/Pricing/Accounting;/U/Blog;

Time Management 101

You understand the phrase, “Time is money” better when you are in the labour market. 
It doesn’t matter whether you are in the private or public sector, or whether you are a business owner or a paid employee. 
With the need to juggle business with family and other things of interest, it could feel like you need a few extra hours every day to get by. 

I’m sorry to break it to you, but it is only those 24 hours we get. 
Therefore, it is essential that we figure out how best to manage our time so 24 hours can feel more adequate for a day.
This post would suggest six principles that you can use to manage your time better and improve efficiency.

Identify the vision of your business

 Firstly, it is crucial that you know what the concept of your business is. Once you know them, make sure that you are occupied in activities that would support this. 
Make your daily plan revolve around events that relate to growing your business. 

Learn to Prioritize wisely

The co-author of First things First, Stephen Covey, once offered an organisational tool for your to-do list. It would help you sort out what tasks are essential and urgent.
So, looking at what you do every day, figure out where your tasks fit into these categories. 

•    Important and urgent — Tasks that must be done. Do them right away.

•    Important but not critical — Tasks that appear significant, but upon closer examination aren’t. Decide when to do them.

•    Urgent but not essential — Tasks that make the most “noise,” but when accomplished, have little or no lasting value. Delegate these if possible.

•    Not urgent and not important — Low-priority stuff that offers the illusion of “being busy.” Do them later.

A way you can do this is to write down your “important and urgent” tasks that must be addressed today. 
When you complete each one, tick it off your list. Completing these tasks would give you a sense of accomplishment that would give you the motivation you need to tackle less essential items.

 
Say no when you have to

Do not hesitate to decline tasks that would sidetrack you from focusing on the essential ones. 
Also, do the same for jobs that seem urgent but appear to be going nowhere. Focus on productive tasks!! 
Always learn from experience so that you can avoid wasting time in the future. 

Plan your days ahead

This is better than aimlessly jumping from one task to the next, barely completing anything. 
You can either plan your next day the night before or first thing in the morning. 
Make sure you create your to-do list using the Stephen Covey organisational tool specified above.  


Track distractions and try your possible best to eliminate them

Pay attention to the number of times you get interrupted while you are in the middle of completing an important task. 
Also, track the self-induced ones, particularly the ones from social media. 
While your smartphone is handy, it can be addictive and is one of the worst time wasters in the history of humanity.

Take care of yourself

Never deprive yourself of sleep, food and exercise. 
Regular sleep and exercise would make you stay alert enough to complete your tasks. 
What’s the point of saving time if you can’t use it to complete tasks with an alert mind?

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Tax Season: 4 ways to make tax season less painful.


Tax Day is just right around the corner. It is not strange if you develop a headache when the thought of how close it is, pops into your head. 

Apart from the fact that paying taxes means you are giving away money. Another reason why folks develop tax-related headaches is that the process of deciding what can or can’t be written off as a business expense is very time-consuming. 

Well, this should not be the case anymore. The internet is here to help. There are a lot of innovations online that would help reduce these headaches to a significant level. Using financial automated programs like Mint would make tax season less strenuous. 

This article would suggest some things that you could do to reduce the intensity of these headaches.


Track Your Expenses Online Automatically

You can use programs like Mint to keep track of your expenses and that of your family. You can also categorise the purchases. 
This is better than using paper receipts to track each transaction, which could be very inefficient.


Stop Using Cash

Since most cash transactions have no records, it is virtually impossible for you to trace cash transactions through automated methods. 

So, if you want to reduce the headaches that come with tax season, reduce the number of transactions you make using cash. I know it is a difficult thing to do. I hate using my debit cards for transactions where I’d instead use cash like paying for an Uber.

But it is for the greater good. You would be able to track all your purchases. Thereby, making it less stressful for you to compile receipts when you have to sort out tax palaver.


Train Your System Well

 

Finance tracking systems, like any other automated system, need you for them to serve you better. 

I hope you are not confused. What I’m trying to say is that you would initially need to spend some time training the system to work effectively for you. 

But I can assure you that the time you put in setting up the system would pay off. It would save you all the time, stress and energy that it would take you to do categorise your expenses manually.


