How You Can Guarantee Customer Satisfaction

“We implemented a money-back guarantee at the Brazen Head at the Leaping Frog Centre, Fourways, offering a money-back guarantee on all our meals. Staff were reluctant at first, but the guarantee forced us to maintain standards at our front and back of house. In the end, we only had to honour the guarantee once in eight months.”

It’s a stock standard differentiator that every company uses: Customer service. And yet so many businesses are anything but customer-centric. Whether you’re in a B2C or B2B environment, here are three areas you could improve today.

1. Guarantee Your Service

If you don’t believe in your service, you can’t expect anyone else to. So, guarantee your service. This should not just be an empty phrase — back up your guarantee with a money-back promise.

Advertise that promise in your business, on your website and in your communications. That tells your customers, “We have such confidence in our service, and we’re so determined to be great that we put our money where our mouth is.”

The benefits of a money-back guarantee:

  • It encourages first-time customers to try your services.
  • It forces your team to keep standards high and focus on results, as slip-ups will hurt your business immediately.
  • It fosters pride in your business. “Our service is 100% guaranteed to be great!”
  • It is a selling point. “At Venus Video Games, satisfaction is guaranteed, or your money back!”
  • It sets you apart from your competitors. Would you rather try a new store that offers a money-back guarantee, or one that doesn’t?

We implemented this at the Brazen Head at the Leaping Frog Centre, Fourways, offering a money-back guarantee on all our meals. Staff were reluctant at first, but the guarantee forced us to maintain standards at our front and back of house. In the end, we only had to honour the guarantee once in eight months.

2. Complaints: Relate and Recover

Often, what a customer wants most from a company is to be treated like a person. They want real, authentic, human interaction.

Mostly, this human kindness will come while you cater perfectly to their every need, deliver the goods and services efficiently and then send them on their way with a massive smile on their face.

But every now and then things will go wrong. The customer won’t get exactly what they were looking for, the service won’t be 100%, or there will be some kind of misunderstanding.

This is unfortunate and of course nobody wants it to happen, but occasionally it does. If handled properly, these hiccups can be an opportunity to improve customer relations, build real human interaction and turn an unhappy customer into a happy one.

When a customer calls into your bank branch to complain that an unauthorised debit order was taken off her account, treat the person like you would like to be treated. Here is a good procedure to follow that fixes the problem while building a real human interaction.

  1. Understand the problem. Listen carefully and make sure you know exactly what the client’s complaint is.
  2. It doesn’t matter if they actually signed an authorisation and it’s technically their fault. This isn’t about who’s right and who’s wrong. It’s about building a relationship of good customer service.
  3. Take immediate action to fix the problem. In this case, reverse the debit order.
  4. Ensure it doesn’t happen again. That means working out who authorised the debit, and why and adjusting your systems.

If you go through this process as efficiently and as pleasantly as you can, you might find the customer comes out the other side in a pretty good mood. Their complaint has been acknowledged, they’ve got an apology and it’s been sorted out.

Service Tip: Don’t take customer complaints personally. They are part of your job, and your role is to handle them professionally. When a passenger of your airline says, “You’ve lost my bag!” they don’t mean it was you personally who lost it. But in this case, you represent your airline, so you should take responsibility, apologise and sort it out.

3. Use Your Own Services

There’s no better way to check what your company’s service is like than by being your own customer. Of course, if people recognise you as one of their colleagues, they’ll be on their best behaviour, so use one of your digital channels, phone up or use a branch where they don’t know you.

Now pretend you’re a customer looking to make a purchase, but without too much knowledge of your systems. You’re a person off the street, as it were. What is your service experience like?

Here are some ways you can use your own services:

  • Try to get hold of your company. How easy is it to find your details? Is your website clear and logical, is your phone number prominently displayed? How is the phone answered?
  • Try to make a purchase. Is it easy? Is your query handled efficiently and quickly?
    • Most importantly, what’s the service like? Are the staff friendly, positive and dynamic? Do they go the extra mile to deliver exceptional service? Do they build relationships, do they provide help beyond just making the sale?
  • Phone to complain. Use the customer-care line, or website. You’ve been advertising this channel for years — what actually happens when someone uses it? Are complaints handled efficiently and in a positive spirit?
  • Leave a message. You can do this by voicemail, text or email. Does anyone get back to you?
  • Be inconvenient. Call over the weekend, after-hours, during lunch, or even during a busy period. Are the staff just as keen to help you? Can you even get hold of anyone?

