March 2009 Vol 2, Issue 3
Modern man
balanceatwork
newsletter
Greetings!
 
From our experience talking with business owners and managers, especially in financial advice businesses, we realise that often they know well what they need to do but are sometimes struggling with how
 
The 'how' part of people management has always been our focus at Balance at Work and we recognise that it is usually simply a question of 'where do I start?'.  In this issue, we have articles that will help you to get on with it.
 
We've had a lot of interest lately in our services that help take the uncertainty out of hiring new staff.  You'll find more information on our website, or email us for a quotation.
 
If you find this information useful and have missed previous issues, you can access them here. 
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Balance cash boost for small business 
 
The Minister for Employment and Workplace Relations, Julia Gillard, announced the launch of the Fresh Ideas for Work and Family program on 1 March 2009.
 
This national initiative provides grants of $5000 to $15000 to successful small businesses to implement practices that help employees balance their work and family obligations and improve employee retention and productivity.
 
The program aims to assist small businesses across regional and metropolitan areas. It is designed to support projects that benefit both the employer and employees, demonstrate long-term sustainable outcomes for the business and have the potential for wider application to other businesses. Applications will be accepted from:
  • Small businesses in Australia with fewer than 15 employees.
  • Not-for-profit and non-government organisations.
  • Consortia of small businesses.
  • Sole traders and incorporated sole traders that employ between 1 and 14 employees.
Further information on family friendly work arrangements, work-life balance and the program is available at http://www.deewr.gov.au/WorkplaceRelations/FreshIdeas/Pages/default.aspx or call  the Workplace Infoline from 8am to 7pm Monday to Friday on 1300 363 264 or email FIWF@deewr.gov.au.
 
Employee engagement and your bottom line
 
In businesses struggling to do more with less, one key to productivity is often overlooked:  Employee engagement, or an employee's emotional and intellectual commitment to their organisation. 
 
In their 2008 'Q12 Survey' of 1000 employees in Australia, The Gallup Organisation found that 79% of workers were not engaged or were actively disengaged.  Gallup estimated this represented a productivity loss to the nation of around $42 billion annually, which can be translated to lower potential profitability at the individual business level.
 
An engaged employee is passionate about what they do and will drive innovation to move the organisation forward.  Actively disengaged employees are unhappy and don't really care who knows it - they will undermine what engaged people are trying to accomplish.
 
In the middle are those who are not engaged.  These employees are not adding to business growth.  They are happy to collect their pay, as long as they don't have to put in too much extra effort to get it.  In most businesses, this represents the majority of employees (6 out of 10), and there will be one actively disengaged employee for every engaged employee.
 
So how do you know if your employees are engaged?
 
If you're wondering about engagement levels in your business, consider what your team's responses might be to twelve questions Gallup asked employees:
 
1.  Do you know what is expected of you at work?
2.  Do you have the materials and equipment you need to do your work right?
3.  At work, do you have the opportunity to do what you do best every day?
4.  In the last seven days, have you received recognition or praise for doing good work?
5.  Does your supervisor, or someone at work, seem to care about you as a person?
6.  Is there someone at work who encourages your development?
7.  At work, do your opinions seem to count?
8.  Does the mission/purpose of your company make you feel your job is important?
9.  Are your fellow employees committed to doing quality work?
10. Do you have a best friend at work?
11. In the last six months, has someone at work talked to you about your progress?
12. In the last year, have you had opportunities at work to learn and grow?
 
Tip:  The beauty of these questions is that you don't even have to ask your employees for their responses.  Simply reflecting on what their answers might be will give you a plenty of useful information you can act on now to start making the changes necessary to have more engaged employees.
 
Action:  Choose one thing you can do now to engage your staff.
Tips to get your business through tough economic times
 
Quinns logoThe harsh economic climate does not necessarily mean the end of your business, and although it may seem hard to believe, it is certainly not all about tightening the belt and cutting costs from wherever possible. As a business owner, there are some simple steps that you can implement across all areas of the business to help you keep your business on track and get the edge on your competitors.
 
These are just some of the areas that you can look to address:
 
Management: Define and focus on the business' core competencies. Once the core competencies are identified more of the business' precious time can be allocated to perfecting these functions.
 
Operations: Work smarter and refine processes that will reduce waste and improve currently poor and inefficient operations. It is also beneficial to review stock levels and current turnover rates, this will allow you to maximise potential sales and reduce wastage of stock.
 
Accounts/Finance: Address your current cash flow. Have a look at your debtors and work hard to ensure that not only do they pay on time but that they are secured as customers. Losing a large client can be devastating to the business. Take the time to look at you current creditors and suppliers. You may be able to reduce your costs by negotiating new terms with suppliers or finding a different source that can provide the same services for a reduced fee.
 
Tax and Bookkeeping: Ensure that all your financial records and reports are kept accurate and up to date and that all necessary forms and payments are lodged on time as much as possible. It is advisable that you also speak to accountant or tax expert to obtain advice on how to legally minimise your tax payments and maximise eligible deductions.
 
Lastly, get help! If you can see holes developing in your business and don't know what to do about it, or perhaps you don't even know where to start looking for the holes, seek the help of a professional. The Quinn Group can provide you with a range of legal, accounting and general business advice to help you make it through these uncertain times. As an integrated professional services firm, The Quinn Group provides the Total Solution.
 
Michael Quinn, Director of The Quinn Group, is an experienced lawyer, accountant and educator. If you would like further information or assistance, Michael and the team of legal and accounting professionals at The Quinn Group can be contacted by calling 1300 QUINNS or visiting the website www.quinns.com.au
 
On Saturday, I had a wonderful time at the Sound Relief concert for bushfire and flood charities at the Sydney Cricket Ground, with my husband Colin and our daughters, Sophie (16) and Harriet (14).  The music was amazing and the weather unbelievable!  (It's not every day you get sunburnt AND soaked...)
 
The highlights were just too numerous to list but for those who haven't seen it yet, here's one: Coldplay's 'Fix You', with Chris Martin's crazy crowd run.  If you prefer, John Farnham, Icehouse, The PresetsBarry Gibb and Olivia Newton-John were all there.
 
The management and coordination that went on behind the scenes to enable 15 bands to perform in 10 hours, numerous different presenters and live crosses to the performances at the MCG was very impressive.  It all ran very smoothly and professionally.  Apparently an event of this size would usually take ten months to put together.
 
How did they do it?  Could it be having a common goal - that everyone believed in - that made it all work so well?
 

Until next time...
 
Warm regards
Susan Rochester
 
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