Sean Foster - News, articles and cooperation

News

It's Not Too Late

5 months ago

As you cross the finish line on a marathon run there are two things that happen. Firstly, you have this amazing desire to lie on your back, cool down and rest those aching muscles. The second thing that happens is that it feels absolutely weird to stop running, it is like your head says stop but the muscle memory says keep moving, at least walking.  

For many business owners, this is what it is coming into Christmas. We are little tired, really looking forward to a break and some special family and friend time, but it takes time to unwind the mental muscles in our heads.

 

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Not Know Your Cash Flow Cycle is "Leaving Money on the Table"​

5 months ago

 

When someone tells you about a business that generates heaps of cash do you really understand what that means?

I ask that because when I have asked some business owners, they are unsure. Cash generation is not related to turnover.

 

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Customize your reports

5 months ago

It’s a hazy old world out there: with many of the decisions that you make, can you be conclusively sure that they are the right ones? After all, your decisions carry consequences with them. And, the problem with consequences is you can never be sure of their outcome.

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Articles

How A GREAT Accountability Partner Can Help Your Business Soar

23 days ago

No matter how much you’d like to avoid it, there’s no way of escaping it: accountability works- it really does. 

In reality, if you don’t measure and report your progress, you’re most probably not making much progress at all. As Pearson’s law states:  “When performance is measured, performance improves. When performance is measured and reported back, the rate of improvement accelerates.”   

Studies have shown that committing your goals publicly to at least one person gives you at least 65% odds of accomplishing them. But, having your very own accountability partner can actually soar your success rate to 95%. 

 

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6 Steps to Developing an Accountability Culture in Your Business

one month ago

As a business owner, when you hear the word ACCOUNTABILITY, what goes through your mind? Or, if you now consider yourself as an employee in your business, what would go through your mind when you hear the word ACCOUNTABILITY coming from the business owner or manager? 

Is accountability about you having the self-discipline to be working on what really accounts, instead of just working reactively in your business? or as an employee, being summoned to the manager’s office for your less than stellar performance?  

For most people, the very name accountability has a negative association.

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Why Use Psychometric Assessments In Your Business

one month ago

Psychometric assessments have become a powerful aid for large to small businesses in recent years. It assesses candidates on their potential growth, motivation, and the “role vs fit” requirement. That means candidates aren’t selected or promoted based only on their CVs and work experiences. 

But in this age of digital disruption, why exactly is it so important? Why is it no longer enough to only look at a person’s CV and undertake a traditional interview anymore? 

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Psychometric Assessments – basics made easy

one month ago

For a very long time, top corporations have been using psychometric assessments in their hiring process. It is a well-accepted method for them to identify aptitude and personality traits of potential hires.

Nowadays, there’s also a growing number of SMEs using the same assessments to assess future employees. They are also used for employee development.  When used for hiring, they’ve combined the assessment with analysing cover letters, resumes, and face-to-face interviews. All to figure out if the candidate will really be a great fit for the business. 

 

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Create your B H A G Big Hairy Audacious Goals

2 months ago

B H A G (B-hag) or Big Hairy Audacious Goal is an idea conceptualised by management guru Jim Collins in his 1994 book: “Built to Last: Successful Habits of Visionary Companies”, co-written with Jerry Porras.

If you have not read this book, then I strongly encourage you to.

Back in 1994, this philosophy was certainly ground-breaking, but since then it has been practised by millions of companies. In a nutshell, a BHAG is introduced in order to set ambitious long-term goals that have the effect of stretching the company’s performance so as to stimulate aspirational success.  A Big Hairy Audacious Goal is your long-term goal that unites and shifts the very nature of your business’ existence.

 

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Setting Goals for Success 5 Tips to Define Clear Goals

4 months ago

Whether you want to set goals for your business or your personal life, defining concise, clear goals is very important. Without clear goals, you can end up confused about what you want to achieve, and you may be putting yourself on the path to stagnation. Clear goals can give you tremendous momentum and intense purpose in your life.

 

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Double your productivity, get more done the Eisenhower Matrix

4 months ago

 

 

Do you know of anyone who just seems so organised that you wish you had some of their magic power?

