If you can read only one business magazine a month, I recommend Harvard Business Review. How come? I like the proven practical advice for any company, large or small.
For instance, this month the cover reads “We studied 25,453 companies over 44 years to find THE 3 Rules for Success”.
This article is written by Michael E. Raynor who is a director at Deloitte Services LP and Muntaz Ahmed who is a principal with Deloitte Consulting LLP and the chief strategy officer for Deloitte LLP.
I like its irreverence, supported with indisputable facts.
What they found was that companies who have done well over a long period of time follow seemingly elementary rules:
Better before cheaper – in other words, compete on differentiators other than price.
Revenue before cost – that is, prioritize increasing revenue over reducing costs.
There are no other rules – if you must change anything, follow Rules 1 and 2.
It is not what the leaders of these companies do that have made them, and kept them successful; it’s how they think. These three rules are deep-rooted philosophies, either consciously or unconsciously communicated from the top down.
So pick up a copy of the mag, or read it on line at
Now that the economy is back in action, companies are beginning to hire again. Which means that, companies are looking towards your employees. What are you doing to ensure that they’ll stay and avoid the temptation of being poached?
Get to know them. By understanding who they are, truly, deeply, innately, they will develop loyalty towards you and the company. A recent Aberdeen report stated that companies who integrated HR assessments had a 28% increase in employee engagement.
HR Assessment Tools help in that process – and visa versa. By letting you employees know who you are, how you like to communicate, how you like to be treated – will inspire trust on their part.
What’s the alternative? They leave you or you manager because no one took the time.
According to a recent CIBC World Markets report 310,000 business owners – which amounts to nearly 30% of all the small and medium-sized businesses in Canada, worth an estimated $1.9 trillion in business assets – will be selling or transferring control of their companies within the next five years. By 2022, those numbers are expected to reach 550,000 owners with $3.7 trillion in assets.
“The economic implications of the accelerated pace at which firms are changing hands should not be underestimated,” said Benjamin Tal, CIBC deputy chief economist. “The firms that will change ownership in the coming five years currently employ close to two million people and account for no less than 15% of GDP.”
Tan said faulty or badly executed succession plans could have a “ripple effect” through the Canadian economy, due to reduced productivity, job losses, premature sales and increased bankruptcy rates.
Do you see this as a threat? We welcome your comments.
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