8 Risk Management Tactics Your Startup Should Have in Place

8 Risk Management Tactics Your Startup Should Have in Place

What is one risk management tactic you implemented during the early stages of your business to protect you and the company?

The following answers are provided by the Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

  1. Voice the Red Flags
  2. Hire a Tax Advisor
  3. Mind the Cash Flow
  4. Have Good Contracts
  5. Create an LLC
  6. Get Lean
  7. Insist on Down Payments

These strategies could be simple yet important. Do you have any thoughts? Post it in the comment box below or send us a message.

Aspiring for a start-up?

Aspiring for a start-up? Here are golden rules of money management

Here are some golden rules to manage your financials when you wish to begin with your own start-up:

  1. Pre- startup phase
  2. Startup phase
  3. Post funding/exit

Here are some tips and tricks to go forward with:

  1. Take insurance
  2. Renting is better
  3. Go debt-free
  4. Fix the loan

Feel free to send us a messageor leave your comments below.

 

Business Intelligence Barista: Mixing your choice of BI Coffee with Tableau, Power BI or Qlikview?

Business Intelligence Barista: Mixing your choice of BI Coffee with Tableau, Power BI or Qlikview?

Choosing a Business Intelligence is a bit like making coffee for the whole company. Everybody likes it their way, and they want it right now. Plus, everybody wants it differently. So, given that everyone has different requirements, how do you go about keeping everybody happy? If you think about how hard it is to keep everyone happy when you’re just making coffee, think how hard it is to select a business Intelligence solution. Not just any solution…. the *right* solution. 

So, given that everyone has different requirements, how do you go about keeping everybody happy? If you think about how hard it is to keep everyone happy when you’re just making coffee, think how hard it is to select a business Intelligence solution. Not just any solution…. the *right* solution. The one that will keep everyone happy and give them what they want. The solution that will keep the ambulance away from the door, where constraints must be met or there will be serious trouble. The solution that will keep everyone out of danger whilst making sure that the sprinkle lovers get their sprinkles, and the folks who like a chocolate covered spoon in their coffee get a little chocolate covered spoon – in milk, dark or white…

Hopefully this article could provide an insight for you to decide the best BI tools for you company. If you would like to know further, or if you have any question, please contact us or leave us comments below.

80 per cent of supply chain managers don’t believe their supply chain enables business strategy

80 per cent of supply chain managers don’t believe their supply chain enables business strategy

Some eight out of 10 supply chain managers do not see their supply chain as an “enabler of business strategies” within their organisation, according to a survey.

The poll, conducted by Hitachi Consulting, also found 55 per cent do not regard their business’s supply chain as a “fundamental source of business value and competitive advantage” and 29 per cent see it as “purely an operational function”.

Cathy Johnson, vice president at Hitachi Consulting, said: “These figures are far from reassuring. For the most part, it seems that senior executives understand the strategic importance of the supply chain, yet the managers who deal with the supply chain on a day-to-day basis do not.

“A supply chain that doesn’t support the overarching business strategy, and which doesn’t deliver competitive edge – and which isn’t going to deliver a material change in performance over the next five years – is clearly not a desirable asset.”

The survey, involving 100 supply chain managers and directors from nine European countries, revealed almost half did not believe their organisation’s supply chain would deliver increased profitability over the next five years, just a third believed it would deliver an improved customer experience over the same period, and half did not think it would deliver a “reduced working capital requirement”.

What is your opinion? Write it below in the comment or contact us for discussion.

How to Develop a Performance Management System

A "dashboard" is like a speedometer ...

(Photo credit: Wikipedia)

How to Develop a Performance Management System

Performance management involves more than simply providing an annual review for each employee. It is about working together with that employee to identify strengths and weaknesses in their performance and how to help them be a more productive and effective worker. Learn how to develop a performance management system so that you can help everyone in your organization work to their full potential.

  1. Evaluate your current performance appraisal process
  2. Identify organizational goals
  3. Set performance expectations
  4. Monitor and develop their performance throughout the year
  5. Evaluate their performance
  6. Set new performance expectations for the next year

Setting performance expectation for the next year is one of the important keys. What is your new year’s resolution? Feel free to leave us a comment or send us a message.

Risk Management: A Look Back at 2013 and Ahead to 2014

Risk Management: A Look Back at 2013 and Ahead to 2014

According to Yo Delmar, vice president of MetricStream, 2013 has been witness to extraordinary change. We are living and doing business in an increasingly global, mobile, social and Big Data world, fraught with new risks and complex regulations. As such, individuals and organizations are struggling to keep pace.

