ANZ announced last week as part of its Banking on Australia program a pledge to lend $1 billion to new businesses as a demonstration of its commitment to Australia’s small business sector. This follows new research which found that 39 percent of new small business owners believe getting access to finance through banks is difficult, while 69 percent have to cut back on personal expenses when the business is low on cash.
ANZ General Manager Small Business Banking, Nick Reade, said, "We know the first few years of running a small business can be challenging so today we’re pledging to lend $1 billion over the next 12 months to make it easier for Australians to realise their business dreams.
"A lot of new small business owners think that it’s only big businesses that get loans from the banks, but that’s not the case. In the last year, we approved more than seven out of every 10 lending applications from new small businesses.
"In addition to the $1 billion pledge, we’ve made available the information and tools customers need to apply for lending via the ANZ Small Business Hub," Reade said.
Victorian businessman, Edward Lakman recently launched iFrames, an online designer sunglasses and optical frames business that allows customers to browse almost 2,000 designer frames, upload an image of themselves and try on frames from their computer, tablet or mobile.
"I’ve been in the digital industry for more than 10 years, and saw a gap in the market to provide competitively priced designer eyewear with next day delivery and free returns. ANZ’s support has provided a fantastic opportunity to start and grow my business," Lakman said.
"We’re also working with optometrists to help deliver a quick and convenient optical service for people wanting to save time and money on their prescriptions, and donating a portion of all sales to Vision Australia."
To apply for a small business loan customers need a business plan, cash flow forecast, recent personal tax returns and no negative credit rating.
ANZ also supports new small businesses in other ways >>>
Read the May Edition of Business Review Australia here.
Contrary to popular belief being a successful businesswoman doesn’t necessarily mean that you have to be some kind of superhero mother, wife and entrepreneur. In fact, the one trait successful businesswomen tend to have in common is that they don’t let the persistent underrepresentation of women in business deter them from taking their seat at the boardroom table.
According to an article published in Forbes magazine, women occupy just four percent of CEO positions at Fortune 500 companies. Furthermore, less than one in five corporate board seats is held by a woman. The outlook for women in business is slowly beginning to look a little brighter; in recent years the percentage of female MBA students reflected a third and two major schools, Harvard and Wharton are close to achieving gender parity. However, there is still a long way to go.
Business Review Australia considers some of the defining traits of successful businesswomen in the twenty first century >>>
#1. Self-Awareness & Understanding
From identifying the correct career path for yourself, to knowing and recognising your own strengths and weaknesses, self-awareness in key to success. If you are not sure how to cultivate that self-awareness find a mentor or ask your peers for honest feedback and advice.
#2. Finding a Good Work / Life Balance
Just because you have a successful career doesn’t mean you have to forego living your personal life too. It is very out-dated to believe that women have to make a choice between having a successful career or being a mother. Today, when we have the first pregnant CEO of a Fortune 500 company to look up to in Marissa Mayer at Yahoo, working parents no longer have to pretend their only priority in life is to work. Find that balance and make living and working work for you.
#3. Don’t be Afraid to Ask for Help
Going back to the opening paragraph of this article – successful businesswomen don’t have to be superhuman, perfect, multi-tasking heroines. In order to be truly successful women need to recognise that they cannot do it all. Don’t be afraid to ask for help, whether that is by getting a cleaner or a nanny or by delegating some of your work responsibilities. You can’t do it all.
Read Related Articles In Business Review Australia
#4. Find a Company That Matches Your Values
Building a successful career depends on finding a role that is a good fit for you. Job title, description and even salary should take a back seat – finding an organisation that matches your values and morals is most important because it will allow you to flourish.
#5. Seek Recognition for Your Accomplishments
Research shows that all too often, women wait to be recognised rather than being proactive in seeking recognition for the achievements. Successful women in business find appropriate ways to summarise their achievements and take credit for their performance without coming across as bolshie.
#6. Build Your Professional Network
Networking is one of the most important things you can do for career development. Building relationships with colleagues with whom you have something in common—giving, as well as asking for, input and advice from a community of colleagues you cultivate over time.
#7. The Art of Negotiation
A recent study indicates that women do not negotiate as often as men – the result equals lower wages and thus less job satisfaction. Successful women need to learn the art of negotiation to ensure they get the most out of their career and do not feel as though they are being sold short.
#8. Take Risks
Successful executives advise over and over that the best career moves they ever made were the ones they could never have foreseen. What does that mean? Stay nimble, have flexible expectations, and don’t try to map your life decades in advance only to find that you’ve foreclosed opportunity.
