Workplace Wellbeing—A Strategy for Leadership

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StrategyDriven Talent Management Article |Workplace Wellbeing|Workplace Wellbeing—A Strategy for LeadershipWorkplace wellbeing should feature prominently in any successful organization’s strategy. Creating an environment in which a well-managed and highly motivated workforce can flourish can elevate your organization to huge success. It can exceed in positive workplace outcomes such as high levels of corporate social responsibility.

In our experience, a happy and engaged workforce delivers extra-role effort by the bucket-load. But where do you start on this journey? Further, how do you orient your organization to this perspective? Well the good news is this is relatively easy to achieve and does not cost thousands of dollars. Although marketing a well thought out wellbeing plan effectively is often overlooked, we can provide insight into how to avoid this, giving valuable advice garnered from considerable knowledge in this field over many years.

The criticality of effective workforce wellbeing plans engrained in business as usual, as part of the brand, is key to business success. A focus on continuous professional development will help employees authentically link wellbeing to leadership, ethics and integrity; allowing your business to thrive, remain highly competitive and have a strong social responsibility ethic underpinning all that it does. Employees flourish in an environment that creates this. Further, and with a focus on flourishing, an emphasis on the personal resilience of employees can pay huge dividends.

There is a plethora of models to improve personal resilience and we are particularly drawn to positive psychology, utilising Martin Seligman’s PERMA model for example. What’s in it for your people in terms of what they will gain, or not lose, from a situation is critical and needs to remain at the forefront of your thoughts when promoting your wellbeing strategy. This vital component is worthy of detailed exploration, as it clearly links to how people in the workforce can make their life better, and connect to the meaning and purpose that is so important to leading a healthy and successful working life. Get these factors right with your leaders and your strategy will be on exactly the right track.

About the Authors
StrategyDriven Talent Management Article |Workplace Wellbeing|Workplace Wellbeing—A Strategy for LeadershipStrategyDriven Talent Management Article |Workplace Wellbeing|Workplace Wellbeing—A Strategy for LeadershipIan Hesketh, PhD and Sir Cary Cooper, CBE are the authors of Wellbeing at Work: How to Design, Implement and Evaluate an Effective Strategy. Both are associated with the National Forum for Health and Wellbeing at Work (UK). For more information visit: https://www.koganpage.com/product/wellbeing-at-work-9780749480684

The most common financial mistakes graduate entrepreneurs make

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StrategyDriven Managing Your Finances Article |Graduate Entrepreneurs|The most common financial mistakes graduate entrepreneurs makeAmongst the world’s ambitious graduates are some of the next generation’s entrepreneurs and innovators. Some will have a carefully defined business plan. Others will have little more than a dream and bundles of enthusiasm.

Starting out in business straight after Uni isn’t easy. For the bright-eyed grad, a lack of life experience and industry expertise, along with a mountain of student debt can make the business journey a particularly tricky one. A recent report by CNBC warns that with graduate debt at around $30,000 for many students, starting a business is a huge challenge. It really is no wonder graduate entrepreneurship is declining.

As well as student debt, there is also the issue of financial know-how. Let’s take a look at some of the most common financial blunders graduate entrepreneurs make.

1. Not having a business plan

Accounting firm, OS Accounting, say “One of the mistakes a lot of entrepreneurs make when launching a start-up, including graduates, is to forge ahead with an idea without proper planning. Starting a business without a business plan is risky. It’s the fundamental starting point for testing whether or not a business idea is feasible.”

A business plan sets out the financial and operational objectives. With a well-developed business plan, entrepreneurs are also much more likely to attract angel investors or secure funding from venture capitalists.

2. Overestimating revenue

Brimming with optimism, entrepreneurs are renowned for overestimating revenue. In fact, for many eager graduates launching a start-up, revenue expectations are unrealistic. David Cummings, an Atlanta-based tech entrepreneur who has founded 10 companies, understands all too well the pitfalls of overestimating revenue.

3. Overspending on set up

A whopping 29 per cent of start-ups fail because they run out of cash. Early-stage entrepreneurs face specific challenges as they often lack business skills. Many entrepreneurs overspend on office space and tech tools.
With remote working becoming the norm, the virtual office, where possible, can save a lot during set up. Taking time to properly research tech tools can also save money. Various pieces of tech often overlap – as they are charged per user, spend can easily go up if this isn’t given attention.

4. Misunderstanding the difference between profit and cashflow

Things can look good on paper, but if a business runs out of cash it is in trouble. Poor cashflow planning and running out of cash is, according to Forbes, in the top 10 reasons why entrepreneurs fail.

Not all entrepreneurs have savvy accounting skills when they set out in business. Some basic accounting knowledge can prove invaluable. Most businesses record revenue and expenditure when it is incurred (rather than when invoices are paid). This means it is possible for a business to be profitable on paper, but not have any cash in the bank.
Business coach, Stever Robbins says the difference between profit and cashflow is often the difference between success and bankruptcy. Being able to read the accounts and understand the cash position in a business is vital.