Pay Attention When You’re Doing Strange Things


You know when you are travelling out of town, particularly if you do not take trips a lot, you call your bank to tell them that they are to expect charges in a faraway place. Else, they might freeze your card.

In this same vein, recognising unexpected pattern changes in your purchasing behaviour that won’t fit into the parameters that you set up for your automated system is not a bad idea. 

The follow-through on this is to go back frequently and manually categorise things that fell outside the filters you made. 

When you do this, you would be able to track all your expenses and tax season would cause less mental pain.

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Why you should advertise on Facebook



Today it is considered one of the biggest telecommunications companies in the world. Over the last decade or so, Facebook has grown from being a small networking site for students in ivy league schools to become a pacesetter for social networking in the world. In August 2017, Mark Zuckerberg, CEO/ Chairman, and Founder of Facebook announced that about 1 billion people logged into Facebook in a single day! 

This means that, with the joining of the network, there is an opportunity to meet new people. And this can be harnessed by businesses for advertisement. Still, there are however a few misconceptions about advertising on Facebook that make people shy away from using Facebook ads. This article would help quell those misconceptions and give a few reasons why you should advertise on Facebook. 


Facebook has over a billion users!

That should be self-explanatory, shouldn’t it? With this massive number of users, Facebook is a large market on its own. 
It is doubtful that you will not find a large entourage of people who require your goods or services.

People spend so much time on social media

There is a study that shows that the average person spends about 28 per cent of his or her day on social media. That’s about 2 hours per day, and that’s just the average person!  Americans spend at least forty minutes of this time on Facebook. On Facebook, every minute sees the sharing, liking, and posting of comments on about 4.1 million posts. Facebook is basically where your future customers live. So why not take advantage of this by using Facebook to bring your business to them.
Though you might have a business page, only a low percentage of your target market would see it.
In a bid to promote their ads program, Facebook has slowly been reducing the visibility of business feeds on users’ news feed. So, if you want to reach your business to have a far greater reach, use the Facebook ads.  


Facebook ads are unbelievably cheap

You do not need a huge budget to use Facebook ads. With a package as low $50, you can get your message to an audience of about 10,000 targeted users.
You make your ads reach only a specific audience by targeting
Using the data from their profiles like age, gender, interests and connections, Facebook ads would make your products to reach those who need it. 


You can also explore other targeting options like:

– Using a life-event to get to your target audience

– Tapping into recent purchase behaviour of users

– Using custom audiences to nurture leads, thereby building a loyal customer base. 

– Creating “lookalike audiences.”


The call button feature

Facebook has about 1.39 billion mobile network visitors. Capturing leads from mobile Facebook users can prove to be a tremendous opportunity.  Users can now make direct calls to businesses which is way more valuable than links to websites.

 

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Why real-time business intelligence needs automated bookkeeping

As a small business owner for over 20 years, that’s a question I’ve
asked myself many times.  And one I’ve frequently been asked by other
small businesses. It’s often hard to step away from the day-to-day running of
things to take in the big picture. But it’s essential to know when to call a
stop to the every-day so we can take an objective look at what’s really
happening in the business  – and use the information to make decisions
that will contribute to its overall success.

In days gone by, obtaining useful financial information was tiresome. It
took time and money to get accurate, up-to-date data to review in order to
understand what was happening in the business. But now we have real-time,
single-ledger access to online data – and those of us in small business have
fast come to expect clean data. We want to know what is happening on a daily
basis – and want to project ahead rather than look at what happened in the
past.

As a small business owner, we can act to make sure we’re getting the
information we need and that the story it tells about our business is correct.


Vital metrics for your
business

  • the cash you have immediately available
  • your cashflow projections including projected
    turnover
  • debtors – money owed to your business
  • creditors – money your business owes to
    others, mainly suppliers
  • your sales tax and payroll liabilities
  • income and other tax liabilities for future
    year and upcoming years
  • equity ratio – seeing whether your equity is
    building and where your money went

Before I started at Xero, I ran several businesses – which included an
IT services company and a motorcycle dealership which offered finance
brokerage. These were the days of desktop computers. The constant chore of
entering a backlog of data – which often got left to last – meant seldom having
up-to-date data. This made it very difficult for me to see what was happening
in the business.

