waste in your company and start cutting it fast anywhere you can. Cut the people you’ve been wanting to fire but didn’t have the guts to as well. Hire salespeople for sure, but cut all the rest of the “dead weight employees,” too.
Increase credit lines at your bank and with credit card companies now, and every six months for as long as you’re in business. Credit card companies will increase your lines every six months just by you calling them. Also, stop buying stuff. Really. Put a freeze on virtually all the spending you can. You’ll be amazed at how much money you free up just by saying no to virtually all potential expenses. Tighten the belt fast.
Collect from customers faster than you used to. Collect COD as much as possible. Get customers to pre-pay. Increasing your cash flow at times is as good or better than cutting expenses.
This last point will help increase your cash flow as well, but you have to be gentle and selective in doing it. Pay your bills slower than you used to as well. Delay paying receivables as long as you can. Even just waiting until the last few days allowed will make a big difference for you.
pic Dynasty Financial Services
Posted by Cameron
on September 12, 2011
Many organizations have been set up globally to support and foster entrepreneurial growth. Organizations such as Young Presidents’ Organization (YPO), Entrepreneurs’ Organization (EO) and Vistage all have ‘forum’ programs.
Members join forums of eight to twelve other non-competing entrepreneurs who then meet monthly in a confidential setting to assist each other in growing their companies. They provide invaluable ‘board-like’ learning, mentoring and accountability.
I can say that the years in an EO forum in Vancouver provided a quantum leap in my business learning and I wouldn’t be close to where I am today without that investment.
If you’re serious about building a fast growing, lasting company, spend time looking into different organizations in your area. I’ll bet if you asked a successful entrepreneur what they’ve learned from these organizations, their comments would be outstanding.