5. Mixing personal and business accounts

Running a business through a personal bank account is never a good idea. Business banking should be kept separate and the importance of this is all too often ignored by eager graduates who want to avoid the expense of a business bank account.

Mixing personal and business bank accounts can also turn out to be a nightmare when it comes to tax reporting. It makes it easier to miss expenses and could be an issue if the business is investigated by the Inland Revenue.
In an article for Inc., Levi King, entrepreneur, CEO and Co-Founder of Nav, advises never to mix personal and business finances for the following reasons:

• Separating business and personal finances helps you look legit
• It helps to achieve a stronger business credit score
• It helps with tax reporting

6. Not budgeting or planning for tax

All businesses have tax obligations to the state and locally, and tax bills can hit fast and hard. Ignoring taxes is one of the top business budgeting mistakes. Seeking tax advice prior to starting a business is also something many entrepreneurs fail to do, but with the right tax strategy, tax liability could be considerably lower.

7. Not having an emergency fund

Cashflow is king when it comes to business. Many graduates finish their education in debt, not with an emergency fund they can fall back on during hard times. The U.S. Bureau of Labor Statistics reports that approximately one-third of all businesses fail within the first two years because of cashflow issues.

Summary

In spite of the pitfalls, there are many advantages of launching a start-up as a new graduate. New grads actually make great entrepreneurs. Many graduates are both innovative and more financially-savvy than they get credit for. The student mentality of surviving on a pittance can also bring business benefits.

There are lots of financial considerations for graduates, including how to repay student loans and finding a deposit for somewhere to live. That doesn’t mean graduates can’t start their own business. Here are 8 reasons why as a graduate you might want to give entrepreneurship a go. Remember, business planning is key!

Top management schools in USA

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StrategyDriven Professional Development Article |US Management Schools|Top management schools in USAA business school is a university level institution that confers degrees in business administration or management. They offer subjects which are relevant to a business environment and those which help in laying the foundation of business studies such as accounting, business strategy, economics, finance, entrepreneurship, etc. Students are fostered in such a manner that they are able to find the coincidence in the past, current and future practices such that they could solve real life problems as well as enhance structures to obtain and retain the best results. USA is one such country which ensures the welfare of its students who have enrolled in the top business schools by providing them with world class facilities. There are also many schools under Ivy League Universities in USA for pursuing masters in the field of management or business. Let us have a look at top management schools in USA :

Top management schools in USA

  1. University of Pennsylvania (Wharton) The Wharton School at the University of Pennsylvania is the oldest business school established in USA. The school is known worldwide for its vast alumni network. Students, across departments, are subjected to week-long trips named Ventures, during their coursework where their leadership skills are put to test. Students also get on-campus hands-on experience through 25 research centres and 150 organizations to get involved in. Students also have opportunities to pursue joint degrees in conjunction with prestigious institutes like Penn Law School and Harvard School of Government. 83.6 percent of graduates of the full-time program are employed at reputed organizations. Program fees for the full-time program are $72,300 a year.
  2. Stanford University One of the most prestigious universities in the world, Stanford Business School offers graduate programs in various business concentrations. The school aims to encourage students to create ideas that deepen and advance their understanding of management and thus transform them into innovative, principled and insightful leaders who are dedicated towards changing the world. 68.7% of the graduates are placed at prestigious organizations. Program fees for the full-time program are $70,590 a year.
  3. Harvard University Harvard Business School has been renowned worldwide for educating leaders who make a difference in the world. Graduate students at Harvard Business School get a hands-on education through the case method, which poses true-to-life problems students must tackle in teams. The experiential learning extends to field study teams, in which small groups of students evaluate existing organizations, and immersion trips, intense weeks of study in another country over winter breaks. 79.10% of graduates of the program are employed. Program fees for the full-time program are $73,440 a year.
  4. Massachusetts Institute of Technology (Sloan) Graduate student organizations at MIT have a global focus, with business clubs for nations around the world. Though graduate students at the Sloan School of Management study at the campus facilities in Cambridge, Mass., their business education has a broader slant. The academic courses are inherently global in nature, and there are dozens of opportunities for students to travel and study abroad. The school also has Action Labs for students to tackle real problems in existing companies in the United States, China and India. 86% of graduates of the full-time program are employed. Program fees for the full-time program fees are $74,200.
  5. University of Chicago Chicago Booth offers the world’s most flexible full-time MBA program under the Booth School of Business. The university is focused upon building upon students’ existing academic and professional backgrounds, bringing them closer to their goals. The multidisciplinary approach to problem solving empowers students with frameworks for freethinking and sound decision making. The program includes only one required course—leadership effectiveness and development—which gives flexibility to students to design their own course depending on the requirements of potential employers. Experiential learning bridges theory and practice, and skills gained during the course are tested in real business settings. Booth’s academic culture emphasizes problem analysis and discovering innovative solutions through dialogue and debate with peers and professors. 98.4% of the graduates received job offers within 3 months of graduation. Program fees for the full-time program are $72,000 a year.