Try to get hold of yourself. When last did you listen to your own voice message? What does the signature say at the bottom of your email? What does your switchboard operator say when answering the phone?

Source: Entrepreneur Magazine

7 Skills Every Entrepreneur Needs To Adopt Today

As a small business owner, you might not think that training your staff is as important as it would be in a larger company. This is where you are wrong. A small business is still a business and, in order to be successful, you will need to have staff that understand their roles and their responsibilities completely.

They should also be trained in other aspects that do not relate to their position, such as computer literacy and general administrative duties. Skills development facilitation is an effective way to ensure that your employees perform to their highest levels and feel appreciated and valued in your company.

It can help to address weaknesses

While you are not trying to make your employees feel bad about their performances, training programmes can help them (and yourself as the business owner) to address any weaknesses they might have.

By addressing these weaknesses, you can find ways to improve their skills, such as sending them on computer courses or communication courses. Training your staff also allows everyone to be elevated to the same level of competency, making for a more productive and proficient business. Any employees who feel they have weaknesses will be able to improve their skills and reach the same level as the other employees.

Employee performance will improve

If weaknesses and shortcomings are addressed during skills development facilitation courses, this will obviously help to improve your employees’ overall performance levels. You should be sure to send employees on relevant courses that are targeted to their roles and responsibilities so their departments can improve too.

Your staff might be feeling unmotivated or overwhelmed, and a training programme can help to improve their confidence and performance. Improved employee performance is a huge positive for a small business, as it will mean a faster turn-around time and projects being met on-time and within the client budget. Training your staff in their areas of expertise is a sure-fire way to boost their confidence and performance levels.

It can provide direction

If you have a department that is not operating at its full capacity, then a training programme might be the perfect tool to help this department reach its full potential and find direction. Having direction when working in a small business is vital to any employee, as it helps them to be productive and reach business goals.

You can choose from a range of skills to train your staff in, such as computer skills or office administration skills, targeting a certain department that might help with direction in their work. Skills development facilitation can also help those employees who are not sure of their roles or whose skills are too “general” to fit into one department.

If you only have a few employees, sending them on training courses can help to show them what roles and responsibilities in the company are.

Training provides consistency

Sending your employees on skills programmes will ensure that everyone who works in your business has the same level of experience and expertise. This consistency is particularly important when it comes to policies and procedures, as all employees need to be aware of the expectations and procedures within the company.

Putting all staff members through the same basic training will ensure that everyone has the same exposure to every department, which can help the office run smoothly and improve employee relations. Having consistency in your office means that everyone is operating at the same levels and that your business is able to finish projects at a much quicker rate than before the training. Be sure that you also look into more targeted courses for your different departments.

It gives you an edge on the competition

Human capital and skills can help a small business to get an edge on the competition. This is especially true if your entire workforce has been trained in their fields and has received the same training across the board.

Having an edge on the competition is not only beneficial to you as the business owner, but will help your staff to have a sense of pride in their work and can even help to retain your talented employees. Being able to outdo your competitors relies heavily on the abilities of your employees, which means that you should take your training programmes seriously. If you want to be a success, put the needs of your staff first and see how quickly your business improves.

Happy employees means better business

Sending your employees on training programmes can help immensely with job performance, employee retention, office consistency and addressing any weaknesses there might be. Your employees will feel valued and respected, which, in turn, will improve their loyalty to your company and help with quicker turnaround times.

Source: Entrepreneur Magazine

How To Manufacture Sales Urgency (Without Sounding Like A Scam Artist)

We’ve all seen those infomercials – the ones that urge us to call in to buy a blender or a mop or some other kind of gadget. If we call in the next 20 minutes, we’ll receive two for the price of one. Somehow, against my better judgment, I find myself thinking about calling in to cash in on the deal. But why?

It’s because those infomercials are all about urgency. You can use the same tactic to drive sales to your business, too.

Establishing urgency gives your customers a reason to act quickly. Their instinct is to take their time and think about the decision. But by throwing urgency into the mix, you’re eliminating the customer’s ability to think too hard or wait too long to buy.

