Posts tagged "rewards"

Advice Change Inspiration

Maintaining Change

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“We are what we repeatedly do. Excellence then, is not an act, but a habit.” Aristotle

Once we have taken that first step towards bringing change into our life, we have begun a journey. Like most journeys, this one will have its share of ups and down. There will be times, when you will want to go back to the way things were, and there will be others when you feel lost and alone. Embracing these feelings for what they are, is an important step on this journey. If we let our emotions hinder our capabilities to move forward, we will find ourselves trapped, and unable to bring about the changes we want to see in our life. There is no doubt, we will fall many times, to fall is only human. What matters is whether we have the courage to pick ourselves up, and keep moving on.

Listed below, are a couple of pointers which have helped me carry on, when the going was tough:

1. Keep a daily log: This simple activity does not require you to write pages of detailed specifics. Its primary purpose, is to help you understand the transformations which are taking place in your life on a daily basis. As a secondary purpose, it serves as an outlet which allows you to express your thoughts and emotions.

2. Support systems: When we are undergoing drastic changes in our life, we need to identify an individual or a group of people, to rely on to help you through this period. Better yet, taking someone on board who also wants to change or inculcate the same habit, is ideal. This way there is someone to identify with, who also understands what you are going through. This emotional bond sometimes creates a force strong enough to overcome just about any obstacle.

3. Reward yourself: This is a tip I use a lot when going through change. It provides incentive to push yourself further. The sense of accomplishment when you are rewarded for your efforts, is a great boost as well. This also helps create a momentum that is infectious, and soon you find yourself hitting goal after goal. Choose your rewards carefully,  they play a major role in motivating you to go further.

Sustaining change is a challenging task. We have to constantly keep reminding ourselves why we want to change, and what we hope to achieve, once we have changed. The rationale behind the reason for change must be based on solid foundations. Without this base, reverting to older habits is more likely, and no one likes to admit failing. However, after having said that, there will be times, when although the reasons for change are based on the strongest of foundations, we still fail. At this point, it is best to go back and understand the reasons again. Was a trigger missed ? Does the plan need changing ? The minute we start blaming our inadequacies, is when we lose hope. Look for reasons , not blame.

Remember there is no such thing as failure only feedback!

Risk Strategy

5 Steps to Manage Startup Risk

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“I think that only daring speculation can lead us further and not accumulation of facts.” Albert Einstein

In the first post of this series, I added a video which stated life = risk. If we shield ourselves from all sorts of risks by staying in our small comfort zone we will not be living life fully. It is our perrogative to find a balance to ensure that we live life to its fullest. The points below relate how to find that balance when starting a business.

1. Market Risk: Our world is in a constant state of flux and with mind boggling technological advancements taking place, we have to be constantly aware of the changes taking place around us. This requires us to monitor our competitors, be in touch with our customers and suppliers, and watch for trends which could potentially make your business extinct. To read more about how to manage market risk please click here.

2. Operational Failure: All companies operate on a set of processes. These processes drive all avenues of business, ranging from Internal operations, business development, sales, marketing and execution to name a few critical functions. When these processes are not optimized or closely scrutinized a business will not be able to scale effectively and reach its target goals. To read more about how you can avoid operational failure please click here.

3. Financial Risk: Without financial controls a business loses its foundation and is on shaky grounds even when the company is making steady profits. Ensuring that you have sound and reliable financial controls in place will allow you to minimize your exposure to financial risks and allow your business to grow more effectively. To read about how you can add financial controls to your startup please click here.

4. The People Risk Factor: You hear it all the time, “Our people are our most important asset”. Its like a mantra that has been wedged into our sub conscious and is constantly repeated from board meetings to your daily staff meetings. However, I am always surprised that though this is such an important asset, very few steps and measures are taken to mitigate the risk associated with this asset. To read more about how you can add effective control measures to mitigate these risks please click here.

5. Lessons in Risk: Having been in this line of work for some time now there have been several risk factors which I have witnessed or experienced first hand. These cover the time you should start, what the risks of starting without a plan are and the kind of risks you have to deal with on a daily basis. To read more about these lessons please click here.

