How To Take Stock Of Your Market Place
Share-option, share-purchase and profit-participation schemes should be pursued. It must be desirable for as many staff as possible to have a sense of ownership in the business, and to receive a tangible and tax-efficient benefit as a result. Increasingly, unquoted companies are introducing similar schemes to help motivate and retain staff.
Excitement and enthusiasm are important ingredients to help motivate staff. Enthusiasm needs to be set by personal example from the top and then positively communicated to people. Enthusiasm is contagious. Excitement needs to be created. Every manager should seek to generate and inject excitement into his department.
Aids to generating excitement include:
• short-term sales campaigns with attractive prizes
• setting, publicising and then beating performance targets
• communicating successes such as important new orders or customers
• giving people demanding projects which provide a new challenge and widen their experience
• creating opportunities by opening new sales offices and launching new products
• encouraging people to come forward with ideas and giving them the opportunity to put worthwhile ones into practice themselves
• making acquisitions which create more career opportunities
All the above examples, however, must contribute to the achievement of the company vision as well as create excitement.
What can you do?
1. Define major business-development projects and measurable progress milestones to complete during the next 12 months, with individual accountability for each one, to make the vision happen.
2. Minimise the number of staff employed centrally and concentrate on strategic-business and profit-centre accountability.
3. Evaluate research and development projects in market and financial terms before authorising expenditure.
4. Evaluate capital-expenditure projects in terms of the cash-flow payback period or the discounted cash-flow rate of return.
5. Carry out audits on major capital projects to ensure that satisfactory results are being achieved.
6. Generate excitement and enthusiasm as a conscious part of your management s
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