We all have a gut feel of what’s going on as far as the money coming in
and going out is concerned. But often we can’t see the real picture or the
trends without actual data. That’s what I knew I needed, so I gave up many
nights and weekends to the task of entering clean, accurate data. I lost a lot
of family time during this process – not a great work/life balance. Had I adopted
cloud technology then  – it was just starting to be introduced – my
business and my family would have benefited hugely from the real-time access to
data and automation it offered.

The basic formula is: Automation + Real-time clean data = Current financial
information


The formula + automated
bookkeeping

This formula allows the business owner and their advisor to see what is
happening. And having a fully automated bookkeeping process is vital to
achieving this. Not having a system in place is a direct opportunity cost to
the business.

So what does an automated bookkeeping process look like? The first step
is connecting with an advisor who can help you set up and implement a system.
Then they should work with you to understand, plan and shape your business
journey – to put into words what the numbers are saying.

If you choose Xero as your online accounting software, it will not only
automate your accounts, but will become the foundation of your business.
 A Xero advisor can help you to select and use any of the more than 500
software applications
that exchange data with Xero, eliminating
duplicate data entry and adding functionality.

These tools include Receipt Bank which captures
images of source documents and feed them into Xero for you, and Crunchboards which uses your Xero data to tell
the story of your business. Crunchboards is a powerful all-in-one forecasting
and reporting engine. It gives you and your advisor live, real-time visual
reports showing how your business is performing against KPIs and benchmarks,
right down to an hourly basis.

But only clean data gives you the accurate financial info that
translates into the true clear story you need – no matter whether it’s good or
bad!

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These 5 body language secrets could put you on the road to a million dollars

The right type of body language can help get you into that room.

Confident body language is a self-fulfilling prophecy of sorts: The more you project success, competence and resources, the more those things will likely be awarded to you. As far as the body language you want to present, making it a habit is vital. Just as important is spending time in the same vicinity as the people with the power to help you reach your goals — and projecting confidence to them, said Mark Bowden, author of Winning Body Language and other books on the subject. Being in the right place at the right time with the right people is the best way to use your body language to supercharge your goals.

Whether you’ve got your eyes set on a raise, partnership, promotion or any other new business opportunity, here are five body language tips to help get you there.

Take advantage of your full height 

Four or five inches in height — in other words, the difference between the 25th percentile and the 75th — could translate to a salary increase of 9 to 15 percent, according to research published in 2015. Though you can’t grow taller by sheer force of will, you can make use of every inch you’ve got by standing (and sitting) tall.

“Power, status and confidence are nonverbally displayed through the use of height and space,” said Carol Kinsey Goman, creator of the LinkedIn Learning course “Body Language for Leaders.”

Don’t be afraid to take up space

If you’re looking to add a few more notches to your perceived height, make a habit of taking up more space: Stand up and move around when presenting in a meeting, hook your elbow on the back of your chair while seated or spread out your belongings on the conference table, Goman said.

Another strategy: Sit a handspan from the table in meetings and negotiations, Bowden said. You’ll appear taller because others in the room will be able to see more of you, and when you reach out to take something from the table, such as a notepad or glass of water, your arm will stretch out further — resulting in the perception that you’re taking up more space. For better or worse, our built-in instincts tell us that big is more powerful than small, Bowden said. People tend to award higher salaries, honor and resources to those they perceive as more powerful.

Don’t discount the power of a smile and eye contact

Want to be memorable? Break out a toothy grin. Research published in 2015 suggests that “socially positive signals conveyed by smiling faces” may prompt people’s memory of both the person they met and the meeting’s context — especially if they perceived both of those factors as positive. Smiling at someone also often triggers them to return the gesture — and that muscle movement, in turn, can positively impact their emotional state.

And it may be one of the oldest tricks in the book, but it’s oft-repeated for a reason: Eye contact projects confidence. Aim to maintain eye contact for 50 to 60 percent of the time you speak with someone, Goman said. Here’s a strategy to help you build the habit: When starting a conversation, look into the other person’s eyes for long enough to note their color.

Talk with your hands

People perceive quality leaders to be calm and assertive, and there’s a type of body language that denotes those qualities: open-handed gestures at navel height. This movement inherently suggests that you’re honest with nothing to hide, and it also projects trust, credibility, confidence and calm, Bowden said — all before you’ve even opened your mouth to speak.