]]>Read the May Edition of Business Review Australia here.
Search engine giant Google has announced that the former Managing Director of Procter and Gamble’s Australian division, Maile Carnegie has been appointed the region’s new Country Director. Previous Director, Nick Leeder resigned from the position last year.
Carnegie spent three years in her most recent role at P&G, and 20 years across P&G in various regions including the United States and Singapore.
She was also the General Manager for Asia strategy, marketing and design. She also sits on the advisory board of the University of Technology, Sydney.
Leeder is now Google's Country Director in France.
]]>Choosing the right career can be a challenge for Australians and many worldwide, especially if the job market is fluctuating.
But if you're looking to earn one of the best salaries Down Under, you could certainly do worse than these >>>
Marketing Analyst: 360,000 AUD
If you've got mad computer skills, along with an analytical mind and great communication skills, you should look into becoming a marketing analyst.
These professionals run focus groups, administer questionnaires, and perform other research to determine market trends and help their employers develop a killer marketing strategy. You'll also help develop new products and services or modify the existing ones to meet consumer demand.
To become a marketing analyst, you'll need at least a bachelor's degree in statistics, math, or computer science. To reach the top of your field, you'll want an MBA or master's degree in marketing research, marketing, or statistics.
Chief IT Officer: 250,000 AUD
Lots of technical knowledge and ability, good communication skills, and great leadership ability may net you a great job as the chief information officer of a company.
As the head of IT, you'll be responsible for all of a corporation's computer systems, helping your company form and meet strategic goals. You'll usually report to the company's other executive board members.
If this sounds like the career for you, a bachelor's degree in computer technology or a related technical field will help. Even more helpful will be an MBA or master's degree in your technical field.
Financial Controller: 225,000 AUD
If you're a born number-cruncher and can make maths sit up and do your bidding, you might enjoy becoming the financial controller for a large company.
The financial controller oversees a corporation's accounts department, managing the company's team of accountants and keeping the books clean and accurate. You'll oversee all tax and regulatory issues, help your company formulate its financial strategy, and perform periodic audits to make sure financial records are up-to-date.
You'll need a minimum of a bachelor's degree in math, business, or economics, as well as accountancy qualifications. A master's degree in any of these will also give you a leg up, as will plenty of accounting and financial experience.
High-Paying Entry Level Positions
Of course, if you're just starting out and trying to decide on a career, you'll be looking for entry-level positions. Here are a few that will get your foot in the door at a company, while still paying a healthy salary >>>
This is just a sampling of great-paying positions you can aim for in Australia.
For more information, or to look into a field not listed here, consider contacting a career coach to help direct you.
About the Author
Angie Mansfield covers a range of topics for consumers and small businesses, including financial software.
]]>Written by Thomas F. La Vecchia, MBA
Read The May Edition of Business Review Australia here
A widely asked question today is “Should I get my MBA as a sales representative?” My answer to this question is yes, no, and maybe. In my recently published book,The X Factor Selling System, I describe four categories of motivating factors: People, Product, Process and Price. In order to figure out if you should pursue a Masters you should find out which “P” category motivates you.
If you are motivated by people, than you most likely want recognition over money. Or you may want to lead others as a Sales Leader or Manager. In this cause you should pursue your MBA.
Similarly, a sales rep who is product centric may be more focused on building their personal brand. Obtaining an MBA will appeal to you, as the status establishes you as a higher quality brand and gives you the aura of legitimacy that you feel is necessary.
Read Related Articles In Business Review Australia
Oppositely, if you are motivated by price, aka money-motivated, than you aren’t the best candidate to pursue an MBA. Not only does getting a Master’s degree cost money, it also takes you away from your sales career during that time. Because you will be less inclined to fully pursue leads and exceed your number- while shelling out roughly 50 thousand for the title-you are not the best candidate for an MBA.
Lastly, if you are process centric (motivated by how easily something is to obtain or how it fits into your daily routine) than my answer to you is maybe. If you can align the daunting process of getting your Master’s (while keeping up your current salary/position) to your normal routine than getting your MBA may be a good idea for you. However, if you feel you would not be able to fit in a new pace or schedule into your current process than you may want to skip the added title.
In summary, although my book describes the four “P”s as reasons why people purchase, they are ultimately categories that describe what motivates people to act (their X Factor). In short-if you are motivated by simply money (which is not the most common motivator as many might think) than you should skip the MBA and focus on your Sales calls. If you are motivated by recognition than the MBA title is a good chance to enhance your current Sales position.