In life and business, if you stop taking calculated risks, or if you let doubt  paralyze you, moving forward becomes close to impossible. It is only when you make mistakes that you learn from them and eventually move forward. Along the way we have to manage the types of risk faced and ensure that we take precautionary measures to avoid risking it all if we do not know where we are headed. Once you know what you want and how you want to get it, take action , because thinking ‘what if’ is just about the worst thing you could do to yourself!

Advice Risk Strategy

Personal Experiences With Risk

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“Be brave. Take risks. Nothing can substitute experience.” Paulo Coelho

The risks mentioned in prior posts provide a framework on mitigating risk in various divisions of business. Some of the risks and counter measures mentioned in this post are general and some those I have personally encountered during my journey as an entrepreneur. 

1. Start as early as possible: The younger you are , the lower the  risk level when embarking on new startup ventures. This is a point in life when you do not have many personal responsibilities and can hence take on greater leveraged risks, for greater payoffs. There will never be a right time. If you wait around for it, you drastically reduce the level of risk you can take . 

2. Don’t start without a plan: Starting a business is a lot of fun and very exciting, however, if you do not have a solid business plan which has been well researched and developed, get working on that first. I am not a fan of shotgun startup ventures who are clueless about where they want to go and how they plan on getting there. 

3. Learn to trust your gut: There will be times when the plans looks too good to be true on paper, but your gut feeling is to be wary. On the other hand ,there are times when the pieces do not fit into place initially, yet, your gut says this is worth exploring. Learning to trust your gut allows you to hone into your inner guidance system and intuitive capabilities.

4. Don’t forget your core values: We are constantly faced with challenges where compromising on core values could lead to substantial benefits. However, going down that path poses great personal and moral risk . I have personally known someone who went down this path and ended up losing everything that mattered in his life. It was an incident which left a deep impression. Compromising on core values is one of the greatest risks you can take and one where the consequences are long lasting & long term.

Some of the concepts mentioned in this posts have many counter arguments. Such as the first one, which is to start early. Some argue that it is better to get some work experience before venturing out into the startup world. Others believe in just starting a business and hoping to eventually make some money. I would really like to hear what your thoughts about this are. Look forward to hearing from you.

 

Risk Strategy Teams

The People Risk Factor

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Our mission statement about treating people with respect and dignity is not just words but a creed we live by every day. You can’t expect your employees to exceed the expectations of your customers if you don’t exceed the employees’ expectations of management.” Howard Scultz

You hear it all the time, “Our people are our most important asset”. Its like a mantra that has been wedged into our sub conscious and is constantly repeated from board meetings to your daily staff meetings. However, I am always surprised that though this such an important asset, very few steps and measures are taken to mitigate the risk associated with this asset. As a startup this is one of the most dangerous sort of risk we are exposed to, due primarily to our size. When a critical team member or employee leaves, the entire business can be brought to its knees. Listed below are a couple of risk control measures you can use to protect this asset .

1. Strict selection policies: At early stages, startups are usually 2-3 individuals who know each other and are comfortable spending days on end locked up in an office, working on the next big idea. Adding new partners or employees represents a large undertaking, and requires serious looking into . If you make the mistake of adding the wrong individual, productivity in the office takes a nose dive and the cost of replacing the employee is high. So use this list along with your own requirements to ensure that you select carefully.

2. Ironclad contracts for new employees: A lot of private data is shared regarding costing, pricing and internal processes with new employees. Many startup companies fail to get employees to sign non compete and confidentiality clauses. The risk of losing an employee to a competitor with your trade secrets represents a phenomenally large risk against which you should take counter measures .

3. Quarterly one of one reviews: I usually have quarterly reviews with most of the individuals whom I work closely with . This is an open and candid session where I learn about their level of satisfaction, frustrations and other problem which may be hindering them from performing up to mark. These sessions provide critical feedback and allow you to take precautionary measures to ensure you do whatever is necessary to retain your most talented performers.