An oft-cited piece of research published in 2007 focuses in on Broca’s area, an area of the brain associated with speech production, and suggests that making hand gestures while speaking can play an important cognitive role for both a speaker and a listener. For the former, it can aid in “semantic retrieval and selection,” or choosing which words to use and why. Goman, an executive coach, said that when her clients incorporated gestures into their speeches, their speech content improved and their use of “filler words” decreased.

Identify your common nervous gestures, then work to break those habits

Whether it’s twirling your hair, wagging your foot, rolling your neck or fidgeting with your hands, you likely have a go-to nervous tic (and if you’re unsure what it is, your peers can likely point you in the right direction). Repetitive anxious behavior often takes away from the image you’re trying to portray: a calm, cool and collected leader.

To reset your body language and project confidence, take a deep breath and practice being still, Goman said. There’s a good chance that practicing meditation can help that feel more natural, and there are a host of apps out there for beginners who want to dip a toe in the water.

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How to use strategic partnerships for more explosive growth


In my experience, strategic partnerships are the best shortcut to the kind of explosive growth a new business needs, to get going. Case in point: When our startup, CrayPay, aligned with key influencers in vertical markets, we gained 15,000 new users
for our app in only four days.

Of course it’s important never to chase a strategic partnership if the end goal is only about money. That kind of thinking gives one partner an upper hand that can limit mutual opportunity in the long run.

Instead, focus on maintaining authenticity and finding the right fit. Steve Case, founding CEO of AOL, pointed to a culture clash as the biggest reason for the historic failure of his company’s partnership with Time Warner. AOL’s aggressive style was in constant conflict with Time Warner’s more conservative, corporate outlook, multiple observers pointed out. 

So, if your potential partner asks for terms that don’t align with the company’s values, brand or products, walk away.

Strategic partnerships, in short, can galvanize a startup’s growth. Starbucks’s recent partnerships with Uber Eats and Alibaba demonstrate how companies with different capabilities can extend the reach of their respective brands by teaming up. In Starbucks’s case, these partnerships are helping the coffee behemoth grow its delivery capabilities and expand its market dominance even further.

Teaming up with Alibaba, meanwhile, was a particularly strategic move — one that may well transform the coffee market in China.

Just as Starbucks did, associating your own company with a partner-brand can increase your reach and enhance your business’s reputation. As it happens, these can also be potential drawbacks to strategic partnerships.

The reason is that partnerships are more concerned with mutual opportunity — access to market share or intellectual property rights — than they are with hard numbers. Even if they don’t make sense on paper, strategic partnerships are forged because each partner sees a potential win in the relationship for its individual business.

Partnership wins and warnings

Mutually beneficial partnerships often grow out of supplier and distributor relationships. These types of vertical alliances exchange experience and relationships for involvement in product design or exclusive, discounted distribution arrangements.

Vertical partnerships are your best bet, because teaming up with a horizontal competitor is asking for conflict. Aligning with key influencers in vertical industries gave my company enormous access to a qualified audience of potential new customers. As a result, we saw the explosive growth that quickly increased sales and made us more attractive to future partners.

Establishing a productive partnership that takes on some of the workload can give startups much-needed flexibility to explore additional growth without the opportunity costs that come with being a smaller operation. Below are the lessons I learned about how to make a strategic partnership work before, during and after its initiation:

1. Imagine the past obvious
To succeed, a partnership must be grounded in strategy and enlivened with imagination. In other words, don’t limit the scope to obvious partners. Some of the most successful partnerships start outside the box.

For example, the partnership between BMW and designer Louis Vuitton isn’t an obvious choice. However, ultimately it was a match because the companies target similar upscale clients. BMW’s contribution to the partnership was its i8 sports car, and Louis Vuitton’s was that it not only created a four-piece luggage set that matched the car’s style, but its luggage design fit in the car’s trunk. Each component added further exclusivity to the other luxury brand.

2. Get beyond ”CEO to CEO”
It’s never a good idea to announce a partnership negotiated between leaders and expect the two teams to seamlessly integrate to execute the vision. Strategic partnerships may begin and end with each company’s senior leaders, but engaging the entire team is vital for success.