But creating that sense of urgency isn’t always easy. Research from Hubspot finds that establishing urgency is the top challenge today’s salespeople face. If you’re struggling to drive urgency in your business, here are three ways to do it.

1. Establish scarcity

The more there is of an item, the less motivated we are to go out and get it. But if that item is scarce (or perceived as scarce), its value increases.

Think of the iPhone. How many people do you know who run out to get the newest iPhone on the day of its release? They stand in line for hours, wanting to be one of the first to have the new product, and knowing that eventually the store is going to run out of iPhones – at least until they get another shipment. But that won’t be for months.

That new model iPhone is perceived as scarce. There aren’t many of them, and time is running out to get one, so your purchase decision needs to be made quickly. The same idea can be applied to your products or services. Perhaps you only offer a limited number of products or you only open registration for your event for a limited time. With the window of opportunity much smaller, your prospects will be more likely to buy.

2. Focus on your customers’ needs

Establishing urgency doesn’t always have to be about scarcity, though. You can create a sense of urgency by understanding, from the customer’s point of view, why they need the product now. This goes back to understanding your customers’ needs, which you need to know to sell anything to them. You need to get to the bottom of what makes your customers tick and what their pain points are. Then you can focus on how your products or services offer a solution.

The customer is always asking “What’s in it for me?” When they hear how your product or service aligns with their needs, they are persuaded to act. To the customer, their problems are urgent, and if you offer a way to solve them, they’ll be more likely to trust you and buy from you.

3. Show the consequences

As humans, we tend to avoid negative consequences no matter what. This “loss aversion” means we’ll do whatever it takes to avoid dangerous situations, losing the things we love or any other negative consequence. In fact, the desire not to lose is often greater than the desire to gain.

In sales, focusing on the consequences of not buying can have a great effect on a prospect’s decision to buy. You may choose to show how much money the prospect could lose if they don’t invest in your product or service, or how flawed their current processes are and how inefficient their business is. Whatever it is, focusing on the negative instead of the positive will have a psychological influence on your prospects, which will lead them to a purchase decision faster.

This article was originally posted on Entrepreneur.com.

How To Keep Big Ideas From Being Big Failures

As an entrepreneur, it’s not uncommon to have big ideas. Ideas that, if worked properly, can take your business to higher levels.

Maybe you’ve came up with a way to enhance your products or services that would advance your company lightyears ahead of your competitors. Or perhaps you’ve thought up a new gadget or tool that, once developed and released, could potentially change the world as it exists today.

The problem with having these big ideas is that sometimes they fail. And they can fail hard.

Big Ideas Can Equal Big Failures

Take Coca-Cola, for instance. On April 23, 1985, this well-known company announced that it was changing its formula and releasing the “new Coke.” While its goal was to update a soft drink that had been 99 years in the making, it actually had the opposite effect. Consumers were mad. Real mad.

People had grown to know and love the taste of Coke, so the thought of it changing didn’t sit right with their taste buds. Many protested the company’s actions, creating such a stir that, in addition to being picked up by news sources everywhere on that day, it is still being talked about today.

Ultimately, Coke recovered and is still loved by many. However, it easily could have went the other way, potentially causing a revolt big enough to force them to close their doors.

So, what can you do to take your big ideas and turn them into wins versus risking them becoming huge failures capable of sinking your business? According to one entrepreneur, you simply do a numbers test.

The Numbers Test

In a People Stack Podcast, Russ Ruffino shares that his company, Clients on Demand, is on track to earn $20 million this year. This number is up from $4.5 million in 2016, just two short years ago, and Ruffino says that one thing has helped him reach this level of success is that he and his team use data to help them decide what to do. “We always run the numbers,” says Ruffino.

For instance, if your big idea is to recreate one of your current products, how much will it cost your company to make and test a prototype? What about manufacturing costs on a larger scale?

Think also about expenses related to marketing the updated product line and costs associated with creating enough buzz to get it to really sell. Put them all together and see what the numbers are telling you.

Sometimes New Isn’t Better

You may just find that newer isn’t always better. In fact, Ruffino says this is typically the case as, usually what he finds at Clients on Demand is they can typically “get to our income goals faster by just getting a little bit better at what we’re already doing.”