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Read the May Edition of Business Review Australia here
Employee evaluation is critical if you are going to run and manage a successful business. The evaluation process, when conducted correctly, can be beneficial for both employer and employee however conducted poorly and it can have the opposite effect. In order to make sure the evaluation process is productive, organisations need to look beyond the numbers and must consider a number of different factors.
Business Review Australia outlines some top tips for getting the most of the employee evaluation process >>>
#1. Make sure you are properly prepared
Appraisals are often considered by management to be a waste of time; they are seen as time-consuming HR exercises and because of this many managers severely under prepare. It is this lack or preparation, which in fact does make the exercise a waste of time and diminishes the value of the review. To make the most of the review process, managers need to delve into the activity and performance of the employee, providing examples of work, attitude and application where possible. Managers also need to go into the review, with a clear focus and goal – they must portray a key message and set achievable, personalised and relevant key performance indicators, which can be measured and followed up on.
#2. Encourage open discussion
Managers should not see appraisals as an opportunity to talk at their employees; rather they should encourage open and candid discussion. It is a good opportunity for employers to communicate their expectations and requirements, but it is also a brilliant time to allow employees to self-evaluate their own performance.
What do they believe they do well? What do they think they could improve? What would they do differently? What do they need in order to reach their goals? Considering the new goals and objectives, employees and employers should also use appraisals to discuss a focus for personal and career development.
Read Related Articles In Business Review Australia
#3. Be sure to give praise and credit when deserved
Use appraisals to praise exceptional employees. During strong economic times, companies can thank employees with attractive benefits and bonuses. However, when economic times are weaker, good employees need to be rewarded and recognised in other ways otherwise they may look for other options.
#4. Don’t be afraid to confront issues and concerns
Appraisals are a good opportunity to reinforce plans for getting employees back on track if there is an issue or concern, whether that is behavioural or based on performance. Performance reviews are a good time to emphasise expected changes that are needed to improve overall performance. Employers need to put in writing clear expectations that can be measured and revisited.
#5. Follow up with employees
Before the end of the appraisal both the employee and the employer must agree on a number of action points. To make it a successful review both parties need to have a mutual understanding of what needs to be achieved. It is then vital that progress is measured and followed up. Ensure you, as a manager, are able to give your employee the support you discussed, and hold them similarly accountable for their performance.
Bottom line is nothing you discuss in a performance review should surprise an employee. If you’re keeping open lines of communication throughout the year, then performance appraisal should be merely one more discussion in the on-going dialog of how the employee is performing.
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Richard Branson is well known for his good sense of humour
Branson dressed up on the full AirAsia uniform, donned lipstick and a hairband and even shaved his legs for the role. He then boarded an AirAsia flight, with approximately 300 passengers onboard and demonstrated the in-flight safety; he also served drinks to passengers.
As Branson boarded the aircraft, Aerosmith’s ‘Dude Looks Like a Lady’ was played.
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Written by Jonathan Reems, Associate Professor at Norwegian University of Science and Technology and co-founder of the Center for Transformative Leadership
Read the May Edition of Business Review Australia here
We’ve all heard it before: the world and organisational life with its leadership challenges is constantly changing, becoming not only ever more complicated, but also more complex.
As individuals, we grow up and learn to be good enough at something to get a job. Eventually, we can get promoted to a leadership role and then find that what made us successful is no longer enough. We may try at first to simply get better at what we already know, yet sooner or later we come up against a wall. What’s on the other side of the wall?
The idea of transformation is used a lot today. It is a way of hinting at what is on the other side of that wall. A bigger brighter world awaits us there, yet in order to perceive it, we need to shift the lens of our perception.
Transformation is just this – shifting our lens of perception. The nature of these shifts has been studied extensively, and the pattern is an evolution towards being able to take in more breadth and scope of vision, as well as a greater capacity for perceiving patterns within the complexity around us.
That is what is on the other side of whatever wall we are facing. Yet how can we get there?
First of all, be clear that this is not a quick fix. Changing the lenses we see the world through to reveal deeper meaning, more effective leverage points for decision making and a clearer vision for realising our most cherished goals, demands work on areas we may not even know existed in us.
That given, here are three tips for making progress on the journey >>>
Question your Assumptions
This is an ongoing process, uncovering layers of stories we have taken in or told ourselves to make sense of the world and find our place in it. One common core assumption is we start the process of growth into leadership from scratch. We develop leadership skills like building blocks from life experience.
Based on this assumption, we often fear that the next building block might topple us and prefer to stick with what we know.
