How to deal with a poor performing team member?

team memberA project is divided into a number of groups. Each group is assigned a task, which has to be completed within certain time frame. The team leader is the head of each group.

It is team leader responsibility to see that the task is completed in an effective manner and within the stipulated time.

Team leader assigns the task to all the members of the team. These tasks are usually interdependent on each other.

Team leader monitors the progress of the team on a daily basis. He coordinates, guides and helps the team to achieve the target.

The team consists of members. Some members are good performers and some are not. The team leader should note that if any member seems distracted or bored. Is performance of star member up to the mark?

The team leader should not ignore these early warning signs because this uninteresting or boring performance will influence and will spread to other members. This spiritless performance of one member will have an effect on star performers of the team too.

How should team leader deal with such a situation? First thing is to give it a top priority. If a team leader is busy still he should find time to solve the issue otherwise the performance of the whole team will suffer. He should approach the matter is a considered manner. He should not straightforward lambaste the team member because it will aggravate the problems.

The team leader should try to find the basic reason of non-performance by the member. Why a star performer is not giving promising results. Here is how the team leader should go about it.

  1. Find the main reason

Be open and straightforward, and tell your team member that you have noticed a sharp drop in the performance. The member may react inadequately or unfavorably to the announcement.

But team leader should be calm and gentle. He should try to find the real reason for underperformance and not the superficial one.

  1. Recognize the problem

If a member or employee who has served few years in the organization, it can be the case of mid-career crisis. If the member shows no sign of interest in his work then his performance may drop suddenly. Not ready to take new or challenging work. Feels exhausted or has mental fatigue.

  1. Give a patient hearing

The team leader should give a patient hearing to what member has to say. Let him completely finish his side of the story before you say/ask something. Better give him more ear than your tongue. Put up with a simple question so as to reach the root of the problems.

  1. Monotonous nature of work

Sometimes it so happens that the member is bored of monotonous work. He may need more challenging work than what he is presently doing or he needs to upgrade his skill set so as to fulfill his task at hand. His promotion has been overlooked for quite some time.

  1. Extend a helping hand

A team leader should try to judge if he has been assigned work which is overloaded or he needs time to relax. The member is fed up with monotonous work and needs more challenging work.

Talk with the member and let him know that he is a valuable resource for the team and for the project on the whole. Talk regarding his likes and dislike of his present role. Evaluate his work profile. And if possible make necessary changes. See to it that you do not talk much about his personal life.

  1. Measure progress

As a team leader, you can do a lot of things but ultimately it is the results which should show. If there are no results all the efforts will go in vain. So be sure to track the progress of each member of your team on a continuous basis. Be sure to share feedback with all the members.

If the whole team is active, it will enjoy the task assigned to them. The task can be completed cheerfully and on time.

How to Boost Trust in Business Relationships?

Business is about relationships. One does not do business with numbers or organizations or firms. People are involved in the business. Hence business comes down to relationship – individual relationship. A relationship involves customers, vendors, suppliers, employee, employer etc.

business relationship

For business relationships to grow and be productive, trust has to be developed first. It is the base of every connection. Trust is a positive emotion. And a firm belief in the reliability, truth and ability or strength of someone.

The movement a person is not trusted by a team, his chances of success within that group is diminished. One has to build and maintain trust in the business relationship. And is important for the owner and his organization’s success.

Trust is can be understood and influenced. Here are few situational factors that one can look into to increase trust level and that will have a positive outcome.

  • Similarities: If the other person believes that you are like him, then he is more likely to trust.
  • Mutual concern: Will they stand by you, and look for both’s interest.
  • Interest alignment: Are you and your business client in the same boat? If yes, he will trust you.
  • Capability: If you are competent to deliver what you have promised.
  • Predictability: Are you predictable and do what you say.
  • Communication: Constant, open and honest communication builds trust.

How to boost trust in vendors?

In a business cycle, there are ups and downs in cash flow. There are times when the company wishes to release vendor’s money. But since it faces cash crunch it is unable to pay its vendor.

To build trust in vendors it is better to call regular meetings and clear your cash flow. Let each vendor know how much and when will he be expecting payments. There are chances that few vendors will not agree. Let them know the mutual interests are in staying together.

How to boost trust in customer?