Benjamin P. Hardy, a former top writer for Medium.com in the self-improvement and entrepreneurship space, agrees and adds, “It doesn’t matter how good your strategy is, if you’re not skilled at what you do, that strategy won’t take you very far.”

That’s why Hardy recommends that you put yourself in challenging situations. “This is how you evolve,” he says. And be sure to follow your own path and keep your why’s in front of you along the way to remind you of what is driving you forward. Let these motivate you when times get tough.

It’s only natural to come up with big ideas in business. That’s what being an entrepreneur is about. Just make sure you follow your numbers and those big ideas can potentially become big successes.

Source: Entrepreneur Magazine

How Well Do You Really Know Your Customers?

All businesses go through 4 distinct stages of growth. In the early start-up days everyone is thinking on their feet, few formal processes are in place and sales funnels are still being constructed. Then the business enters the growth stage where things become more formalised and client relationships are maturing into the three to four-year mark. Staff are more secure, and turnover is decreasing.

Next is into the maturity phase, growing by about 5% annually with early employees entrenched with 8 – 10 years’ tenure. This is the stage where you feel most secure, with operations being predictable and revenue steady. But it is also the most critical period in your company’s life as this is when complacency may set in. This leads to the last growth stage for a business – renewal or decline.

Renewal equals customer growth

Your business’s final growth stage must start with identifying what customer value is still untapped in the business. The Pareto Principle or 80/20 Rule, says that 80% of your business wealth will come from 20% of your customer base. Since it costs 10 times more to acquire new clients than to sell to the ones you already have, focusing on existing clients should be a no-brainer.

To talk to and retain these all important existing clients, it is essential to provide value through the entire customer lifecycle; from when you acquire them to engaging them in meaningful conversations to retaining them by continually providing value – ultimately turning them into brand advocates.

Key relationships not just transactions

Engaging with your customers this way moves you away from a transactional approach to a more long-term partnership. But to do this your clients need to trust your company. Not just the sales team, but everyone at every touch-point. I have found this to be especially true for the B2B market. Clients want to do business with a business that continuously adds value to them – not taking their account for granted and making them feel that their business is important.

This more long-term approach means greater value to the right clients, in the right ways at the right times. Collectively, the long-term effect should result in greater customer retention, preventing churn and attrition, turning your clients into loyal advocates. So it is vital to have an ongoing and robust helicopter view of your clients’ sentiment. Don’t put your head in the sand. Be brave, ask the tough questions and then listen to the answers.

It’s not just up to Sales

Identifying who you regard as key clients must be done carefully with clear criteria, leaving you with a core group (your 20%) that is a manageable size. Implementing a more customer-focused approach is a different way of doing business and will require buy-in and advocacy from the highest levels within your organisation.

There will need to be acknowledgement and agreement to work differently with certain priority clients. If a key account is promised priority access to urgent products or service, Operations will need to provide it, not Sales.

Protecting your business against decline can most simply be done by growing value that is already in your business, both by investing in staff and by growing revenue from your key clients, renewing not only your business strategy but also your relationship with the people that enable you to do business.

Source: Entrepreneur Magazine

Why Fight Or Flight Mode Can Break Your Business

Have you ever been in a situation where a client started shouting at the staff? It could have been at a restaurant, at a car dealership or even at a doctor’s office. When people ‘lose’ it in the real world, we label them as unprofessional. We are less willing to do business with them, work for them, or invest in their business.

When your buttons get pushed for too long, it might trigger you to start fighting. The moment we feel ‘attacked’ most people tend to go into ‘Fight or Flight mode’. The Amygdala (Reptilian) brain has been accessed, and the resulting behaviour is actually beyond their control. What’s scary about this place is that you feel in the same amount of danger as someone who is about to be attacked by a predator.

This is incredibly dangerous territory for your business to be in. This is the place where staff resign, contracts get cancelled, and money gets lost.

Maya Angelou explained it well: “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

How you make them feel will impact your staff’s customer service, their productivity and ultimately your bottom line.