But what if we questioned this assumption, and used a lens that said we come ready made with potential for great leadership within us, and the process of transformation is more of an unfolding and realising this? Questioning our assumptions can help us let go of limiting beliefs that no longer serve us as leaders.
Read Related Articles In Business Review Australia
Daily Awareness Practice
Practice makes perfect – or at least can lead to greater mastery. The key to transformation is awareness.
Studies of leaders who have made it far down the journey of transformation show that almost all of them have some kind of daily awareness practice. To gain mastery in any domain, we need to practice, to build our sensitivity to the finer points of the field we are looking to excel and lead in.
With this practice, you will gain the ability to recognise the skills and capacities within you that are already available on the other side of the wall you are facing.
Take Time to Make Time
The most common complaint about undertaking transformational work as leaders is there is not enough time.
The way past this is to do the counter-intuitive – stop, stand still, and take a deep breath. When we are caught up in the complex swirl of competing perspectives around and inside us and cannot sort the wheat from the chaff, we end up losing time.
Stopping to reflect, to get “up on the balcony” and get some distance from the swirl of complexity,creates time by enabling us to let go of what we don’t need to be doing. This creates a virtuous cycle, and the best leaders always have time.
Regular practice of these three things will begin to sort out the competing assumptions and energies driving you up against the wall. You know what you need and want to achieve. You have a vision, even if tarnished by experience, of what is possible, if only things would go your way.
What it actually takes to transform your vision into reality is taking the time to shine the light of awareness on your assumptions.
About the Author
Jonathan Reems is a keynote speaker at the 3rd Annual conference for The Leadership Circle Asia Pacific in Sydney on 16 May 2013 where he will be presenting on leadership transformation.
About The Leadership Circle Asia Pacific
The Leadership Circle’s leadership and development program is the first to offer integrated assessment and development tools with workshops, training, research and support technologies that provide a pathway to evolved leadership. The Leadership Circle believe that business leadership will set the agenda for the planet’s future. Its clients are in government, finance, technology, legal, energy, manufacturing, healthcare, media, consulting and not-for-profit sectors, including the largest apparel, hotel and fast food chains in the world. www.theleadershipcircle.com
Written by Mark Hopkins
Read the May Edition of Business Review Australia here
We live in a world that communicates in small bursts and at the speed of light. Because of the flood of information we are inundated with, we jump from receiving to reacting, without even a moment of pause between the two. But it is in that moment that you can change relationships and create opportunities by taking the differentiating approach of responding thoughtfully, and showing that you genuinely care. Your personal satisfaction and influence will both skyrocket. Here’s how to do it >>>
Step 1: Get your filters working
You will need to clear the information decks to make time for the stuff that really matters (Steps 2-4). I’m sure you have a good spam filter, but go beyond this to avoid even opening a well meaning email from an associate or industry source whose subject could be translated into something like “Contains Well-meaning but Worthless Information”. Save this type of email for the rainy day that never comes.
Step 2: Be a world-class listener
Every time you are hearing or reading information from a person you care about, focus on it. Take your self-focused lens and turn it around. Read an email completely; don’t just read the first sentence and assume you know where it’s going. When somebody is talking to you about a subject that is important, don’t multitask.
Step 3: Pause
Think about the source of the information. What is the issue at hand and how does it look to that person? What is her perspective? What does this person need? How does she prefer to communicate? Unless it’s a complete stranger, you can come up with the answers to these questions fairly quickly, usually in a matter of seconds. Integrate what you’ve heard and what you know with your own experience. Consider how your insights allow you to add meaning to the subject or help solve a problem.
Read Related Articles In Business Review Australia
Step 4: Offer clear, thoughtful ideas and communication in response
Provide a response that gives the person what she needs and shows her that you’ve listened carefully and care enough to consider the issue from more than one angle, your own. Your response will be more meaningful than anything else she receives that day, increasing her perception of your intelligence and ability to add value.
Does it take more time to communicate this way? A little. But, in my experience, you are better off taking the extra ten to fifteen seconds to frame your answer with the recipient in mind, with a goal of adding value. Your response will be level, valid, and will build trust by reinforcing that you care enough to supply a thoughtful answer.
Think about it the next time you are about to fire off a cryptic and less-than-helpful email. Instead take the approach that is more personally satisfying and raises your perceived value.
