As a new manager, there are numerous adjustments you'll need to make, least of which is your business perspective. On top of getting results through others rather than performing certain tasks yourself, you need to gather a new view of the business landscape in which you now stand. Think for a moment of how a scene might look from the peak of a hilltop compared to that same landscape viewed from the forest floor. It's the perspective from the hilltop you need to obtain in order to lead your team through the forest.
Three key elements to understand are:
- Where your business fits into the marketplace
- The business's measurable objectives or goals
- How your team contributes to the business achieving its overall objectives
You may already be very clear about some of these elements by virtue of having worked at the company prior to becoming a manager. But if you're lacking information in any of these areas, it's time to start backfilling. Your value to the company as a manager is to guide your group to meaningfully contribute to achieving the company's articulated objectives, even if you're only supervising a small group. Don't ever trivialize your team's contribution. Every group and every individual plays an essential role in the organization, especially when they're all aimed at the same corporate goals. Managers or supervisors who "get" the big picture will always stand out because they direct their teams in alignment with the needs of the business.
To learn and understand the three key elements of the big picture, schedule time for yourself to do your homework and consider your resources. Put 30 minutes a week on your calendar to gather information until you've pulled it all together. Think about where certain information may exist that you can read and who might aid you in getting your bearings on your trek to the top of the hill. Following are questions to consider and resources to use to gain insight into Key #1: Where Your Business Fits into the Marketplace.
How to Do Your Homework Questions you should seek to answer are:
- What's the corporate mission?
- Where does my business fit into the market?
- Who's the competition?
The company website can be an excellent source of information about the corporate mission and can give you insight into your company's consumer. Because many businesses units operate in "silos" i.e. they're not connected to or integrated with other functioning units of the company, you may have worked for your unit for quite some time but not have an awareness of other products or customers of the company. If you haven't mined the company's website before, do so now; you may discover some aspects of the business's face to the public that you didn't know.
If your company is publicly held, the most recent annual report will be a source of information as well. This is a report that public companies are required to furnish to their shareholders. Though the pages of financial details may be initially overwhelming and may not be important for you to master as a new manager, check out any letters or reports from the CEO and Chairman that are included since these address the condition of the business. Ask yourself:
- What are the trends that are discussed?
- Are there subsidiaries or brands that you weren't aware of?
- Where are the company's locations in other countries?
Though this information may not be relevant to your day to day job as a manager now, having this information helps you to understand where your business unit fits into the larger picture. It may also suggest opportunities you'd like to pursue that you hadn't previously considered.
Read articles related to both your company and your industry. You'll learn a great deal about competitors and where your company fits in. You'll also need to analyze what's in the press. Current events having to do with the industry or your company may not reflect the long range, big picture view for the company and may be sensationalized to sell papers.
Once you've done your homework, go to your boss and validate your conclusions. Confirm that what's on the website is still the current direction of the company. Companies are fluid; changes that you should know about may not have been posted on the website yet (and last year's annual report may not reflect the current state of the business).
Ateeya Manzoor is a managing director and management strategist and partner at Mayfair Management Group.
Through her 20+ year career spanning Bay Street and Main Street, Ateeya has worked on projects in the technology, legal, hospitality, property development, engineering, oil and gas and professional development industries.
To read more, please click here
If you are looking at a property that you are considering developing you may wonder whether it is truly worthwhile to do so. There have been many people who have purchased properties with the intention of renovating and then reselling them. Although some of those people have been able to make a profit through property development the fact is that many more people have found that they have difficulty doing so. The recent downturn in the real estate market has made this even more of a challenge.
But how do you select a property that is good for developing? To do so, it is important for you to ask a few basic questions and make a few basic calculations in order to tell whether a purchase will be advantageous for you.
Questions you need to ask
The questions you need to ask when deciding whether to purchase and develop a specific property are much the same as the questions you would be asking if you were purchasing the home for yourself. Others are more specific to the concept of property development itself.
The questions you should ask regardless of whether you would be developing a property or living there yourself include:
- Is the house structurally sound?
- Is the price reasonable for the area and the size of the home?
- How much would it cost to perform any renovations to update and improve a property?
- How long would these renovations take to complete?
Questions that you may want to ask if you are considering a home for property development should include:
- What is the real estate market like in this area?
- Is the area up and coming and likely to be attractive to purchasers?