To that end, bring members of your team along throughout the negotiations as much as possible. Getting to know the different players and defining their roles not only expedites the launch, but builds trusting relationships that are essential for optimizing the partnership.

3. Stay true to the product and team
Never chase a strategic partnership if its value is only about money. That gives one partner an upper hand that can limit mutual opportunity in the long run. Instead, focus on maintaining authenticity and finding the right fit. If a partner asks for terms that don’t align with the company’s values, brand or products, walk away.

To ensure a win-win, spend time defining the value each partner brings to the alliance and structure the agreement accordingly. Establish a governance process to manage, develop and assess the relationship. Too often, strategic partnerships struggle to get off the ground after the initial fanfare. Treat the partnership like a customer relationship, monitoring partner satisfaction and adjusting processes according to the insights.

4. Scout ahead for weaknesses 
The rapid growth that came from my company’s early partnerships was a real-time stress test of both technology and product. In our case, the growth exposed a few holes.

Ultimately, the fixes were simple, but the oversights were an embarrassing hitch to our first major strategic partnership, causing dings to customer satisfaction and reputation. To avoid this, I recommend scrutinizing exactly what a strategic partner will plug into the business.

After that, triple-check every bit of code and the user experience across multiple variances to avoid messy cleanup and relationship repairs after a launch.

Another piece of advice is not to be judgmental in the extreme: Strategic partners tend to judge the relationship as a “100 percent success” or “100 percent failure.” Unfortunately, that leaves no middle ground, which can be a frustrating experience for a startup still working through its product development.

And, speaking of product development, if a strategic new partnership — and the growth it brings — exposes major weaknesses in the partnership’s product, that can be a major setback in a company’s development.

Certainly, a startup can recover from a setback like this. But a partnership has more on the line: It has to carefully evaluate its product or service’s readiness for exposure to a major audience.


5. Avoid the blame game

As they say, success has many partners, but failure is an orphan. If a strategic partnership doesn’t go as planned, it’s usually not the end of the world. Resist the urge to respond emotionally. Avoid finger-pointing or creating false narratives to save face. Instead, focus on the bigger picture by remembering that every relationship builds on another. The lessons from an undesirable outcome pave the way for better and stronger strategic partnerships down the road.

The ultimate key to successful strategic partnerships is imagination. If you are open to new ideas and creative avenues, a partnership can have tremendous value for both companies. If you think bigger and take each opportunity to figure out the value you bring to a partner, you’ll grow your company and enrich your work.

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A new bank feeds process – simpler, faster, and more secure

Unsurprisingly, it’s a popular feature – 71% of accountants tell us that bank feeds and reconciliation are their most loved features in Xero.


Because of their importance and the benefits they provide, we are constantly looking at ways to remove friction that our customers face. Today, a good proportion of our direct bank feeds globally require customers to connect them using paper application forms, which can mean a 10 day wait for transactions to start flowing into Xero. Our customers told us this process was too manual and time consuming, and we agreed.


We’re excited to announce a new and improved process to connect bank feeds that require paper application forms. We’ve created an easier, faster and more secure process, and by automating many of the manual steps in the process, we’re giving our customers more time to do beautiful business

A simpler process 

Say goodbye to manually filling in application forms. Now, to connect a
new bank feed you can download a pre-populated application form in Xero with
information about your organisation and bank account details. Simply sign and
date the form, scan and upload it back into Xero and we’ll take care of the
rest.

“We are really happy to be able to provide a better experience for the
200,000 customers who will connect direct bank feeds over the next year. We
know how important bank feeds are for small business owners and their advisors
to reconcile the books and see how the business is going, so this new simpler
process is really going to make a difference to them so they can get on with
running their business,” said Dimitri Stylianidis, Head of Data Integration – Financial
Services at Xero.

Uploading the form is easy – just follow the steps after downloading the
form and select ‘upload form’. If you need to upload the form at a later time,
select ‘Get bank feeds’ from the Xero dashboard, then select ‘I’ve got a form’
and upload your form.

You’ll then get an instant response to confirm whether you’ve completed
your application correctly or whether any key details are missing, and we’ll
keep you informed on the progress of your application.

