Tag: time management

Across the world, minimising waste is a hot topic. The decluttering movement is gaining ground, and the world is waking up to the environmental implications of our waste.

In business, there are many examples of waste– and all of them can impact on our bottom line and our psyche.

While many businesses are good at minimising physical waste, business and staff inefficiencies can have an even greater impact on your bottom line.

Here are six ways to minimise waste at work with the potential to whip your business into shape in no time flat (with a little hard work, that is).

Clear communication
Despite more methods of communication than ever before, this doesn’t prevent some messages from getting lost in translation. When communication breaks down, this can have a serious impact on your business, impacting staff morale, your team’s output, and ultimately your customers. There are many ways to improve your team’s communication. Choosing select mediums for communication is one important way. For example, consider platforms such as Slack to streamline your workflows, and minimise the number of emails you send and receive.

Avoid over-servicing
Under-servicing can lead to dissatisfied customers, but over-servicing can be just as costly. While it’s great to be accessible to your clients, remember that this comes at a cost to your business. TopLine Comms CEO Heather Baker says over-servicing is the number one profitability killer for service businesses. “We created a level of expectation that simply wasn’t feasible,” she says of her own experience. Utilise a time tracking system, such as Toggl or Clockify, to identify areas where you are over-servicing, and pass this information on to your clients to take back control.

Flexible roles
Having defined roles, especially as your business grows, is essential to avoid the duplication of services. But Professor of Organisational Behaviour at London Business School, Dan Cable, says job titles must be flexible and play to each employee’s strengths. “Nowadays organisations need innovation and agility from employees,” he says. “This opens the door for employees to use their personal skills to adapt the job, and the job title, around their strengths.” Strike a balance by continuing to set KPIs, but taking a less rigid approach to the job descriptions of old.

A matter of priorities
Time management expert Peter Turla says, “Managing your time without setting priorities is like shooting randomly and calling whatever you hit the target.” It can be the difference between success and mediocrity. Your business needs to clearly define what high value work is for your brand, and ensure your leaders are setting clearly parameters and direction around this. Consider how you’re using your time and talents, and be strategic when prioritising your tasks to minimise waste.

Act on ideas
A company culture that promotes not only idea generation, but also idea execution, is crucial. Without the latter, your team’s talents and ideas are wasted. While experimentation is not without risks of its own, chief innovation officer of Rightpoint Greg Raiz says embracing risk must become part of a company’s “long-term culture” if it is to remain innovative. “The overnight disruptive success of the iPhone, Google, Amazon and Netflix all took more than a decade,” he says. Failure to leverage new ideas and networks in real time can create a culture of living in the past and doing what is safe, to the detriment of your brand.

Plan your events
While there is a strong push for more investment in professional development and marketing opportunities within many companies, it is important that these opportunities do not result in financial waste. When considering expos, tradeshows, workshops and other profile-raising and professional development options, consider what you or your employees will take out of this. Ensure that you clearly define and plan out how you will leverage your attendance in the real world. Where you can’t define these benefits, such opportunities are best avoided.

Minimising any business’ waste in a meaningful and holistic way requires work, but consider the far greater cost of not doing this work. This work should begin with a review of your business in order to identify the greatest areas of waste. Nevertheless, small changes count. Ask yourself: What is one small change I can make to my company’s operations to minimise our waste? Then, make the switch. Take the small wins, and plan for a bigger overhaul that incorporates all of these steps.

‘Collaboration’ has long been a buzzword in the business world.

Companies recognise that remaining relevant requires not only internal collaboration and team work, but also collaboration in the form of partnerships with other organisations.

Defined as “the situation of two or more people working together to create or achieve the same thing”, collaboration makes good business sense.

Consider the success of fast fashion retailer H&M’s collaborations with luxury design houses such as Balmain and Versace, or Uber and Spotify’s value-add partnership that allows you to connect your Spotify account to your Uber car’s radio.

But with great reward often comes great risk. Collaboration can be seen as a smoking gun means to achieving greater brand awareness and financial rewards based on a partnership vision that focuses too heavily on the ‘what’ – the strategy – and not enough on the ‘how’ – the tactics, or fails to adequately recognise the risks.

In these cases, the results can be disappointing. Loss of autonomy, dilution of your brand, lost time and resources, or a negative impact on your brand’s reputation, are just some of the risks.

So today I’m challenging you not to mention the ‘c’ word without first taking these six steps to determine whether you or your business are really in a position to commit to a collaboration.

Do so and you’ll be well on the way to more successful partnership opportunities that yield better results for you and your partners.

  1. Time is of the essence

The first key question you should consider is whether you have the time and resources to nurture a collaboration opportunity. You should consider the potential drain on company resources, both in terms of the number of hours key staff would likely spend on such a partnership, and upfront financial costs. Remember that the drain on financial and company resources is often greater than expected.

  1. Identify your processes

Before entering into any external collaborations or partnerships, you should identify your processes for critiquing the value of your collaboration. Ask: what am I seeking to get out of the partnership first and foremost? Once you know this, you’ll be able to deduce how best to measure this  – whether it be greater brand awareness, a spike in sales of a particular product or service, or customer satisfaction levels.

  1. Leverage your strengths

When negotiating any partnership, be sure to know your strengths. Consider both your access to knowledge and people. For example, you may have a small team, but you could have expert specialised knowledge that is particularly valuable to a potential partner. Alternatively, you may have a broader organisational focus, but perhaps you have the people power to support this work and do more of the heavy-lifting. Knowing and leveraging your strengths before commencing negotiations with prospective partners will ensure you get a better deal for your business. Be prepared to ask yourself and your team the tough questions about what you bring to the table as an organisation.

  1. Mind the gap

Also be aware of your skill gaps – and ensure you partner with an organisation that doesn’t have the same gaps as you. Consider whether you have complementary skill-sets, and creative ways to bridge any skill gaps.

  1. Better off alone?

Finally, assess the ideas and opportunities that collaborations offer and weigh these up against the potential challenges. Ask yourself: am I really better off collaborating, or could I/we be better off alone? Consider what you could do with the resources required for your collaboration if you decide not to go ahead. Which option is more favourable from a commercial perspective? And don’t forget to consider brand reputation and PR risks. LEGO’s collaboration with Shell is one example of a company failing to recognise the PR risk of such an association, as attitudes to Shell’s environmental practices have shifted over time.

  1. Trust is a must

Finally, weigh up the ‘co-opetition’. The term, utilised to describe collaborations with organisations that would often be considered your natural competitors, sums up the need for trust. In order for partnerships to be truly successful, all parties need to be willing to share ideas and insights. At the same time, protecting your IP and business plans is essential to mitigate unnecessary risk.

So, be sure to exercise consideration and caution when using the ‘c’ word. While collaborations aren’t for everyone, successful partnerships can offer immense value to all parties.

I’m interested in your thoughts… Do you have a favourite company collaboration? And are there any other considerations you would weigh up before using the ‘c’ word?