FOOD FOR THOUGHT

A good business coach should inspire positive change. They should be able to bring different perspectives to the table, challenge your way of thinking, push you outside your comfort zone and support you when required.

Developing and finalising your business strategy is not the complete picture. For any strategy to be effective it must be implemented well. So here are our top seven rules for strategic planning execution.

According to a recent survey of New Zealand business owners and CEOs undertaken by Perceptive Research, the top two indicators used to evaluate business health are: the state of the business’ bank account, and profit. Surprisingly only 3 per cent of respondents cited cash flow.

For every business to grow, whether big or small, good governance is essential. There is no shortage to the benefits of what a governing board can bring to an organisation, but here are our top five.

The end of the year, the start, and somewhere in the middle… these seem to be the preferred times that businesses look to work on their strategic plan. The unfortunate reality is that most SMEs only revisit their strategic plan once a year at best, which is simply not enough.

One of my all-time favourite songs has to be the iconic “Gambler” by Kenny Rogers. Any self-respecting karaoke party or late night sing along would be incomplete without someone belting out this legendary story, which holds some great advice.

I like a good surprise as much as the next person, but a surprise cash shortage, unexpected changes in margin and unanticipated tax costs will make any business owner’s blood run cold. Preparing a cash flow forecast once a year is a good start, but it's often not enough. Here’s why. 

Employee engagement is imperative for all businesses, but now, at a time when good talent is hard to find, it is critical that you invest in good retention strategies and proactively monitor staff satisfaction. But what do today's employees want; what makes them look elsewhere and what can you do to hold on to them?   

Where can business coaching go wrong? How do you get the most out of one? Matt Bellingham shares some of his thoughts on business coaching with the New Zealand Herald and offers some practical advice to businesses who have or are considering using a business coach.