Its faster and secure

A faster application process means bank feeds can be connected to Xero
sooner.

“Automating steps in the process, such as manually checking application
forms, means we’ve reduced inevitable delays so one of the biggest benefits the
new process delivers for customers is the speed to activate bank feeds.
Customers will be able to connect bank feeds faster to Xero,” said Stylianidis.

The faster bank feeds are connected, the sooner you can reconcile your
banking and get an up to date view of your cash position so you know how your
business is performing.

And you can rest assured that the process is safe and secure. Uploading
the application form into Xero is a more secure way to share information,
particularly sensitive information like your bank account details.

When will this be available?

The
new process is now available to all our Xero users. We’re excited about making
life easier for you and can’t wait for you to enjoy the benefits of this
improved process


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Encouraging new ideas and innovation in the workplace

Creating an idea- friendly environment 

Before managers can open up their businesses to employee feedback, they need take a closer look at their own management style. Are they stuck in one way of doing things like the rigid boss Franklin Hart in the movie “9 to 5,” or are they ready to accept other points of view? Are they willing to accept direct or indirect criticism of their leadership? Managers must be prepared for the possibility that something that they are doing is not working.

Managers can use opportunities such as meetings, memos and face-to-face communication to encourage staff to come forward with their suggestions. The company Intuit, for example, gives their employees time during the work day to work on ideas.

Deliberate action can be taken to collect ideas and feedback through various means such as suggestion box or occasional brainstorming sessions. Training sessions may need to be held for staff in order to teach them how to submit their ideas in ways that are acceptable to the company leadership.

Idea submissions should be open to everyone in the organization. For example, Sally may work in customer service, but she should be able to express ideas on all her company’s activities. Her daily discussions with clients may lead to an innovative marketing idea for the company.

Managers can gently tell their workers with bad or impractical ideas that innovations such as installing an expensive new software system will not work for the organization. Employees should be thanked for their input and if needed, managers can explain the reasons why the employee’s ideas were rejected.

Managers can find ways to show employees that they are valued and appreciated for their contribution to the organization – even Miss Totally-off-the-Wall, whose ideas are downright weird. Positive feedback and an occasional “thank you” can go a long way to building a better working relationship.

If the manager wants to continue to receive ideas from this person, the tone of the manager’s response to the employee should give the impression that the manager is open to future feedback. The employees will feel that their ideas and innovations are valued, and will be more inclined to share their thoughts in the future.

Real life is… a perpetual compromise between the ideal and the possible; but the world of pure reason knows no compromise, no practical limitations, no barrier to the creative activity. – Bertrand Russell


Recognise barriers to innovation 

Some people may oppose any innovation because they are uncomfortable doing their job differently and are resistant to any changes – even when the changes are positive. Managers may have to assure Mrs. Stick-in-the-Mud that her concerns about proposed changes to her 1960s working style have been heard before any changes are implemented.

Employees may fear that their ideas will be meet with harsh judgment or ridicule and hesitate to step forward. They must trust that they can express themselves to management without anyone making fun of them or dismissing their ideas as worthless.

Innovation takes extra time and effort. Employees may not be willing to put in the time needed to develop ideas and try them out. Managers can overcome employee reluctance by emphasizing the ultimate benefits of their efforts.

Creating focus and guidelines 

Employers will get better results with their workers if they give their employees a clear picture of what their jobs involve and the company’s expectations instead of telling their workers what to do. Employees will be more inclined to innovate when they are not stuck in a specific set of procedures. Maybe Jeannie the File Clerk will figure out that getting a new set of filing cabinets will be more time-efficient and easier on her back than keeping records in a pile of cardboard file boxes.

Employers must make sure employees understand the mission statement and goals of the organization so that their ideas fall into those parameters. Innovations must fit the company’s history and culture.

Employers can use various tools to help their employees to format and streamline their ideas. For example, a submission form can be created to be used in the suggestion box that provides subtopics such as: technology, job description, customer service, and marketing as well as a general section. Guidelines for idea submissions, when possible, can also help employees to express their ideas.


Input from staff is dealt with in a prompt manner 

A quick word via e-mail or remark at the employee’s desk that acknowledges an employee’s input will assure the worker that his input is valued. This acknowledgement may spur him to make more practical suggestions in future or expand the ideas he has already presented.

