The year 2019 is upon us and is moving forward like a house on fire. With so many things happening and the world constantly moving forward, there are a lot of things to look at, especially when it comes to your financial services. As a startup, here’s how you can set your financial goals for 2019:
1. Review your goals
A lot can happen over the span of a year. Priorities can change, mindsets can change and your ideas about where you think your startup should be can change. You may have overshot your budget last year and you may not have properly planned for the year ahead. Take a look at all the things which happened in the past year and review the goals you set for yourself. It is vital to note that in order to stay fully prepared for 2019, you should have financial plans which are in sync with what your goals are going to be!
2. Take stock of the previous investments
When you are working on what to expect from the financial year from 2019, it is important to look at the kind of investments you made in the past. Make a note of the funding you received in the past and where you used the money. If you know you have enough funds to make do for the essentials, don’t go overboard with the frills. Cut back wherever necessary and with the the goal of securing your future investments, make a clear choice about what you want and need for your startup. This not only helps in figuring out your plans, it also helps in giving you a clear direction regarding where you need to go.
3. Manage your debts the right way
One of the best ways to get over your financial crunches is by learning how to manage your debts. It is daunting to look at your debts and see how much you owe people. Take stock of what your outstandings are and then start crossing each debt off one step at a time. The more money you owe, the scarier it is to look at how to grow and as you climb up the ladder, this is never a good idea.
4. Prioritize and get rid of the unnecessary
One of the primary ways to keep a track of your financial status is by looking at what is priority and what isn’t. If you’re paying for three coffee machines when you can actually make do with just one, get rid of the extra. If you need only 5 people in a particular team and have at least ten, then take a look at if you can work better with fewer people on your team. While it may be hard to make these cut throat and to the point decisions, the long term goals are satisfying and worth it at the end of the day.
5. Stick to your plans
Despite working on your goals, it isn’t easy to stick to your goals all the time. No matter what, hold yourself accountable for when things don’t go according to your plan. Stay true to what you want and what you need, so at the end of the day, you know you have done all that you could. Sticking to your plans is important, especially when it comes to achieving success later in life. When it comes to your startup, sticking to your plan needs to be taken care of without the shadow of doubt.
6. Have goals for the expansion of your business
The start of every financial year looks at how to secure cash for the growth of your startup. While some look at growth on a small scale level, others want to expand with leaps and bounds. Take into account which category you fall under and when you decide that, the financial aspects also fall into place. It is imperative to have goals and decide the kind of sacrifices which need to be made when it comes to turning your dreams to reality. Though the sacrifices may seem a bit much now, the end result is always going to be worth it!
When it comes to financial stability, you need to make sure you have all your eggs in order. What are some of the ways you stay financially stable? Comment and let us know!
How To Streamline Your Work Through Crisis Management
In the very basic sense of the term, crisis management is defined as the process by which a company handles a stressful work situation. In order to streamline your everyday working process and to reduce the amount of pressure on your crisis management team, here are a few tips you could follow!
1. Have a plan
While the steps to solve every problem may not be the same, the principle around the solution follows similar guidelines. In order to be on top of at least the basic steps, it is important to always have a plan in hand. The moment you have the basic outline ready, filling in the details isn’t that hard. Remember when you were a kid and you were taught to colour only on the outside and then start inside? This plan works really well for your solving critical situations as well!
2. Let your employees know about the situation
Sometimes, when you are neck deep in problems, it is important to keep the door open to as much help as you can get. Let your employees know what’s happening and keep them informed about the seriousness of the issue. There are two advantages to this. Not only are you being open and clear as a manager, you are also letting in new ideas about how to solve the problem. Talk about a win win situation!
3. Communicate the action which needs to be taken
In extremely critical situations, it is important for you, as a leader, to take complete charge. This is not really a plan but an important step in the process of solving the problem. Give direct orders to those who can get things done and make sure you delegate as much as possible. Avoid leaving things open ended and have your pointers mentioned directly.
4. Create a crisis management team
One of the best ways to deal with a crisis situation head on is by creating a crisis management team. With senior executives, business leads and your public relations team, your crisis management team should include every member who is equipped with the skills to solve a problem from the very word go. Once you get your team in place, you can start working on delegating and then turn your attention to more pressing matters.
5. Be accessible
When in a situation which needs your attention completely, it is important to let your employees know you are available no matter what. Sometimes, even though you have given direct orders, people are faced with sudden questions and it is your job to get everything clarified. Have all your documents open and accessible so people know, even at times like this, you care most about honesty.
Solving a crisis takes time and effort. It takes a lot of dedication and hard work and when you have all your employees together, you know you’ll come out bright and shining. If you think we missed out on any other ways to solve a critical situation, comment and let us know!