The next step
The next step that you need to take is deciding whether you can turn the kind of profit you want on a particular property. This is done through a fairly simple calculation that anyone can perform quite quickly. You need to decide what kind of profit you are looking for in terms of a percentage although this can also be expressed as a dollar value as well. Many people who are involved in property development will not touch a home if they cannot get a minimum profit of 20% or more.
In order to find out what the profit you can expect from a property you need to fill in the following information:
- Cost of the property you are considering
- Renovation costs (make sure to include a percentage in order to accommodate renovations that go over budget)
- Costs for closing and other associated fees
- A cushion or contingency fund
You simply add these costs together in order to find out the total cost of the home. You then need to do research in order to find out the price you can reasonably expect to get for your property. You need to use current market details such as comparables in order to find this out.
If you are able to subtract the cost of the home from the resale price and you end up with a percentage that is over what you set as your goal, it is worthwhile for you to purchase the home for property development.
Ms. Ateeya Manzoor is the Managing Director of Mayfair Management Group and a skilled strategic and risk manager with over 20 years of experience, 12 of which have been at the executive level. Through her 20+ year career spanning Bay Street and Main Street, she has worked on projects in the technology, legal, hospitality, property development, engineering, oil and gas and professional development industries.
Clients value her vision and unrelenting commitment to delivering tangible results.
For more details, please visit here: https://ateeyamanzoor.wordpress.com/
Once you've completed all the hard work from business startup through to the point where you start building a team, or you have an established team after several years in business, structure becomes very important.
The right structure will help you grow the business further, manage a growing team more effectively, and enable you as the CEO to become less operational and more strategic.
The following are the considerations suggested by Ateeya Manzoor when building a more solid structure for your business:
1. Role of the CEO/Owner of the company
This sounds obvious, but when you're in the thick of day to day operations and trying to keep everything running and on track, few business owners stop and assess their own role.
When you start building a team or you have an established team, your own role has to change as you bring in more people. You need to become the CEO rather than fill the role that many do of general manager involved in everything.
You need to shift your focus to more strategic matters like funding for expansion, assessment of growth opportunities, and building a strong team that can gradually take over your operational role.
Don't make the mistake of trying to build a team without shifting your own role to how you can best add real value to your company.
When you get to point 3, it will be clear if you need to change your own role.
2. Legal Ownership
Just assuming that you have a limited liability legal entity for your business structure, and have the right legal and financial structure in place to protect your business and personal assets
The other form of legal ownership is equity, usually when the owner of the company wants to 'lock in' good employees or reward those who perform well.
Once you give employee equity in your company, you set a precedent for others to follow. How much share of your business are you prepared to give others; on what basis will they earn it or buy in; what structure will you set up for shareholder voting rights; do all equity holders have the same weighted shareholding, and so on.
And finally, what happens when you have a falling out with one of those employees, and you can't shake them off because they are an equity holder in your business. It happens.
You may consider two other options: reward good performance with a bonus system or bonus incentives. The other option to reward those who have contributed to the growth and success of your business by offering to sell your company to them when you're ready to walk away
And remember, not everyone wants to have equity in your business, and too many people don't understand that equity comes with responsibilities and legal duties. Think twice about this strategy.
3. Your Organisation Chart
Often people don't bother with this as it's 'too formal' or 'too structured', but an organisation chart is a test of how well you've set up the structure of your business.
If you draw up your map of the organisation and you have boxes/roles with gaps and no-one to fill them, or you have others (usually the business owner) in more than one box, then your structure is not set up for future growth.
The key people, who report directly to the CEO or business owner, need to be able to take responsibility for their area, without having to defer to the CEO on the majority of decisions or problems.
If you have the team in place and you find they still have to go to you for advice on a regular basis, you need to factor in some more experienced and capable people into your structure.
Ateeya Manzoor is a Skilled Strategic and Risk Manager associated with Mayfair Management Group with over 20 years of experience. Through her 20+ year career spanning Bay Street and Main Street, she has worked on projects in the technology, legal, hospitality, property development, engineering, oil and gas and professional development industries.
Her talent is to anchor in businesses requiring structure or a fresh perspective. Clients value her vision and unrelenting commitment to delivering tangible results.