Employers should acknowledge and consider ideas, even bad ones. Bad ideas sometimes lead to good ones.

Managers may have to warn or discipline people who use the suggestion box to vent their frustrations or to make a sick joke. A suggestion that tells workers to toss their computers out the window doesn’t help anyone but the person who chose to vent or to express her strange sense of humor. This sort of thing wastes everyone’s time and can be upsetting to anyone who has to read nonsense.

Rewards for people with effective ideas 

Research by organizations such as the Madison Performance Group shows that innovators flourish in companies where employees are rewarded for developing ideas that enhance the performance of the company. Public recognition in some form makes employees feel valued and more motivated than ever to contribute to their companies in positive ways.







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Read this to help you become a better business leader

Make a mission and vision for your team. Use your values to drive your team’s experience. Let your team understand the big picture and how they are contributing specifically. It’s a great way for providing direction and building relationships with your team.


You must be able to spot talents in other people. Make sure your crew is diverse and offers many qualities. This also applies to contacting and hiring people for your small jobs.


Always make moral choices as a leader. Ensure your decisions coincide with your convictions. If you are uncomfortable with something, forget about pursuing it. Even though some people might not have similar moral beliefs as you, you must do what is right in your heart.

_____________________________________

TIP: 

Being decisive can better your leadership skills. Because you are the designated leader, logs of decisions will be up to you.

Think diversity when hiring your team. Diversity in your team can give you wider perspectives.

______________________________________

Let others know about possible problems. In the past, it was common to keep problems under wraps, but modern leaders know not to do this. Are you wondering why? There’s a lot of ways the issues can surface because of all the communication built into our modern lives. No one can hide a problem forever, eventually it will be exposed. So be the person that controls the message. Don’t be the one reacting to it. Successful leaders have excellent communication skills.


A great leadership quality to have is determination. When issues arise, the team will look to you for direction. You must be able to optimistically seek team goals despite all obstacles. Your persistence is going to motivate everyone else to get back to work and be hopeful.


Always remain approachable. Many people believe that striking fear in peoples’ hearts and intimidating them is the best way for you to show them you are in charge. That is not the right path, and you will be loathe to find success that way. Let your subordinates know that you are there for them if they need anything since it is your job to make sure they do well.


Prepare for group meetings. You want to have thought of questions they might have. Think of answers for the questions. It’s this kind of preparation that builds respect. It also will save you significant amounts of time.

_____________________________________

TIP: 

Be upfront about potential issues. It was common to hide any issues before, but great leaders don’t do that any more.

While it’s important to set goals for the people that work for you, be sure that you’re not setting impossible goals. An impossible goal is asking for failure.

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Stand by what you say. To be a good leader, you need to put your money where your mouth is. Your words and actions reflect on your company and your team. If you have done inappropriate things, it’s your job to make things right. You cannot expect other workers to fix these problems for you.


Trust what your instincts tell you. Good instincts are part of being a great leader, so make sure not to discount them. You are going to find yourself making some mistakes. Accept this fact, learn from each mistake, and move on. Going forward, avoid making the same mistake again.


Figuring out what weaknesses and strengths your team has is something you must do if you want to be a good leader. Understanding your team’s differences and diversity is key to leading them to success. It is important to be familiar with the temperaments and personalities of your group members. It is a great way to build trust and a good work relationship.


If employee reviews are part of your annual reports, remember that it’s important to review both the positives and the negatives. Compliment you team members’ good qualities to inspire greatness.

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TIP:

Don’t forsake your morals in the name of competition. When the competition engages in questionable practices, look for other ways to compete with them.

You must own mistakes you make. Nobody is perfect.

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You should make sure your team feels safe and comfortable. Safety and comfort should be your top priority because without these two things motivation can wither. Things as simple as providing snacks, drink or extra breaks can make the world of a difference to your employees.


If you have certain behaviors that you want from your team members, exhibit these behaviors yourself, first. If you are volatile and unreliable, they will also be. If you lie a lot or are lazy, the rest of the team will be just as bad. If you demonstrate respect and trust for your employees, they will return respect and trust to you.