Why A Good Company Culture Is Important For Positive Growth
Company culture is important to foster the overall growth of one’s company. Since you spend over half your day at the place you work, it is vital to work at a place where not only you, but your talents are appreciated as well. In order to develop a good working environment, here is how you can make your work a fun and entertaining place!
1. Keep empowering and encouraging
One of the ways to ensure your company has a strong work culture is if your employees feel motivated into doing their daily tasks. Empower and push your employees into believing what they are doing. You have to make sure your team don’t just have to do their job, but are invested in it so much, they want to do it really well. With empowerment, people are pushed to do their very best and with that, you get the added joy of seeing a task done really well. One of the ways to empower your team is by looking at how you can encourage them to do better, no matter what.
2. Empathise with your team members
When you don’t care and do not empathise, your work culture suffers. Often times, you don’t realise that different people have different ways of dealing with situations. While you may be okay with communicating things in a certain manner, the other person might look at it as obtrusive, loud or even rude. When you realise something bothers another person in your team, talk to them. Ask them what is bothering them and have a clear understanding about what you can do to make their life better at work.
3. Be inclusive in your activities
One of the best ways to improve the company culture is to be inclusive in all your activities. Sometimes, you end up leaving people out of your group activities because you either don’t converse with them on a regular basis or because you just forget. This leads to the other person thinking that you don’t like them, leading to a lowered morale. In order to avoid situations like this, make sure you include your team members in all your activities. Little things like asking everyone if they want to order lunch with you or asking them if they want coffee as a part of your meal makes a lot of difference in the overall work environment.
4. Be open to new ideas from everyone
In every team, every role is clearly defined for each person in the team. However, over a period of time, different team members express the need to explore other areas in the same team. One of the ways to improve the kind of morale your team has is to be open to any and every new idea people throw at you. Not only does this broaden your horizons as a leader, it also instills a positive environment and increases the personal growth levels of every member in the team!
5. Humour is always a good cure
Humour is an extremely positive motivator. One of the foundations for having a good place to work at is if you have a happy, laughing environment. Remember that no matter how stressed things are at work, a little laughter and joking around can always make the world a better place!
6. Let your team know your door is always open
There are always times when you as a leader tend to lower your strong exterior. Realise that when you have a team working for you, everything can’t always be peachy happy. Make sure you are always available for your team, no matter what happens. Even if there are issues which end up affecting the work, a good talking through always helps in resolving them.
One of the key responsibilities of being a leader is to ensure your work culture is such that people want to come to work, rather than avoid work. If you think we missed any other reasons as to how you can create a good work environment, comment and let us know!
How To Resign With Your Grace In Place
Every job has an expiry date. Whether you want to do something on your own or you get a better job offer, there comes a time when you have no choice but to quit. However, if you have worked in the same company for a really long time, quitting becomes a hard task. When it comes to quitting, there is a time and place to do what you know has to be done. Here is how you can resign and still work on all the relationships you built at work:
1. Give a clear reason for your resignation
When it comes to resigning, the best way to avoid any confusion is to give a clear reason about why you are quitting. Even if those reasons are related to your work environment, let your boss know. Furthermore, the more transparent you are, the better your chances of leaving without any bad connotations. On a side note, make sure you don’t complain to your colleagues about your job. The more dirty laundry you air in public, the bigger the impact on your professional life.
2. Be public about your resignation
Office politics are hard to avoid when you are resigning. People like to talk and if they have an issue with you, the discussions become all the more negative. When you decide to quit, make sure you tell all the people who need to know. This helps in clearing the air about your resignation and gives people the chance to come to terms with your choice. Be clear, vocal and direct.
3. Have your notice period mapped out
The notice period is the period of time when you start finding and preparing your replacement with all the things you have been doing. Your notice period begins the day you hand in your resignation. Start by documenting the things you do on a daily basis and have a detailed breakdown of how long it will take to finish your pending projects. Organize the different tasks you have on your roster and make sure you finish as many pending projects as you can before your last day. Your notice period also helps in giving your colleagues time to process your resignation, so make sure for however long you are on your notice period, everything is in place.
4. Mend all your broken bridges
When you do make the decision to quit, fix all your broken bridges and make sure you leave on a positive note. The relationships you build at work are extremely important, so do not let go of them too quickly. Who knows? The people you worked with in your past, can help you grow in your future!
5. Offer to help
Often times, even after you give a notice period and quit, finding a replacement can be extremely difficult. One of the best ways to leave with all your senses in place is by letting your boss know that you can help whenever needed and possible. By doing this, you are letting your former employer know that no matter what, you value your relationship with him and your ex colleagues!
Quitting your job is not an easy task. However, if done right, you ensure you don’t leave too many broken bridges in your wake. If you think we missed out on any other ways to quit your job gracefully, comment and let us know!
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