Building relations with the customer is to fulfill the promise made to him in due course of business. Better start with small contract. Deliver it on time. See that you work well. This develops mutual trust. Once you fulfill your promise you will be getting more contracts from him. Later on, you can take bigger and bigger contracts.

How to boost trust in employee?

Employees are the base of any business. Business culture should be such that it supports the employees. And looks after their interests. Management should set up reasonable expectation from the employee and this should be communicated to them.

This, in turn, makes the employees feel secure in their positions if they meet the given objectives. Management should make the employee feel secured.

By creating various opportunities for teamwork, group outing to reinforce the feeling of shared experience.

Trust in business is one of the components for a better relationship with the vendor, customer, and employee. It can be influenced by the leader. Hence a leader should understand the various component of trust building. And create a constructive environment.

Top four things every CEO need to focus on daily basis

Being a CEO in a corporate world is not an easy task because they are the people who are responsible for steering the company towards profit and are questioned by promoters and stakeholders alike for the company going in loss.

Promoters or board of directors usually employ the best CEO possible. Being the senior most corporate officer of the company it is his duty to make the company grow, thrive, and profit for stakeholders. He has to perform many roles as a leader or administrator for managing an organization, operations of the company, decision maker for developing business plans and strategies etc.

CEOYou may have several subordinate executives under you for finance, marketing, human resource, purchase, etc. will also be responsible for the accomplishment of company’s vision and mission.

To accomplish all these things, he has to focus on many things; four out of those things should be done on regular basis.

  1. Read read and read

It is observed that once people leave their education they put reading on the back burner. One can see that all successful people are those who spend a lot of time on reading. They regularly acquire new knowledge, innovative ideas, knowledge about trends in business, as one can see there are regular change and advancement in all the areas of life.

You will remain abreast of all the changes happening your field, be it business, technology or personal. Reading can be in form of newspaper, magazines, editorials, company’s reports, watching the news, discussion and debate, change in government policies and/or guidelines etc. which helps you to reach next level of success.

  1. Set a vision

It is the CEO who sets the vision and implements for the company. You should be clear of your vision, should be specific of your company’s achievement of standards and targets in future and set the goals for the specific time period. Where you wish to take your company towards, say three or five or ten years from now, what will be the sales within certain time frame, what should be the culture of the company, what will be its financial condition etc.

You can achieve this by holding regular meeting with your subordinates, getting feedbacks, taking corrective measures if things are not on the right track and gathering invaluable experience on the way.

  1. Create a strategy

To make your vision a reality you have to make a strategy. No problem if you are not too well versed in say finance or sales or operations or marketing etc. but you will have to involve yourself in planning and approval process in all those areas which will have a long-term effect on the company.

You will have to build and get involved in making a strategy for sales promotion, business development, marketing and advertisement of your product, financial planning etc. This can be for any stage of your business cycle. Give and take advice on matters relating to your line of business. Share your experience, use the experience of others and develop the practical strategy with others related to the business.

  1. Cash flow

Cash flow is the lifeline of any business and you will have to keep a strict eye on it. Cash flow refers to the cash that the company will receive in future and cash that the company will pay in future. The net (inflow and outflow) also called business liquidity will help you to evaluate the quality of income/expenses of the company.

One should never run out of money. Especially if you are running for a long-term race. Paying all loans in time will help you to be in good books of the financer (banks, lenders) which can help you in the hour of unexpected crisis that may crop up during your business. Though you may have a chief finance officer still it will be better for you to regularly update yourself on this aspect of business strategy.

How to know entrepreneurship is right for you?

Be a BOSS of own business is a dream of everyone but the path of it is not an easy task. For this, you will not only have to prepare yourself financially but also emotionally. You will have to minimize your constant needs and extra expenses. Even after all this, there are some more things that you should know either entrepreneurship is good for you or not.

businessmanIf you are interested in entrepreneurship, then before starting better to ask yourself these questions, which will help to decide that entrepreneurship is right for you or not.

  1. Am I passionate and enthusiastic about my work?

You have to question yourself that have you made the right decision? With an open mind, think that are you interested in your work or not? As a business owner, you are also a major salesperson for your company, so it is important to have enthusiasm, passion and the dedication towards the work. All these things also affect your product and services. If you are constant with all these things, you definitely can attract more investors, if not then it is a bad deal for you.

