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Member's Insights

Is something blocking your path to business success? - by Terry Irwin

Is something blocking your path to business success?

If you’re running a business in these tough times, you’ll naturally want to get the most effective performance possible from your team – whether that team consists of dozens of people, or three people, or just you. One way to gain a distinct advantage over your competitors is to draw up a strategic plan that will help you and your team to take your business – whatever its size – to the next level of success.

Once you have your strategic plan, though, the uncomfortable truth is that the odds of you executing it effectively are against you.

In my business planning work with organisations of all types and sizes, I’ve discovered ten stumbling blocks to effective strategy execution:

1. Unattainable goals. It’s okay to have a stretch goal; just make sure you have a reasonable chance of achieving it. Nothing kills morale faster than a target that’s impossible to hit.
2. Poorly defined goals. Without specific, measurable goals, you can’t tell whether you’re making progress.
3. Lack of commitment. If you and your senior management team can’t agree on and then commit to the plan, don’t expect the rest of your staff to implement it effectively.
4. Lack of clear responsibilities. Your plan must articulate, clearly and concisely, who is doing what, by when, for how much, and what result you expect.
5. Wrong people in positions. Companies historically hire for skill and fire for attitude. What would happen to performance if you reversed this thinking?
6. Lack of discipline. You may need to adapt your plan, but don’t let the next “great idea” distract you from executing it. Too many great ideas can kill your business.
7. Lack of performance consequences. How do you reward achievement and penalise underperformance? Leaders get the behaviour they tolerate.
8. Lack of time to execute. If you have planned properly, you have identified the three or four most significant priorities that will deliver the results you want. Make time for these priorities. Other opportunities are secondary.
9. Lack of money to execute. If your “significant priorities” really are important, it’s time to put up the money or stop talking.
10. Changing market conditions. Yes, this is a huge stumbling block. But there is good news. Read on.

Good news for bad times

You, as a leader, will determine whether you are going to be a victim or a victor. There are plenty of case studies about small companies that survived tough market conditions and emerged stronger than ever.

Of the ten stumbling blocks to effective strategy execution, the first nine are within your direct control. The first four can be addressed with an effective plan. The next five require leadership to put your plan into action.

Which stumbling blocks can you begin removing today?

If you need advice or further information, please contact me.

 

Useful Clauses for Home Owner Policies' - by Abi Rotimi

Useful Clauses for Home Owner Policies'

The majority of household claims are due to water - escape of water, ingress of water, pipe burst etc. The remainder are due to Fire, Storm, Impact damage etc.
At the point at which you as a homeowner requires Insurer support following damage to your property - It is vital that your policy is able to support your claim.

Accidental Damage

This ensures that any secondary damage to your property is liable for reinstatement in the event of a claim.
The homeowner is responsible for fixing the primary leak source however any downstream damage can be covered by your Insurer.

Trace and Access

Trace and Access clause in your policy enables the homeowner investigate hidden sources of leaks - thus any effort involved in tracing the leak is refundable by your Insurer less the cost of fixing the leak/problem e.g. lead piping in a wall.
Over and about all these - there is a duty of care on the homeowner to fix any leak source promptly.
Thus damage caused by a pipe burst is covered while a leaky pipe not dealth with for months resulting in damage might not be covered.

Please note we are not authorised to provide advice or arrange insurance. If you wish to discuss your policy with someone you should contact your Insurance Broker or Insurer directly..