4. Provide training and development: Most startups run on strict financial budgets, however if they have used strict budgeting controls as stated in my previous post, a budget for training and development should be in place to provide your team with training ,which will help improve their productivity and skills. This helps in creating stronger bonds between management and employees. It also increases the overall morale and productivity levels of the organization.

5 Fair rewards & recognition: If your team is generating high levels of growth for your organization they need to be compensated fairly. In some startup companies, which are not heavily venture backed this can be a challenge as funds are usually very tight. However, management needs to ensure that performance and rewards are tightly linked. If they are not, you stand a high level of risk to lose your rainmakers. To read more about rewards and recognition please click here.

We have to do whatever is necessary to ensure that we cater to our team wherever possible. It is a difficult juggling act to manage expectations and requirement, at the same time maintaining an environment where productivity and morale is high. If not correctly maintained there can be nasty repercussions which can bring your organization to a standstill and expose it to extremely high levels of risk. However if it is correctly managed, this asset becomes your organization’s competitive advantage, and paves the way for greater achievements.

 

 

Advice Health Inspiration Stress

5 steps to a balanced life

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“Life at any time can become difficult: life at any time can become easy. It all depends upon how one adjusts oneself to life.” Anonymous

During this series, several factors were discussed which are often taken for granted in the course of our chaotic lives today. A lot of the time we forget the simple things which, not only help us to get from one day to the next  but which keep us anchored, healthy and motivated to continue doing what we do. I hope some of the things discussed this week will help you enjoy a more balanced and healthy life;

1. Diets: Diets tend to be one of the first things which go out of whack when we enter very ‘busy’ periods in our life. The effect of this however is felt on all aspects of our life. It is unhealthy, productivity goes down and we just don’t feel that great about ourselves. We have to do all we can to keep this aspect in check at all times for a more balanced life. To read more tips and suggestions on keeping a balanced diet please click here.

2. Sleep: A lack of rest can impact severely on the quality of life. When you are working on complex deals which are extremely draining, having a set routine for sleep can dramatically increase your productivity, motivation and overall drive. To read more tips and suggestions on developing a balanced sleeping routine please click here.

3. Exercise Routine: Lethargy and restlessness can result from being pent up in an office all day long. The body needs a release outlet to get some fresh air into the system. Developing and sticking to an exercise routine can be a challenge, however, if you do set one for yourself you will be pleasantly surprised with the outcome. To read more tips and suggestions on sticking to your exercise routine please click here.

4. Family and Friends: In life we need anchors to keep us rooted and prevent us from drifting too far off course. Family and friends are one of these anchors and help us do just that. Sometimes when we are caught up in our busy lives we forget how important they are to us. In order to have a balanced lifestyle we need to focus on stuff other than, bottom line results and material acquisitions, we need to focus on the things which really matter. To read more about keeping in touch please click here.

5. Inspirational Story: A professor stood before his philosophy class and had some items in front of him. When the class began, wordlessly, he picked up a very large and empty jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was….To read the entire story please click here.

In life , we are all intent on reaching our goals and acheiving our dreams. Along this journey, life…happens, and we tend to get busy with the details and the little things. Soon, if we haven’t paid too much attention to the bigger picture we may find ourselves in a place we do not want to be. Don’t let that happen. From time to time come up for air and see if you are moving in the right direction before it is too late to turn around. 

p.s stop along the way, periodically, to smell the roses and actually enjoy the ride . 

 

Inspiration

An Inspirational Story

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“Life is made up of small pleasures. Happiness is made up of those tiny successes. The big ones come too infrequently. And if you don’t collect all these tiny successes, the big ones don’t really mean anything.” Norman Lear

I was told this story a long time ago and I realize that the factors which we have discussed in this series and this story, are intertwined. I hope you all enjoy it and learn from it as much as I have.

A professor stood before his philosophy class and had some items in front of him. When the class began, wordlessly, he picked up a very large and empty jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was. So the professor then picked up a box of small pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was.

The professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full. The students responded with a unanimous “Yes.” The professor then produced two cans of beer from under the table and poured the entire contents into the jar, effectively filling the empty space between the sand. The students laughed.

“Now”, said the professor, as the laughter subsided, “I want you to recognize that this jar represents your life. The golf balls are the important things – your family, your children, your health, your friends, your favorite passions – things that, if everything else was lost and only they remained, your life would still be full. The pebbles are the other things that matter like your job, your house, your car.

The sand is everything else – the small stuff. If you put the sand into the jar first” he continued, “there is no room for the pebbles or the golf balls. The same goes for life. If you spend all your time and energy on the small stuff, you will never have room for the things that are important to you. Pay attention to the things that are critical to your happiness. Play with your children. Take time to get medical checkups. Take your partner out to dinner. There will always be time to clean the house, and fix the rubbish. Take care of the golf balls first, the things that really matter. Set your priorities. The rest is just sand”.

 

Inspiration Stress

Friends and Family

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“There are the families that we are born into, and there are the families that we choose; our circle of friends. While their faces may change over the course of our lives, the joy they bring us remains constant.” Anonymous

Anchors are used to stabilize ships during choppy times, control speed and even provide directional control. When a ship loses its anchor, it tends to drift into unchartered territories without being aware of the direction the ship is taking. If the anchor is not restored, you may move so much off track that finding your way back sometimes take a lifetime. 

In life, family and friends provide your ship with a similar kind of anchor. They help keep you grounded, provide support and allow you to remember where you come from and the value system you represent. This is a critical aspect of our identity, I am however often surprised how life has this uncanny ability to make us forget our true anchors and drift unknowingly wherever the wind takes us. We get so busy and caught up in our lives, we forget to pay attention to the little things in life that matter and find ourselves having lost our way to what really matters the most . 

During periods where we are working 16-18 hour a day for extended periods of time this bond between family and friends gets strained. What I have come to realize is that we do not need to do much to keep this relationship alive. A phone call or an email goes a long way in just letting the people you care about know that you are well and thinking of them . Facebook now allows us to stay in touch and has made it very easy to do so. With all these convenience which are only a click away we still make excuses and do not make that phone call or send that email or even leave a message. I know I have been guilty of this in the past and looking back, I don’t know why it was so hard.

We all work really hard at achieving the goals we set out for ourselves. What I am learning is, that along the way we have to pay much closer attention to the world around us today. There will be very little satisfaction in getting everything you want if you then find that when you get there, no one is around to celebrate your success with. 

 

Health Stress

Exercise Routines

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“Exercise is the chief source of improvement in our faculties.” Hugh Blair

Its been a really long week, you are sitting at your workstation with a ton of work, but you just cannot get started. The words to describe this, more often than not, is “Lethargy” and “Restlessness”. In my case this state occurs when, coupled with my eating and sleeping habits, my exercising routines also get affected by ‘busy’ periods. There is a definite and drastic drop in my energy levels, productivity and most significantly creative output. Exercise , the total routine, allows me to focus better on the bigger picture.

Breaking the exercise routine is probably one of the easiest habits to get out of, as also the most difficult to get back into, once you have left it for an extended period of time. It starts innocently enough when I miss a couple of squash games in a row. One missed day leads to another and pretty soon before I have even realized what has happened I am standing on the outside, wondering how I got there. Thats pretty much how life is, if we do not pay attention to the small changes occurring on a daily basis, very often we do not see the big hits coming. It can be difficult and confusing to undertsand how such a drastic change could come about so quickly.

To help me keep up regularly with my exercise routines I have taken some steps which have helped me stick with it during the busier times.

1. Probably one of the best things I have done is, to get a gym buddy and a regular squash partner . 

2. A commitment to myself, to keep myself in good shape, and my health, in constant check.

3. Set SMART goals, and once I achieve them, I have promised myself rewards when I hit those benchmarks. For example when I started with my squash routine I told myself if I could make it to 30 games without a break in the middle I would buy myself the really fancy racquet I wanted. The feeling of achievement after my 30th consecutive game was much more fulfilling than buying that racquet.

