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For your morning smile and reflection...
According to recent research, people who are intentionally grateful for what they have report better sleep, fewer symptoms of illness, and more happiness. I could not agree more with these findings. Making the best of what we have, beats complaining about what we don’t have!
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Seven Key Points
When successful entrepreneurs and owners of private companies look to exit their business either by passing on the baton to a new generation or selling to an external party, they often approach the exit strategy with somewhat little planning and a lot of emotions. They rely on their experience, leadership skills, and proven success over the years. While these attributes are required for leading a business, such expertise usually doesn’t include knowing how to sell a business.
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Owner or steward?
Succession planning for private companies and family-owned businesses can be compared to a relay race, a track-and-field sport where team members pass on the baton to another team member. Passing the baton is a delicate moment, contributing significantly to winning the race. Passing the leadership “torch” to a new generation, whether family members or external new owners, also requires a certain amount of delicacy. The task is not an easy assignment. Even with good preparation there is no guarantee of a successful succession.
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In a previous BLOG (Turnover Lessons) I discussed the importance of calculating the yearly employee turn-over rate, which is often not calculated by companies large and small. Reducing employee turn-over is not only a cost saving, but is tied to a more productive, quality oriented, engaged, customer focused team, which should ultimately translate in a more profitable business.
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Happy New Year.
Many men either through aging or by hereditary get bald. Male baldness is related to genes and male sex hormones. It usually follows a pattern of receding hairline and hair thinning. By age 35, two-thirds of North American men will have some degree of appreciable hair loss and by age 50 approximately 85% of men have significantly thinning hair. Many men seek hair transplant treatment and hair growing formulas and then some use toupees and hair pieces to cover their baldness.
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In my early days in management, I believed and subscribed to a Customer Focus philosophy, believing that a satisfied customer is the number one objective of any and all organisations. The key to succeed in any business is to have satisfied and profitable customers that keep on coming back for more. With years of experience managing and advising businesses over the years, I have not changed my belief. “Wowing” customers at every level of their interaction with your product and service is the number one priority.
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Reading and Managing Various Turnover Ratios
Unlike those sugary rich pastries, business, the word turnover is used for calculating many important ratios. The two most common ones are turnover of inventory and turnover of employees. There’s also the cost of customers’ and suppliers’ turnover. Higher inventory turnover means improved profitability. Lower employee, customer and supplier turnover can bring important savings and contribute to higher profitability.
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Never Underestimate Small Beginnings!
Most of us recognise the MICHELIN brand name. This French multinational tyre manufacturer of Clemont-Ferrand in the Auvergne - Rhone - Alpes Region of France is the second largest world-wide tire manufacturer. But maybe not many know how the company started and the relationship between their tire business and their Michelin Guide, the prestigious handbook of ratings of restaurants. It is an interesting story with lots of wisdom for businesspeople, especially young entrepreneurs, and CEOs.
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Experience is one of our best learning tools because we learn by going through difficult situations. Experience is not academic. It is about experiencing life and business challenges, and either overcoming them or giving in to them.
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A recent article in a Canadian publication showed that the compensation of the top executives in Canada for 2022 is hitting a new record for all-time highs. The numbers are disturbing. This is not a recent problem. Criticism for extremely high compensation has been in the news for many years. I personally admire people who are successful in their job. I have absolutely no problem with monetary success if wealth is achieved from making the right investments or passed on through as an inheritance when wealthy families have managed to grow their assets. However, when excessive compensation is determined by boards of public companies, I do have a problem. So here is the key question: Is executive compensation out of line?