About the Author
Mark Hopkins is the author of Shortcut to Prosperity: 10 Entrepreneurial Habits and a Roadmap For An Exceptional Career. He earned engineering degrees from Cornell and Stanford and then spent the next twenty-five years deciphering the factors that make some people prosperous, successful and happy. After building a leadership career with companies like Hewlett Packard and Emerson Electric, Hopkins founded Peak Industries, a medical device contract manufacturer, which he grew to $75 million and later sold to Delphi. He then founded Crescendo Capital Partners, a private equity firm, and Catalyst, a private foundation supporting Colorado-based nonprofits and microlending in the developing world. He is a member of the Chief Executives Organization, a partner in Social Venture Partners’ Boulder-chapter, and is on the board of governors for Opportunity International. He regularly leads YPO Global Leadership Workshops around the world.
Website: www.shortcuttoprosperity.com
Shortcut to Prosperity can be purchased from www.amazon.com and through all major booksellers.
Written by Sara Benwell
Read the May Edition of Business Review Australia here
Throughout the last five years, companies have continued to embrace social media, with even the least tech-savvy starting to see the benefits that good social customer service can bring. For many, however, there are still concerns about opening up a two-way dialogue with customers. While this lack of control over one side of the debate may be a legitimate concern, the opportunities that social media hold for enhancing customer service practices are vast, and as such, forums such as Twitter and Facebook should be top of any forward-thinking business leader’s mind when creating strategies to improve the customer experience. As the saying goes, with every perceived threat comes opportunities, and social media can be one of the greatest tools for brand engagement available, particularly when it comes to customer service.
One of the key benefits of social media for business is as a tool for aggregation of public opinion, comments and sentiment. Indeed, a recent study by Zendesk found that 95 percent of people share bad customer service experiences with people through social media. The same study found that 40 percent of people recommended others not buy products or services after having a bad customer service experience.
Clearly, for a company that is looking to provide great customer service, social media provides a much needed insight into the stakeholder mind.
More often than not, the companies who use social media to the best advantage, and therefore have the best reputations, are not those who spend a fortune on advertising. Instead, it is the companies that monitor Facebook, Twitter and the like and respond in a timely fashion to consumers. It’s a sensible communications strategy - nobody wants to be the company that ignores a customer comment for it then to turn into a viral PR nightmare.
Why should companies embrace social customer service?
A growing trend amongst consumers, faced by what seems to be either an inability or an unwillingness to help on regular customer service channels, is to turn to social media. This can mean anything from venting fury on Twitter, writing an angry review or using a company’s Facebook channel to make a public complaint.
All it takes is for enough people to get angry on social media and suddenly a company has a potential reputation crisis on their hands. The world of social media moves fast and those companies that fail to respond quickly can find themselves facing widespread public outrage. Clearly it makes sense for companies to deal with public complaints quickly from a reputation point of view.
Read Related Articles On Business Review Australia
How can companies use social media to their best advantage?
There are some basic rules that can be followed to help develop a great social media strategy for dealing with complaints >>>
#1. Never get into a fight with a consumer: No one wants to get into a public fight with a consumer, it’s not just unprofessional, it can also lead to more people jumping on the bandwagon and a situation snowballing into a crisis.
#2. Be timely: Social media platforms are fast-paced. When responding to consumers you need to deal with the issue quickly and calmly before it escalates. More than an hour can be too long.
#3. Acknowledge complaints early on: If dealing with the complaint will take time, make sure you send a message to the consumer letting them know you are looking into it. Nobody likes to be ignored.
#4. Don’t delete complaints: If somebody posts a complaint, don’t delete it. It often makes people angry, and it’s far better for your reputation if other fans/followers see you responding and trying to resolve an issue.
#5. Move the debate - Sometimes the most sensible thing to do is to move the problem into a more private forum. Switch the Twitter conversation into direct messages or provide a phone number in response to a Facebook comment. This way you can move the conversation out of the public eye. Make sure phone calls are answered promptly though, and by someone who is familiar with the complaint.
#6. Joined up teams: Customer service teams and social media teams need to be joined up so people are receiving the same message on the phone as they do through social media channels. While good social media teams often resolve customer problems, you should be getting the same level of service across all channels.
#7. Be social: Facebook, Twitter and the like are forums through which you can create open and honest engagement. If you’re friendly and helpful your consumers will be impressed.
#8. Spot the trends: Finally, don’t forget to aggregate any complaints you receive; if several people have made a similar complaint, social media can help you spot a trend and make the changes necessary to improve your business and brand reputation.
Dealing with social media can be tricky, but there are many benefits for businesses that get it right. Those companies that aren’t using social media to listen and respond are missing a great opportunity. If a business has put itself on social media, consumers expect not just to receive a steady stream of information but to receive a response in the event of a problem. Also, those companies that handle complaints on social media well, can actually enhance their reputation amongst consumers.
