How to Negotiate Effectively

How to Be a Good Team Leader

Teams have been touted as a way to replace managers, evoke initiative, assist in leadership development and save the Queen. In reality, the synergy that's possible in teamwork usually turns out to be chaos. Here are 10 tips on making the most of your team.

1. Give the team (or have them create) a big enough vision or outcome.

If the goal isn't bigger than the personalities of the team members, the team's effectiveness will be mediocre, due to ego.

2. Train all team members in the standards of behavior of the team's communication, response and interaction.

These ground rules are designed to keep the team's communication clean and make team membership mean something. Bad attitudes, delayed responses, nattering, gossiping, whining or politicking are grounds forexplusion.

3. Have the team vote the Team Leader.

Leadership is still required in a team environment. Not a manager, but a Team Leader. A Team Leader should have the confidence of everyone and not the person with the power to hire and fire, unless the members are OK with that.

4. Install structures to support the team and keep it moving.

Daily or weekly reporting, public display of team goals/results,etc., helps everyone on the team get that they ARE on a team and that the team is accomplishing something.

5. Teams need a member/manager who manages the details and flow of idea sand information.

Have one team member be the person who makes sure that ideas are catalogued, agreements are kept, promises are made and that input from team members "goes" somewhere good and not into the ethers.

6. Include periodic meetings where the agenda is how the team can work better together -- and no other agenda for that meeting.

It's KEY that two things happen, otherwise these "effectiveness"meetings become too personal/venting/gripe sessions. First, make it aground rule that any unresolved/uncommunicated issues among/between team members must be completed resolved PRIOR to the next effectiveness meeting. This will help the meetings be positive and healthy progress/bragging sessions vs hurtful or finger-pointing slugfests. Second, have every team member make one suggestion for team effectiveness improvement prior to the meeting, so they can propose it during the meeting.

7. Know when a team approach is called and know when it's "not enough."

8. Continual, accurate and frequent acknowledgment

A big part of what makes the synergy of a team work is that individual team members are publicly acknowledged for what they've done to help the team and/or forward the outcome/goal. However, keep this praise accurate vs manipulative puffery.

9. Team meetings should be exciting moments of creating, not reporting.

Pose a great question or significant problem for the meeting,don't make it be a boring reporting session -- that's why God invented email and copy machines. If there's any reporting to do, keep it short shares about the wins and progress.

10. Teams work best when people enjoy each other's company.

Business Financial management from the business is distinguished, in many distinct cases, by the need to confront a somewhat
different set of problems and opportunities than those confronted by a large corporation. 1 immediate and obvious distinction is
that a vast majority of smaller firms do not ordinarily have the chance to openly sell issues of stocks or bonds in order to raise
capital. The owner-manager of a bigger company must rely mostly on trade credit, bank financing, lease financing, and personal
equity to finance the business. One, hence faces a much more severely restricted set of financing choices than those confronted by
the monetary vice president or treasurer of a massive corporation.

On the other Hand, when small business financial management is concern, many fiscal issues facing the small firm are very similar
to those of larger businesses. By way of example, the investigation required for a long-term investment choice like the purchase
of heavy machinery or the evaluation of lease-buy alternatives, is fundamentally the same whatever the size of their firm. When
the decision is made, the funding choices available to the firm may be radically different, but the decision procedure will be
generally similar.

1 area of Particular concern for the smaller business owner is in the successful management of working capital. Net working
capital is defined as the difference between current assets and current liabilities and is often thought of as the"circulating
capital" of the business. Lack of management in this crucial area is a key source of business failure in both small and large
businesses.