As a business owner and leader ask yourself the following questions:

  • Are you congruent? Is what you say, do and feel aligned? Can your staff trust you and do your actions speak for themselves?
  • Do you understand your own trigger points, and can you calm yourself down?
  • Do you pick up on the moods in the office?
  • How clearly do you communicate your ideas?
  • How do you handle conflict?
  • Does your staff feel safe in your company? Or do they know you will throw them under the bus when something goes wrong?

Simon Sinek says that a successful leader’s number one goal must be to make their staff feel safe.

It’s time to increase your EQ

EQ, or emotional intelligence, is a key factor in an effective leadership style. To increase your emotional intelligence, start with these steps:

  • Get enough sleep, exercise and notice your blood sugar levels.
  • Many people will snap if they are dehydrated, tired
  • or hungry.
  • Set meetings around lunch times, allow yourself to have time to eat and pack healthy meals and snacks for yourself. Your body needs the right fuel to keep going.
  • Exercise releases dopamine that will naturally make you feel happier and more energised.
  • Make sure that your staff take lunch breaks and have time to eat.

Practice mindfulness and journal

Find time in the morning to do your ‘morning pages’. In Julia Cameron’s The Artist’s Way she explains how writing morning pages helped lawyers, doctors and screenplay writers to focus and find their creativity and drive again. I have noticed my own emotional states, patterns and triggers come out of my morning pages and this has helped me with my self-awareness tremendously. By cleaning out your thoughts on a page, you feel much calmer because you have decluttered your own thoughts. You’re now in charge and ready for the day.

Visualise

Find a quiet spot to visualise what you want to get out of the day. Use all of your senses to create the perfect movie of your day, with all the colours, textures, sounds, smells and tastes that can make it real. Imagine yourself being calm, listening well, and being a great leader. Notice your body language in your visualisation, how you are sitting or standing, and even the way your neck curves. I often use this technique for public speaking.

Swimmers in the Olympics use visualisation to train themselves for their big race and find that they swim the race with 90% accuracy in the time they swam it in their minds.

Get coaching

Notice if people are walking on eggshells around you. You may have many unresolved issues or triggers that some neuro-linguistic programming (NLP) or personal development coaching can help dissolve.

 

How can you help others when they have entered fight or flight mode?

Pay attention to your body language, tone and choice of words. When we communicate, 55% is conveyed through our body language, 38% through our voice and tone and only 7% through what we say.

When someone is in ‘fight or flight mode’ make sure all the elements communicate: ‘I am your friend’, ‘you are safe here’ to the other party.

  • Body language: Show open palms — this means ‘I come in peace’.
  • Smile, lean forward, show your ear.
  • Tone: Have a calm friendly tone in your voice. Stay away from sounding snappy, angry or sarcastic. This will make a person even angrier.
  • Word choices: Our minds cannot hear the word ‘Not’. Use words that focus on the outcome that you want, rather than what you don’t want.
  • Say something like: It looks like you are not so happy right now.  If you said to them: ‘I can see you are frustrated and upset’ you are entrenching their unhappiness. Can you hear the difference between ‘unhappy, not calm’ versus ‘frustrated’ or ‘upset’.
  • Be solution orientated: ‘How can we resolve this situation? How can I support you, and how can we fix this?’

Stop assuming and ask questions

Don’t assume what a person is feeling. Ask them using open-ended questions. Make it clear that you are open to feedback and want to learn.

‘Please would you mind telling me what was said, or done that you didn’t like?’

Listen

Focus entirely on the person, their body language, their facial expressions, their tone of voice and what they are really saying.  Clear your mind from your own thoughts or agenda and focus just on them. Allow a breather or a space after they’ve spoken so you can make sure they have finished speaking. Most people respond to only the first thought of a sentence, never fully listening to what the real message is behind the words.

Cut out distractions: Hide your phone — from yourself and from others.

Communication experts Celeste Headlee and Simon Sinek both say that you should hide your cell phone in a meeting. The research shows that a person will trust you less if they see your cell phone on the table, even if you’re not looking at it.

Empathise, don’t sympathise

Put yourself in the shoes of your client or staff. Try to understand what they are going through.  When relating to your staff or a client, it’s crucial to anchor yourself in a positive place, in order not to be pulled down by them.

Offer an outside perspective, but hand them a rope or a ladder to get out themselves; offer them the support and encouragement to get to safety.