]]>Written by Peter Walters
Read the May Edition of Business Review Australia here
Firing employees is the last thing a company wants to do.
They hired you in the first place because they saw you as a valuable asset, and essentially a strategic investment for building their business. Distilled to its essence, you were hired in the first place to be a strong, well-oiled cog in the business.
Unfortunately, unforeseen events often force companies to downsize and “consolidate” the team.
While there are ways to help avoid layoffs, there are many factors that could necessitate downsizing that are even out of the executive team’s control.
Here are three tips for small businesses owners to avoid laying off workers, yet still meet financial goals.
Rethink The Financialization of Your Company
There are essentially two paths to save money:
1) Increase the value of your venture by adding services, using new technologies to offer services your competitors do not, and generally trying to be the best, thus increasing your user base and revenues. See Zappos as a prime example of a company that really put their customer first.
2) Cut all unnecessary costs across the business. Do you need those weekly recurring orders from Amazon for office supplies and snacks? Do you really need to pay interns, or is it possible that some tech savvy University students would work for free? This is the more traditional (and perhaps unfortunate) route businesses have taken in recent years to increase profits. As one might imagine, services, employee satisfaction and various other areas of the business can suffer as a result. See all major airlines as examples (i.e. we now pay for peanuts and pillows!).
Read Related Articles In Business Review Australia
Avoid Corporate Business Structural Complexity
There is often a tendency to make everything complex within a new business. The rationale is that complexity is linkedin with organization, structure and enables efficient scaling.
While this is partially true, the reality is that complexity breeds complexity, and the more layers and systems that you create, the more necessary employees and positions will need to be filled. Adding layers, systems and regional teams and offices is just a recipe for layoffs.
If at all possible, maintain structural simplicity from the outset to avoid layoffs of necessary positions. Keep the team tight, small and wearing lots of hats until your business model and customer base has been proven.
Focus on Long-Term Future Objectives
Too many businesses are focused on the short term -- making a quick buck and becoming profitable and scaling as rapidly as possible.
Recent research is advocating against this “head-down” type of grind to build, ship and monetize new products as quickly as possible. These short-term revenues can be costly and ultimately are not the right approach. These are short-term fixes that often cannot be sustained.
As a result, employees are often the first to be nixed, when in reality the problems are often structural, rather than a matter of costs; that is, the systems that enable growth in these companies is inherently broken and are self-perpetuating.
Remember that employees are your greatest assets and as soon as you remove one, your “machine” will be weakened. Their work will be left to the wayside for a time, their clients will be at least initially forgotten or juggled between new hires and things will be in disarray.
That said, we live in an economic environment where layoffs are a fact of life. If you follow these tips, hopefully (and do cross your fingers), you can avoid the layoffs by generally thinking of your employees as your most valuable assets, right along with your customers.
About the Author
Peter Walters is a freelance writer for sites such as Spokeo.com, Reputation.com and others. He is the Director of Business Development for Two Degrees and lives in San Francisco.
]]>Read the May Edition of Business Review Australia's Digital Magazine here
This is the final issue from our previous Editor Allie Schratz, and I am proud to be presenting it to you. In this issue of Business Review Australia we take a look at how to become a proactive and successful leader in business. Cyril Peupion, author of ‘Work Smarter: Live Better’ explains the key to good leadership lies in three qualities: alignment, focus and discipline.
We also had the opportunity to speak to Kerryn Fewster, Co-Founder and Co-Director of Change2020 about the best way to guide your company through mergers and acquisitions. Kerryn says, “Considering the disruptive nature of M&A and the impact they can have on staff, surprisingly little attention is given to ensuring leaders are able to communicate key messages clearly and effectively.” The key to a successful M&A campaign lies in employee communication she says.
Also in this issue of Business Review Australia, we consider the very best sites for professional networking. The world of professional networking is changing for the better with key players such as Hoover’s, Businessfriend and Plaxo gaining traction in the market. There has been no better time to ramp up your company’s social presence.
The May issue is also packed with great content and in-depth interviews with some of Australia’s leading companies and key players, plus much more.
I hope you enjoy the issue!
Abigail Phillips
Editor, Business Review Australia
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Read This Article in the May Edition of Business Review Australia's Digital Magazine
#10. Xing
The German social networking site, which went public in 2006, has accumulated 13 million members worldwide since its inception in 2003. Whether you’re on the hunt for a job, seeking a freelance opportunity, looking for a business partner or eager to collaborate on a new venture idea, Xing has every angle covered.