  1. What is my tolerance for risk?

There is no business that does not involve a risk, everywhere there is a risk. Sometimes such situations can occur when you have to face difficulties, which may shake you financially and mentally. So, are you ready to face such situations? Do you have a strategy that does not have any effect on you in such conditions? Successful businessmen get success in their business when they take their business strategy along with them to face any kind of problems. They always have complete knowledge about the problems, which they may have to face during business. Therefore, before starting their business they are always prepared with their strategy to deal with such kind of situation.

  1. Am I good at my decision making?

If you want to be boss of your own business then you have to take all your decisions. Now it is time to think about how you can handle your initial decisions. There are many decisions you may have to take, such as, is this place or location good for your business? How many employees should I hire? Should I invest my full savings? Always keep in mind that decision-making process can be more complex over time. Once you rely on the employee or the client, the choices you make can bring success or failure. Therefore, you should believe in your ability to make the right decision.

  1. Am I ready to take many responsibilities?

Before entering the world of business, you will have to focus on special skills that you have. A business owner has to contribute everything to his business. They may have to take a lot of responsibility. A businessman has a lot of versatile roles to play depending on time and situation such as a purchaser or salesperson or accountant or manager. A successful businessman never depends on anyone and even they never shy to do any work.  They are always ready to take any kind of responsibility at any time according to demand of the situation.

  1. Am I able to avoid some habits?

There is a very simple proverb that to achieve something and get success, you may have to let go of some bad habits. Are you ready for it? At the beginning of your entrepreneurship, it can so happens that working seven days a week one may have to forego contacts with your friends, less time for your family members, keep your old hobbies on back burner, not paying more attention to personal needs and interests, unable to surfing internet for hours or to spend time on Facebook or WhatsApp or other social media. So, consider all things and be ready for it mentally.

Take your time, answering all the questions, if you get an answer to all these questions that suits the conditions then entrepreneurship is right for you.

Common mistakes prominent businessmen never make again

There is a determined goal in everyone’s life and the people give their best to achieve it but sometimes, such conditions occur when people easily defeat and go away from their goal. No problem occurs without any reason. There is something behind it, which you need to observe and solve. If you find out that reason and solve as well then no trouble can overcome you from your desired goal.

sad businessmanThe Same process is applied by successful businessmen. A successful businessman never comes to his fault in front of him again and again. They always have right solutions for their all problems and they use it at the right time in the right way. A gentle businessman always tries to learn something from the problems and mistakes and never repeat it again. They keep their strategies ready so that any kind of obstruction could not stop their work.

Let’s see, how a successful businessman does not repeat his mistakes again.

1. Set their limitations

Set limitations and boundaries can be challenging but it is better than any catastrophe. Applying the defined policies in the business and sticking on it can be beneficial for a long run. Sometimes, such situations occur when customers disagree with policies of the business and oppose it then they explain them about their policies and its requirements. They are honest about the limit that they are ready to adjust. If they are not able to adjust with a particular customer then stay away from them because short term loss is better than facing the complicated set of problems in the future.

2. Set timeline carefully

A businessman always is aware of the upcoming hidden surprises. He always knows that he may have to face many uninterrupted challenges during his work. This is the reason a known business never set tight timeline or time frame to complete a task while solves challenges wisely. Most of the businessmen follow this strategy to face the upcoming surprising challenges.

3. They distribute work on team members

Success in any field cannot be achieved alone because as you grow in your field, your responsibilities, challenges and workload also increase. In such cases, taking workload alone can lead you to failure. A successful businessman always gives all the credit of the success to their team members because they distribute their work in team members with different responsibilities. As a result, they get better growth on their productivity and long term benefit for their business.

4. They don’t make opponent

An experienced businessman always knows that his competitor is not his enemy. Many times you may go away from your goal in order to beat your competitor. In such case, you may forget that your objective is not to defeat your competitor. Your objective is to provide good services to your customers and make them happy with your services. As much as the focus and energy you put into beating your competitor, if you put one part of it in your business, surely you will get a better result and it will show in your business growth. This is the big secret of every successful businessman. They never take competitor as their enemy and only focus on their work and business for a better result.