Show them the bigger picture

Explain to your team how their puzzle piece fits into the bigger picture. Once we know that the work we do has a greater purpose, and we buy into that purpose, we will do almost anything to support our company to get that outcome. Let them buy into your vision and let them surprise you.

Source: Entrepreneur Magazine

Give Your Business The Best Chance Of Success

In my capacity as a business owner and venture capitalist, one of the questions I get asked most often by entrepreneurs is, “how do I ensure my business succeeds?” While there’s no straightforward answer, there are important elements that I believe every entrepreneur must consider to ensure the greatest probability of success.

Firstly, no business will succeed if it doesn’t solve a unique pain point or problem for modern consumers or businesses. However, even if a business is able to carve out that niche, there’s no guarantee that growth will follow. For that to happen an entrepreneur must distil the business’s reason for being and then doggedly pursue that vision.

North Star metric

This principle of having a clear business vision guides all my decisions. Whenever I need to validate a choice or a change in strategic direction, or if I’m trying to determine what to focus on, I always refer back to my vision. If the two are incongruent, then I know I need to change tack.

Elon Musk is a great example of a successful entrepreneur who is guided by his grand vision. Everything he does, from Tesla to SpaceX, pertains to sustainability, both for the planet and the human race. It might be hard to make the connection when you consider his various businesses out of context, but everything he creates fits into a broader ecosystem that in some way moves the needle towards his ultimate objective. Developing Tesla cars that run on renewable energy is but a small, short-term plan that feeds into his grand vision, yet it’s also been the catalyst for the evolution of the motoring industry.

Be clear, concise

In the same way, every decision an entrepreneur makes should in some way take them a step closer to realising their vision. In this regard, it is also vital that your vision is crystal clear – a murky or undefined vision will divert you off your path to success.

That’s because you’ll tend to focus on the wrong things, especially when scaling rapidly, or when running bigger organisations, because there are many tasks to complete every day. A lack of clarity also leads to poor decision-making, or, worse, decision paralysis, and that’s business suicide – I’d rather make a bad decision than no decision at all, because it prompts action. However, with a clear vision, more often than not, those decisions will be correct.

Defining your vision

So, how do you know if your vision is clear and, more importantly, relevant and consequential? The way I stress test my vision is to evaluate it every day against the decisions I take, and the direction of the business. This daily process helps to sharpen my decisions over time.

The other step is to remain open-minded enough to accept and acknowledge criticism, and take on board advice from trusted confidants and impartial experts. This is important, because you need to craft your vision based on as much information as possible, including valid criticism.

Ultimately, though, your vision for the business should align with your purpose. Forget about money and turnover as points of departure when defining your vision. These are merely metrics that can determine the strength and effectiveness of your business strategy.

For each of my several business interests, be it VC funding or ad-tech innovation, I have different visions. Each are meaningful to me, but in every instance, I don’t wake up every day with the sole ambition of making money.

While I need to make money to grow these businesses, or build something new, having purpose and vision are the ways I pull through those inevitable challenging situations. Having your vision front of mind in everything you do helps you make better decisions, and makes the hardships easier to endure. It helps you see through the turmoil, because you know where the process will lead, and you always know where the ultimate objective lies.

Source: Entrepreneur Magazine

An Excellence Approach To Nurture Star Performers

1. An excellent view of Talent Management

Any sports team needs to measure the vital statistics and performance of each member. “Metrics” like cadence, heart rate, output ratios etc. are important, for the whole to eventually be greater than the sum of its parts.

Similarly, leaders need to measure (without micro managing) employee performance to get a better understanding of what makes the individual stand out. Leaders need to understand how to adapt environments so that everyone can be exceptional.

Not creating a culture of unhealthy competition, but one where every individual’s contribution is understood and valued, and individual work experience is adjusted to accommodate uniqueness, will keep individuals performing at their peak, while enjoying what they do and understanding the purpose of their work.

2. Nurturing star performers

Employees should be given the best possible opportunity to serve in a work context that is optimal for their skillset and temperament. Talent management is based on the organisation’s commitment to surround all employees with people, practices and processes that will grow them to their full potential.

From a deep understanding of the talent pool a business can distinguish between top, great, good and poor performers. Having a suitable and fair measurement tool in place is critical in this regard. This allows management to clearly understand why people are in different performance categories, and provides insights on what pro-active actions can be taken to develop people into their full capacity.