In response to greater uncertainty, complexity and volatility throughout 2013, we’ve seen increased convergence and alignment amongst internal teams, including IT, security and the business. As a result, organizations are better poised to provide the context for communicating risks. We’ve also seen the business ecosystem evolve to include geographically diverse vendors and third parties, and as a result, organizations must continue to view these entities as part of the organization itself, and manage them in a more tightly and integrated way.

Growing convergence among IT, security and the business: The landscape of risk and compliance continues to evolve, as organizations are asked to manage their IT risk and compliance activities far beyond that of basic audit and compliance requirements of the past. As new technologies bring their own set of unique risks, there is a growing disconnect among internal audit, security, compliance and the business on what it means to build, manage and lead a truly safe, secure and successful business.

As a result, we are seeing more focused efforts when it comes to getting these groups on the same page by building a common risk language, as well as a discussion framework to enable cross-functional collaboration. Doing so can set the context for communicating risks in a way that drives more effective governance and decision-making across the board of directors, executive management team and each respective business function.

What is your 2014 resolutions? Leave us a comment or send us a message.

What if Performance Management Focused on Strengths?

What if Performance Management Focused on Strengths?

Obviously we need a new system. And what can we say about the new system that would serve us better? Well, the specifics of the system will depend on the company, but we do know that it must have the following six characteristics, each of which follows logically from the one preceding.

First, it must be a real-time system that helps managers give “in the moment” coaching and course-correcting. The world we live in is unnervingly dynamic, where we are on one team one week and another the next, where goals that were fresh and exciting at the beginning of Q1 are irrelevant by the third week of Q1, and where the necessary skills, relationships, and even strategies have to be constantly recalibrated. In this real-time world, batched performance reviews delivered once or twice a year are obsolete before we’ve even sat down to write them.

We need much more frequent check-ins—weekly or, at most, monthly. Luckily, we now live in a world where most of us are armed with a device that knows exactly who we are, and into which we can record pretty much anything we want. This device—your mobile phone—will enable you, the employee, to input what you are doing this week and what help you need; and, because it knows you, it will be able to serve up to your manager coaching tips, insights, and prompts customized to your particular set of strengths and skills.

Second, it must be a system with a super light touch. Third, it must feel to the individual employee that it is a system “about me, designed for me. Fourth, and crucially, it must be a strengths-based system. Fifth, it must be a system focused on the future. Finally, it must be a local system.

If you have any question about performance management, or would like to have a discussion about performance management, leave us comment or send us a message.

Why should leaders care about performance management?

Why should leaders care about performance management?

A consistent track record of sound results is the best indicator of leadership potential and capacity. Top-rated leaders are those with a history of repeated high impact results across a variety of contexts and complexities.

Consequently, performance management should be a central issue in every organisation. Sadly, in our experience, this is not so – in a significant number of cases we see leaders covering their incompetence and poor results with blame shifting.

Performance review meetings are seldom welcomed. They are widely regarded as the event about which most employees get no sleep the night before, and most leaders get no sleep the night after. We have observed many organisations in which performance management has been reduced, if not entirely relegated, to a once-a-year paper exercise for a mandatory input for annual salary reviews. We have also seen organisations where the performance appraisal is a one-sided affair in which the manager does all the talking, wanting to get one more unnecessary administrative formality out of the way as quickly as possible. Does this sound familiar?

Helping people achieve the very best results possible is a primary challenge for every leader and lies at the heart of effective performance contracting, reviews, correction and reward.

Here are five tips to improve your management of performance:

1. Reframe the purpose

2. Reframe the label

3. Reframe the timing

4. Reframe the model

5. Reframe your role

Performance is a crucial aspect in management. If you are interested in how to leverage your performance management, feel free to contact us.

Coca-Cola refreshes sustainable sourcing goals

Coca-Cola refreshes sustainable sourcing goals

Coca-Cola has increased efforts to make its supply chain more sustainable by announcing a series of new targets in the areas of sourcing, water use and carbon dioxide emissions.

The drinks producer, which is working with the World Wide Fund for Nature (WWF) on its sustainability programme, announced a target of improving water efficiency by 25 per cent among a series of sustainability goals for 2020. It also pledged to reduce carbon dioxide emissions of its drinks by a quarter and to work with the WWF to ensure that materials for its PlantBottle, which is manufactured entirely from plant materials, are sourced sustainably.

Other additions to its 2020 sustainability strategy include working to ensure key ingredients, such as sugar cane, mango and pulp and paper are sourced sustainably and replenishing 100 per cent of the water expended through its operations. It also aims to reach a 75 per cent recovery rate on the bottles and cans it sells in developed markets.

Coca-cola’s strategy is one of many good examples about how supply chain management is utilized into operations. If you are interested in how to improve your supply chain management, feel free to contact us.