For more details, please visit here: https://ateeyamanzoor.jimdo.com/
Hospitality sectors have increasingly become one of the most promising sectors as concerns the career view point. Improved accessibility from one part of the globe to another has been a contributing factor in the growth of this industry. Globalization has much benefitted this industry. Also foreign tourism and business travel have contributed to the growth of hospitality sector. This ever increasing growth calls for an increased and sensitive management of this sector as it deals with the human elements.
You need creative solutions when dealing with the human elements in today's insecure environment and in a shifting economy. Hospitality management consulting offers you exactly this! It helps to accentuate the standard of the hospitality and leisure services to offer a much professional experience to the client.
Present era is deeply rooted in culture and hospitality. This calls for a unique and authentic consumer experience along with an internal employee experience. This fact drives majority of the companies of today and tomorrow. Hospitality management consulting serves to help the industry and the organizations in improving their performance. This is done primarily after analyzing the existing business problems and also formulating plans for the improvement in the sector.
Hospitality management consulting helps you to have professional, quality, personal and responsive training and support services for your hotel or tourist business, or any other related business. As these management consulting firms have a great deal of exposure to and relationships with different organizations, they are therefore well aware of the ongoing practices in the industry and have better solutions formulated for the problems faced by the industry.
The services of hospitality management consulting firms are hired for a plethora of reasons. The primary ones include gaining objective advice and access to the consultants' specialized expertise; seeking the business solutions "best practice" approaches in consulting, increasing the brand experience; handling the franchise issues; and executive search.
The work done by the hospitality management consulting firms focuses on giving valuable pieces of advice to the companies in order to get hands on the best ways to manage and operate their individual business. The hospitality management consulting helps you gain better insights into concepts like developing a business strategy, formulating operational techniques; and getting hold of other skills as time management and employee management depending on the individual needs of the company. They help make immediate contributions towards your company's strategic business objectives and also offer to provide you as broad or narrow a scope of services as required by your situation.
Ms. Ateeya Manzoor is the Managing Director of Mayfair Management Group and a Skilled Strategic and Risk Manager with over 20 years of experience, 12 of which have been at the executive level. Through her 20+ year career spanning Bay Street and Main Street, she has worked on projects in the hospitality, technology, legal, property development, engineering, oil and gas and professional development industries.
To know more, please visit here: http://ateeyamanzoor.fishinblogs.com/about-ateeya/
Are you among the small businesses and professionals who find that they just do not achieve the intended goals or they cannot complete their marketing plans? Marketing plans can fall short for a number of reasons. One common reason for this failure is the business marketing strategy and not the action plans.
There are five measures of a business marketing strategy that must be present if your marketing plan and your tactics are to succeed.
1. Shared goals with business strategy. It is absolutely necessary that you align your business marketing strategy with your business strategy. The marketing strategy needs to emanate from the business strategy. For example, if your plan is to grow your legal practice by promoting a focus on estate planning, it does not make a great deal of sense to advertise a focus on legal defense for juvenile delinquents.
2. Respect the budget. The budget sets the limits for your business marketing strategy. No matter what audience you need to reach or what product or service you are marketing, budgets define reality. You must keep things in perspective within those limits if you expect to meet your marketing objectives.
3. Comprehensive. Your business marketing strategy should outline all of your marketing goals, as well as the tactics you will use to accomplish them. It needs to encompass all of your marketing activities - traditional, internet, mobile, point of sale, etc. But it also needs to allow just enough flexibility to permit you to make some changes in order to take advantage of an unanticipated opportunity with a very high chance of success.
4. A sense of perspective. It is unlikely that you will be marketing a single product or service to a single, specific audience. A successful business marketing strategy will keep all tactics and campaigns in perspective to maintain a focus on marketing objectives.
5. Audience Determined. Ateeya Manzoor says that a good business marketing strategy will reflect significant research into the desires, needs and preferences of your target market. It will, then, use the tactics most likely to reach that audience where they can most commonly be found. It will reflect your understanding of the message they need to hear and the communication medium they prefer.
If your business marketing strategy can pass these five tests, you will be well on your way to crafting a winning marketing strategy that will achieve your goals and grow your business in the strategic direction you want the business to go.
Ms. Ateeya Manzoor is a managing director and management strategist and partner at Mayfair Management Group.
As a professional with over fifteen years of experience, Ateeya has worked with a large range of clients in various industries and sizes, ranging from large publicly traded financial institutions and technology firms, large resorts to midsized oil and gas companies, to small non-profits requiring a fresh perspective.
To read more, please visit here: https://medium.com/@ateeya