Strategic Thinking Training You Secrets You Never Knew
To posses business acumen skills means there is a sense of monetary literacy. It is how keen your understanding and accuracy are when you must make quick and profitable judgments in the commercial and company community. Not all people have this ability.
There are lots of companies who send their management individuals to business acumen training in order to improve their abilities. Employees must understand that every business requires cash and earnings to stay in business. Each worker must understand how he, as one person is making the company money.
He needs to be taught that he’s a key person who contributes personally to the business sustainable growth and its profitable growth. He also needs to understand how valuable he is to the company. Once this business strategy training is complete, even upper management feels a new regard for the business.
If each worker is trained and knows what business acumen skills are all about, he soon begins to see things in a new light, he begins to feel a value in what he is doing and a new confidence in the placement he has within the company. If an employee creates an assembly line he knows that the more work he creates per day indicates more money in his pocket and much more money for the organization. To those in leadership, many times they have no understanding of business acumen because it is lacking in the training of administration and leadership within the company.
Such classes as advertising and accounting and advertising are taught in business schools that help one to learning business, but learning business acumen skills is something much needed. A business also has to have growth because without growth it will go stale and fail. It needs to have people who understand that along with cash and profits, a business needs to grow to begin constant expansion.
Success requires workers with strategic thinking skills and a plan for the growth of the organization. It needs employees who have a financial good sense and almost a feel for making accurate monetary decisions. A person with business acumen skills will feel very valuable to the company because they either naturally have the skills or they have been taught these skills in a new type of classroom.
Knowing how to make and anticipate how their decisions will help the company along with building business assets that the organization needs to exist, will make sure that they’ll have a location as an employee of the business for several years in the future. This knowledge also will help the employee climb the ladder of success within the company ranks.
Every business in the world had a beginning. Who they had in place to make probably the most valuable choices contributed a key role in the growth of the business. They began to make cash and to broaden with the profits their company made.
This business accomplished extraordinary expansion because their employees understood and felt critical. This fortunate company had employees with the vision and the common financial sense called business acumen.
Jordan has hosted many strategic planning seminars that has led him to be a huge asset to many big businesses. He has helped many companies to gain great strategic thinking training along with great strategic thinking.
Intrinsic Or Extrinsic Motivation
Although it is his day off, Charlie takes an unexpected call from his boss, Tom, who asks for his help. Tom explains that he has a rush job that needs to be done today, and he asks if Charlie would like to do it. The job is to mow a large area of grass with a heavy, petrol-powered mower. Charlie thinks about this for a moment and then declines the offer. “Mowing grass is just plain boring,” he says.
Tom goes on to reveal more details about the job. He tells Charlie that the grass in question is at Newcastle United’s training ground, and all the star players will be there today. If Charlie brought along his camera and an autograph book, he could get some great souvenirs.
Charlie laughs at this. He tells Tom that he must be getting him mixed up with Chris, who supports Newcastle. Charlie supports Sunderland and so working alongside players from his rivals’ team would offer no incentive.
This news causes Tom to revert to plan B, as that grass must be cut today. “All right then,” he says, “How about I give you an extra twenty quid?”
“What time do you want me there?” Charlie says, and later that day the grass is mown.
What we have here is Tom trying to motivate Charlie into mowing the grass. The job on its own is long and tedious and Charlie declined to do it for that reason. Tom tried to ignite Charlie’s interest in the task by revealing that the job would involve mingling with Premier League footballers. This is intrinsic motivation, where the task itself has aspects that are appealing enough to have the person actually want to do it.
Having got Charlie mixed up with another employee as to their football affiliations, Tom tried offering more money as a means to motivate Charlie into taking the job, and this time he was successful. This is extrinsic motivation, where a reward or other incentive is offered to motivate a person into doing something that would be far less appealing without it.
Intrinsic and extrinsic motivations are two distinct
Tom offered Charlie the intrinsic motivation first, because this would cost him nothing. This is a key difference between these two forms of motivation: intrinsic is generally free, while extrinsic comes at a cost. This suggests that intrinsic motivation is the better option because its application bears no cost, but this is only a part of the picture.
Intrinsic motivation works well because a person who is happy at their work is generally more productive than someone who is unhappy.
It is possible to be motivated intrinsically and extrinsically simultaneously, as I know from personal experience. The first articles I ever had published were in a Newcastle United magazine. I received no payment for these articles, and yet I wrote over twenty (and I still write them when time allows). My motivation lay in writing about the football club I love (intrinsic) and the reward of seeing my name in print in a glossy magazine (extrinsic).
This last point is important, because the term ‘reward’ is not confined to money. It could be that a person is extrinsically motivated by other factors, such as a qualification, or even just the prospect of a little praise for their efforts. Even police sniffer dogs respond to non-financial extrinsic motivation as they dart excitedly between suitcases, keen to sniff out contraband because they get to chase a ball after each successful find.
So if you have to motivate your team, it may be wise to consider which approach would work best under the circumstances relating to individual situations. Whichever way you choose, the sight of your team working well should motivate you intrinsically, while the prospect of high praise for a job well done should cater for the extrinsic side.