Apart from all the health benefits of exercise it has greatly increased my energy levels throughout the day, I feel a whole lot better about myself, it gives you a great feeling of being alive and, being fiercely competitive myself , the thrill of winning just makes my day.

Related Posts:

– SMART Goals

– The Gym

Inspiration Leadership Teams

5 ways to get you and your team motivated

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“People often say often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily.” Zig Ziglar

Getting and staying motivated requires you to have the desire and faith to achieve remarkable things. It needs you to push yourself harder, test yourself, take risks and believe that impossible is nothing. We all have days which are far from being ideal. Such days test that intense desire to achieve what you have set out to get. The following lists methods to continuously sustain your motivational level and increase it when it begins to dip.

  1. Everything starts with you: Whether you are leading a team or are a part of it, it is your responsibility to bring your A game to work everyday. Identifying what motivates you to get out of bed in the morning is essential. Once you have identified these factors you will become a source of motivation for the rest of your team. To learn more about how you can identify your motivations please click here.

  2. Challenging goals: Creating smart goals for yourself and your company is critical to keep motivation at a high level. When you do not challenge yourself hard enough you tend to stand still. That is about the worst thing you could possibly do for yourself. To read more about setting challenging goals please click here.

  3. Progress motivates: Momentum has the ability to inject life into any project or venture. It is this remarkable energy which infuses teams with the ability to achieve the impossible. Motivational levels hit the roof when a venture has momentum on its side making it a key metric to be monitored continuously. To read more about generating momentum please click here.

  4. Motivational environment: Surrounding yourself with highly motivated individuals in an environment which caters to open communication and creativity is a sure way to keep the motivational levels in check. The environment and the people you work with have a direct impact on your productivity levels. Making sure you carefully monitor this metric will result in higher productivity teams, to learn more please click here.

  5. Rewards and recognition: A well planned rewards and recognition program can do wonders for the motivational level for yourself and your team. You first need to recognize what it is that motivates your team members and tailor a rewards and recognition program likewise. To read more about how to develop a rewards and recognition program please click here.

These are a few ways which have helped me keep track of the motivational level within myself and the teams I have worked with. I hope it helps others develop a framework for their own ventures and companies. Even though the ways outlined are very straight forward we need to continuously monitor them and see where we are lagging behind. I look forward to others adding to this list of ways they keep themselves and their teams motivated.

Inspiration Leadership Teams

Rewards and Recognition

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“No man, who continues to add something to the material, intellectual and moral well-being of the place in which he lives, is left long without proper rewards.” Booker T Washington

Rewards and recognitions are key motivational factors for teams. In the past, I thought rewards were primarily financial rewards. As I explored this topic more I discovered that different individuals required different types of rewards to keep them motivated. All that some needed was recognition by their boss for their contribution, others needed some affirmation from their team mates while others felt satisfied with their year end bonus. Your job as a team or project leader should be to find out what sort of rewards and recognition your team mates are looking for.

The tricky part with a rewards and recognition (R&R) program is to formulate it in such a way that is both fair and balanced. A badly constructed program could work against the organization and foster complacency and unhealthy competition among team members. When constructing an R&R program I usually involve all the individuals who will be affected by it to contribute their ideas and suggestions. Rather than constructing a standard bonus ladder you should aim to have a more dynamic program which keep things interesting while keeping the goals clearly in focus.

At a startup company, especially at the beginning ,when finances may be tight it becomes essential to structure an R&R program which gives team members necessary rewards and recognition and keeps the motivational level high. Some of the techniques which I have used have been providing training and development budgets, recognition awards and stock options, these have been helpful when working on tight budgets. If budgets are tight you should focus on developing a lot more creative non-monetary rewards. Tailor them according to the personalitiesand motivations of your team members . Learn what motivates your team members today and tailor an R&R program accordingly.

Related article: Rewards and Recognition for teams