I remember when I started out in my career. When I was running around like a headless chook, grabbing onto each and every opportunity. At the same time being supportive of my colleagues and being seemingly super productive. I was young, hungry and ambitious.

Then there was one of the company directors: Brent.

Brent seemed super laid back, 100% organised, had all the time in the world to listen and provide guidance.  His desk was so immaculate that at times I wondered what he actually did, but he always seemed in control.

He was soon to retire and had been successful in business. He had a massive network of influential people and was well respected.

After I had experienced one hectic month I approached him and asked for help.

How do I get some of what you have Brent?

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6 Major Cash Flow Fails And How To Avoid It

5 months ago

In the boat of business, a good cash flow keeps you afloat…

…and a poor one can inescapably sink you.

 

Many SME owners will resonate with this sentiment. In fact, poor cash flow is one of the biggest reason why one out of four companies doesn’t survive past their first year. And, why nearly half don’t make it past the fifth.

Learn more about cash flow 101.

Understanding and acknowledging some of the major cash flow problems is key to avoiding missteps in the future.

Let me give you a rundown of the top 6 cash flow problems and their potential solutions to better equip you and your business.

 

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SMEs simple guide to Cash Flow 101

5 months ago

 

The ultimate way to know for sure if you are on top of your business is to know where the money is going at all times. Not fully understanding your cash flow 101 starts a domino effect. And is, in fact, one of the recognized leading causes of business failure.

Many business owners have been fooled into a safe sense of security because their business is profitable.

Their P&L statement shows that they are profitable and they have checked their product margins, and they are also healthy. The reality is, even if you are profitable and your margins are good, Cash Flow is the evil cousin of these metrics. Ignore this cousin and your business risks failure.

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Cash Flow 3 Effective Management Tips for your Business

5 months ago

As small business owners, you contend with a host of issues on a daily basis. Over time, you develop resilience in handling the curve balls that are thrown your way. Then, after a good day’s work, even though you will likely say that it was moderately stressful, you have a sense of achievement and maybe a little bit of self-congratulation for the skills you have developed.

But there is one stress factor that does not work like this. It is that gut-wrenching, heart-stopping acknowledgment that you don’t have the funds to pay your bills or the wages.

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The Future of Customer Experience

5 months ago

Our fast-paced lifestyles have deemed the slow, traditional ways of handling customer experience largely obsolete. Nowadays, customers have limited attention spans as a result of the quantity of options presented to them. And, they are more educated as to the ulterior motives of many of the traditional marketing messages. 

Therefore, you, as a business owner need to consider how to amend both your marketing message and delivery. Both in order to fully engage your customers. This will entail improving what you are offering as well as upgrading your overall customer experience strategy. 

 

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7 Essential Steps for Customer Experience Mapping

5 months ago

When customers visit your website, call your store or drop in, what kind of experience do they have? When they purchase your products or services, what type of support, information or follow-up do they receive?

And, if they run into a problem with your product or service provided, how do you extended help to them?

Does their overall experience of your company leave them longing for more or regretting their choice to do business with you? If it is the latter, then this will absolutely be harming your bottom line profitability.

 

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How to Map Customer Experience

5 months ago

Going through the 7 essential steps is only the beginning to creating a customer experience map. Now that you’ve researched and gathered enough information, what do you do with it?   

You would, of course, want to be able to develop a map that gives value to your entire company. A map that considers all the possible elements and variables that drives all your initiatives to success. 

Ineffective use of the insights you’ve gained during the research phase can consequently lead to major business catastrophes. 

 

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How to Ensure an Unforgettable Customer Experience Every Single Time

5 months ago

“You really just need to sweat the small stuff.”

One of the most rewarding opportunities in maintaining a competitive advantage in any business can be achieved by developing a culture of excellence in customer experience. As a matter of fact, companies with a successful customer experience strategy attain less customer turnover, higher overall revenues per customer, and higher levels of employee satisfaction as well.

To put it simply, HAPPY customers remain LOYAL. And, loyal customers contribute directly to your bottom line and the overall well-being of the business and its employees.

Makes sense, right? After all, is it not logical that customers tend to stay longer with a brand that makes them happier? This is why Great businesses make it their top priority to deliver exceptional customer experience in order to outperform their competitors.

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