Author is a freelance copywriter. For more information on motivating skills training london onsite, please visit http://www.microsofttraining.net
What’s an S Corporation?
If you’re a new business owner, you probably know that in the very near future, you’re going to have to register your business with both your state government as well as the Federal government. Since the government is involved, there must be some degree of complication and that is true when going through this process. There are a lot of options available but let’s look at what an S Corporation is and why you would want to register using this designation.
For most small businesses, forming an LLC will work well. By it’s nature, an LLC combines some of the benefits of a corporation with the simplicity of a partnership and with the help of a business registration service, it is easy to set up with very little paperwork.
An S Corporation is similar to an LLC but is more appropriate for larger businesses with a more complicated management structure. With an S Corporation, you have to file articles of incorporation, write bylaws, elect a board of directors, hold board meetings, issue company stock, and change the governance structure only by board vote. Your company can also have up to 100 shareholders if you’re designated as an S Corporation.
S Corporations maintain many of the same advantages of an LLC including pass through income and limited liability.
Pass Through Income
You don’t want to pay taxes twice. With some businesses, when money comes in, the business has to pay taxes and when it pays an employee, the employee must be taxes on their personal returns. If you are the owner and one of the employees of a small business, if it weren’t for pass through income you would have to pay both of those tax bills. Pass through income allows you to claim the income only once on your personal tax returns in most cases.
Limited Liability
When you form an LLC or S corporation, your business becomes a person with all the rights that a human enjoys. (Legally speaking) Your business can do well and earn money to pay employees but it can also do wrong and be the subject of a lawsuit. Limited liability means that each shareholder in the S Corporation is only liable for the money they invested providing the company has operated in compliance with S Corporation rules.
In order to be an S Corporation, the IRS mandates that you meet the following requirements:
Your company must be a United States based entity.
Your shareholders can only be individuals, certain trusts or estates and may not include partnerships, other corporations or non-resident shareholders.
You can only issue one class of stock. This prevents you from setting up different types of ownerships.
Your business must be an eligible type. Certain financial institutions, and insurance companies are two of the types of companies that may be ineligible for S Corporation designation.
If you’re still not sure, contact a business registration service. They have the knowledge and expertise to guide you through the decision making process.
ActiveFilings LLC was created 10 years ago by two entrepreneurs who decided to join efforts and start offering Forming An LLC Services and Company Formation. Click Business Taxation for more information.
Executive Coaching: Developing Business Leadership with Seven Simple Truths
If you want to motivate others you must be able to motivate yourself, right? Leadership is about developing qualities in oneself that inspire others to follow. We inspire others to follow when we confidently lead from a source of strength and knowledge. So I began jotting down organizational management quotes and notes that resonated with me. Each day I read these I’m reminded of what moves me to action and why I’m driven to be excellent for my clients. Here are seven leadership truths that can help you become a better business leader:
1. Unwrap the Present: There is something in your life that is a gift to you. What do you receive with gratitude and reverence and guard with diligence? Focus on that person or thing throughout the day.
2. Seek to Know: One of the greatest professional qualities is an awareness that you know what you don’t know. Fill the gaps in your knowledge base by seeking to understand other people, things and places. Your superiors, peers and followers will appreciate your humility.
3. Be an Ambassador: We all got to where we are with the help of someone. Represent that person in all your business and personal interactions throughout the day. Each moment ask yourself how that person would respond if they were standing right next to you. You’ll direct activities from a renewed sense of confidence and purpose.
4. Don’t Complain: The loudest critics often get tagged as oppositional and uncooperative. Use positive and encouraging words and actions. You’ll be seen as a more qualified manager and the go-to executive in challenging situations.
5. Be Last to Be First: Are you serving others or serving yourself? Every organizational management decision should be evaluated using three criteria:
Will the organization’s mission be advanced?
Are my team’s interests aligned with the mission?
Are my interests subordinate to my teammates and the team?
6. One Soldier Down: Everyone has down days when your energy is at low ebb but the business world keeps coming at you full speed. If your team is down with illness, low morale, exhaustion or other performance drags, you need to stay positive and motivated.
7. Be Durable, Not Vulnerable: Leadership is demanding. Take care of your personal fitness and nutrition so your body and brain can function at a high level throughout the day. You’ll also set a great example which will result in the entire organization operating at peak performance.
As you repeat these executive coaching truths day after day they will become second nature and your ability to recall them in times of crisis will improve. Breakfast is the perfect time to establish your focus for the day ahead. Practice these each morning to gain more leadership confidence and enhance your organizational management skills.
Mike Shelton is a professional executive coach and business consultant with over 20 years of finance and management experience. Call him at 602.463.1199 or email [email protected] to discuss your business coaching and management consulting needs. Visit us online at sheltonbusinessservices.com for management consulting and executive coaching services.
Balancing Intuition With Logic In Decision Making
When the pressure is on and everyone is looking to us for answers, we often turn to our intuition to help us make those all important decisions. But during negotiations, we need to be able to rationalise our decisions in a calm, informed manner rather than suffer the consequences of decisions made on a gut feeling. Rash decisions can certainly free us a lot of time but in a business setting we need to lean more towards logic to justify our actions.