Conclusion

The art of doing business is both innate and acquired and in either case it needs a boost in the right direction. It is important to research, choose and apply for the postgraduate business school in order to receive a holistic environment that provides the theoretical and practical knowledge necessary. The reason why a balance between both is necessary is that it is not enough to enter the market and grow drastically for a limited time and then collapse. It is equally crucial to sustain in a competitive place after finding a niche for yourself. A prior simulation of such a situation helps aspirants land at the best positions.

About the Author
StrategyDriven Professional Development Article |US Management Schools|Top management schools in USAAbhyank Srinet holds a Masters in Management degree from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control. His interest in the digital landscape motivated him to create an online start up for Masters in Management application consulting (MiM-Essay.com), focused on spreading quality information about the MiM degree & performing application consulting services for clients. He is the chief consultant of the company and takes care of Business Development and Digital Marketing side of the company. He is very passionate about writing and marketing.

Are You Harnessing The Full Power Of Social Media For Your Business?

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StrategyDriven Online Marketing and Website Development Article |Social Media Strategy|Are You Harnessing The Full Power Of Social Media For Your Business?Social media is a must for any business in this day-and-age. With three billion people now using one social media site or another, there is a very big reason that your business needs to be represented on the major sites, and that is because so many of your potential customers are on there.

The majority of social media users check their accounts multiple times in one day. For some people, they are rarely disconnected from it. Having access to sites like Facebook, Twitter, and Instagram through their smartphones means that your customers can be easily accessed wherever they are, and at any time of the day.

You Need A Social Media Strategy

Your company needs to have a strategy when it comes to handling your social media presence. This might include creating a schedule of the posts that you will create and share, as well as, planning the peak times that your posts should go live. You may want to consider using sponsored ads, and you will need a plan and budget for this.

Hire The Right People

You will need people to manage your social media presence. You may choose to do this in house, or you may want to enlist the help of a Facebook advertising agency that will be able to create the highest level of professional content.

Post Regularly

You will need to post often across all of your accounts. You may want to vary the posts that you are doing, so that there is variation across the board. Your posts don’t need to always be trying to sell your products. In fact, it is a good idea to create a lot of content that will enrich your customer’s experience of dealing with your company.

StrategyDriven's Social Media Publication Timing Whitepaper


Keep Building Your Audience

You need to be always looking out for ways to increase the number of followers that you have. These new followers could turn into future customers. By creating the types of posts that encourage user interaction, you will find that your posts achieve a much broader reach.

Work Out When To Post

There may be a number of key times of the day when it is optimum for you to post. Use scheduling tools found on apps such as Tweetdeck to help plan in the times your posts will go up onto their sites.

Much of this is trial and error, so be sure and make use of any analytics tools to help feed into your social media strategy.

Know Your Audience

Understanding the demographic of your audience is vital. If you are going to pay for advertising, you will want to make sure you are sending out targeted messages about your business to the wrong people. Find out as much as you can about their age groups, their professions, as well where they are from. Analyse the posts that you get the best results from, and work out what you have done to achieve this so that you can replicate it.

The 3 Best Ways To Implement A Leaner Business

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StrategyDriven Managing Your Business Article | The 3 Best Ways To Implement A Leaner Business

When we are doing our utmost to create a flexible business, that embodies numerous characteristics that benefits the employees and the employer, this is when we have to start paring things down to the bare essentials. The concept of a lean business is something that has proven to be a very effective model for managing teams, in various industries like manufacturing and construction. What are the fundamental principles of implementing a leaner business, and how can we bring these about?

Look For Constant Improvement

Striving for a constant source of improvement is one of the key aspects, and after alleviating the bottlenecks in your process, and establishing a pull system, you need to find ways to continually improve your operations. This is all about enhancing the value while removing the waste. Automation is one of the main components that can help in this respect, and while there are numerous things that you can automate, you need to start simply, with some of the in-house processes that impact the employees directly. You can see more here about invoice automation, and this is one little thing that can make life so much easier all around. Automation is one aspect that you can implement to create constant improvement.

Setting Clear Goals

You have to understand what your end goal is, and you need to communicate this to everybody in your organization. What are you trying to achieve? Whatever the goal is, you have to ensure that it is clearly defined. A clear goal means that you will have a better chance of streamlining your process is accordingly. From there, you can learn how to improve your strengths and minimize your weaknesses. A SWOT analysis certainly provides food for thought in this respect, and once you realize l where your failings are, perhaps this could provide more clarity in setting the goals.

Adopting The Proper Culture

Workplace culture is crucial to improve your business continuously. As the organization demands a certain mindset, this is directly borne out of the culture of the company. Changing the culture from within is a long process, but you can make specific alterations to ensure you head in the right direction. You sure to start small, but also think about altering the mindset of the people that work for you. You can do this by hiring the right sort of people and then you can make those small alterations go further. A proper workplace culture provides ethics, the mindset, as well as the appropriate level of productivity.

A lean business is all about simplicity. This is something many of us tend to overlook. It could be a difficult thing to get started, but once we understand our set goals, this is where our inherent feelings are. And when we embrace the challenge to turn our business into a lean one, we will see the benefits, not just in terms of productivity, the culture of the organization, but we will also see the benefits years down the line. The fact is that it’s not just a process, but it is a way of life.