#9. Plaxo
If you’ve ever struggled to keep an updated digital rolodex of your friends and colleagues, Plaxo will come to the rescue. A product of Silicon Valley, Plaxo imports all your contacts across all different sources into one central address book and stores it in the cloud. The best part: it updates automatically.
#8. Ryze
Founded by one of Napster’s first investors, Ryze helps its 500,000+ members grow their businesses, find a job, or just stay in contact with their networks. Its networks are categorised by industry, interests or location, and more than 1,000 organisations reportedly use the site to encourage interactions among their own members.
#7. Businessfriend
Businessfriend is a unique professional networking site operating under its signature BUSI platform. A Business Utility with a Social Identity, Businessfriend provides members with the opportunity to meet contacts, collaborate and communicate in an environment that melds social networking with software-like tools to conduct business online. Businessfriend is going to be the next LinkedIn when it comes to professional communication and networking.
#6. Empire Avenue
Dubbed “social media rocket fuel,” Empire Avenue provides the tools for you to expand, engage and evaluate your social networks for optimum ROI. Using ‘virtual currency,’ users invest in your company and earn currency back through your online activity and engagement on Facebook, YouTube, Twitter, Instagram, Google+ and other social platforms.
#5. BusinessVibes
The Toronto-based networking platform connects global trade professionals with international partner companies. More than 2000 trade associations, 1 million companies and 75 industries across 125 countries utilise this platform to drive traffic to their sites, contact potential business partners and suppliers, manage events and even track industry competitor activities.
#4. Cofounder
Launched in 2007, Cofounder is a private social network that links entrepreneurs, programmers, designers and investors. Its goal is to help these people build up their communities with a solid support group who may be searched for on the database by expertise, working status, geography and other keywords, similar to LinkedIn.
#3. Biznik
Forget collecting customer “likes” and “followers”: Biznik provides independent business owners with a networking community made up of other indie entrepreneurs to offer support, resources, referrals and advice. The idea is based on business collaboration, not competition, and the platform fosters relationship building over one-sided status updates.
#2. EFactor
The world’s largest entrepreneurial community provides members with people, tools, marketing and expertise to connect with the people who will help further their business initiatives. With a number of subsidiary organisations headquartered around the world, the San Francisco-based company boasts over one million members in 185 countries across 90 industries.
#1. Hoover’s
After acquiring Visible Path in 2008, Hoover’s has become a golden hub of business information. Users have access to more than 85 million companies, 100 million people and 900 industry segments through the D&B-owned company’s website.
Editorial analysis on key competitor trends, social media updates, emailed news alerts sourced from over 2,000 worldwide news outlets, and insight into corporate structures and financial conditions make this website an unparalleled resource for businesses worldwide.
“Our team of dedicated business experts provides you with current business trends and in-depth company and industry reports, enabling you to become an expert and have more meaningful conversations with prospects and customers,” their website boasts.
]]>Written by Robert Spence
Read This Article in the May Edition of Business Review Australia's Digital Magazine
As social media continues to evolve and change, businesses are now adapting and embracing these changes with open arms. Companies are no longer relying solely on flashy ad campaigns or well-constructed press releases to communicate with customers. The rules have changed. Businesses must decide if they want to reveal their human side and forge new relationships with customers, or stay stagnant and “old school.” Here are five ways social media for business is evolving.
#1. Visual Content Is More Important Than Ever
In this day in age, visual content is imperative for businesses. Consumers are on the go and busy and don’t have time to read everything they come across. That’s where pictures and videos come into play. The new players (or relatively new) on the block are the Vine, Pinterest, and Instagram. While most people have been using Pinterest and Instagram for years, businesses are just now starting to see traction from company profiles. All three of these social networks help to humanize your business while promoting your brand and other brands your company is passionate about. Never underestimate the power of grassroots, guerilla-style marketing. USAToday made a living utilizing colorful sections and big bright pictures. Visual storytelling is alive and well in today’s age of business and social media has revolutionized that for companies.
#2. Real-Time Reputation Management
For the first time ever companies are able to manage their reputation in real time. If someone is disgruntled with your product or service, they are able to post directly to your Facebook page, tag you in a tweet, blast your business on Yelp, review you on Google Places, and the list goes on. This is a great opportunity to directly reach out to an upset customer or client when it happens to solve their problem or issue within moments. Chances are when you provide someone with awesome customer service they will send out a tweet or status update of thanks. People do business with companies they trust - show your audience they can trust you to solve their problems and you will develop repeat customers.