People are highly influenced by work-related relational contexts and environments. Poor performers can become top performers when there are leadership changes or job changes that simply fit better, but also vice versa. Top performers can become poor performers due to illness or other job related changes. There have also been cases where top industry performers join a different organisation and then struggle to perform due to the individual not aligning with the new organisational culture.

Excellent talent management considers all of these factors:

  • Understand who the star performers are, and why they are viewed as top performers. (Know and acknowledge what they contribute in terms of both job deliverables and attitude).
  • Understand the relationship between the top performer and their leader.
  • Understand the culture of the department and why this fit works for this individual.
  • Then, for the future of work: Consider adapting working conditions or terms of employment in order to keep the star performers (Eg. Flexible working hours, virtual offices, or shorter terms of employment to ensure growth opportunities.)

The biggest contributing factor to ensure excellent talent management is to continuously understand and communicate what is expected from an individual, to have measures in place to know if the individual achieves this, to know what value this adds to the business – and then making sure that they are compensated accordingly.

3. What star performers desire from corporate culture

People don’t want to work merely for personal gain. They want to connect and contribute to a business that shares their values and contributes towards the development of a healthy world and better society.

Spiritual intelligence is becoming increasingly important. This trumps mere personal self-actualisation, and entails feeling connected to a business that has a bigger shared purpose than just making a profit.

People want to connect with businesses that have integrity, moral leaders, and feel part of a network that are responsible stewards, who will value their total personal contribution and help them grow as star top performers within a star team.

By Adri Dörnbrack

Source: Entrepreneur Magazine

5 smart money moves for the ‘slasher’ woman

Cardi B’s was the breakout story of 2017. She stretched her 15 minutes of fame as a social media influencer to become a rapper and reality TV phenomenon. Her hit Bodak Yellow struck a chord with millions because of her bold take on money, her in-your-face confidence and, well, the beat. Her story has also inspired many women working to build success for themselves and their families.

Although we can’t all catapult to stardom and wealth like Cardi B, she is indeed inspiring women with her determination to explore and manage multiple income streams to support herself and her family.

Earning money from various sources is definitely a growing trend. The latest findings from Old Mutual’s Savings and Investment monitor show that already 43% of working metro South Africans have a side job over and above their formal employment, up from 37% in 2017. This reflects a global phenomenon that led to the term ‘Slashers’ being coined, referring to the slash between their job titles: for example, editor – slash – nail technician.

Generating money this way presents unique challenges and risks that need to be carefully managed to ensure long-term financial health.

1. Make a plan

As a slasher who gets lump sums here and there on top of your monthly income, you need a solid financial plan to make sure you are growing wealth from these extra earnings. Speak to a financial adviser to help you put a plan together and check in with them whenever there are any changes in your earnings, expenses, priorities or goals.

2. Build a security nest for rainy days

Until you’re earning millions, you probably should choose and prioritise financial security and savings. Don’t make the mistake made by many people who rocket to success and spend like there’s no tomorrow. If you spend more than you earn, you’re going to run into trouble, no matter how much you earn. Make sure you are saving enough for rainy days.

3. Save for retirement

Earning income over and above your regular salary means you can invest more in your retirement savings. Relying solely on compulsory contributions to an employer-sponsored retirement fund does not guarantee that you will be able to retire comfortably. And if your only source of income is through freelance jobs – and you’re not a member of an employer-sponsored retirement fund – the need to invest for retirement is even greater. Tax-free savings accounts (TFSAs) and retirement annuities can help you grow your money while benefiting from tax incentives.

4. Invest back into your work

Just a year after her debut single, Cardi B is still making waves in the music industry, thanks to her ongoing investment of hard work and capital in her career. Remember to grow your product or service through regular and sustainable contributions of capital. You also need to ensure that you are covered in case of any unexpected events.

5. Enjoy your income

It’s important to reward yourself and enjoy the proceeds of your hard work. Treat yourself if your financial adviser agrees that you can afford to, and if you must. But don’t underestimate life’s simple pleasures, like treating your family or close friends to a delicious dinner or short holiday.

Lizl Budhram is head of advice at Old Mutual Personal Finance.

Source: The Money Web

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