The business Manager must continually be alert to changes in working capital accounts, the cause of these changes and the
consequences of those changes for the fiscal health of the corporation. 1 convenient and efficient system to underline the key
managerial requirements in this area would be to view working capital in terms of its major components:

Cash and Equivalents. This most liquid form of current assets, cash and cash equivalents (usually marketable securities or
short-term certification of deposit) requires constant supervision. A well planned and maintained cash budgeting system is
imperative to answer key questions like: Is your money level adequate to satisfy current expenses as they come due? What are the
timing connections between cash inflows and outflows? When will peak cash needs happen? What's going to be the magnitude of bank
borrowing needed to meet any cash shortfalls? So when will this borrowing be required and if will repayment be expected? Accounts
Receivable. Almost all businesses must extend credit to their clients. Key issues in this field include: Is the amount of accounts
receivable reasonable in relation to sales? On the average, how rapidly are accounts receivable has been collected? Which
customers are"slow payers?" What actions should be taken to speed collections where needed?Inventories.Inventories often make up 50 percent or more of a firm's current assets and so, are deserving of close scrutiny. Key
questions that must be considered in this area include: Why is the level of stock reasonable concerning sales and the operating
characteristics of the business? How quickly is inventory turned over compared to other companies in precisely the same industry?
Is any funds invested in dead or slow moving inventory? Are earnings being lost due to insufficient inventory levels? When
appropriate, what actions ought to be taken to increase or reduce stock?

Accounts Payable and Trade Notes Payable. In a business, trade credit frequently provides a significant source of financing for
the company. Key issues to investigate in this category include: Why is the sum of money owed to providers reasonable in relation
to purchases? Is the company's payment policy such that it will enhance or detract from the firm's credit score? If available, are
discounts being taken? What are the timing relationships between payments on accounts payable and collection accounts receivable?
Notes Payable. Notes payable to banks or other lenders are another major source of funding for the company. Significant questions
in this class include: what's the amount of bank borrowing used? Is this debt amount reasonable in relation to the equity
financing of the company? When will interest and principal payments fall due? Will funds be available to meet those payments on
time?

Accrued Expenses and Taxes Payable. Accrued expenses and taxes payable represent responsibilities of the firm as of the date of
balance sheet preparation. Accrued expenses represent these items as salaries payable, interest payable on bank notes, insurance
premiums payable, and similar items. Of primary concern in this region, particularly with regard to taxes payable, is the size,
timing, and availability of funds for payment. Careful planning is required to insure that these obligations are met on time.

As a final Note, it is important to recognize that although the operating capital accounts previously are listed separately, they
need to also be viewed in complete and from the perspective of their relationship to one another: What is the general trend in net
working capital? Is this a healthy trend? Which person balances are liable for this trend? How does the company's working capital
position relate to similar sized firms in the industry? What can be done to fix the fashion, if necessary?

Obviously, the Questions posed are much easier to ask than to answer and there are several"general" answers to the issues raised.
The guides that follow provide suggestions, techniques, and guidelines for effective management which, when tempered with the
experience of the individual owner-manager and the distinctive requirements of the particular industry, might be expected to
improve one's ability to manage efficiently the financial resources of a business enterprise.

There is one Simple reason to understand and observe business financial planning on your business - to prevent failure. Eight of
ten new companies fail primarily due to the dearth of good financial planning.

Company Financial planning impacts how and on what terms you will be able to attract the funding required to establish, preserve,
and expand your business.

Financial Planning determines the raw materials you can afford to buy, the products you'll have the ability to produce, and
whether or not you will have the ability to sell them economically. It affects the physical and human resources you will have the
ability to acquire to operate your business. It will be a major determinant of whether you will have the ability to produce your
hard work rewarding.

This segment Provides an overview of the essential components of financial planning and management. Used wisely, it will produce
the reader the small business owner/manager - familiar enough with the fundamentals to have a fighting chance of succeeding in
today's highly competitive business environment.

A clearly Conceived, well recorded financial plan, establishing objectives and including the The use of Pro Forma Statements and
Budgets to ensure financial control, will Demonstrate not only that you understand what you wish to do, but that you know how To
achieve it. This demonstration Is Vital to attract the capital Required by your business from lenders and investors.

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