Note: Make sure you hire a social media manager with customer service experience. A part of their job is reputation management. They need to be proactive not reactive.
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#3. Rather Than Talking, Businesses Are Listening
Traditional marketing implies you are screaming your message at consumers. Social media marketing is providing companies with the best opportunity to listen. Companies are able to really listen to their fans. The professional networking site Businessfriend, which allows for employers and employees to connect, provides vital tools for businesses to listen. You will get excellent feedback, suggestions, and concerns from the people that are passionate about your brand, and you can utilize this feedback to make your business better. To evolve as a business you have to listen to the people that keep you in business. Use the social platform to listen rather than screaming your message at consumers. You will be surprised what you hear.
#4. From “Hard To Reach” To “Available Everywhere”
Remember when the only way to contact a company was through an email or phone number? Not anymore! Social media has given businesses the ability to be reached 24/7 and that’s the way many businesses like it. Companies want people to be able to connect with them through whatever channel is more comfortable for them. Rather than expecting customers to communicate through your chosen means, companies are now allowing consumers to do so through their own means.
#5. Companies Are Being “Real”
Companies are infused with personality, just like an individual. The new era of social media has shifted companies from creating a very controlled and polished image that everyone in the company tries to reinforce, but rather gives employees the means to be human and put a friendly face on the corporation. By doing so, consumers are reacting in a positive manner. Social media has given a new way for companies to be “real” and not the pushy, nagging company that is constantly breathing down your neck to buy something. By just being themselves, social media has allowed for the personality of companies to shine through, making customers a lot more likely to interact and buy from them.
]]>Written by Cyril Peupion
Read This Article in the May Edition of Business Review Australia's Digital Magazine
Leaders have a very important role to play in driving the discipline of execution within their team. It is very difficult for a team to be effective with an ineffective leader.
Some organisations are far too reactive. I know a few large companies where people constantly receive emails from their managers to drop everything and produce another report with very short notice, all because the big boss at the top has requested some figures and suddenly, a whole section of the organisation has to stop everything to produce it. In these organisations, these last minute requests happen very often.
As a manager, ask yourself what kind of leader you are: the proactive leader who is clear with his team on the few things they need to focus on and create an environment to enable this focus, or the reactive manager who constantly bombards the teams with new requests, priorities and ideas?
You can summarise what a leader can do to create a discipline of execution in their team in three words: alignment, focus and discipline.
Alignment
First, a leader needs to create a strong link between the strategy of the organisation and the role of the team. He or she needs to ensure each person in the team is clear on the following:
Focus
One of the main issues for people in businesses is that they have too much on. I have yet to find a team who is not busy and overcommitted. The problem with this is when you and your team take too much on, you are diluting the focus of your team; they are spending a small amount of time on too many priorities. At best, it will take them far too long to achieve a few. At worst none of the priorities will be achieved well.
Steve Jobs had a simple mantra ‘Focus means saying no.’ These are four words every leader should write on their whiteboard and review daily. As a leader, you need to be very clear with your team – not only about what they need to do, but more importantly, what they should not do. This is not always easy, but it is key.
Rather than asking your team during the next offsite “What should we do? What should we focus on?” Ask a different question: “What are one or two things we should change in order to improve our performance and enable us to deliver?” One or two, not ten or twenty. Sound easy? Try it; it is harder than you think.
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Discipline
You may have decided specifically what needs to be focused on, but the day-to-day running of the business will very quickly take over. Before you know it, your one or two key areas of focus will be put on the back burner because of urgent crises.
Each leader should drive the discipline of execution in their team on a weekly basis.
We suggest creating a short and sharp weekly operating meeting, 15 to 30 minutes, where the only topics discussed will relate to progressing these key areas of focus:
Nothing more complex than this.
A few last words
All of the above is simple, but most is rarely applied. And as a result, many companies struggle to achieve what was agreed in their strategic plan. Bain Consulting did an interesting study on strategy execution. They surveyed nearly 2,000 large companies. Seven out of eight failed to achieve profitable growth, though more than 90 per cent had detailed strategic plans.
The strategic plan is only the tip of the iceberg. Execution is what lies beneath and what will enable businesses to perform.
About the Author
Cyril Peupion and his team at Primary Asset Consulting mainly focus on increasing productivity and work life balance by changing work habits. Cyril is the author of ‘Work Smarter: Live Better’, which was featured in the top 10 business books in Australia and Top 100 on Amazon worldwide.
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