Many of us are confident that we can distinguish between occasions which require indepth thought and times when we can allow our intuition to kick in. But it is easy to be misled by our intuition and allow it to have more input than it should, especially at times when just one single snap decision could have long lasting consequences.
For instance, imagine a drawing of two picture frames, one is long and thin and the other is square and wide. When relying on intuition it is easy to conclude that that the long, thin frame is smaller than the square one. However, if both picture frames were measured, it would be clear that both were the same size. This is where instinct can fail you. Making such decisions in business could lead to bad mistakes which may be hard to rectify.
We all have two forms of decision making:
Quick thought intuition where decisions are made autonomously and without any doubt. A negotiator will react with quick, snappy responses to a situation.
A slower response to a decision where the negotiator will make a decision after careful thought with a logical explanation as to why the decision was made.
As busy professionals we can often become bombarded by information overload which causes our cognitive thinking to become exhausted. When we are constantly immersed in intellectual activity our powers of perception, judgement and reasoning are diluted. As a result, the thinking process starts to lapse. If a situation is complex, the brain will rely on intuition to take over and help us to reach that decision.
It is perfectly justifiable to rely on instinct for matters which have no long term impact on our lives such as deciding where to have lunch. We can even use our instincts to build up a rough idea of how a future plan may evolve. However, this will be a temporary view until logical decisions are thought through in more detail at a later stage. This helps to keep time our time streamlined so as we can concentrate on more important matters which require deeper thought. Using the logical mind to analyse every problem that arises would be mentally exhausting and there would be no benefit from reacting in such a meticulous fashion.
Think about it…
Make it an aim to list a set of pending tasks which require the skills and expertise of your logical mind. If you have negotiations looming which could result in large sums of money coming in or going out of the business, complex details or a change in direction for your company, you owe it to yourself to prepare for such occasions. This means allowing the brain to become absorbed in the thought process when it is alert, judgemental and analytical.
Don’t put yourself under pressure…
By adopting a logical frame of mind, you prepare in advance for those times when you need to be extra vigilant. Set aside an entire morning or afternoon to discuss any complex matters in depth, so as the brain is ‘fired up’ and able to raise those questions and concerns which would otherwise be overlooked in a rushed environment. The intuitive mind can only act on information and feelings which has been presented before it so if you are rushed, it can only provide an answer based on the brief outline that it has been given. If someone pressurizes you into making a decision they may be working on a hidden agenda.
Break it down into manageable chunks…
We have a natural desire to make life as easy as possible. Hence the reason why we are often quick to close a deal before giving it proper thought. If you anticipate a situation becoming complicated and intense, break it down into smaller segments over a period of time. This way you can evaluate points, anticipate potential hurdles, ask questions which may not have surfaced and build up a picture of how things are likely to pan out.
Taking a slower, logical approach to major decisions
This will reap its rewards and allow you to gather your thoughts and work towards a final decision in a series of steps. For example:
Day One: A one or two hour face to face meeting.
Day Three: A telephone discussion to clarify points and raise questions.
Day Five: Email correspondence to integrate further ideas and suggestions
Day Seven: A final meeting where all of the above points have been evaluated and an informed decision has been made.
From the outside looking in…
When making decisions, humans rely on two ways of looking at things: They use an insider lens and an outsider lens.
An insider lens is used when intuition allows a negative or positive thought to be determined from a situation. When the negotiator is removed from that environment, he then relies on his inner lens to make rational informed decisions. Whilst the inner lens is able to produce emotions which create a ‘knowing or sense’ feeling about a situation, the outer lens is able to look at the wider picture without emotion and analyse the findings.
Important decisions connected to a new business should never rely on intuition, even if the hunch feels right. The outsider lens should be used for all matters related to planning, construction and hiring. The same can be said for entrepreneurs and business people who forecast their future over a five year period. It is estimated that over 85% of business owners have a strong hunch that they will flourish. If they had viewed their current situation and taken the time to analyse their future, they would be surprised to learn that the chances of a new business surviving for five years is less than 35%.
If you fear that you may be acting on intuition rather than logistics, try asking someone neutral to attend important negotiations with you. This could be a trusted friend, business consultant or employee. When a meeting is highly charged you can leave it to them to pick up on negative points you may have missed or raise important facts which could have been disregarded. Such a person will maintain an objective view and will not be weighed down with emotions which could cloud their judgement.
Another way to override your intuition is to view the situation as an outsider. This means removing yourself mentally from the situation by imagining that you are standing in for someone else. By doing this you can analyse information without emotion and easily find the answers that you are looking for.
These simple strategies could go a long way to helping you use your logical mind in favour of your intuition. This way you can always take a step back to weigh up the pro’s and con’s before reaching a final decision. We are programmed with psychological biases which influence our intuition and lead to irrational decisions. When you react from an outsider point of view, you leave all of these biases behind and are able to reach decisions from the facts which are presented before you.
Author is a freelance copywriter. For more information on strategic decision making training london, please visit http://www.microsofttraining.net