There is a common question that most good business leaders ask. Do you feel like you’re comfortable? If you’re comfortable, then you’re probably playing it too safe. The best leaders take risks. You can avoid losing your passion and becoming pessimistic by taking calculated risks.

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TIP: 
Don’t become obsessive with winning. In this day and age it’s simple to start breaking down everything into goals and spreadsheets.

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Great leaders do more than just offer criticism to their employees; they also offer praise when appropriate. Think of five positives about an employee for each negative aspect. This helps boost morale and makes communication about the negatives easier. Using this method will make your team positive.


Work on always projecting positivity. This is easier said than done during difficult times, but good leaders know how to do it. Your attitude will trickle down to those beneath you, and you can keep morale high when you help them realize that good times are coming.


Don’t make mistakes that will set you back. When you make a mistake, let it motivate you by its lesson. Now is the time to make use of what you have learned. A great leader has confidence in his or her abilities, and can offer plenty of help to the team.

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The Accounting Business Expo 2019: Your roadmap for moving down the advisory path


Judging from the lively discussion and requests for slides after the talk, the content resonated with many and gave the audience confidence to take the next step in offering deeper client services. Here are the main takeaways from my presentation:



Advisory is human at heart


Regardless of the many different interpretations of ‘advisory’, the key foundation is the existence of a human connection between advisor and client.


True advisory is about more than simply printing and emailing a monthly report pack. While technology is an invaluable tool and enabler in delivering effective advisory services, it’s not the answer alone. Instead, advisory lives in human communication, the interpretation of data, translating jargon into relatable language (back when I was an accountant, one confused client thought I spoke fluent Klingon!) and genuinely having your client’s best interests at heart.



The common traits of Xero partners with exceptional advisory services


If you want to offer more advisory services, but are unsure of where to start – you’re not alone. The good news is, there are plenty of lessons to be learnt from those who are further along in their journey.


From my conversations and interactions with Xero’s most progressive and top-performing partners, the common denominators in successfully implementing advisory services are:


  • Be curious: The only way you’ll be able to understand your client’s problems and circumstances (and whether you’re positioned to help) is by asking questions.
  • Don’t do it for free: This often requires a mindset change, with many advisors now using a value-based pricing model that includes both advisory and compliance services.

  • Let tech do the heavy lifting: By automating admin tasks, you can create extra time for yourself and minimise any distractions from client-facing work. Scalable and repeatable processes are key here.

  • Start with the end goal in mind: The first thing successful advisors do is gain an understanding of their client’s business and personal goals. Without this knowledge, any advice you give risks being provided out of context.



Starting ‘light-touch’ and building from there


Another tip is to leverage the technology you already have at your disposal as a means to generate further conversation with your clients.


This is explored in the Xero accountant and bookkeeper guide ‘Introducing light-touch accounting advisory services’. The aim of the game isn’t to make a list of all possible services and try to offer them to your clients. Rather, it is to build confidence by focusing only on the services that you’re comfortable delivering and will have the largest positive impact for your client base.



Exploring the new advisory opportunities technology has created


Technology doesn’t simply automate reporting and forecasting. In today’s connected environment, there are countless new digital opportunities that can help your clients get ahead.


To better understand this, I encouraged the audience to explore Xero’s Cash flow app advisory playbook. Not only is it packed with actionable insights and tips, but it compares popular apps in the Xero ecosystem that solve cash flow problems. One example is using online payment gateways such as PayPal, Stripe or GoCardless to reduce (or even eliminate) debtor days and improve overall cash flow. With Xero’s Small Business Insights revealing that it took 36.29 days on average for Australian small-business invoices with 30-day terms to be paid in January 2019, this is a huge opportunity for bookkeepers who are so close to the transactional data.


There are certainly elements of providing deeper client services that technology does faster and better than humans. But when it comes to situations like navigating tax legislation, adding context to KPIs per client circumstances and helping businesses become cash flow positive – technology alone is ineffective without the human touch.


If you’re looking for further advice on how to move down the advisory path, check out Xero’s The Pacesetters: Advisory guide to discover how accountants and bookkeepers around the world are using cloud-based accounting to expand their advisory offerings – helping to build stronger relationships with clients and transforming their day-to-day operations in the process.

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